v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (25,007,857) $ (18,379,941)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,590,217 1,229,628
Loss on disposal of fixed assets 2,000 781
Stock-based compensation 1,641,388 781,397
Amortization of debt discount 584,842 443,794
Loss on extinguishment of debt 6,669,941 0
Amortization of license revenue (35,708) (35,708)
Changes in operating assets and liabilities:    
Accounts receivable 2,947,233 (2,124,740)
Inventories (14,422,219) (12,610,601)
Prepaid expenses and other current assets (1,180,056) (2,756,142)
Deposits and other assets 1,397,672 19,718
Accounts payable 1,685,724 1,079,144
Accrued expenses (1,775,526) (843,043)
Other current and non-current liabilities (111,064) (33,413)
Net cash used in operating activities (26,013,413) (33,229,126)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,842,085) (2,571,161)
Net cash used in investing activities (2,842,085) (2,571,161)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on notes payable (100,000,000) 0
Proceeds from issuance of common stock, net of offering expenses 0 41,912,515
Payment of debt refinancing fees (2,000,000) 0
Proceeds from issuance of note payable 151,750,000 0
Taxes paid on vested Restricted Stock Units (91,367) (59,311)
Payments on finance lease obligations (8,941) (8,360)
Payment of deferred financing fees (2,378,366) 0
Net cash provided by financing activities 47,271,326 41,844,844
Net increase in cash and cash equivalents 18,415,828 6,044,557
Cash and cash equivalents - beginning of year 51,089,118 55,921,152
Cash and cash equivalents - end of period $ 69,504,946 $ 61,965,709

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