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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 13, 2023
SKYX
PLATFORMS CORP.
(Exact
name of Registrant as Specified in its Charter)
Florida |
|
001-41276 |
|
46-3645414 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
2855
W. McNab Road
Pompano
Beach, Florida 33069
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (855) 759-7584
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, no par value per share |
|
SKYX |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 |
Results
of Operations and Financial Condition |
On
November 13, 2023, SKYX Platforms Corp. (d/b/a Sky Technologies) (the “Company”) issued a press release announcing its financial
results for the quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated herein by reference.
Pursuant
to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this
Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing regardless of any general incorporation language.
Item
9.01 |
Financial
Statements and Exhibits |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
SKYX
PLATFORMS CORP. |
|
|
|
Date:
November 13, 2023 |
By:
|
/s/
John P. Campi |
|
Name: |
John
P. Campi |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
SKYX
Reports Record Sales of $21.6 Million for Third Quarter 2023 as it Continues to Enhance its Penetration and Sales of its Advanced, Safe
and Smart Plug & Play Platform Technology Products
MIAMI,
FL – November 13, 2023 – SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company”
or “SKYX”), a highly disruptive platform technology company with 77 pending and issued patents globally and over 60 lighting
and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported
its financial and operational results for the third quarter ended September 30, 2023.
Third
Quarter 2023 and Subsequent Operational Highlights
|
● |
Generated
a record $21.6 million in revenue in the third quarter of 2023, including sales of its advanced and smart plug & play products. |
|
● |
Cash,
cash equivalents, restricted cash, available cash, and investments available for sale totaled $24.4 million as of September 30, 2023,
as compared to $16.8 million as of December 31, 2022. |
|
● |
The
Company continues to enhance its market penetration of its advanced and smart platform technology product to both retail and commercial
segments, through its e-commerce platform of over 60 websites for lighting and home décor. |
|
● |
The
Company has filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle
for ceilings in homes and buildings with SKYX’s code team led by Mark Earley, former head of the National Electrical Code (NEC),
and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). Mr. Earley and Mr. Jacobson were instrumental
in numerous code and safety changes in both the electrical and lighting industries. |
|
● |
Announced
a collaboration with QUOIZEL, a U.S. leading lighting manufacturer for nearly 100 years, which will include SKYX advanced smart and
standard products for online, retail, and professional channels. |
|
● |
Eight
additional patents issued, resulting in SKYX having 77 pending and issued patents in the U.S. and globally including the issuance
of five new utility patents in the U.S. and international markets including Canada, Mexico, and Hong Kong for its related smart plug-and-play
platform technology products. |
|
● |
The
Company entered into an agreement to supply approximately 1,000 homes with its advanced smart home platform technologies and is
expected to deliver approximately 30,000 units representing a variety of its advanced and smart platform technology products to the
developer’s upcoming projects. |
|
● |
Signed
an agreement with a world-leading product material and sample supply company to architects, builders, and designers - Material Bank
- with over 100,000 customers. |
|
● |
The
Company signed an agreement to include a variety of its advanced and smart home technologies in all Homes of the Future exhibits
at the upcoming International Builders’ Show (IBS - NAHB) in Las Vegas, Nevada from February 27-29, 2024. SKYX will be a main
event in the IBS – NAHB 2024. |
Safety
Standardization Highlights
The
Company filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle for ceilings
in homes and buildings.
Management
believes that after over 12 years of its standardization process including its product specification approval voting for by ANSI / NEMA
(American National Standardization Institute / National Electrical Manufacturing Association), it has met the necessary safety conditions
for becoming a ceiling safety standardization requirement for homes and buildings. In the past 12 years, the Company’s product
was voted into 10 segments in the NEC Code Book. Voting decisions are at the discretion of the NEC voting members.
The
Company’s code team is led by Mark Earley – former head of the National Electrical Code (NEC) and former Chief Electrical
Engineer of the National Fire Protection Association (NFPA) – as well as Eric Jacobson, former President and CEO of The American
Lighting Association (ALA). Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical
and lighting industries.
Third
Quarter 2023 Financial Results
Revenue
in the third quarter of 2023 increased to a record $21.6 million, including E-commerce sales as well as smart and standard plug and play
products.
Gross
profit in the third quarter of 2023 increased to $6.7 million, or 31% of revenue. Gross profit was positively impacted by the gross profit
from the acquisition of Belami E-commerce platform of over 60 websites for lighting and home décor.
Cash,
cash equivalents, restricted cash, available cash, and investments available for sale amounted to $24.4 million as of September 30, 2023,
as compared to $16.8 million as of December 31, 2022.
The
Company’s current liabilities include a 2024 non-cash payment of $5.6 million, payable in shares to the Belami shareholders as
part of the consideration for the acquisition of Belami’s e-commerce platform of over 60 websites for lighting and home décor.
Sales
and marketing expenses amounted to $5.7 million during the third quarter of 2023, compared to $1.0 million during the prior year’s
comparable quarter.
Net
cash loss before interest, taxes, depreciation, and amortization, as adjusted for share-based payments (“adjusted EBITDA”),
a non-GAAP measure, amounted to $2.5 million, in addition to a non-cash basis loss of $4.7 million, amounted to a net loss of $7.2 million,
or $(0.08) per share, in the third quarter of 2023, as compared to a net cash loss of $1.9 million, in addition to a non-cash basis loss
of $2.8 million, amounted to a net loss of $5.7 million, or $(0.07) per share, in the third quarter of 2022.
Cash
used in operating activities for the three months ended September 30, 2023, amounted to $3.4 million, as compared to $3.5 million in
the comparable prior year period.
The
Company’s financial statements for the quarter ended September 30, 2023, will be filed with the SEC and are available on the Company’s
investor relations website. https://ir.skyplug.com/sec-filings/
Management
Commentary
The
third quarter of 2023 was highlighted by our first significant full quarter of revenues that include sales and rollout of our advanced
ceiling smart and standard plug & play platform products that are now on many leading U.S. and Canadian websites. We believe we have
accelerated our cadence of sales with a robust gross margin profile, notably managing the cash burn of SKYX on a sequential basis.
Our e-commerce platform with over 60 websites is expected to provide additional cash flow to the Company, which, when combined with our
existing cash, we anticipate will be sufficient for at least 18 months of operations.
We
are encouraged with our path to the builder/commercial segments that we believe will assist in paving the way for our standardization
efforts.
Additionally,
our e-commerce website platform enhances the acceleration of marketing, distribution channels, collaborations, and sales to both professional
and retail segments. Some of our 60 websites that include Company’s advanced ceiling smart and standard plug and play products
are: 1stoplighting.com, Lightingdesignexperts.com, Canadalightingexperts.com, Americanlightingstore.com, Homeclick.com, and Lunawarehouse.com
among others. The websites include banners, videos, and educational materials regarding the simplicity, cost savings, timesaving, and
lifesaving aspects of the Company’s patented technologies.
About
SKYX Platforms Corp.
As
electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the
new standard.
SKYX
Platforms Corp. (NASDAQ: SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 77 U.S. and global
patents and patent pending applications. Additionally, the Company owes over 60 lighting and home decor websites for both retail and
commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and
lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the
U.S. and globally. For more information, please visit our website at SKYXPlatforms.com or follow us on LinkedIn.
Forward-Looking
Statements
Certain
statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be
identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,”
“could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,”
“guidance,” “intend,” “likely,” “may,” “might,” “objective,”
“ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,”
“project,” “seek,” “should,” “target” “view,” “will,” or “would,”
or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these
words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties
and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or
outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating
to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its
products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s
efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels,
offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable
market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations
as needed, which may not be available on acceptable terms or at all; the Company’s ability to execute on any sales and licensing
or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code
or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be
adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint
ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance
provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and
economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described
in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q.
There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press
release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by U.S. federal securities laws.
Non-GAAP
Financial Measures
Management
considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating
the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as
adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary
measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and
potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core
operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash
outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in
addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This
non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements
and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable
GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.
Investor
Relations Contact:
Lucas
A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us
SKYX
PLATFORMS CORP.
Consolidated
Balance Sheets
| |
(Unaudited) September 30, 2023 | | |
(Audited) December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 16,479,393 | | |
$ | 6,720,543 | |
Restricted cash | |
| 2,750,000 | | |
| — | |
Accounts receivable | |
| 3,034,585 | | |
| — | |
Investments, available-for-sale | |
| — | | |
| 7,373,956 | |
Inventory | |
| 5,385,039 | | |
| 1,923,540 | |
Deferred cost of revenues | |
| 282,165 | | |
| | |
Prepaid expenses and other assets | |
| 408,427 | | |
| 311,618 | |
Total current assets | |
| 28,339,609 | | |
| 16,329,657 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Furniture and equipment, net | |
| 592,520 | | |
| 215,998 | |
Restricted cash | |
| 2,881,726 | | |
| 2,741,054 | |
Right of use assets, net | |
| 22,072,530 | | |
| 23,045,293 | |
Intangible assets, definite life, net | |
| 8,436,398 | | |
| 662,802 | |
Goodwill | |
| 15,799,725 | | |
| — | |
Other assets | |
| 220,747 | | |
| 182,306 | |
Total other assets | |
| 50,003,646 | | |
| 26,847,453 | |
| |
| | | |
| | |
Total Assets | |
$ | 78,343,255 | | |
$ | 43,177,110 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 10,784,874 | | |
$ | 1,949,823 | |
Notes payable, current | |
| 3,627,273 | | |
| 405,931 | |
Operating lease liabilities, current | |
| 2,223,318 | | |
| 1,130,624 | |
Royalty obligation | |
| 2,638,000 | | |
| 2,638,000 | |
Consideration payable | |
| 8,905,315 | | |
| - | |
Deferred revenues | |
| 1,854,922 | | |
| - | |
Convertible notes, related parties | |
| 950,000 | | |
| 950,000 | |
Convertible notes, current | |
| 350,000 | | |
| 350,000 | |
Total current liabilities | |
| 31,333,702 | | |
| 7,424,378 | |
| |
| | | |
| | |
Long term liabilities: | |
| | | |
| | |
Accounts payable | |
| 523,797 | | |
| — | |
Notes payable | |
| 1,142,875 | | |
| 4,867,004 | |
Operating lease liabilities | |
| 22,806,894 | | |
| 22,758,496 | |
Convertible notes, net | |
| 5,480,279 | | |
| — | |
| |
| | | |
| | |
Total long-term liabilities | |
| 29,953,845 | | |
| 27,625,500 | |
| |
| | | |
| | |
Total liabilities | |
| 61,287,547 | | |
| 35,049,878 | |
| |
| | | |
| | |
Commitments and Contingent Liabilities: | |
| | | |
| | |
Redeemable preferred stock - subject to redemption: $0 par value; 20,000,000 shares authorized; none and 580,400 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | |
| — | | |
| 220,099 | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
Common stock and additional paid-in-capital: $0 par value, 500,000,000 shares
authorized; and 91,846,065 and 82,907,541 shares issued and outstanding at September 30, 2023 and December 31, 2022,
respectively | |
| 150,538,326 | | |
| 114,039,638 | |
Accumulated deficit | |
| (133,482,618 | ) | |
| (106,070,358 | ) |
Accumulated other comprehensive loss | |
| — | | |
| (62,147 | ) |
Total stockholders’ equity | |
| 17,055,708 | | |
| 7,907,133 | |
Non-controlling interest | |
| — | | |
| — | |
Total equity | |
| 17,055,708 | | |
| 7,907,133 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 78,343,255 | | |
$ | 43,177,110 | |
SKYX
Platforms Corp.
Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited)
| |
For the three months ended September 30, | | |
For the nine months ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenue | |
$ | 21,617,579 | | |
$ | 8,556 | | |
$ | 36,611,659 | | |
$ | 22,916 | |
Cost of revenues | |
| 14,917,493 | | |
| 5,914 | | |
| 25,207,604 | | |
| 17,676 | |
Gross income | |
| 6,700,086 | | |
| 2,642 | | |
| 11,404,055 | | |
| 5,240 | |
Sales and marketing | |
| 5,702,647 | | |
| 993,232 | | |
| 12,546,736 | | |
| 3,839,175 | |
General and administrative | |
| 7,519,042 | | |
| 4,615,887 | | |
| 24,869,910 | | |
| 18,282,472 | |
Operating expenses | |
| 13,221,689 | | |
| 5,609,119 | | |
| 37,416,646 | | |
| 22,121,647 | |
Loss from operations | |
| (6,521,603 | ) | |
| (5,606,477 | ) | |
| (26,012,591 | ) | |
| (22,116,407 | ) |
Other income / (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (662,173 | ) | |
| (52,189 | ) | |
| (2,601,526 | ) | |
| (224,610 | ) |
Other income | |
| — | | |
| — | | |
| — | | |
| — | |
Gain on extinguishment of debt | |
| — | | |
| — | | |
| 1,201,857 | | |
| 178,250 | |
Total other income (expense), net | |
| (662,173 | ) | |
| (52,189 | ) | |
| (1,399,669 | ) | |
| (46,360 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (7,183,776 | ) | |
| (5,658,666 | ) | |
| (27,412,260 | ) | |
| (22,162,767 | ) |
Common stock issued pursuant to antidilutive provisions | |
| — | | |
| — | | |
| — | | |
| 4,691,022 | |
Preferred dividends | |
| — | | |
| 4,627 | | |
| — | | |
| 32,504 | |
Non-controlling interest | |
| — | | |
| — | | |
| — | | |
| — | |
Net loss attributed to common shareholders | |
$ | (7,183,776 | ) | |
$ | (5,663,293 | ) | |
$ | (27,412,260 | ) | |
$ | (26,886,293 | ) |
Other comprehensive loss: | |
| — | | |
| (108,817 | ) | |
| 62,147 | | |
| (108,817 | ) |
Net Comprehensive loss attributed to common stockholders | |
$ | (7,183,776 | ) | |
$ | (5,772,110 | ) | |
$ | (27,350,113 | ) | |
$ | (26,995,110 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.08 | ) | |
$ | (0.07 | ) | |
$ | (0.31 | ) | |
$ | (0.34 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding during the period – basic and diluted | |
| 91,081,313 | | |
| 81,562,681 | | |
| 87,055,643 | | |
| 78,350,946 | |
SKYX
Platforms Corp.
Consolidated
Statements of Cash Flows
(Unaudited)
| |
For the nine months ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (27,412,260 | ) | |
$ | (22,162,767 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 2,098,935 | | |
| 194,698 | |
Gain on forgiveness of debt | |
| (1,201,857 | ) | |
| (178,250 | ) |
Amortization of debt discount | |
| 867,572 | | |
| — | |
Share-based payments | |
| 13,109,035 | | |
| 13,957,145 | |
Change in operating assets and liabilities: | |
| | | |
| | |
Inventory | |
| (1,675,394 | ) | |
| (549,825 | ) |
Accounts receivable | |
| (512,826 | ) | |
| — | |
Prepaid expenses and other assets | |
| 79,224 | | |
| (795,365 | ) |
Deferred charges | |
| 1,200,916 | | |
| — | |
Deferred revenues | |
| (74,111 | ) | |
| — | |
Operating lease liabilities | |
| (215,743 | ) | |
| (28,521 | ) |
Accretion operating lease liabilities | |
| 890,474 | | |
| — | |
Other assets | |
| — | | |
| (161,358 | ) |
Royalty obligation | |
| — | | |
| (900,000 | ) |
Accounts payable and accrued expenses | |
| 2,753,672 | | |
| 897,256 | |
Net cash used in operating activities | |
| (10,092,363 | ) | |
| (9,726,987 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of debt securities | |
| (136,033 | ) | |
| (7,441,617 | ) |
Proceeds from disposition of debt securities | |
| 7,572,136 | | |
| — | |
Acquisition, net of cash acquired | |
| (4,206,200 | ) | |
| — | |
Purchase of property and equipment | |
| (119,942 | ) | |
| (257,907 | ) |
Payment of patent costs and other intangibles | |
| — | | |
| (137,645 | ) |
Net cash provided by (used in) investing activities | |
| 3,109,961 | | |
| (7,837,169 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from issuance of common stock- offerings | |
| 8,723,461 | | |
| 23,100,000 | |
Placement costs | |
| (491,932 | ) | |
| (2,548,000 | ) |
Proceeds from exercise of options and warrants | |
| — | | |
| 390,624 | |
Proceeds from line of credit | |
| 6,197,695 | | |
| — | |
Proceeds from issuance of convertible notes | |
| 10,350,000 | | |
| — | |
Dividends paid | |
| — | | |
| (32,504 | ) |
Principal repayments of notes payable | |
| (5,147,300 | ) | |
| (202,503 | ) |
Net cash provided by financing activities | |
| 19,631,924 | | |
| 20,707,617 | |
Increase in cash, cash equivalents and restricted cash | |
| 12,649,522 | | |
| 3,143,461 | |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 9,461,597 | | |
| 10,426,249 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 22,111,119 | | |
$ | 13,569,710 | |
Supplementary disclosure of non-cash financing activities: | |
| | | |
| | |
Preferred stock conversion to common | |
$ | 220,099 | | |
$ | 3,094,134 | |
Business acquisition: | |
| | | |
| | |
Assets acquired excluding identifiable intangible assets and goodwill and cash | |
| 7,090,094 | | |
| — | |
Liabilities assumed and consideration payable | |
| 19,755,903 | | |
| — | |
Identifiable intangible assets and goodwill, net of cash outlay | |
| 19,993,525 | | |
| — | |
Debt discount | |
| 5,569,978 | | |
| — | |
Fair value of shares issued pursuant to antidilutive provisions | |
| — | | |
| 4,691,022 | |
Fair value of shares issued pursuant to acquisition | |
| 7,327,716 | | |
| — | |
Fair value of shares issued pursuant to extinguishment of debt | |
| 2,040,231 | | |
| — | |
Right-of-use assets and operating lease liabilities | |
| | | |
| 23,621,267 | |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 666,539 | | |
$ | 303,957 | |
The
accompanying notes are an integral part of the unaudited consolidated financial statements.
Non-GAAP
Financial Measures
| |
For
the three-months ended September 30, | | |
For
the nine-months ended September 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net
loss | |
$ | (7,183,776 | ) | |
$ | (5,658,666 | ) | |
$ | (27,412,260 | ) | |
$ | (22,162,767 | ) |
Share-based
payments | |
| 2,470,501 | | |
| 2,762,945 | | |
| 13,109,035 | | |
| 13,957,145 | |
Interest
expense | |
| 662,173 | | |
| 52,189 | | |
| 2,601,526 | | |
| 224,610 | |
Depreciation,
amortization | |
| 1,601,562 | | |
| 21,900 | | |
| 2,098,935 | | |
| 194,698 | |
Transaction
costs | |
| - | | |
| - | | |
| 516,601 | | |
| - | |
EBITDA,
as adjusted | |
$ | (2,449,540 | ) | |
$ | (2,821,632 | ) | |
$ | (9,086,163 | ) | |
$ | (7,786,314 | ) |
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