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

Condensed Consolidated Statements Of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:              
Net income (loss) $ (10,180,020) $ (3,504,002)       $ (28,260,571) $ (15,127,629)
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation 273,099 111,319       516,949 365,097
Accretion of debt discount 907,865 171,979       1,342,062 29,166
Stock-based compensation 1,214,863 200,157       2,602,175 425,580
Loss on extinquishment of debt           9,484,113
Change in fair value of warrant liabilities 2,236,904       6,461,087
Noncash impact of lease accounting 60,819 32,325       196,555 205,966
Other income – Paycheck Protection Program Loan forgiveness           (1,578,500)
Changes in operating assets and liabilities:              
Accounts receivable (1,012,210) (211,779)       (828,298) (721,401)
Inventories (4,346,657) (721,042)       (6,666,912)
Contract assets 249,964 300,616       319,480 (831,489)
Other assets (328,609) (577,901)       (4,902,797) (275,759)
Accounts payable and accrued liabilities 2,234,510 436,412       (7,731,279) 2,287,134
Contract liabilities (373,791)       (1,433,370)
Operating lease liabilities (143,729) (64,543)       (323,434) (330,598)
Net cash from operating activities (8,833,201) (4,200,250)       (37,274,983) (7,501,690)
Cash Flows from Investing Activities:              
Capital expenditures (1,493,978) (1,675,238)       (14,247,005) (922,487)
Proceeds from sale of short-term investments 4,959,263          
Purchase of short-term investments           (4,959,263)
Net cash from investing activities 3,465,285 (1,675,238)       (19,206,268) (922,487)
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 59,190       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 59,190       53,315,543 26,078,864
Net change in cash and cash equivalents (5,308,726) (5,875,488)       (3,165,708) 17,654,687
Cash and cash equivalents, beginning of period 17,787,159 20,952,867 $ 20,952,867 $ 3,298,180   20,952,867 3,298,180
Cash and cash equivalents, end of period 12,478,433 15,077,379     $ 3,298,180 17,787,159 20,952,867
Supplemental disclosure of cash flow information:              
Cash paid for interest 469,850 322,067       2,719,947 25,909
Cash paid for taxes      
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 income (loss)   1,951,670 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 and accrued liabilities     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)
Cash Flows from Investing Activities:              
Investment of cash in Trust Account           (174,225,000)
Net cash from investing activities           (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 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 period   $ 518,905 518,905 25,000 $ 518,905 25,000
Cash and cash equivalents, 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