Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net Loss $ (59,954,697) $ (34,873,814)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,063,887 1,545,291
Loss on lower of cost or net realizable value adjustment on inventories 713,563 318,874
Depreciation and amortization 1,449,660 2,033,333
Accretion of asset retirement obligations 598,554 687,135
Change in fair value of Class B units (6,586,000) (9,812,689)
Change in fair value of Warrant Commitment Liability 0 (4,515,307)
Gain on loan forgiveness 0 600,560
Amortization of debt discount 2,880,275 2,119,765
Loss on extinguishment of debt 0 3,972,568
Deferred tax benefit (307,814) 0
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable (34,453) (379,223)
Inventories 893,874 (1,638,942)
Prepaid expenses and other current assets (1,638,030) (9,869)
Other assets (4,135,106) 16,719
Accounts payable 12,256,191 1,009,406
Accrued liabilities 4,358,955 576,533
Asset retirement obligations (10,385) (262,494)
Environmental liabilities (404,882) (357,964)
Operating lease obligations (54,885) (547,878)
Net Cash Used in Operating Activities (47,911,293) (39,517,996)
Investing Activities:    
Cash paid for intangible assets (21,948) (38,375)
Cash paid for property, plant, and equipment (43,024,550) (130,085,546)
Proceeds from government grant 1,119,410 0
Net Cash Used in Investing Activities (41,927,088) (130,123,921)
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 certain 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 (4,630,994) (4,211,539)
Payments on Bridge Loan 0 (20,000,000)
Borrowings on Bridge Loan 0 7,950,237
Borrowings on other notes 5,184,800 2,653,289
Borrowings on Senior Credit Agreement 87,097,500 30,000,000
Net Cash Provided by Financing Activities 87,660,401 153,062,616
Effect of foreign currency exchange rate changes on cash (521,573) 0
Net Change in Cash, Cash Equivalents and Restricted Cash (2,699,553) (16,579,301)
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 4,764,392 6,842,593
Supplemental Disclosures of Cash Flow Information    
Cash Paid for Interest 103,685 16,329,547
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to Class B units issued to certain Senior Lenders 0 3,043,000
Debt discount related to warrants issued to certain Senior Lenders 22,128,687 10,732,104
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 0 3,956,556
Lease modification due to change from finance lease to operating lease 0 1,397,904
Issued and modified warrants for revenue contract modification (see Note I) 0 15,618,495
Settlement of Warrant Commitment Liability through issuance of warrants 0 14,699,834
In-kind interest added to principal balance of Senior Credit Agreement 55,299,074 17,890,556
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment 5,626,274 125,808,215
Capitalized interest included in property, plant, and equipment 73,407,643 38,011,745
Conversion of note payable and associated accrued interest to common shares 1,167,676 0
Proceeds to be received from government grant associated with property, plant and equipment $ 438,182 $ 0