Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Activities    
Net Loss $ (54,108,708) $ (51,415,508)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,379,641 1,460,189
Loss on lower of cost or net realizable value adjustment on inventories 318,874  
Depreciation and amortization 2,424,808 1,105,124
Accretion of asset retirement obligations 930,629 978,009
Change in fair value of Class B units (12,664,689) 6,083,276
Change in fair value of Warrant Commitment Liability (4,515,307) 3,210,885
Gain on loan forgiveness 600,560  
Amortization of debt discount 2,917,194 4,798,252
Loss on extinguishment of debt 3,972,568  
Deferred income taxes (337,502) (1,121,215)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable (37,935) (135,783)
Inventories (4,105,921) (2,750,099)
Prepaid expenses and other current assets 1,456,867 3,656,372
Long-term deposits 31,447 (307)
Accounts payable 2,913,486 3,836,128
Accrued liabilities 6,610,141 (404,401)
Asset retirement obligations (262,494) (2,265,557)
Environmental liabilities (455,907) (510,817)
Operating lease obligations (686,458) (432)
Net Cash Used in Operating Activities (52,618,706) (33,475,884)
Investing Activities:    
Cash paid on acquisitions, net of cash acquired   (365,218)
Cash paid for intangible assets (40,204) (111,746)
Advances to contractors, net   (10,021,908)
Cash paid for property, plant, and equipment (145,203,055) (170,941,874)
Net Cash Used in Investing Activities (145,243,259) (181,440,746)
Financing Activities:    
Proceeds received from exercise of stock options 131,803 12,005
Issuance of common stock for cash   3,100,000
Purchase of common stock at cost (15,935)  
Proceeds received from the sale of preferred stock including deemed contribution from Senior Lenders and common stock warrants 145,000,000  
Payments of offering costs on preferred stock and warrants (8,455,621)  
Payments on notes payable and long-term debt (5,370,278) (3,720,736)
Payments on Bridge Loan (20,000,000)  
Borrowings on Bridge Loan 7,950,237 12,049,763
Borrowings on other notes 2,663,810 1,771,783
Borrowings on Senior Credit Agreement 60,000,000 186,142,984
Net Cash Provided by Financing Activities 181,904,016 199,355,799
Net Change in Cash, Cash Equivalents and Restricted Cash (15,957,949) (15,560,831)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 23,421,894 38,982,725
Cash, Cash Equivalents and Restricted Cash at End of Period 7,463,945 23,421,894
Supplemental Disclosures of Cash Flow Information    
Cash Paid for Interest 16,353,506 30,227,893
Leased assets obtained for new operating lease liabilities   443,842
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to Class B units issued to Senior Lenders 3,043,000 6,083,276
Debt discount related to warrants issued to Senior Lenders 10,732,104  
Issued 1,640,509 shares for conversion of several notes payable and accrued interest   784,925
Issued 830,526 shares to acquire Agribody Technologies, Inc,   $ 5,000,000
Issued 407,150 shares of common stock to acquire Entira, Inc.   2,463,307
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 3,956,556  
Lease modification due to change from finance lease to operating lease 1,397,904  
Issued and modified warrants for revenue contract modification (see Note H) 15,618,495  
Settlement of Warrant Commitment Liability through issuance of warrants 14,699,834 $ 0
Lender warrant commitment incurred for payment of debt issuance costs and payment of consent premium payable to Senior Lenders   16,004,255
In-kind interest added to principal balance of Senior Credit Agreement 30,685,530 5,891,725
Amounts included in EPC deferred payment for purchases of property, plant, and equipment 128,698,337  
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment 4,551,839 27,045,738
Capitalized interest included in property, plant, and equipment $ 55,550,645 30,024,394
Camelina Company Espana SL    
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Issued 1,353,951 shares of common stock to acquire Camelina Company Espana SL   $ 6,712,462