Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (28,260,571) $ (15,127,629)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 516,949 365,097
Accretion of debt discount 1,342,062 29,166
Stock-based compensation 2,602,175 425,580
Loss on extinquishment of debt 9,484,113
Change in fair value of warrant liabilities 6,461,087
Noncash impact of lease accounting 196,555 205,966
Other income - Paycheck Protection Program Loan forgiveness (1,578,500)
Changes in operating assets and liabilities:    
Accounts receivable (828,298) (721,401)
Inventories (6,666,912)
Contract assets 319,480 (831,489)
Other assets (4,902,797) (275,759)
Accounts payable and accrued liabilities (7,731,279) 2,287,134
Contract liabilities (1,433,370)
Operating lease liabilities (323,434) (330,598)
Net cash from operating activities (37,274,983) (7,501,690)
Cash flows from investing activities:    
Capital expenditures (14,247,005) (922,487)
Purchase of short-term investments (4,959,263)
Net cash from investing activities (19,206,268) (922,487)
Cash flows from financing activities:    
Proceeds from notes payable 2,000,000 24,950,000
Proceeds from Paycheck Protection Program Loan 1,578,500
Proceeds from exercise of stock options 35,200
Payments of note payable (17,850,333) (484,836)
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 and SPA Warrants, net of discount 35,800,000
Payment of transaction costs on equity funding (12,582,000)
Net cash from financing activities 53,315,543 26,078,864
Net change in cash and cash equivalents (3,165,708) 17,654,687
Cash and cash equivalents, beginning of year 20,952,867 3,298,180
Cash and cash equivalents, end of year 17,787,159 20,952,867
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,719,947 25,909
Cash paid for taxes
Non-cash investing and financing activities:    
Conversion of convertible debt and accrued 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
Fair value of SPA warrants at issuance 20,949,110
Loan commitment fee $ (300,000)