Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities    
Net loss $ (21,825,298) $ (2,389,018)
Stock-based compensation:    
401(k) stock 32,614 27,821
Options 269,965 530,472
Restricted stock units 579,630
Common stock 525,000 105,900
Non-cash lease expense 217,767 194,774
Gain (loss) on foreign currency translation (478,500) 33,128
Unrealized investment losses 457
Depreciation and amortization 251,941 145,653
Amortization of debt discount 1,172,461 199,161
Provision for uncollectible assets 100,805 183,199
Provision for obsolete inventory 115,563
Gain on forgiveness of PPP Loan (242,486)
Loss on extinguishment of debt 2,105,119
Inducement expense 3,163,318
Impairment of investment 7,000,000
Decrease (increase) in assets:    
Accounts receivable (608,286) (4,349,592)
Employee advances 4,053 (11,097)
Inventory (530,487) 161,637
Deposits (20,276)
Prepaid expenses and other current assets (76,691) (553,345)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 1,862,137 (479,242)
Operating lease liabilities (175,316) (155,484)
Deferred revenue 654,265 (220,325)
Other liabilities (60,247) 28,683
Total Adjustments 16,125,111 (4,420,962)
Net Cash Used in Operating Activities (5,700,187) (6,809,980)
Cash Flows from Investing Activities    
Cash paid to acquire GDS, net of cash acquired (7,560)
Purchase of property and equipment (1,928,010) (1,945,266)
Purchase of intangible asset (34,999)
Purchase of investment - related parties (7,000,000)
Net Cash Used in Investing Activities (1,970,569) (8,945,266)
Cash Flows from Financing Activities    
Repayments of loans payable (116,775) (185,086)
Proceeds from common stock issued for cash 555,811 5,135,210
Offering costs in connection with common stock issued for cash (44,465) (457,810)
Proceeds from the issuance of debt in private placement 1,727,500
Repayments of debt obligations (7,000) (100,000)
Proceeds from convertible debt obligations 1,431,500 6,000,000
Proceeds from issuance of shares under the New ELOC 10,086
Offering costs in connection with convertible debt obligations (470,813)
Proceeds from underwritten public offering 7,287,004
Cash offering costs in connection with the underwritten public offering (319,684)
Proceeds from sale of common stock and warrants 409,050
Proceeds from the exercise of warrants 1,647,000
Net Cash Provided by Financing Activities 3,556,657 18,944,871
Effect of Exchange Rate Changes on Cash 764,877 325,246
Net (Decrease) Increase in Cash (3,349,222) 3,514,871
Cash - Beginning of Year 3,649,407 134,536
Cash - End of Year 300,185 3,649,407
Supplemental Disclosures of Cash Flow Information:    
Interest paid 215,755 489,291
Income taxes paid 72,531
Non-Cash Investing and Financing Activity    
Equity issued to satisfy accrued stock-based compensation expense 27,821
Equity issued as consideration for intangible assets 39,600
Equity issued for purchase of non-controlling interest 231,789
Equity issued for acquisition of GDS 2,194,653
Warrants issued and debt principal exchanged upon modification of convertible debt 834,323
Common stock and warrants issued upon exchange of debt and accrued interest 7,905,560 1,422,068
Common stock and restricted stock units in GGH issued upon exchange of GGI options 1,576,648
Common stock issued to satisfy accrued stock-based compensation 39,537
Series B Preferred stock converted to common stock 9,010,824
Reclassification of deferred offering cost to additional paid in capital 67,016
Common stock and warrants issued to underwriter in public offering 297,963
Common stock issued to placement agent as commitment fees 500,000
Right-of-use assets obtained in exchange for lease obligations 1,861,983
Investor deposits applied to sale of common stock and warrants 29,950
Real estate development costs transferred from property and equipment to lots inventory $ 882,894