XML 20 R6.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (4,439,902) $ (8,092,328)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,675,026 2,371,068
Loss on disposal of property and equipment 2,634
Bad debt expense 202,941 280,000
Inventory obsolescence 406,812 540,090
Share-based compensation 3,442,722 2,702,633
Noncash lease expense 342,972 263,518
Loss on equity method investment 379,633
(Gain) Loss on disposal of investment (251,034) 1,040,311
Benefit from deferred income taxes (5,844,796)
Accretion of finance liabilities 98,926
Amortization of debt issuance costs 5,138
Change in fair value of earnout liabilities (3,449,895) 284,746
Changes in operating assets and liabilities:    
Accounts receivable, net (1,821,895) (2,250,223)
Accounts receivable – related parties 90,148 (18,761)
Inventory, net (1,545,339) (517,271)
Prepaid and other assets 496,200 (159,592)
Accounts payable 531,380 (301,966)
Accounts payable – related parties 43,768 (121,781)
Accrued royalties and expenses (739,645) 1,156,073
Accrued bonuses and commissions (81,513) 2,994,512
Operating lease liabilities (252,366) (263,370)
Net cash used in operating activities (3,245,556) (5,554,870)
Cash flows from investing activities:    
Purchases of property and equipment (265,246) (147,015)
Proceeds from disposal of property and equipment 650 1,549
Purchases of intangible assets (600,000)
Investment in equity securities (250,000)
Acquisitions, net of cash acquired (9,942,750) (2,516,164)
Net cash used in investing activities (10,207,346) (3,511,630)
Cash flows from financing activities:    
Loan proceeds, net 9,688,341
Equity offering net proceeds 911,371
Net settlement of equity-based awards (135,794) (407,346)
Cash payment of finance and earnout liabilities (822,795)
Distribution to noncontrolling interest member (220,000)
Net cash provided by (used in) financing activities 9,641,123 (627,346)
Net decrease in cash (3,811,779) (9,693,846)
Cash, beginning of period 8,958,995 18,652,841
Cash, end of period 5,147,216 8,958,995
Cash paid during the period for:    
Interest 283,948 206
Supplemental noncash investing and financing activities:    
Right of use assets obtained in exchange for lease obligations 1,531,773
Equity issued for acquisitions 3,089,645 15,738,518
Earnout and other liabilities generated by acquisitions 3,759,642 6,882,151
Investment in equity securities converted in asset acquisition $ 1,803,440