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 ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (7,832,942) $ (3,023,935)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 552,004 100,687
Amortization of loan discount and fees 1,093,583 223,065
Stock-based compensation 139,093 36,976
Change in fair value of warrant liability (5,970) (562)
Change in fair value of derivative liability 682,103  
Change in fair value of contingent consideration 1,200,321  
Change in credit reserve (9,067) 3,335
Changes in operating assets and liabilities:    
Accounts receivable, net (49,554) 22,700
Due from factor, net 294,439 (6,950)
Inventory 262,753 573,496
Prepaid expenses and other current assets (126,369) (195,027)
Accounts payable 1,972,441 195,528
Accrued expenses and other liabilities 669,514 98,075
Deferred revenue 71,707 (1,667)
Accrued compensation - related party   (62,777)
Accrued interest 450,788 394,479
Net cash used in operating activities (635,156) (1,642,577)
Cash flows from investing activities:    
Purchase of property, equipment and software (5,576)  
Net cash used in investing activities (5,576)  
Cash flows from financing activities:    
Proceeds (repayments) from related party advances (11,105)  
Advances (repayments) from factor (179,126) 32,617
Proceeds from venture debt and loan payable 868,582 1,347,050
Issuance of convertible notes payable   528,650
Offering costs   (130,523)
Net cash provided by financing activities 678,351 1,777,794
Net increase in cash and cash equivalents 37,619 135,217
Cash and cash equivalents at beginning of period 528,394 575,986
Cash and cash equivalents at end of period 566,013 $ 711,203
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of notes into common stock 1,201,582  
Right of use asset and liability $ 250,244