Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net loss $ (20,823,080) $ (5,990,613)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,944,683 195,622
Dividend and interest income (61,784) (77,309)
Change in fair value of derivative and other accrued liabilities 6,704 (16,039)
Provision for bad debt 253,274 33,894
Provision for slow moving and obsolete inventory 7,646
Gain on settlement of accounts payable, net 19,086
Stock-based compensation:    
Common stock 1,138,909 (56,993)
Options 2,944,601 388,388
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (1,802,826) (195,130)
Inventory (3,372,703) (1,393,376)
Prepaid expenses and other current assets (1,219,985) 177,427
Other assets 244,522
Accounts payable and accrued expenses (282,107) 612,840
Lease liabilities (177,328) (93,225)
Deferred revenue 261,885 (287,800)
Total Adjustments (122,155) (684,969)
Net Cash Used In Operating Activities (20,945,235) (6,675,582)
Cash Flows From Investing Activities:    
Proceeds from sale of marketable securities 4,553,384 2,755,134
Purchase of marketable securities (58,012,701)
Capitalization of engineering costs paid (237,127)
Cash acquired in the purchase of Blue Corner 242,868
Purchase consideration of Blue Corner (22,985,041)
Purchases of property and equipment (5,019,549) (445,479)
Net Cash (Used In) Provided By Investing Activities (81,458,166) 2,309,655
Cash Flows From Financing Activities:    
Proceeds from sale of common stock in public offering [1] [1] 221,333,095 3,195,968
Proceeds from issuance of notes payable 855,666
Proceeds from exercise of warrants 1,427,647
Payment of financing liability in connection with internal use software (39,318) (32,821)
Net Cash Provided By Financing Activities 222,721,424 4,018,813
Effect of Exchange Rate Changes on Cash (606,373)
Net Increase (Decrease) In Cash 119,711,650 (347,114)
Cash and Restricted Cash - Beginning of Period 22,417,832 4,168,837
Cash and Restricted Cash - End of Period 142,129,482 3,821,723
Cash and restricted cash consisted of the following:    
Cash 142,052,894 3,821,723
Restricted cash 76,588
Cash and restricted cash 142,129,482 3,821,723
Cash paid during the period for:    
Interest
Non-cash investing and financing activities:    
Common stock issued upon conversion of Series D convertible preferred stock 5
Reduction of additional pain-in capital for public offering issuance costs for public offering issuance costs that were previously paid (39,167)
Common stock issued upon cashless option exercises 39
Common stock issued upon cashless warrant exercise 66
Common stock issued as consideration for property and equipment 600,000
Common stock issued as purchase consideration of Blue Corner 790,292
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 (43,499) (20,079)
Subscription receivable, net of issuance costs of $18,704 600,808
Transfer of inventory to property and equipment $ (867,700) $ (1,011,637)
[1] Includes gross proceeds of $232,060,000, less issuance costs of $10,726,905.

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