XML 103 R7.htm IDEA: XBRL DOCUMENT v3.24.4
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net (loss) income $ (5,864,421) $ 2,441,795
Adjustment to reconcile net (loss) income to cash (used in) provided by operating activities    
Depreciation and amortization 844,962 879,549
Change in fair value of warrant liabilities (690,000)
Provision for credit losses 250,000 452,541
Non-cash operating lease expense 307,221 250,618
Non-cash finance lease expense 68,236 30,644
Stock based compensation expense 5,598,689
Changes in operating assets and liabilities:    
Accounts receivable (4,452,021) (1,834,200)
Accounts receivable due from related parties (422,724)
Inventories (86,506) 34,530
Prepaid installation costs 3,767,859
Prepaids and other current assets (922,679) (992,377)
Other assets (201,381) (127,500)
Accounts payable (2,459,688) 50,288
Accrued expenses and other current liabilities (1,347,027) 2,067,868
Accrued expenses and other current liabilities due to related parties (1,631,439)
Contract liabilities (3,637,081) (1,046,093)
Contract liabilities due to related parties (1,150,948)
Due to officers (94,056)
Operating lease payments (322,802) (234,721)
Net cash (used in) provided by operating activities (12,351,750) 1,878,886
Cash flows from Investing Activities    
Purchases of property, equipment and other assets (330,829) (38,417)
Net cash used in investing activities (330,829) (38,417)
Cash flows from Financing Activities    
Proceeds from the issuance of convertible preferred stock, net of transaction costs 10,277,275
Repayments of debt (127,107) (138,163)
Repayments of finance lease (57,775) (29,636)
Distributions to members (90,000) (527,642)
Net cash provided by (used in) financing activities 10,002,393 (695,441)
Net (decrease) increase in cash and cash equivalents (2,680,186) 1,145,028
Cash and cash equivalents, beginning of period 8,022,306 2,268,306
Cash and cash equivalents, end of the period 5,342,120 3,413,334
Supplemental Cash Flow Information    
Cash paid for interest 60,238 38,162
Non-cash transactions    
Right-of-use assets obtained in exchange for operating lease liabilities 653,663
Right-of-use assets obtained in exchange for finance lease liabilities 682,365
Transaction costs 3,269,039
Issuance of Class A common stock to vendors 891,035
Issuance of Class A common stock to backstop investors 1,569,463
Preferred dividends $ 8,608,479