Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (20,037,455) $ (3,892,715)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 370,306 263,032
Accretion of debt discount 464,779
Stock-based compensation 624,407 325,935
Change in fair value, net of warrant liabilities 5,963,238
Noncash impact of lease accounting 145,647 177,051
Other income - Paycheck Protection Program Loan forgiveness (1,578,500)
Changes in operating assets and liabilities:    
Accounts receivable 156,786 (991,666)
Inventories (5,558,996)
Contract assets 409,431 (296,715)
Other assets (4,817,187) (271,597)
Accounts payable and accrued liabilities (9,013,681) 738,285
Contract liabilities 1,482,096
Operating lease liabilities (241,819) (269,697)
Net cash from operating activities (31,534,544) (4,314,491)
Cash flows from investing activities:    
Capital expenditures (6,805,648) (597,325)
Proceeds from restricted certificate of deposit 251,421
Net cash from investing activities (6,805,648) (345,904)
Cash flows from financing activities:    
Proceeds from notes payable 2,000,000 10,000,000
Payments of note payable (17,850,333) (361,236)
Proceeds from Paycheck Protection Program Loan 1,578,500
Proceeds from reverse recapitalization with Cleantech Acquisition Corp, net 14,947,876
Proceeds from issuance of common stock for Pipe Investment 31,000,000
Proceeds from issuance of Debentures, net of discount 35,800,000
Payment of transaction costs on equity funding (12,582,000)
Net cash from financing activities 53,315,543 11,217,264
Net change in cash and cash equivalents 14,975,351 6,556,869
Cash and cash equivalents, beginning of period 20,952,867 3,298,180
Cash and cash equivalents, end of period 35,928,218 9,855,049
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,108,819 21,661
Cash paid for taxes
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 1,773,082
Conversion of convertible debt and interest expense to common stock 14,548,914
Conversion of Series A preferred stock in connection with reverse recapitalization 3,348
Conversion of Series B preferred stock in connection with reverse recapitalization 7,254
Private and Public Warrant Liabilities assumed in reverse recapitalization $ 5,278,145