Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:        
Net loss   $ (13,721,433) $ (4,174,124)  
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization   291,661 318,057  
Amortization of loan discount and fees   580,684 69,710  
Stock-based compensation   4,021,529 99,864  
Fees incurred in connection with debt financings   132,609    
Change in fair value of warrant liability   72,445    
Change in fair value of contingent consideration $ 3,050,901 3,050,901    
Deferred Income Tax Benefit   (1,100,120)    
Change in credit reserve   9,748 (58,132)  
Changes in operating assets and liabilities:        
Accounts receivable, net   (261,386) 12,399  
Due from factor, net   139,629 (67,361)  
Inventory   75,287 639,006  
Prepaid expenses   (688,893) (40,165)  
Accounts payable   575,513 1,410,476  
Accrued expenses and other liabilities   262,019 (770,907)  
Deferred revenue   (99,045) (15,231)  
Accrued compensation - related party   (88,550) (28,807)  
Accrued interest   151,465 446,854  
Net cash (used in) provided by operating activities   (6,595,937) (2,158,361)  
Cash flows from investing activities:        
Cash acquired (consideration) pursuant to business combination   (475,665) 106,913  
Issuance of related party receivable     (20,000)  
Purchase of property, equipment and software   (10,276)    
Deposits   (19,115) 43,510  
Net cash provided by investing activities   (505,056) 130,423  
Cash flows from financing activities:        
Proceeds from related party advances     22,856  
Advances from factor   53,795 180,552  
Proceeds from venture debt     250,000  
Issuance of loans payable   2,626,050 1,701,044  
Repayments of promissory notes and loans payable   (2,001,305)    
Issuance of convertible notes payable   528,650    
Proceeds from Issuance of Convertible Preferred Stock   10,000,002    
Exercise of warrants   145,696    
Proceeds from sale of Series A-3 preferred stock     428,845  
Subscription receivable from Series A-3 preferred stock   1,364,997 9,223  
Proceeds from sale of Series CF preferred stock     286,518  
Offering costs   (2,116,957) (30,772)  
Net cash provided by (used in) financing activities   10,600,928 2,848,266  
Net increase (decrease) in cash and cash equivalents   3,499,935 820,328  
Cash and cash equivalents at beginning of period   575,986 40,469 $ 40,469
Cash and cash equivalents at end of period 4,075,921 4,075,921 860,797 $ 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   6,293    
Conversion of related party notes and payables into common stock 257,515 257,515    
Conversion of debt into common stock $ 2,680,289 $ 2,680,289    
Venture debt issued in exchange of forgiveness of accrued interest     209,211  
Warrants issued for offering costs     918  
Warrants issued with venture debt     58,421  
Issuance of promisosry note payable in acquisition     4,500,000  
Issuance of Series B preferred stock in acquisition     $ 11,000,000