Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of December 31, 2022 and December 31, 2021, accrued liabilities consists of:
 
 
 
As of December 31, 2022
 
 
As of December 31, 2021
 
Accrued compensation and related liabilities
 
$
6,377,251
 
 
$
3,818,701
 
Accrued interest payable
 
 
4,744,937
 
 
 
1,857,343
 
Accrued construction costs
 
 
4,551,839
 
 
 
27,045,738
 
Other accrued liabilities
 
 
4,841,668
 
 
 
3,677,671
 
Current portion of asset retirement obligations
 
 
2,849,000
 
 
 
2,530,000
 
Current portion of environmental liabilities
 
 
4,353,564
 
 
 
1,339,550
 
 
 
$
27,718,259
 
 
$
40,269,003
 
Schedule of Asset Retirement Obligations
The following table provides a reconciliation of the changes in asset retirement obligations for the years ended December 31, 2022 and December 31, 2021. 
 
 
 
Year ended December 31,
2022
 
 
Year ended December 31,
2021
 
 
Asset retirement obligations - beginning of period
 
$
20,191,429
 
 
$
21,478,977
 
Revisions to previous estimates
 
 
244,591
 
 
 
-
 
Disbursements
 
 
(262,494
)
 
 
(2,265,557
)
Accretion
 
 
930,629
 
 
 
978,009
 
Asset retirement obligations - end of period
 
$
21,104,155
 
 
$
20,191,429
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units as of December 31, 2022:
 
 
 
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
 
$
12,007,000
 
 
$
12,007,000
 
 
$
-
 
 
$
-
 
 
$
12,007,000
 
 
 
The following is the recorded fair value of the Class B Units and the Warrant Commitment Liability as of 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
 
$
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 years ended December 31, 2022 and December 31, 2021:
 
 
 
Year ended December 31,
2022
 
 
Year ended December 31,
2021
 
Beginning Balance
 
$
21,628,689
 
 
$
5,123,000
 
New unit issuances
 
 
3,043,000
 
 
 
10,422,413
 
Change in fair value recognized in earnings
 
 
(12,664,689
)
 
 
6,083,276
 
Ending Balance
 
$
12,007,000
 
 
$
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 years ended December 31, 2022 and December 31, 2021 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
 
Year ended December 31,
2022
 
 
Year ended December 31,
2021
 
Convertible notes and accrued interest
 
 
7,604,302
 
 
 
7,535,173
 
Convertible preferred stock - Series B
 
 
-
 
 
 
-
 
Stock options and warrants
 
 
46,353,950
 
 
 
19,567,360
 
Schedule of changes in the Lender warrant commitment liability
The following presents changes in the Warrant Commitment Liability for the years ended December 31, 2022 and December 31, 2021:
 
 
 
Year ended December 31,
2022
 
 
Year ended December 31,
2021
 
Beginning Balance
 
$
19,215,140
 
 
$
-
 
Change in fair value recognized in earnings
 
 
(4,515,307
)
 
 
16,004,255
 
Settled with issuance of warrants
 
 
(14,699,833
)
 
 
3,210,885
 
Ending Balance
 
$
-
 
 
$
19,215,140