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

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2020
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 used in 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       (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)
Capital expenditures       (14,247,005) (922,487)
Net cash       (19,206,268) (922,487)
Purchase of short-term investments       (4,959,263)
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
Net cash provided by financing activities       53,315,543 26,078,864
Payment of transaction costs on equity funding       (12,582,000)
Cash Flows from Financing Activities:          
Net change in cash       (3,165,708) 17,654,687
Cash – beginning of period $ 20,952,867 $ 3,298,180   20,952,867 3,298,180
Cash – end of period     $ 3,298,180 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)
CleanTech Acquisition Corp          
Cash Flows from Operating Activities:          
Net loss 1,155,839 (1,000)   (595,442)
Adjustments to reconcile net loss to net cash used in operating activities:          
Transaction costs allocated to warrant liabilities       155,037
Net gain on investments held in Trust Account (252,815)   (5,428)
Change in fair value of warrant liabilities (2,917,250)   (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       (174,225,000)
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 provided by financing activities 400,333 25,000   175,758,719
Cash Flows from Financing Activities:          
Net change in cash (346,120) 25,000   493,905
Cash – beginning of period 518,905 25,000 $ 518,905 25,000
Cash – end of period 172,785 25,000 $ 25,000   $ 518,905
Non-cash investing and financing activities:          
Deferred offering costs included in promissory note – related party 182,856      
Deferred offering costs included in accrued offering costs $ 39,067