Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,519,996) $ (2,960,978) $ (4,726,939)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization   2,483,615 1,071,971
Share based compensation   23,498  
Fair value remeasurement of earnout consideration (13,000) (4,684,000)  
Fair value remeasurement of contingent value rights   1,214,560  
Gain on sale of assets (14,573) (1,229,133)  
Interest and accretion expense   618,983 1,004,964
Changes in assets and liabilities:      
Trade accounts receivables   (1,236,634)  
Inventories   (82,264)  
Prepaid income taxes   (11,297)  
Other assets, net   26,113  
Accounts payable   (3,065,340) 1,819,194
Accrued compensation and benefits   (903,425) 267,451
Customer deposits   4,462,156  
Other accrued liabilities   59,850  
Accrued interest   (1,056,876)  
Net cash used in operating activities   (6,341,172) (563,359)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures   (116,307)  
Acquisition of business, net of cash acquired   (10,199,835)  
Proceeds from the sale of property, plant and equipment held for sale   6,297,115 479,983
Proceeds from the sale of investments   218,301  
Proceeds from earnout consideration on sale of assets   1,500,000  
Net cash (used in) provided by investing activities   (2,300,726) 479,983
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings against working capital note payable   150,000 150,000
Payments against loan payable principal   (4,500,000)  
Payments related to equity issuance costs   (2,699,370)  
Proceeds from the issuance of preferred stock upon closing of private placement   32,000,000  
Payment for contingent value rights distributions (8,745,628) (8,745,628)  
Net cash provided by financing activities   16,205,002 150,000
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   7,563,104 66,624
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   18,966  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 7,582,070 7,582,070 66,624
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes paid   11,297  
Interest paid   1,070,853 $ 3,097
NONCASH FINANCING AND INVESTING ACTIVITIES:      
Issuance of common stock for conversion of related party payables   2,350,000  
Issuance of common stock for conversion of working capital note payable   500,000  
Issuance of common stock for the acquisition of HEC and E-Gear   12,781,234  
Effect of reverse capitalization   1,594,779  
Contingent consideration related to merger transaction   (4,684,000)  
Operating right of use assets obtained in exchange for lease obligations   $ 127,902