Annual report pursuant to Section 13 and 15(d)

Correction of Error in Previously Reported Consolidated Financial Statements (Details 2)

v3.21.1
Correction of Error in Previously Reported Consolidated Financial Statements (Details 2) - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net income $ 5,328,378 $ 1,321,842
Adjustments to reconcile net income to net cash used in operating Activities:    
Depreciation and amortization 2,435,965 1,044,553
Provision for doubtful accounts receivable 213,503 172,135
Inventory valuation reserve 4,390 429,126
Amortization of debt discount 356,306
Stock based compensation 7,856,163 2,490,535
Other (126,694) (66,536)
(Increase) decrease in:    
Accounts receivable (3,470,690) (3,764,947)
Inventory (19,192,401) (9,925,052)
Prepaid expenses and other assets (9,237,416) (2,061,701)
Increase (decrease) in:    
Accounts payable and accrued liabilities 9,987,990 4,165,188
Operating leases 375,472 15,375
Customer deposits 2,650,739 1,987,747
Payroll and payroll tax liabilities 1,583,285 154,471
Sales taxes payable 627,096 341,698
Net Cash and Cash Equivalents (Used In) Operating Activities (213,790) (3,339,260)
Cash Flows from Investing Activities:    
Assets acquired in business combinations (41,400,900) (9,458,743)
Purchase of property and equipment (3,401,755) (2,232,812)
Purchase of goodwill and other intangibles (1,027,548) (119,125)
Net Cash and Cash Equivalents (Used In) Investing Activities (45,830,203) (11,810,680)
Cash Flows from Financing Activities:    
Principal payments on long term debt (111,445) (460,129)
Stock redemptions (118,785)
Proceeds from the sales of common stock and exercise of warrants and options, net of expenses 211,206,290 13,949,532
Net Cash and Cash Equivalents Provided by Financing Activities 210,976,060 13,489,403
Net Increase(decrease) in Cash and Cash Equivalents 164,932,067 (1,660,537)
Cash and Cash Equivalents at Beginning of year 12,979,444 14,639,981
Cash and Cash Equivalents at End of year 177,911,511 12,979,444
As Previously Reported [Member]    
Cash Flows from Operating Activities:    
Net income   1,878,804
Adjustments to reconcile net income to net cash used in operating Activities:    
Depreciation and amortization   1,044,553
Provision for doubtful accounts receivable   172,135
Inventory valuation reserve   429,126
Amortization of debt discount   356,306
Stock based compensation   2,490,535
Other   (66,536)
(Increase) decrease in:    
Accounts receivable   (3,764,947)
Inventory   (10,482,014)
Prepaid expenses and other assets   (2,061,701)
Increase (decrease) in:    
Accounts payable and accrued liabilities   4,165,188
Operating leases   15,375
Customer deposits   1,987,747
Income taxes  
Payroll and payroll tax liabilities   154,471
Sales taxes payable   341,698
Net Cash and Cash Equivalents (Used In) Operating Activities   (3,339,260)
Cash Flows from Investing Activities:    
Assets acquired in business combinations   (9,458,743)
Purchase of property and equipment   (2,232,812)
Purchase of goodwill and other intangibles   (119,125)
Net Cash and Cash Equivalents (Used In) Investing Activities   (11,810,680)
Cash Flows from Financing Activities:    
Principal payments on long term debt   (460,129)
Stock redemptions  
Proceeds from the sales of common stock and exercise of warrants and options, net of expenses   13,949,532
Net Cash and Cash Equivalents Provided by Financing Activities   13,489,403
Net Increase(decrease) in Cash and Cash Equivalents   (1,660,537)
Cash and Cash Equivalents at Beginning of year 12,979,444 14,639,981
Cash and Cash Equivalents at End of year   12,979,444
Adjustment [Member]    
Cash Flows from Operating Activities:    
Net income   (556,962)
(Increase) decrease in:    
Inventory   556,962
Revised [Member]    
Cash Flows from Operating Activities:    
Net income   1,321,842
Adjustments to reconcile net income to net cash used in operating Activities:    
Depreciation and amortization   1,044,553
Provision for doubtful accounts receivable   172,135
Inventory valuation reserve   429,126
Amortization of debt discount   356,306
Stock based compensation   2,490,535
Other   (66,536)
(Increase) decrease in:    
Accounts receivable   (3,764,947)
Inventory   (9,925,052)
Prepaid expenses and other assets   (2,061,701)
Increase (decrease) in:    
Accounts payable and accrued liabilities   4,165,188
Operating leases   15,375
Customer deposits   1,987,747
Income taxes  
Payroll and payroll tax liabilities   154,471
Sales taxes payable   341,698
Net Cash and Cash Equivalents (Used In) Operating Activities   (3,339,260)
Cash Flows from Investing Activities:    
Assets acquired in business combinations   (9,458,743)
Purchase of property and equipment   (2,232,812)
Purchase of goodwill and other intangibles   (119,125)
Net Cash and Cash Equivalents (Used In) Investing Activities   (11,810,680)
Cash Flows from Financing Activities:    
Principal payments on long term debt   (460,129)
Stock redemptions  
Proceeds from the sales of common stock and exercise of warrants and options, net of expenses   13,949,532
Net Cash and Cash Equivalents Provided by Financing Activities   13,489,403
Net Increase(decrease) in Cash and Cash Equivalents   (1,660,537)
Cash and Cash Equivalents at Beginning of year $ 12,979,444 14,639,981
Cash and Cash Equivalents at End of year   $ 12,979,444