General form of registration statement for all companies including face-amount certificate companies

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2020
Cash Flows from Operating Activities:                            
Net income (loss) $ (13,176,497) $ (3,356,956) $ (3,504,002) $ (1,298,122) $ (1,074,911) $ (1,519,682)       $ (20,037,455) $ (3,892,715) $ (15,127,629) $ (7,194,038) $ (7,194,038)
Accretion of debt discount                   464,779      
Noncash impact of lease accounting                   145,647 177,051      
Other income – Paycheck Protection Program Loan forgiveness                   (1,578,500)      
Change in fair value, net of warrant liabilities                   5,963,238        
Depreciation and amortization                   370,306 263,032 365,097   400,432
Stock-based compensation                   624,407 325,935 425,580   417,303
Amortization of debt discount                       29,166  
Loss on extinguishment of debt                       9,484,113  
Non-cash impact of lease accounting                       205,966   238,456
Changes in operating assets and liabilities:                            
Accounts receivable                   156,786 (991,666) (721,401)   150,102
Inventories                   (5,558,996)      
Contract assets                   409,431 (296,715) (831,489)   318,719
Other assets                   (4,817,187) (271,597) (275,759)   2,491
Accounts payable and accrued liabilities                   (9,013,681) 738,285 2,287,134   (290,321)
Operating lease liabilities                   (241,819) (269,697) (330,598)   (350,080)
Contract liabilities                     1,482,096 (1,433,370)   1,807,161
Net cash from operating activities                   (31,534,544) (4,314,491) (5,923,190)   (4,499,775)
Additions to property and equipment                       (922,487)   (3,246)
Proceeds from short-term investments                         999,728
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) (922,487)   996,482
Cash Flows from Financing Activities:                            
Proceeds from notes payable                   2,000,000 10,000,000 24,950,000  
Proceeds from note payable, related parties                         3,000,000
Proceeds from line of credit                         750,000
Proceeds from exercise of stock options                       35,200  
Payments of note payable                   (17,850,333) (361,236) (484,836)   (460,091)
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)        
Payments of line of credit                         (750,000)
Net cash from financing activities                   53,315,543 11,217,264 24,500,364   2,539,909
Net change in cash and cash equivalents                   14,975,351 6,556,869 17,654,687   (963,384)
Cash and Cash Equivalents, beginning of year     20,952,867     3,298,180 $ 20,952,867 $ 3,298,180   20,952,867 3,298,180 3,298,180   4,261,564
Cash and Cash Equivalents, end of year 35,928,218     9,855,049         $ 3,298,180 35,928,218 9,855,049 20,952,867 3,298,180 3,298,180
Supplemental cash flow information                            
Cash paid for interest                   2,108,819 21,661 25,909   49,133
Cash paid for taxes                    
Capital expenditures included in accounts payable                   1,773,082        
Loan commitment fee                       (300,000)  
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        
CleanTech Acquisition Corp                            
Cash Flows from Operating Activities:                            
Net income (loss)   (795,831) 1,951,670   1,155,839 (1,000)     (595,442)    
Transaction costs allocated to warrant liabilities                     155,037    
Net gain on investments held in Trust Account   (235,270)       (252,815)     (5,428)    
Gain on change in fair value of warrant liabilities             (2,917,250)            
Change in fair value, net of warrant liabilities                     (1,077,750)    
Change in fair value of over-allotment option liability                     225,000    
Changes in operating assets and liabilities:                            
Prepaid expenses             43,708     (73,865)    
Accounts payable             171,786     153,601    
Accrued expenses             989,479 1,000     28,500    
Accrued expenses – related party             60,000     53,333    
Franchise tax payable             2,800     97,200    
Net cash from operating activities             (746,453)     (1,039,814)    
Investment of cash in Trust Account                     (174,225,000)    
Net cash from investing activities                     (174,225,000)    
Cash Flows from Financing Activities:                            
Proceeds from promissory note – related party             400,333     188,302    
Repayment of promissory note – related party                     (188,302)    
Payment to related party for cancellation of Founder Shares                     (16,667)    
Proceeds from initial public offering, net of underwriter’s discount paid                     169,050,000    
Proceeds from sale of private placement warrants                     7,175,000    
Payment of offering costs                     (466,281)    
Proceeds from sale of Founder Shares                 25,000     16,667    
Net cash from financing activities             400,333 25,000     175,758,719    
Net change in cash and cash equivalents             (346,120) 25,000     493,905    
Cash and Cash Equivalents, beginning of year $ 172,785   $ 518,905 $ 25,000   $ 25,000 518,905 25,000 $ 518,905 $ 25,000 25,000    
Cash and Cash Equivalents, end of year   $ 172,785     $ 25,000   172,785 25,000 $ 25,000     $ 518,905 $ 25,000 $ 25,000
Supplemental cash flow information                            
Deferred offering costs included in promissory note – related party             182,856            
Deferred offering costs included in accrued offering costs             $ 39,067