Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Cash Flows

v3.21.2
Condensed Consolidated and Combined Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Statement of Cash Flows [Abstract]    
Net loss $ (2,386,101) $ (10,644,227)
Adjustments to reconcile net loss to net cash flows from operations    
Depreciation and amortization 730,005 831,609
Amortization of operating lease assets 429,121 629,010
Asset impairment charges 1,287,579 273,927
Gain from extinguished lease liabilities (318,519)
Loss on investments 120,460 933,147
Amortization of debt discount 89,658 35,137
Loss on extinguishment of Series 1 Preferred 161,899
Loss on debt extinguishment 11,808,111
Derivative liabilities revaluation (118,664) (6,142,517)
Change in assets and liabilities    
Accounts and other receivables 157,556 182,587
Prepaid expenses and other assets (71,842) (393,321)
Inventories 18,825 9,787
Accounts payable and accrued expenses (506,907) 220,904
Operating lease liabilities (741,854) (1,123,689)
Contract liabilities (35,713) (48,806)
Net cash flows from operating activities (1,346,396) (3,265,722)
Cash flows from investing activities:    
Purchase of property and equipment (14,899) (27,740)
Net cash flows used in investing activities (14,899) (27,740)
Cash flows from financing activities:    
Loan proceeds 2,000,000 2,689,540
Loan repayments (52,898) (2,482,474)
Proceeds from Series 2 Preferred 1,405,000
Proceeds from warrant exercises 885,046
Redemption of Series 1 Preferred (880,289)
Merger 5,411,745
Net cash flows provided by financing activities 1,947,102 7,028,478
Effect of exchange rate of on cash 9,065 (34,628)
Net increase in cash and restricted cash 594,872 3,700,388
Cash and restricted cash, beginning of period 1,928,804 501,017
Cash and restricted cash, end of period 2,523,676 4,201,205
Supplemental cash flow information:    
Interest 293,610 164,388
Income taxes
Non-cash investing and financing activities    
Conversion of Preferred stock - Series 2 to common stock 401,208 416,392
Preferred stock dividends paid through issuance of common stock 19,523
Accrued interest paid through warrant exercise 318,700
Bifurcation of derivative liability from Preferred Stock - Series 2 529,000
Warrant portion of merger consideration $ 1,628,909