Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Operating Activities      
Net Loss $ (24,643,134) $ (17,158,596)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation 613,260 312,166  
Loss on lower of cost or net realizable value adjustment on inventories 0 318,874  
Depreciation and amortization 605,810 545,594  
Accretion of asset retirement obligations 199,518 229,045 $ 930,629
Change in fair value of Class B units 1,810,000 971,590  
Change in fair value of Warrant Commitment Liability 0 (4,515,307)  
Amortization of debt discount 1,116,282 692,055  
Loss on extinguishment of debt 0 3,972,568  
Deferred tax benefit 100,174 0  
Changes in operating assets and liabilities, net of effect of business acquisitions:      
Accounts receivable (769,349) 233,484  
Inventories 1,414,577 (30,900)  
Prepaid expenses and other current assets 971,603 996,193  
Long-term deposits (375,507) (13,542)  
Accounts payable 1,000,598 4,111,798  
Accrued liabilities (554,533) (2,209,009)  
Asset retirement obligations (6,175) (34,732)  
Environmental liabilities (187,337) (123,155)  
Operating lease obligations (18,293) (261)  
Net Cash Used in Operating Activities (18,722,506) (11,702,135)  
Investing Activities:      
Cash paid for intangible assets (16,370) (11,336)  
Cash paid for property, plant, and equipment (7,249,866) (51,904,792)  
Net Cash Used in Investing Activities (7,266,236) (51,916,128)  
Financing Activities:      
Proceeds received from exercise of stock options 4,595 77,900  
Proceeds received from the sale of preferred stock including deemed contribution from Senior Lenders and common stock warrants 0 145,000,000  
Payments of offering costs on preferred stock and warrants 0 (8,455,621)  
Payments on notes payable and long-term debt (36,031) (471,871)  
Payments on Bridge Loan 0 (20,000,000)  
Borrowings on Bridge Loan 0 7,950,237  
Borrowings on other notes 0 1,006,887  
Borrowings on Senior Credit Agreement 22,000,000 0  
Net Cash Provided by Financing Activities 21,968,564 125,107,532  
Net Change in Cash, Cash Equivalents and Restricted Cash (4,020,178) 61,489,269  
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 7,463,945 23,421,894 $ 23,421,894
Cash, Cash Equivalents and Restricted Cash at End of Period 3,443,767 84,911,163  
Supplemental Disclosures of Cash Flow Information      
Cash Paid for Interest 3,096 8,347,473  
Supplemental Disclosures of Non-cash Investing and Financing Activities      
Debt discount related to warrants issued to Senior Lenders 8,607,266 0  
Settlement of Warrant Commitment Liability through issuance of warrants 0 14,699,834  
In-kind interest added to principal balance of Senior Credit Agreement 16,206,996 3,022,759  
Amounts included in accounts payable and accrued liabilities for purchases of property, plant, and equipment 6,801,100 37,175,711  
Capitalized interest included in property, plant, and equipment $ 21,956,556 $ 10,795,565