Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of March 31, 2023 and December 31, 2022, accrued liabilities consists of:
 
 
 
As of March 31, 2023
 
 
As of December 31, 2022
 
Accrued compensation and related liabilities
 
$
6,539,149
 
 
$
6,377,251
 
Accrued interest payable
 
 
7,321,661
 
 
 
4,744,937
 
Accrued construction costs
 
 
6,801,100
 
 
 
4,551,839
 
Other accrued liabilities
 
 
4,948,230
 
 
 
4,841,668
 
Current portion of asset retirement obligations
 
 
4,962,185
 
 
 
2,849,000
 
Current portion of environmental liabilities
 
 
2,333,896
 
 
 
4,353,564
 
 
 
$
32,906,221
 
 
$
27,718,259
 
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, 2023 and the year ended December 31, 2022. 
 
 
 
Three months ended March 31,
2023
 
 
Year ended December 31,
2022
 
Asset retirement obligations - beginning of period
 
$
21,104,155
 
 
$
20,191,429
 
Revision in estimate
 
 
-
 
 
 
244,591
 
Disbursements
 
 
(6,175
)
 
 
(262,494
)
Accretion
 
 
199,518
 
 
 
930,629
 
Asset retirement obligations - end of period
 
$
21,297,498
 
 
$
21,104,155
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units as of March 31, 2023:
 
 
 
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
 
$
13,817,000
 
 
$
13,817,000
 
 
$
-
 
 
$
-
 
 
$
13,817,000
 
 
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 presents changes in the Class B Units for the three months ending March 31, 2023 and  
March
31,
 
2022:
 
 
 
Three months ended March 31,
2023
 
 
Three months ended March 31,

2022
 
Beginning Balance
 
$
12,007,000
 
 
$
21,628,689
 
New unit issuances
 
 
-
 
 
 
-
 
Change in fair value recognized in earnings
 
 
1,810,000
 
 
 
971,590
Ending Balance
 
$
13,817,000
 
 
$
22,600,279
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents instruments that were potentially dilutive for the three months March 31, 2023 and March 31, 2022 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
 
Three months ended
March 31, 2023
 
 
Three months ended
March 31, 2022
 
Convertible notes and accrued interest
 
 
7,582,318
 
 
 
7,616,305
 
Stock options and warrants
 
 
62,826,514
 
 
 
44,688,591