Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (37,285,244) $ (39,423,321)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,555,622 1,674,490
Loss on disposal of fixed assets 78,135 3,518
Stock-based compensation 1,586,586 1,392,156
Amortization of debt discount 908,151 874,732
Amortization of license revenue (71,417) (71,417)
Changes in operating assets and liabilities:    
Accounts receivable (10,307,304) (3,044,246)
Inventories (18,164,144) (2,936,614)
Prepaid expenses and other current assets (2,655,397) (2,159,834)
Deposits and other assets (144,657) (283,195)
Accounts payable (4,906,244) (2,264,932)
Accrued expenses 2,980,534 399,295
Other current and non-current liabilities (65,984) (92,067)
Net cash used in operating activities (65,491,363) (45,931,435)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (7,046,735) (6,243,284)
Proceeds from the sale of property and equipment 0 2,000
Net cash used in investing activities (7,046,735) (6,241,284)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of offering expenses 59,102,075 88,704,039
Proceeds from the exercise of stock options 0 13,432
Taxes paid on vested Restricted Stock Units (59,311) 0
Proceeds from issuance of note payable 0 12,500,000
Payments on finance lease obligations (16,860) (15,765)
Net cash provided by financing activities 59,025,904 101,201,706
Net (decrease) increase in cash and cash equivalents (13,512,194) 49,028,987
Cash and cash equivalents - beginning of period 55,921,152 26,752,135
Cash and cash equivalents - end of period $ 42,408,958 $ 75,781,122