v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net loss     $ (22,659,480) $ (8,088,980)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     652,732 716,568  
Amortization of loan discount and fees     682,956 144,974  
Stock-based compensation     4,155,641 105,643  
Fees incurred in connection with debt financings     132,609    
Change in fair value of warrant liability     21,930 (1,792)  
Change in fair value of contingent consideration $ 3,988,493   7,039,394    
Change in fair value of derivative liability     627,956    
Deferred income tax benefit     (1,100,120)    
Impairment of intangible assets   $ 784,500   784,500  
Loss on disposal of property and equipment   593,449   593,449  
Change in credit reserve     66,748 (182,758)  
Changes in operating assets and liabilities:          
Accounts receivable, net     (32,582) (74,256)  
Due from factor, net     (540,257) 1,334,263  
Inventory     (483,477) 2,578,261  
Prepaid expenses     (1,259,835) (113,566)  
Accounts payable     749,352 1,161,279  
Accrued expenses and other liabilities     451,298 (721,062)  
Deferred revenue     (78,492) (13,564)  
Accrued compensation - related party     (108,550) (29,302)  
Accrued interest     206,163 656,734  
Net cash used in operating activities     (11,476,014) (1,149,609)  
Cash flows from investing activities:          
Cash acquired (consideration) pursuant to business combination     (5,442,966) 106,913  
Issuance of related party receivable       (10,000)  
Purchase of property, equipment and software     (13,585) (266,390)  
Deposits     (67,431) 98,835  
Net cash provided by (used in) investing activities     (5,523,982) (70,642)  
Cash flows from financing activities:          
Proceeds from related party advances       22,856  
Repayments to factor     (39,520) (1,684,703)  
Proceeds from venture debt       862,500  
Issuance of loans payable     2,626,050 1,701,044  
Repayments of promissory notes and loans payable     (2,002,731)    
Issuance of convertible notes payable     5,078,650    
Proceeds from initial public offering     10,000,002    
Exercise of warrants     1,768,046    
Proceeds from sale of Series A-3 preferred stock       355,945  
Exercise of over-allotment option with public offering, net     1,364,997 22,677  
Proceeds from sale of Series CF preferred stock       286,518  
Offering costs     (2,116,957) (104,996)  
Net cash provided by financing activities     16,678,537 1,461,841  
Net increase in cash and cash equivalents     (321,459) 241,590  
Cash and cash equivalents at beginning of period     575,986 40,469 $ 40,469
Cash and cash equivalents at end of period 254,527 $ 282,059 254,527 282,059 $ 575,986
Supplemental disclosure of cash flow information:          
Cash paid for interest     460,179    
Supplemental disclosure of non-cash investing and financing activities:          
Conversion of preferred stock into common stock     6,291    
Conversion of related party notes and payables into common stock     257,515    
Conversion of debt into common stock     2,680,289    
Derivative liability in connection with convertible note     1,858,887    
Common shares issued pursuant to equity line of credit $ 367,696   $ 367,696    
Venture debt issued in exchange of forgiveness of accrued interest       209,211  
Warrants issued for offering costs       918  
Warrants issued with venture debt       139,572  
Issuance of promissory note payable in acquisition       4,500,000  
Issuance of Series B preferred stock in acquisition       11,000,000  
Subscription receivable for Series A preferred stock       $ 13,454