v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (38,772,763) $ (37,285,244)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,314,500 2,555,622
Loss on disposal of fixed assets 2,638 78,135
Interest paid in kind 1,045,660 0
Stock-based compensation 2,832,435 1,586,586
Amortization of debt discount 927,061 908,151
Loss on extinguishment of debt 6,669,941 0
Amortization of license revenue (71,417) (71,417)
Changes in operating assets and liabilities:    
Accounts receivable 9,693,011 (10,307,304)
Inventories (21,351,368) (18,164,144)
Prepaid expenses and other current assets (1,060,683) (2,655,397)
Deposits and other assets 684,777 (144,657)
Accounts payable (1,041,361) (4,906,244)
Accrued expenses (1,461,621) 2,980,534
Other current and non-current liabilities (254,991) (65,984)
Net cash used in operating activities (38,844,181) (65,491,363)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (6,782,169) (7,046,735)
Net cash used in investing activities (6,782,169) (7,046,735)
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 59,102,075
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 (401,315) (59,311)
Payments on finance lease obligations (18,034) (16,860)
Payment of deferred financing fees (2,378,366) 0
Net cash provided by financing activities 46,952,285 59,025,904
Net increase (decrease) in cash and cash equivalents 1,325,935 (13,512,194)
Cash and cash equivalents - beginning of period 51,089,118 55,921,152
Cash and cash equivalents - end of period $ 52,415,053 $ 42,408,958

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