v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (32,357,957) $ (10,728,295)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,220,736 603,857
Amortization of loan discount and fees 1,382,222 241,878
Stock-based compensation 4,800,337 144,775
Fees incurred in connection with debt financings 560,309  
Change in fair value of warrant liability 11,958 (2,353)
Change in fair value of derivative liability (910,204)  
Change in fair value of contingent consideration 8,764,460  
Deferred income tax benefit (1,100,120)  
Impairment of intangible assets 3,400,000 784,500
Gain on forgiveness of PPP loans (407,994)  
Loss on disposal of property and equipment   848,927
Change in credit reserve 36,893 (207,666)
Changes in operating assets and liabilities:    
Accounts receivable, net 150,288 1,947
Due from factor, net (399,701) 1,616,939
Inventory (911,293) 3,202,350
Prepaid expenses and other current assets (151,917) 168,589
Accounts payable 456,690 673,263
Accrued expenses and other liabilities 834,489 (591,028)
Deferred revenue 4,882 (13,564)
Due to related parties (63,550) 178,026
Accrued interest 461,113 1,016,268
Net cash used in operating activities (14,218,359) (2,061,587)
Cash flows from investing activities:    
Cash acquired (consideration) pursuant to business combination (5,936,757) 106,913
Purchase of property, equipment and software (43,179) (864)
Deposits (31,117) 98,835
Net cash provided by (used in) investing activities (6,011,053) 204,884
Cash flows from financing activities:    
Proceeds from related party advances   22,856
Repayments to factor (41,200) (1,931,369)
Proceeds from venture debt   1,050,000
Issuance of loans payable 2,779,910 1,701,044
Repayments of promissory notes and loans payable (2,006,628)  
Issuance of convertible notes payable 8,433,650 1,250,308
Proceeds from initial public offering 10,000,002  
Exercise of over-allotment option with public offering, net 1,364,997  
Exercise of warrants 1,768,046  
Proceeds from sale of Series A-3 preferred stock   428,926
Subscription receivable from Series A-3 preferred stock   22,677
Proceeds from sale of Series CF preferred stock   309,750
Offering costs (2,116,957) (461,972)
Net cash provided by financing activities 20,181,820 2,392,220
Net increase in cash and cash equivalents (47,592) 535,517
Cash and cash equivalents at beginning of year 575,986 40,469
Cash and cash equivalents at end of year 528,394 575,986
Supplemental disclosure of cash flow information:    
Cash paid for interest 902,089  
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 3,204,924  
Common shares issued pursuant to equity line of credit 367,696  
Conversion of contingent consideration into common stock $ 73,500  
Venture debt issued in exchange of forgiveness of accrued interest   209,211
Warrants issued for offering costs   918
Warrants issued with venture debt   184,191
Issuance of promissory note payable in acquisition   4,500,000
Issuance of Series B preferred stock in acquisition   $ 11,000,000