Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net loss $ (47,647,611) $ (4,756,056)
Adjustment to reconcile net loss to cash used in operating activities    
Amortization and depreciation 2,004,319 477,405
Share based compensation 2,095,889
Realized gain on short term investment (173,644)
Change in fair value of convertible notes 14,571,109
Change in fair value of warrant liabilities 7,783,000
Change in fair value of earn-out liabilities (450,000)
Noncash lease expense 129,216 13,042
Interest expense 58,455
Changes in operating assets and liabilities:    
Accounts receivable (67,604)
Prepaid expenses and other assets (2,017,390) (124,066)
Deposits (70,202) (5,463)
Accounts payable 8,648,290 90,788
Inventory (1,476,085)
Accrued expenses 4,268,432 73,898
Deferred revenue 199,304 22,196
Operating lease payments (130,429) (8,822)
Net cash used in operating activities (12,274,951) (4,217,078)
Cash flows from Investing Activities    
Software development costs (1,840,066) (1,058,672)
Purchases of short-term investments (10,049,870)
Proceeds from the sale of short-term investments 10,223,514
Purchases of intangible assets (86,600)
Purchases of property and equipment (113,065) (21,465)
Net cash used in investing activities (1,866,087) (1,080,137)
Cash flows from Financing Activities    
Proceeds from the issuance of Convertible Notes Payable 22,500,000
Proceeds from reverse recapitalization 18,104,194  
Transaction costs incurred in connection with Business Combination (6,137,377)  
Repayment of subscription payable (400)
Proceeds from the issuance of common stock 2,600,125 5,433,365
Net cash provided by financing activities 37,066,542 5,433,365
Net increase in cash and cash equivalents 22,925,504 136,150
Cash and cash equivalents, beginning of period 2,330,405 399,403
Cash and cash equivalents, end of the period 25,255,909 535,553
Supplemental Cash Flow Information    
Promissory notes converted to equity 37,294,023
Initial recognition of Earn-out liability 2,400,000
Acquisition of warrant liability 8,816,500
Recording of D&O tail insurance acquired by Colombier 1,235,000
Acquisition of tax liability 957,982
Stock for stock transfer 1,334,500
Cash paid for interest