Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,151,740) $ (650,780)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 78,348 3,546
Amortization of operating lease right-of-use assets 201,253  
Gain on forgiveness of PPP loan 0 (28,458)
Amortization of intangibles 796,600 796,601
Equity based compensation 280,798 180,752
Change in allowance for doubtful accounts 47,000 0
Change in operating assets and liabilities:    
Accounts receivable (3,244,755) 106,940
Inventory (1,953,368) (83,482)
Operating lease liabilities (45,904) 0
Accounts payable and accrued expenses 1,769,095 370,182
Prepaid expense and other current assets (453,554) 0
Other assets (81,417) 0
Deferred revenue 10,660 0
Net cash used in operating activities (5,726,984) (101,300)
CASH FLOWS USED IN INVESTING ACTIVITIES:    
Additions to leasehold improvements, furniture, and equipment (1,833,396) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Common stock and Series A-2 Preferred stock issued for Cash, net of fees 10,998,076 0
Proceeds from factoring arrangement 1,960,604 0
Loans payable to officer and affiliated entity 0 (11,921)
Net cash provided by (used in) financing activities 12,958,680 (11,921)
Net increase in cash 5,398,300 (113,221)
Cash at beginning of year 2,190,814 457,041
Cash at end of year 7,589,114 343,820
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH TRANSACTIONS:    
Cash paid for interest 0 0
Purchase and retirement of treasury stock 0 516,528
Recognition of right of use asset - operating lease 2,617,474 0
Conversion of Series A-2 Preferred Stock for Common Stock $ 2,242 $ 0