Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities    
Net Loss $ (89,934) $ (54,109)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 2,923 2,380
Loss on lower of cost or net realizable value adjustment on inventories 714 319
Depreciation and amortization 2,062 2,425
Accretion of asset retirement obligations 798 931
Change in fair value of Class B units (8,417) (12,665)
Change in fair value of Warrant Commitment Liability 0 (4,515)
Gain on loan forgiveness 0 601
Loss on impairment of contract asset 15,618 0
Amortization of debt discount 3,840 2,917
Loss on extinguishment of debt 0 3,973
Deferred income taxes 321 (338)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable (881) (39)
Inventories 2,148 (4,106)
Prepaid expenses and other current assets (314) 1,457
Long-term deposits (4,979) 31
Accounts payable 3,156 2,913
Accrued liabilities (7,124) 6,610
Asset retirement obligations (10) (262)
Environmental liabilities (555) (456)
Operating lease obligations 298 (686)
Net Cash Used in Operating Activities (80,336) (52,619)
Investing Activities:    
Cash paid for intangible assets 0 (40)
Cash paid for property, plant, and equipment (53,522) (145,203)
Proceeds from government grant 2,406 0
Net Cash Used in Investing Activities (51,116) (145,243)
Financing Activities:    
Proceeds received from exercise of stock options 9 132
Purchase of common stock at cost 0 (16)
Proceeds received from the sale of preferred stock including deemed contribution from Senior Lenders and common stock warrants 0 145,000
Payments of offering costs on preferred stock and warrants 0 (8,456)
Payments on notes payable and long-term debt 167 (5,370)
Payments on Bridge Loan 0 (20,000)
Borrowings on Bridge Loan 0 7,950
Borrowings on other notes 2,074 2,664
Borrowings on Senior Credit Agreement 125,797 60,000
Net Cash Provided by Financing Activities 128,047 181,904
Effect of foreign currency exchange rate changes on cash (323) 0
Net Change in Cash and Restricted Cash (3,728) (15,958)
Cash and Restricted Cash at Beginning of Period 7,464 23,422
Cash and Restricted Cash at End of Period 3,736 7,464
Supplemental Disclosures of Cash Flow Information    
Cash 1,927 5,777
Restricted cash 1,809 1,585
Restricted cash, net of current portion 0 102
Cash and Restricted Cash at End of Period 3,736 7,464
Cash Paid for Interest 105 16,354
Debt discount related to Class B units issued to Senior Lenders 0 3,043
Debt discount related to warrants issued to Senior Lenders 32,565 10,732
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 98 3,957
Lease modification due to change from finance lease to operating lease 0 1,398
Issued and modified warrants for revenue contract modification (see Note I) 0 15,618
Settlement of Warrant Commitment Liability through issuance of warrants 0 14,700
In-kind interest added to principal balance of Senior Credit Agreement 78,568 30,686
EPC deferred payment included in purchases of property, plant, and equipment 444,118 128,698
Amounts included in accounts payable, accrued liabilities and other long-term liabilities for purchases of property, plant, and equipment 6,244 4,552
Capitalized interest added in property, plant, and equipment 121,356 55,551
Conversion of note payable and associated accrued interest to common shares 1,168 0
Proceeds to be received from government grant associated with property, plant and equipment $ 205 $ 0