Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of March 31, 2022 and December 31, 2021, accrued liabilities consists of:
 
 
 
As of March 31, 2022
 
 
As of December 31, 2021
 
Accrued compensation and related liabilities
 
 
3,671,391
 
 
 
3,818,701
 
Accrued interest payable
 
 
1,930,797
 
 
 
1,857,343
 
Accrued construction costs, net
 
 
18,346,251
 
 
 
27,045,738
 
Other accrued liabilities
 
 
 
-
 
 
 
3,677,671
 
Current portion of asset retirement obligations
 
 
3,207,518
 
 
 
2,530,000
 
Current portion of environmental liabilities
 
 
2,304,787
 
 
 
1,339,550
 
 
 
$
29,460,744
 
 
$
40,269,003
 
Schedule of Asset Retirement Obligations
The following table provides a reconciliation of the changes in asset retirement obligations for the three months ended March 31, 2022 and the year ended December 31, 2021.
 
 
 
Three months ended
March 31, 2022
 
 
Year ended
December 31, 2021
 
Asset retirement obligations - beginning of period
 
$
20,191,429
 
 
$
21,478,977
 
Disbursements
 
 
(34,732
)
 
 
(2,265,557
)
Accretion
 
 
229,045
 
 
 
978,009
 
Asset retirement obligations - end of period
 
$
20,385,742
 
 
$
20,191,429
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units and the Warrant Commitment Liability as of March 31, 2022 and December 31, 2021:
 
 
 
Carrying
Value
 
 
Total Fair
Value
 
 
Quoted prices in active
markets for identical
assets - Level 1
 
 
Significant other
observable
inputs - Level 2
 
 
Significant
unobservable inputs
- Level 3
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B Units
 
$
22,600,279
 
 
$
22,600,279
 
 
$
-
 
 
$
-
 
 
$
22,600,279
 
 
 
 
Carrying
Value
 
 
Total Fair
Value
 
 
Quoted prices in active
markets for identical
assets - Level 1
 
 
Significant other
observable
inputs - Level 2
 
 
Significant
unobservable
inputs - Level 3
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B Units
 
$
21,628,689
 
 
$
21,628,689
 
 
$
-
 
 
$
-
 
 
$
21,628,689
 
Warrant Commitment Liability
 
 
19,215,140
 
 
 
19,215,140
 
 
 
-
 
 
 
-
 
 
 
19,215,140
 
 
The following presents changes in the Class B Units for the three months ending March 31, 2022 and March 31, 2021:
 
 
 
Three months ended
March 31, 2022
 
 
Year ended
December 31, 2021
 
Beginning Balance
 
$
21,628,689
 
 
$
5,123,000
 
New unit issuances
 
 
-
 
 
 
10,422,413
 
Change in fair value recognized in earnings
 
 
971,590
 
 
 
6,083,276
 
Ending Balance
 
$
22,600,279
 
 
$
21,628,689
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents instruments that were potentially dilutive for the three months ended March 31, 2022 and March 31, 2021 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
 
Three months ended
March 31, 2022
 
 
Three months ended
March 31, 2021
 
Convertible notes and accrued interest
 
 
7,616,305
 
 
 
8,906,773
 
Convertible preferred stock - Series B
 
 
-
 
 
 
1,181,818
 
Stock options and warrants
 
 
44,688,591
 
 
 
19,220,714
 
Schedule of changes in the Lender warrant commitment liability
The following presents changes in the Warrant Commitment Liability for the three months ending March 31, 2022 and March 31, 2021:
 
 
 
Three months ended
March 31, 2022
 
 
Year ended
December 31, 2021
 
Beginning Balance
 
$
19,215,140
 
 
$
-
 
Value at establishment
 
 
-
 
 
 
16,004,255
 
Change in fair value recognized in earnings
 
 
(4,515,307
)
 
 
3,210,885
 
Settled with
issuance
 of warrants
 
 
(14,699,833
)
 
 
-
 
Ending Balance
 
$
-
 
 
$
19,215,140