Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (13,741,062) $ (8,661,142)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,768,870 3,079,427
Depreciation and amortization 870,390 587,137
Loss on disposal of fixed assets 59,807
Deferred income taxes (2,035,297) (2,026,226)
Allowance for non-realization of deferred tax asset 6,002,777
ROU landlord credit (21,988) 212,546
Changes in operating assets and liabilities:    
(Increase)/Decrease in accounts receivable (486,327) 34,002
Decrease/(Increase) in inventory 2,923,566 (298,529)
Decrease/(Increase) in other receivables 943,507 (254,176)
Decrease in prepaid expenses and other assets 242,599 28,776
(Decrease)/Increase in accounts payable (1,416,606) 1,164,266
(Decrease)/Increase in accrued payroll and related taxes (79,458) 381,796
Increase in other liabilities 255,183 167,337
(Decrease)/Increase in accrued expenses (1,178,514) 180,237
NET CASH USED IN OPERATING ACTIVITIES (4,892,553) (5,404,549)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (782,949) (2,761,056)
Purchases of intangible assets (31,648) (40,512)
NET CASH USED IN INVESTING ACTIVITIES (814,597) (2,801,568)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity 406,623
Borrowings from indebtedness 565,172 783,799
Payments on indebtedness (684,123) (859,087)
Finance lease ROU asset (33,461)
Payments on finance lease liability (66,455) (51,850)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (218,867) 279,485
NET DECREASE IN CASH AND CASH EQUIVALENTS (5,926,017) (7,926,632)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 17,408,257 25,334,889
CASH AND CASH EQUIVALENTS, END OF YEAR 11,482,240 17,408,257
Cash paid during the years for:    
Interest 50,832 28,490
Income taxes 3,160
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation $ 446,349 $ 513,082