Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 69,776,499 $ (37,162,827)
Adjustments to reconcile net income (loss) to net cash used in operations:    
Depreciation 809,645 388,401
Tooling expense 350,500 0
Amortization of discount and debt issuance costs on long-term debt 6,550,212 3,518,356
Amortization of discount and loss on redemption of mandatorily redeemable Series B preferred stock 5,857,092 852,869
Change in fair value of convertible notes and loss on conversion to common stock 160,749,118 1,064,817
Change in fair value of warrant liability 12,176,690 15,369,253
Change in fair value of investment in LMC and fair value of anti-dilution shares (318,361,944) 0
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 1,491,860 1,166,771
Interest on convertible notes paid in common stock 1,939,964 0
Stock-based compensation 4,020,805 1,979,998
Write down of inventory 0 694,448
Gain on divestiture 0 (3,655,000)
Investment received from license of intellectual property 0 (12,194,800)
Loss on sale of fixed assets 0 19,367
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable (961,966) 76,163
Inventory (13,668,866) 41,022
Prepaid expenses (27,947,128) (4,367,928)
Accounts payable and accrued liabilities 5,499,464 (3,605,682)
Warranty liability (601,864) (1,056,905)
Other long-term liabilities 207,040 0
Deferred tax liability 21,833,930 0
Net cash used in operating activities (70,278,949) (36,871,677)
Cash flows from investing activities:    
Capital expenditures (5,728,130) (2,005,498)
Net proceeds received on divestiture 0 3,655,000
Proceeds from sale of fixed assets 0 5,000
Net cash (used in) provided by investing activities (5,728,130) 1,654,502
Cash flows from financing activities:    
Proceeds from notes payable 0 5,854,140
Payments on notes payable 0 (5,854,140)
(Redemption of), proceeds from issuance of mandatorily redeemable Series B preferred stock (25,000,000) 25,000,000
Proceeds from issuance of convertible notes 262,374,788 38,950,000
Repayment of Duke financing obligation 0 (1,340,700)
Proceeds from PPP Term Note 1,411,000 0
Payments on long-term debt 0 (10,000,000)
Proceeds from issuance of common stock 0 5,928,235
Proceeds from exercise of warrants and options 53,581,942 35,306
Net cash provided by financing activities 292,367,730 58,572,841
Change in cash, cash equivalents and restricted cash 216,360,651 23,355,666
Cash, cash equivalents, and restricted cash beginning balance 24,868,416 1,512,750
Cash, cash equivalents, and restricted cash ending balance 241,229,067 24,868,416
Supplemental Cash Flow Information [Abstract]    
Interest paid 12,700,000 7,200,000
Interest paid, convertible notes 7,600,000  
Interest paid, financing fees 400,000  
Total cash, cash equivalents and restricted cash held in escrow $ 241,229,067 1,512,750
Conversion of convertible notes (in shares) 19.6  
Conversion of convertible notes $ 270,794,684 $ 564,817
Warrants to purchase of common stock shares (in shares)   6.7