v3.22.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net Loss $ (17,158,596) $ (8,221,174)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 312,166 102,000
Loss on lower of cost or net realizable value adjustments 318,874  
Depreciation and amortization 545,594 114,700
Accretion of asset retirement obligations 229,045 245,000
Change in fair value of Class B units 971,590 851,231
Change in fair value of Warrant Commitment Liability (4,515,307)  
Amortization of debt discount 692,055 597,390
Loss on extinguishment of debt 3,972,568  
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable 233,484 47,762
Inventories (30,900) (57,307)
Prepaid expenses 996,193 45,935
Deposits and other assets (13,542) 41,570
Accounts payable 4,111,798 3,146,978
Accrued liabilities (2,209,009)  
Asset retirement obligations (34,732) (775,248)
Environmental liabilities (123,155) (114,068)
Operating Lease Obligations (261) 2
Net Cash Used in Operating Activities (11,702,135) (3,975,229)
Investing Activities:    
Cash paid for intangible assets (11,336) (33,766)
Cash paid for property, plant, and equipment (51,904,792) (29,844,053)
Net Cash Used in Investing Activities (51,916,128) (29,877,819)
Financing Activities:    
Proceeds received from exercise of stock options 77,900  
Proceeds received from the sale of preferred stock including deemed contribution from Senior Lenders and common stock warrants 145,000,000  
Borrowings on Senior Credit Facility   30,769,958
Payments on Bridge Loan (20,000,000)  
Payments of offering costs on preferred stock and warrants (8,455,621)  
Payments on notes payable and long-term debt (471,871) (761,614)
Borrowings on Bridge Loan 7,950,237  
Borrowings on other notes 1,006,887 600,560
Net Cash Provided by Financing Activities 125,107,532 30,608,904
Net Change in Cash, Cash Equivalents and Restricted Cash 61,489,269 (3,244,144)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 23,421,894 38,982,725
Cash, Cash Equivalents and Restricted Cash at End of Period 84,911,163 35,738,581
Supplemental Disclosures of Cash Flow Information    
Cash Paid for Interest 8,347,473 3,887,108
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to Class B units issued to Senior Lenders   1,218,769
Conversion of note payable into shares   470,036
Settlement of Warrant Commitment Liability 14,699,834  
In-kind interest added to principal balance of Senior Credit Facility 3,022,759 965,662
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment 37,175,711 15,976,232
Capitalized interest included in property, plant, and equipment $ 10,795,565 $ 4,994,307

Source