XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (6,414,401) $ (2,389,349)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 614,775 191,398
Loss on disposal of asset 2,500
Bad debt expense 195,000 51,536
Inventory obsolescence 159,717 29,834
Share-based compensation 1,288,335 623,440
Accretion of earnout liabilities 63,427
Noncash lease expense 116,143 61,629
Losses from equity method investment 379,633 278,904
Changes in operating assets and liabilities:    
Accounts receivable, net (1,170,829) (279,229)
Accounts receivable - related party (130,797)
Inventory, net (423,764) (419,979)
Prepaid and other assets 177,861 114,707
Accounts payable 294,772 42,318
Accounts payable - related parties 589,675 (166,081)
Accrued royalties and expenses 761,377 25,327
Accrued bonuses and commissions 346,887 301,981
Operating lease liabilities (117,106) (62,331)
Net cash used in operating activities (3,266,795) (1,595,895)
Cash flows from investing activities:    
Purchases of property and equipment (80,892) (25,446)
Proceeds from disposal of assets 345
Purchases of intangible assets (2,053,722)
Investment in equity securities (250,000) (3,184,278)
Net cash used in investing activities (2,384,269) (3,209,724)
Cash flows from financing activities:    
Draw on line of credit 800,000
Pay off line of credit (800,000)
Public offering net proceeds 28,939,257
Net settlement of equity-based awards (102,931)
Distribution to noncontrolling interest member (220,000) (200,000)
Net cash flows provided by (used in) financing activities (322,931) 28,739,257
Net increase (decrease) in cash (5,973,995) 23,933,638
Cash, beginning of period 18,652,841 455,366
Cash, end of period 12,678,846 24,389,004
Cash paid during the period for:    
Interest 711
Supplemental noncash investing and financing activities:    
Equity issued for asset acquisitions 9,709,089 1,750,000
Earnout liabilities generated by asset acquisition 3,882,151
Investment in equity securities converted in asset acquisition 1,803,440
License agreement as capital contribution from noncontrolling interest member $ 93,879