v3.24.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,132,167) $ (10,352,240)
Net loss from discontinued operations, net of tax (1,192,275) (7,074,184)
Net loss from continuing operations (6,939,892) (3,278,056)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,136,420 3,232,621
Share based compensation 1,212,956 309,205
Deferred taxes 41,579  
Impairment loss   250,000
Fair value remeasurement of earnout consideration 1,350,000 (4,684,000)
Fair value remeasurement of contingent value rights (2,674,966) (2,125,949)
Gain on sale of assets (437,116) (1,229,883)
Interest and accretion expense 2,657,517 976,606
Changes in assets and liabilities:    
Trade and related party accounts receivables, net 623,975 (899,804)
Inventories 2,475,825 392,658
Prepaid income taxes 3,723 5,024
Other assets 3,333,146 (61,973)
Accounts payable 83,081 (706,350)
Accrued compensation and benefits 500,373 (637,894)
Customer deposits (2,172,766) 2,148,599
Other accrued liabilities (4,494,247) (245,065)
Accrued interest (1,085,174) (1,098,207)
Net cash used in operating activities - continuing operations (385,566) (7,652,468)
Net cash (used in) provided by operating activities - discontinued operations (281,611) 75,269
Net cash used in operating activities (667,177) (7,577,199)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (655,691) (116,909)
Acquisition of business, net of cash acquired   (10,991,128)
Proceeds from the sale of fixed assets 450 6,297,865
Proceeds from the sale of investments 2,869,584 228,255
Proceeds from earnout consideration payments 250,000 1,500,000
Net cash provided by (used in) investing activities - continuing operations 2,464,343 (3,081,917)
Net cash provided by (used in) investing activities - discontinued operations 1,102,935 (15,489)
Net cash provided by (used in) investing activities 3,567,278 (3,097,406)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from working capital line of credit   150,000
Proceeds from loans payable 7,814,844  
Payments against loans payable (7,277,334) (4,792,885)
Debt issuance costs paid (348,065)  
Equity issuance costs paid   (2,699,370)
Proceeds from the issuance of preferred stock & warrants to PIPE investors   32,000,000
Payments for contingent value rights distributions (3,036,676) (8,745,628)
Proceeds from issuance of common stock, net of shares withheld 125,398  
Purchase of common stock (38,403)  
Net cash (used in) provided by financing activities (2,760,236) 15,912,117
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 139,865 5,237,512
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 5,256,478 18,966
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 5,396,343 5,256,478
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 58,858 11,297
Interest paid 1,119,480 1,071,906
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:    
Capital contribution on related party debt extinguishment 36,291  
Issuance of common stock for conversion of related party payables   2,350,000
Issuance of common stock for conversion of working capital payable   500,000
Issuance of common stock for the acquisition of HEC and E-Gear   12,781,234
Issuance of common stock for the acquisition of SUNation   4,070,000
Effect of reverse capitalization   1,594,779
Contingent consideration related to merger transaction   (4,684,000)
Deemed dividend on Convertible Preferred Stock and PIPE Warrants   16,863,892
Operating right of use assets obtained in exchange for lease obligations $ 753,972 $ 4,289,358

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