Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net Loss $ (45,089,122) $ (19,559,379)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,348,793 808,150
Loss on lower of cost or net realizable value adjustment on inventories 0 318,874
Depreciation and amortization 1,177,135 1,469,625
Accretion of asset retirement obligations 399,036 458,090
Change in fair value of Class B units (407,000) (13,107,775)
Change in fair value of Warrant Commitment Liability 0 (4,515,307)
Amortization of debt discount 2,290,255 1,351,776
Loss on extinguishment of debt 0 3,972,568
Deferred tax benefit 100,174 0
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable (4,488) 59,427
Inventories 2,003,664 (1,082,607)
Prepaid expenses and other current assets (1,682,738) 100,258
Long-term deposits (4,358) (16,379)
Accounts payable 484,248 889,443
Accrued liabilities 1,636,122 3,264,918
Asset retirement obligations (10,385) (175,469)
Environmental liabilities (297,523) (247,673)
Operating lease obligations (36,590) (523)
Net Cash Used in Operating Activities (38,092,777) (26,011,983)
Investing Activities:    
Cash paid for intangible assets (18,948) (24,272)
Cash paid for property, plant, and equipment (17,799,262) (113,145,214)
Net Cash Used in Investing Activities (17,818,210) (113,169,486)
Financing Activities:    
Proceeds received from exercise of stock options 9,095 126,250
Proceeds received from the sale of preferred stock including deemed contribution from Senior Lenders and common stock warrants 0 145,000,000
Payments of offering costs on preferred stock and warrants 0 (8,455,621)
Payments on notes payable and long-term debt (3,820,553) (2,278,063)
Payments on Bridge Loan 0 (20,000,000)
Borrowings on Bridge Loan 0 7,950,237
Borrowings on other notes 5,184,012 1,971,665
Borrowings on Senior Credit Agreement 51,000,000 0
Net Cash Provided by Financing Activities 52,372,554 124,314,468
Net Change in Cash, Cash Equivalents and Restricted Cash (3,538,433) (14,867,001)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 7,463,945 23,421,894
Cash, Cash Equivalents and Restricted Cash at End of Period 3,925,512 8,554,893
Supplemental Disclosures of Cash Flow Information    
Cash Paid for Interest 86,199 16,304,801
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to warrants issued to Senior Lenders 18,489,471 0
Settlement of Warrant Commitment Liability through issuance of warrants 0 14,699,834
In-kind interest added to principal balance of Senior Credit Agreement 34,829,181 6,105,846
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment 4,523,158 42,677,113
Capitalized interest included in property, plant, and equipment $ 45,229,006 $ 21,806,591