Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of June 30, 2023 and December 31, 2022, accrued liabilities consists of:
 
 
 
As of June 30, 2023
 
 
As of December 31, 2022
 
Accrued compensation and related liabilities
 
$
6,842,793
 
 
$
6,377,251
 
Accrued interest payable
 
 
9,984,176
 
 
 
4,744,937
 
Accrued construction costs
 
 
4,523,158
 
 
 
4,551,839
 
Other accrued liabilities
 
 
3,494,100
 
 
 
4,841,668
 
Current portion of asset retirement obligations
 
 
6,980,213
 
 
 
2,849,000
 
Current portion of environmental liabilities
 
 
2,651,828
 
 
 
4,353,564
 
 
 
$
34,476,268
 
 
$
27,718,259
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units as of June 30, 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
 
$
11,600,000
 
 
$
11,600,000
 
 
$
-
 
 
$
-
 
 
$
11,600,000
 
 
 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 and six months ending June 30, 2023:
 
 
 
Three months ended
June 30, 2023
 
 
Six months ended June
30, 2023
 
Beginning Balance
 
$
13,817,000
 
 
$
12,007,000
 
Change in fair value recognized in earnings
 
 
(2,217,000
)
 
 
(407,000
)
Ending Balance
 
$
11,600,000
 
 
$
11,600,000
 
 
The following presents changes in the Class B Units for the three and six months ending June 30, 2022:
 
 
 
Three months ended
June 30, 2022
 
 
 
 
Six months ended
June 30, 2022
 
 
Beginning Balance
 
$
22,600,279
 
 
$
21,628,689
 
Change in fair value recognized in earnings
 
 
(14,079,365
)
 
 
(13,107,775
)
Ending Balance
 
$
8,520,914
 
 
$
8,520,914
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following tables pres
en
t instruments that were potentially dilutive for the three and six months ended June 30, 2023 and June 30, 2022 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
 
Three
months ended
June 30, 2023
 
 
 
 
Six months ended
June 30, 20
23
 
 
Convertible notes and accrued interest
 
 
7,582,318
 
 
 
7,582,318
 
Stock options and warrants
 
 
73,324,394
 
 
 
68,110,669
 
 
 
 
Three months ended
June 30, 2022
 
 
 
 
Six months ended
June 30, 2022
 
 
Convertible notes and accrued interest
 
 
7,616,305
 
 
 
7,616,305
 
Stock options and warrants
 
 
45,633,504
 
 
 
45,980,038