Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2021 |
Sep. 30, 2020 |
| Cash flows from operating activities |
|
|
| Net income |
$ 29,160,154
|
$ 29,671,348
|
| Adjustments to reconcile net income to cash used in operating activities: |
|
|
| Depreciation and amortization |
232,757
|
81,456
|
| Stock-based compensation expense |
3,851,293
|
2,167,376
|
| Loss (gain) from equity method investment |
401,288
|
(1,016,297)
|
| Deferred income taxes |
34,672
|
(2,914,781)
|
| Bad debt expense |
156,011
|
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(2,608,777)
|
(10,509,035)
|
| Prepaid expenses |
(116,068)
|
(22,076)
|
| Inventory |
4,432,048
|
(10,647,034)
|
| Deferred revenue |
(115,751)
|
739,781
|
| Income taxes payable |
692,823
|
|
| Accounts payable and accrued expenses |
82,495
|
656,602
|
| Net cash provided by operating activities |
36,202,945
|
8,207,340
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(547,708)
|
(305,683)
|
| Purchases of marketable investment securities |
|
(9,310,000)
|
| Proceeds from maturities of marketable investment securities |
3,084,161
|
3,260,000
|
| Investment in joint venture |
491,739
|
(714,500)
|
| Net cash provided by (used in) investing activities |
3,028,192
|
(7,070,183)
|
| Cash flows from financing activities |
|
|
| Proceeds from sale of common stock |
|
19,470,005
|
| Proceeds from exercise of options and warrants |
450,398
|
1,187,984
|
| Payment of offering costs |
|
(1,457,922)
|
| Net cash provided by financing activities |
450,398
|
19,200,067
|
| Net increase in cash and cash equivalents |
39,681,535
|
20,337,224
|
| Cash and cash equivalents at beginning of period |
42,976,713
|
893,138
|
| Cash and cash equivalents at end of period |
82,658,248
|
21,230,362
|
| Supplemental disclosure of cash flow information |
|
|
| Interest paid |
|
|
| Income taxes paid |
4,733,200
|
|
| Supplemental disclosure of non-cash investing and financing transactions |
|
|
| Inventory moved to property, plant and equipment |
$ 260,216
|
$ 117,220
|