Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.2.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Schedule of accrued liabilities
As of September 30, 2022 and December 31, 2021, accrued liabilities consists of:
 
 
 
As of September 30, 2022
 
 
As of December 31, 2021
 
Accrued compensation and related liabilities
 
$
4,915,407
 
 
$
3,818,701
 
Accrued interest payable
 
 
2,066,486
 
 
 
1,857,343
 
Accrued construction costs
 
 
120,137,628
 
 
 
27,045,738
 
Other accrued liabilities
 
 
4,476,533
 
 
 
3,677,671
 
Current portion of asset retirement obligations
 
 
4,404,256
 
 
 
2,530,000
 
Current portion of environmental liabilities
 
 
4,246,760
 
 
 
1,339,550
 
 
 
$
140,247,070
 
 
$
40,269,003
 
 
Schedule of Asset Retirement Obligations
The following table provides a reconciliation of the changes in asset retirement obligations for the nine months ended September 30, 2022 and the year ended December 31, 2021.
 
 
 
Nine months ended
September 30, 2022
 
 
Year ended December 31,
2021
 
Asset retirement obligations - beginning of period
 
$
20,191,429
 
 
$
21,478,977
 
Disbursements
 
 
(262,494
)
 
 
(2,265,557
)
Accretion
 
 
687,135
 
 
 
978,009
 
Asset retirement obligations - end of period
 
$
20,616,070
 
 
$
20,191,429
 
Schedule of changes in derivative liability
 
The following is the recorded fair value of the Class B Units as of September 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
 
$
14,859,000
 
 
$
14,859,000
 
 
$
-
 
 
$
-
 
 
$
14,859,000

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 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 table presents instruments that were potentially dilutive for the three months and nine months ended September 30, 2022 and September 30, 2021 that were excluded from diluted earnings per share as they would have been anti-dilutive:


 
 
Three months ended
September 30, 2022
 
 
Three months ended
September 30, 2021
 
 
Nine months ended
September 30, 2022
 
 
Nine months ended
September 30, 2021
 
Convertible notes and accrued interest
 
 
7,600,257
 
 
 
7,292,262
 
 
 
7,600,257
 
 
 
7,292,262
 
Convertible preferred stock - Series B
 
 
-
 
 
 
-
 
 
 
-
 
 
 
781,552
 
Stock options and warrants
 
 
52,726,566
 
 
 
18,374,358
 
 
 
42,683,424
 
 
 
17,733,374
 
Schedule of changes in the Lender warrant commitment liability
The following presents changes in the Warrant Commitment Liability for the three and nine months ending September 30, 2022:
 
 
 
Three months ended
September 30, 2022
 
 
Nine months ended
September 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
 
$
-
 
 
$
-