Cash Flow

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net loss $ (7,364,475) $ (2,961,100)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 514,383 146,351
Dividend and interest income (84,162)
Change in fair value of derivative and other accrued liabilities 6,993 521
Provision/(benefit) for bad debt 201,130 (59,170)
Benefit for slow moving and obsolete inventory (81,861) (10,878)
Non-cash compensation:    
Common stock 28,538 (84,959)
Options 385,522 312,319
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (856,783) (27,685)
Inventory (1,964,638) (76,267)
Prepaid expenses and other current assets 51,215 (1,356,043)
Other assets 211,791
Accounts payable and accrued expenses 304,861 618,469
Lease liabilities (75,061) (46,079)
Deferred revenue 138,881 215,542
Total Adjustments (1,135,029) (452,041)
Net Cash Used In Operating Activities (8,499,504) (3,413,141)
Cash Flows From Investing Activities:    
Proceeds from sale of marketable securities 1,100,516
Purchase of marketable securities (36,562,212)
Purchases of property and equipment (4,020,696) (300,902)
Net Cash (Used In) Provided By Investing Activities (40,582,908) 799,614
Cash Flows From Financing Activities:    
Proceeds from sale of common stock in public offering [1] 221,405,782
Proceeds from exercise of warrants 999,540
Payment of financing liability in connection with internal use software (19,515) (17,989)
Net Cash Provided By (Used In) Financing Activities 222,385,807 (17,989)
Net Increase (Decrease) In Cash 173,303,395 (2,631,516)
Cash and Restricted Cash - Beginning of Period 22,417,832 3,975,494
Cash and Restricted Cash - End of Period 195,721,227 1,343,978
Cash and restricted cash consisted of the following:    
Cash 195,646,354 22,341,433
Restricted cash 74,873
Cash and restricted cash 195,721,227 22,341,433
Cash paid during the periods for:    
Interest expense
Non-cash investing and financing activities:    
Capitalization of non-recurring engineering costs 237,127
Common stock issued upon cashless option exercise 16
Common stock issued upon cashless warrant exercise 66
Common stock issued as consideration for property and equipment 600,000
Interest expense converted into principal 2,123
Right-of-use assets obtained in exchange for lease obligations 1,358,408
Change in fair value of marketable securities 56,038 (181,468)
Transfer of inventory to property and equipment $ (429,418) $ (542,236)
[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,654,218.

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