Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - 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 and notes 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
Deferred income taxes 750,430  
Other (126,694) (66,536)
(Increase) decrease in:    
Accounts and notes 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 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
Supplemental Information:    
Common stock and warrants issued for prepaid services 96,000
Common stock issued for accrued payroll liability 717,531 210,200
Debt converted to equity 2,310,832
Assets acquired by issuance of stock 39,282,246 3,625,380
Cash paid for interest 14,053 45,191
Right to use assets acquired under new operating leases $ 7,887,344 $ 6,210,395