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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (5,328,245) $ (3,082,509)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,210,927 1,582,569
Credit loss expense 155,930 86,000
Inventory obsolescence 259,577 69,990
Share-based compensation 2,214,931 1,724,637
Noncash lease expense 202,756 144,628
Back-end fee 52,500
Paid-in-kind interest 161,875
Accretion of finance liabilities 117,267
Amortization and write-off of debt issuance costs 100,883
Change in fair value of earnout liabilities (79,451) (813,157)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,127,363) (371,094)
Accounts receivable – related parties (103,012) 77,886
Inventory, net 893,297 (941,854)
Prepaid and other assets 119,172 618,877
Accounts payable (1,173,544) (376,521)
Accounts payable – related parties 67,682 62,620
Accrued royalties and expenses 402,610 (248,769)
Accrued bonuses and commissions (961,709) (1,859,029)
Operating lease liabilities (192,383) (135,436)
Net cash used in operating activities (3,006,300) (3,461,162)
Cash flows from investing activities:    
Purchases of property and equipment (124,580) (40,650)
Proceeds from disposal of property and equipment 650
Net cash used in investing activities (124,580) (40,000)
Cash flows from financing activities:    
Loan proceeds, net 14,112,747
Pay off line of credit (9,750,000)
Equity offering net proceeds 1,033,761
Net settlement of equity-based awards (72,708) (431,366)
Cash payment of finance and earnout liabilities (156,000)
Net cash provided by financing activities 4,134,039 602,395
Net increase (decrease) in cash 1,003,159 (2,898,767)
Cash, beginning of period 5,147,216 8,958,995
Cash, end of period 6,150,375 6,060,228
Cash paid during the period for:    
Interest 549,227 6
Supplemental noncash investing and financing activities:    
Right of use assets obtained in exchange for lease obligations $ 1,369,164