Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash flows from operating activities |
|
|
| Net (loss) income |
$ (14,674,216)
|
$ 9,028,292
|
| Adjustments to reconcile net income to cash (used in) provided by operating activities: |
|
|
| Depreciation and amortization |
621,256
|
671,606
|
| Stock-based compensation expense |
4,338,542
|
2,908,381
|
| Change in fair value of acquisition contingencies |
(1,397,077)
|
(4,192,712)
|
| Non-cash lease expense |
26,012
|
13,761
|
| (Gain) loss from equity method investment |
(152,129)
|
127,864
|
| Loss on disposition of assets |
|
142,161
|
| Deferred income taxes |
(4,430,168)
|
(1,917,871)
|
| Bad debt expense |
314,626
|
11,404
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
2,041,704
|
8,567,769
|
| Prepaid expenses and other assets |
247,659
|
791,453
|
| Inventory |
620,078
|
(2,920,658)
|
| Deferred revenue |
257,999
|
(150,000)
|
| Income taxes payable |
22,691
|
(1,918,510)
|
| Accounts payable, accrued expenses and other liabilities |
1,454,226
|
(1,702,718)
|
| Net cash (used in) provided by operating activities |
(10,708,797)
|
9,460,222
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(664,137)
|
(904,160)
|
| Proceeds from maturities of marketable investment securities |
69,393,987
|
1,255,266
|
| Purchases of marketable securities |
(66,126,080)
|
(9,951,550)
|
| Net cash (used in) provided by investing activities |
2,603,770
|
(9,600,444)
|
| Cash flows from financing activities |
|
|
| Proceeds from exercise of options and warrants |
|
177,871
|
| Repurchases of common stock |
(1,037,930)
|
(2,599,478)
|
| Net cash (used in) financing activities |
(1,037,930)
|
(2,421,607)
|
| Net (decrease) in cash and cash equivalents |
(9,142,957)
|
(2,561,829)
|
| Cash and cash equivalents at beginning of period |
22,973,803
|
88,607,234
|
| Cash and cash equivalents at end of period |
13,830,846
|
86,045,405
|
| Supplemental disclosure of cash flow information |
|
|
| Interest paid |
|
|
| Income taxes paid |
49,197
|
4,534,330
|
| Supplemental disclosure of non-cash investing and financing transactions |
|
|
| Inventory moved to property, plant and equipment |
673
|
218,906
|
| Right-of-use assets obtained in exchange for new operating lease liabilities |
3,063,782
|
681,327
|
| Business acquisition measurement period adjustments |
|
$ 681,728
|