XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ (14,238,249) $ 36,658,564
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization 1,282,718 335,363
Goodwill impairment charges 15,388,546
Stock-based compensation expense 7,543,223 5,509,404
Change in fair value of acquisition contingencies (7,899,644)
Non-cash lease expense 30,430
Loss from equity method investment 332,969 430,433
Loss on disposition of assets 138,117 44,355
Deferred income taxes (4,810,457) 930,081
Bad debt expense 2,428,930 69,672
Changes in assets and liabilities:    
Accounts receivable 14,956,529 (8,740,851)
Prepaid expenses (224,094) (2,049,095)
Inventory (3,525,210) 5,705,361
Deferred revenue (150,000) (155,307)
Income taxes payable (2,201,250) 2,643,381
Accounts payable, accrued expenses and other liabilities (2,483,821) (299,937)
Net cash provided by operating activities 6,568,737 41,081,424
Cash flows from investing activities    
Purchases of property and equipment (1,427,512) (669,463)
Proceeds from maturities of marketable investment securities 11,255,266 3,080,180
Purchases of marketable securities (67,995,926)
Investment in joint venture 491,739
Business combinations, net of cash acquired 1,196,243
Net cash (used in) provided by investing activities (58,168,172) 4,098,699
Cash flows from financing activities    
Proceeds from exercise of options and warrants 177,870 450,398
Repurchases of common stock (14,211,866)
Net cash (used in) provided by financing activities (14,033,996) 450,398
Net increase in cash and cash equivalents (65,633,431) 45,630,521
Cash and cash equivalents at beginning of period 88,607,234 42,976,713
Cash and cash equivalents at end of period 22,973,803 88,607,234
Supplemental disclosure of cash flow information    
Interest paid
Income taxes paid 4,498,742 5,403,769
Supplemental disclosure of non-cash investing and financing transactions    
Inventory moved to property, plant and equipment 218,906 285,659
Right-of-use assets obtained in exchange for new operating lease liabilities 681,327
Business acquisition measurement period adjustments 1,593
Fair value of common stock issued as consideration for business acquisitions 480,776 25,160,223
Fair value of contingent common stock issued as consideration for business acquisitions $ 199,359 $ 10,432,641