Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of September 30, 2023 and December 31, 2022, accrued liabilities consists of:
 
 
 
As of
September 30, 2023
 
 
 
 
As of
December 31, 2022
 
 
Accrued compensation and related liabilities
 
$
6,405,330
 
 
$
6,377,251
 
Accrued interest payable
 
 
12,994,762
 
 
 
4,744,937
 
Accrued construction costs
 
 
-
 
 
 
4,551,839
 
Other accrued liabilities
 
 
4,454,079
 
 
 
4,841,668
 
Current portion of asset retirement obligations
 
 
9,090,513
 
 
 
2,849,000
 
Current portion of environmental liabilities
 
 
3,499,842
 
 
 
4,353,564
 
Deferred revenue
 
 
2,980,000
 
 
 
-
 
 
 
$
39,424,526
 
 
$
27,718,259
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units as of September 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
 
$
5,421,000
 
 
$
5,421,000
 
 
$
-
 
 
$
-
 
 
$
5,421,000
 
 
 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 nine months ending September 30, 2023:
 
 
 
Three months ended
September 30, 2023
 
 
 
 
Nine months ended
September
 
30, 2023
 
 
 
Beginning Balance
 
$
11,600,000
 
 
$
12,007,000
 
Change in fair value recognized in earnings
 
 
(6,179,000
)
 
 
(6,586,000
)
Ending Balance
 
$
5,421,000
 
 
$
5,421,000
 
 
 
The following presents changes in the Class B Units for the three and nine months ending September 30, 2022:
 
 
 
Three months ended
September 30, 2022
 
 
 
 
Nine months ended
September 30, 2022
 
 
Beginning Balance
 
$
8,520,914
 
 
$
21,628,689
 
New unit issuances
 
 
3,043,000
 
 
 
3,043,000
 
Change in fair value recognized in earnings
 
 
3,295,086
 
 
 
(9,812,689
)
Ending Balance
 
$
14,859,000
 
 
$
14,859,000
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following tables present instruments that were potentially dilutive for the three and nine months ended September 30, 2023 and 2022 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
 
Three months ended
September 30, 2023
 
 
 
 
Nine months ended
September 30, 2023
 
 
Stock options and warrants
 
 
74,503,336
  
  
  
75,265,442
 
 
 
 
Three months ended
September 30, 2022
 
 
 
 
Nine months ended
September 30, 2022
 
 
Convertible notes and accrued interest
 
 
7,600,257
 
 
 
7,600,257
 
Stock options and warrants
 
 
52,726,566
 
 
 
42,683,424