v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net (loss) income $ (117,274,218) $ (401,344,813) $ 69,776,499
Adjustments to reconcile net (loss) income to net cash used in operations:      
Depreciation 1,945,212 1,908,419 809,645
Amortization of discount and debt issuance costs on convertible notes and long-term debt 0 0 6,550,212
Amortization of discount and loss on redemption of mandatorily redeemable Series B preferred stock 0 0 5,857,092
Change in fair value of convertible notes and loss on conversion to common stock 1,769,857 7,324,035 160,749,118
Change in fair value of warrant liability 0 0 12,176,690
Change in fair value of investment in LMC 0 225,429,997 (318,361,944)
Deferred revenue 500,000 0 0
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 0 0 1,491,860
Gain on sale of property, plant & equipment 379,406 0 0
Interest on convertible notes paid in common stock 0 0 1,939,964
Stock-based compensation 11,460,211 4,943,380 4,020,805
Reserve of inventory and prepaid purchases 17,716,995 98,918,102 0
Impairment of property, plant and equipment 0 6,803,280 0
Forgiveness of PPP Term Note 0 (1,411,000) 0
Deferred tax (benefit) expense 0 (21,833,930) 21,833,930
Non-cash lease expense 1,092,473 0 0
Other non-cash items 599,982 102,858 350,500
Effects of changes in operating assets and liabilities:      
Accounts receivable (16,929,567) 982,388 (961,966)
Inventory (16,629,172) (69,606,432) (13,668,866)
Prepaid expenses and other current assets (9,665,250) 4,489,362 (27,947,128)
Other assets (84,401) (91,909) 0
Accounts payable and accrued liabilities 33,676,050 11,832,284 5,499,464
Warranty liability (2,376,242) (816,084) (601,864)
Other long-term liabilities 0 (207,040) 207,040
Net cash used in operating activities (93,818,664) (132,577,103) (70,278,949)
Cash flows from investing activities:      
Capital expenditures (17,496,795) (5,314,198) (5,728,130)
Investment in Tropos (5,000,000) 0 0
Proceeds from sale of fixed assets 2,477,276 0 0
Proceeds from sale of Investment in LMC 0 105,126,747 0
Net cash (used in) provided by investing activities (20,019,519) 99,812,549 (5,728,130)
Cash flows from financing activities:      
Proceeds from notes payable and debt 0 0 1,411,000
Redemptions of mandatorily redeemable Series B preferred stock 0 0 (25,000,000)
Proceeds from issuance of convertible notes 0 0 262,374,788
Proceeds from issuance of common stock 12,884,243 0 0
Exercise of warrants and options and restricted share award activity (559,637) (4,429,163) 53,581,942
Other (857,516) (2,387,956) 0
Net cash provided by (used in) financing activities 11,467,090 (6,817,119) 292,367,730
Change in cash, cash equivalents and restricted cash (102,371,093) (39,581,673) 216,360,651
Cash, cash equivalents and restricted cash, beginning of the year 201,647,394 241,229,067 24,868,416
Cash, cash equivalents and restricted cash, end of the year 99,276,301 201,647,394 $ 241,229,067
Supplemental disclosure of non-cash activities      
Investment in Tropos in exchange for non-cash deferred revenue 5,000,000 0  
Fee paid to service partners in common stock $ 599,891 $ 0  

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