Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of June 30, 2022 and December 31, 2021, accrued liabilities consists of:
 
 
 
As of June 30, 2022
 
 
As of December 31, 2021
 
Accrued compensation and related liabilities
 
$
4,784,591
 
 
$
3,818,701
 
Accrued interest payable
 
 
2,000,000
 
 
 
1,857,343
 
Accrued construction costs
 
 
31,873,332
 
 
 
27,045,738
 
Other accrued liabilities
 
 
4,225,034
 
 
 
3,677,671
 
Current portion of asset retirement obligations
 
 
3,268,660
 
 
 
2,530,000
 
Current portion of environmental liabilities
 
 
3,779,031
 
 
 
1,339,550
 
 
 
$
49,930,648
 
 
$
40,269,003
 
Schedule of Asset Retirement Obligations
The following table provides a reconciliation of the changes in asset retirement obligations for the six months ended June 30, 2022 and the year ended December 31, 2021. 
 
 
 
Six months ended June
30, 2022
 
 
Year ended December
31, 2021
 
Asset retirement obligations - beginning of period
 
$
20,191,429
 
 
$
21,478,977
 
Disbursements
 
 
(175,469
)
 
 
(2,265,557
)
Accretion
 
 
458,090
 
 
 
978,009
 
Asset retirement obligations - end of period
 
$
20,474,050
 
 
$
20,191,429
 
Schedule of changes in derivative liability
The following is the recorded fair value of the Class B Units as of June 30, 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
 
$
8,520,914
 
 
$
8,520,914
 
 
$
-
 
 
$
-
 
 
$
8,520,914
 
 
The following is the recorded fair value of the Class B Units and the Warrant Commitment Liability as of December 31, 2021:

 
 
 
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
 
$
21,628,689
 
 
$
21,628,689
 
 
$
-
 
 
$
-
 
 
$
21,628,689
 
Warrant Commitment Liability
 
 
19,215,140
 
 
 
19,215,140
 
 
 
-
 
 
 
-
 
 
 
19,215,140
 
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
 
New unit issuances
 
 
-
 
 
 
-
 
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 table presents instruments that were potentially dilutive for the three months and six months ended June 30, 2022 and June 30, 2021 that were excluded from diluted earnings per share as they would have been anti-dilutive:
 
 
Six months ended June
30, 2022
 
 
Six months ended
June 30, 2021
 
Convertible notes and accrued interest
 
 
7,616,305
 
 
 
7,399,261
 
Convertible preferred stock - Series B
 
 
-
 
 
 
-
 
Stock options and warrants
 
 
45,980,038
 
 
 
20,229,152
 
Schedule of changes in the Lender warrant commitment liability
The following presents changes in the Warrant Commitment Liability for the three and six months ending June 30, 2022:
 
 
 
Three months ended June
30, 2022
 
 
Six months ended
June 30, 2022
 
Beginning Balance
 
$
-
 
 
$
19,215,140
 
Change in fair value recognized in earnings
 
 
-
 
 
 
(4,515,307
)
Settled with issuance of warrants
 
 
-
 
 
 
(14,699,833
)
Ending Balance
 
$
-
 
 
$
-