Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (71,647,618) $ (75,748,548)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,495,502 3,942,292
Loss on disposal of fixed assets 220,761 81,697
Stock-based compensation 3,488,253 2,855,122
Amortization of debt discount 1,897,373 1,782,428
Gain on extinguishment of debt 0 (991,797)
Amortization of license revenue (142,834) (142,834)
Changes in operating assets and liabilities:    
Accounts receivable (15,339,567) (9,767,371)
Inventories (43,188,489) (28,470,864)
Prepaid expenses and other current assets (1,292,779) (512,873)
Deposits and other assets (1,775,205) (196,749)
Accounts payable 1,355,700 1,899,115
Accrued expenses 8,341,341 3,401,815
Other current and non-current liabilities 218,580 (134,391)
Net cash used in operating activities (112,368,982) (102,002,958)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (13,511,258) (12,726,680)
Proceeds from the sale of property and equipment 0 2,000
Net cash used in investing activities (13,511,258) (12,724,680)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on notes payable 0 (13,950,000)
Proceeds from issuance of common stock, net of offering expenses 121,144,103 131,195,291
Proceeds from the exercise of stock options 0 13,432
Payment of debt refinancing fees 0 (830,000)
Proceeds from issuance of note payable 0 27,500,000
Taxes paid on vested restricted stock units (61,598) 0
Payments on finance lease obligations (34,299) (32,068)
Net cash provided by financing activities 121,048,206 143,896,655
Net (decrease) increase in cash and cash equivalents (4,832,034) 29,169,017
Cash and cash equivalents - beginning of year 55,921,152 26,752,135
Cash and cash equivalents - end of year $ 51,089,118 $ 55,921,152