v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (54,998,198) $ (56,340,774)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,977,786 2,709,783
Loss on disposal of fixed assets 80,479 12,478
Stock-based compensation 2,274,860 2,166,940
Amortization of debt discount 1,394,142 1,344,344
Amortization of license revenue (107,125) (107,125)
Changes in operating assets and liabilities:    
Accounts receivable (7,155,331) (2,864,617)
Inventories (32,587,272) (16,687,794)
Prepaid expenses and other current assets (2,812,580) (1,252,828)
Deposits and other assets (813,415) (74,335)
Accounts payable 6,209,132 (1,194,820)
Accrued expenses 5,526,220 2,617,472
Other current and non-current liabilities 107,552 (112,246)
Net cash used in operating activities (78,903,750) (69,783,522)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (9,835,404) (9,128,359)
Proceeds from the sale of property and equipment 0 2,000
Net cash used in investing activities (9,835,404) (9,126,359)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of offering expenses 67,315,677 99,343,207
Proceeds from the exercise of stock options 0 13,432
Taxes paid on vested Restricted Stock Units (61,598) 0
Proceeds from issuance of note payable 0 12,500,000
Payments on finance lease obligations (25,507) (23,848)
Net cash provided by financing activities 67,228,572 111,832,791
Net (decrease) increase in cash and cash equivalents (21,510,582) 32,922,910
Cash and cash equivalents - beginning of period 55,921,152 26,752,135
Cash and cash equivalents - end of period $ 34,410,570 $ 59,675,045

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