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 ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:            
Net income (loss) $ 6,534,775 $ (6,860,958)     $ (28,260,571) $ (15,127,629)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation 326,308 228,405     516,949 365,097
Accretion of debt discount 1,878,376 347,106     1,342,062 29,166
Stock-based compensation 3,077,027 388,814     2,602,175 425,580
Loss on repricing of warrants 590,266          
Loss on extinguishment of debt         9,484,113
Gain on change in fair value of warrant liabilities (27,431,550)     6,461,087
Noncash impact of lease accounting 145,253 88,212     196,555 205,966
Other income – Paycheck Protection Program Loan forgiveness         (1,578,500)
Changes in operating assets and liabilities:            
Accounts receivable 319,940 (811,016)     (828,298) (721,401)
Inventories (5,869,092) (2,380,429)     (6,666,912)
Contract assets (37,341) (60,585)     319,480 (831,489)
Other assets (1,045,514) (1,360,086)     (4,902,797) (275,759)
Accounts payable and accrued liabilities 8,733,185 1,039,296     (7,731,279) 2,287,134
Contract liabilities (373,791)     (1,433,370)
Operating lease liabilities (193,257) (155,382)     (323,434) (330,598)
Net cash from operating activities (12,971,624) (9,910,414)     (37,274,983) (7,501,690)
Proceeds from sale of short-term investments 4,959,263        
Net cash from investing activities (1,142,990) (3,080,199)     (19,206,268) (922,487)
Capital expenditures (6,102,253) (3,080,199)     (14,247,005) (922,487)
Purchase of short-term investments         (4,959,263)
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 342,579     35,200
Proceeds from exercise of warrants 338,055          
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 provided by financing activities 680,634     53,315,543 26,078,864
Net change in cash and cash equivalents (13,433,980) (12,990,613)     (3,165,708) 17,654,687
Cash and cash equivalents, beginning of period 17,787,159 20,952,867 $ 3,298,180   20,952,867 3,298,180
Cash and cash equivalents, end of period 4,353,179 7,962,254   $ 3,298,180 17,787,159 20,952,867
Capital expenditures included in accounts payable 841,171 1,949,142        
Conversion of convertible debt and accrued interest expense to common stock         14,548,914
Right of use asset assumed through lease liability 1,212,824          
Conversion of Series A preferred stock in connection with reverse recapitalization         3,348
Lease assumed through lease liability 1,212,824          
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)
Supplemental disclosure of cash flow information:            
Cash paid for interest $ 908,184 761,189     2,719,947 25,909
Cash paid for taxes        
CleanTech Acquisition Corp            
Cash Flows from Operating Activities:            
Net income (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)
Gain on 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)
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 provided by 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 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