v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,883,634) $ (1,068,409)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 358,582 357,324
Interest and accretion expense 336,405 313,369
Changes in assets and liabilities:    
Trade accounts receivables (90,753)  
Inventories 85,164  
Other assets, net 292,141  
Accounts payable (2,532,508) 116,423
Accrued compensation and benefits (503,595) 62,196
Other accrued liabilities (47,367)  
Accrued interest (1,056,876)  
Net cash used in operating activities (5,042,441) (219,097)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (245)  
Acquisition of business, net of cash acquired (10,256,865)  
Proceeds from the sale of property, plant and equipment held for sale   344,918
Proceeds from the sale of investments 49,194  
Net cash (used in) provided by investing activities (10,207,916) 344,918
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings against working capital note payable 150,000 50,000
Payments against loan payable principal (4,500,000)  
Payments related to equity issuance costs (2,699,370)  
Proceeds from the issuance of preferred stock upon closing of private placement 32,000,000  
Net cash provided by financing activities 24,950,630 50,000
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9,700,273 175,821
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 18,966  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 9,719,239 175,821
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest paid 1,070,853 $ 542
NONCASH FINANCING AND INVESTING ACTIVITIES:    
Issuance of common stock for conversion of related party payables 2,350,000  
Issuance of common stock for conversion of working capital note payable 500,000  
Issuance of common stock for the acquisition of HEC and E-Gear 12,781,234  
Effect of reverse capitalization 1,594,779  
Operating right of use assets obtained in exchange for lease obligations $ 127,902  

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