XML 25 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss before non-controlling interest $ (30,883,322) $ (16,127,780) $ (21,092,469)
Adjustments to reconcile net loss to net cash used in operating activities:      
Investment in unconsolidated entity (1,150,767) (883,156) (870,794)
Depreciation and amortization 88,389 8,821 9,322
Financing fees amortization 146,896 133,993 52,213
Amortization of loan prepayment premium 300,000 0 0
Note payable interest accretion 295,932 45,171 (150,322)
Note receivable interest accretion (61,009) 0 0
Right of use asset amortization 161,084 145,930 132,764
Share-based compensation 1,811,551 1,250,585 420,648
Gain on debt settlement, net 0 (5,212,902) 0
Deferred revenue 0 (3,818,750) 0
Accrued non-cash interest related to convertible debt 0 0 121,398
(Gain) loss on debt extinguishment 0 (374,835) 777,484
Gain on sale of equipment 0 (342,125) 0
Beneficial conversion feature on convertible debt interest expense 0 232,175 0
Change in derivatives liabilities fair value 0 0 732,958
Payment of operating lease liability (163,171) (142,080) (123,152)
(Increase) decrease in:      
Accounts receivable (241,707) (108,610) 261,336
Accrued interest receivable (12,649) 0 0
Other assets (170,798) (181,725) 399,082
Increase in:      
Accounts payable 5,974,387 6,292,180 4,563,544
Accrued expenses and other 14,651,375 13,658,052 5,583,783
NET CASH USED IN OPERATING ACTIVITIES (9,253,809) (5,425,056) (9,182,205)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sale of equipment 0 342,125 0
Purchase of property and equipment (1,346,424) (19,137) 0
Payment for loan disbursement (1,000,000) 0 0
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (2,346,424) 322,988 0
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of loans payable 2,200,000 1,375,511 3,620,977
Proceeds from sale of equity of subsidiary 0 713,879 800,000
Payment of debt obligation (5,546,736) (355,273) (286,198)
Repurchase of stock-based awards withheld for payment of withholding tax requirements (585,936) (20,503) (228,116)
Offering costs paid on sale of common stock (1,810,800) 0 (89,642)
Proceeds from sale of common stock 16,512,375 0 11,315,000
Debt termination fee 0 (500,000) 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 10,768,903 1,213,614 15,132,021
NET DECREASE IN CASH AND CASH EQUIVALENTS (831,330) (3,888,454) 5,949,816
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,274,751 6,163,205 213,389
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,443,421 2,274,751 6,163,205
SUPPLEMENTARY INFORMATION:      
Interest paid 222,731 0 1,275,269
Income taxes paid 0 0 0
NON-CASH INVESTING AND FINANCING TRANSACTIONS:      
Director compensation settled with equity 403,007 100,000 278,602
Accrued expenses converted to equity 497,000 0 0
Accounts payable settled with equity 0 0 50,000
Gain on debt forgiveness 0 370,400 0
Capital expenditures financed 1,400,000 0 0
Capital expenditures included in accounts payable 70,398 0 0
Conversion of accounts receivable to note receivable $ 503,059 $ 0 $ 0