v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash from operating activities:    
Net loss $ (7,358,143) $ (8,080,819)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,472,965 393,057
Stock based compensation 281,405 499,590
Stock issued for services 122,500 105,565
Amortization of debt discount related to warrant liabilities 73,601
Fair value of warrant liabilities (245,980)
Gain on settlement of warrant liabilities (379,626)
Amortization of operating lease right of use asset 255,684 235,217
Changes in assets and liabilities:    
   Accounts receivable (138,689) 3,159,389
   Note receivable (5,625) (151,875)
   Contract assets 32,939 (921,009)
   Inventory 197,777 (97,552)
   Security deposit 50,000 50,000
   Prepaid expenses and other current assets 300,271 543,793
   Accounts payable 1,131,552 (1,670,625)
   Accrued expenses 159,482 (178,081)
   Operating lease obligation (252,557) (154,653)
   Contract liabilities (1,897,703) 630,931
Net cash used in operating activities (6,200,147) (5,637,072)
Cash flows from investing activities:    
    Purchase of patents/trademarks (8,105) (58,208)
    Purchase of software development (640,609)
    Purchase of fixed assets (1,547,439) (199,618)
Net cash used in investing activities (1,555,544) (898,435)
Cash flows from financing activities:    
   Repayments on financing agreements (340,232) (395,221)
   Repayment of finance lease (22,851)
   Proceeds from notes payable 2,200,000
   Proceeds from warrant exercises 899,521
   Proceeds from common stock issued 197,011
   Stock issuance cost (78,688) (17,645)
   Proceeds from shares issued under Employee Stock Purchase Plan 87,348 117,048
   Proceeds from preferred stock issued 2,995,002 9,000,000
Net cash provided by financing activities 5,959,962 8,681,331
Net increase (decrease) in cash (1,795,729) 2,145,824
Cash, beginning of period 2,441,842 1,121,092
Cash, end of period 646,113 3,266,916
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the accompanying balance sheet to the amount presented in the above statement of cash flows:    
Cash and cash equivalents 613,594 3,266,916
Restricted cash 32,519
Cash, end of period 646,113 3,266,916
Supplemental Disclosure of Cash Flow Information:    
Interest paid 1,596 5,816
Taxes paid 5,432
Supplemental Non-Cash Investing and Financing Activities:    
Debt discount for warrant liability 625,606
Notes issued for financing of insurance premiums 426,661 458,452
Transfer of inventory to fixed assets 300,000
Intangible asset acquired with contract liability $ 11,161,428

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