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

Summary of Significant Accounting Policies (Tables)

v3.23.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Summary of Significant Accounting Policies (Tables) [Line Items]        
Schedule of Basic and Diluted Net Income (Loss) Per Common Share Following is the computation of earnings (loss) per basic and diluted share:
    Three months ended     Six months ended  
    June 30,     June 30,  
    2023     2022     2023     2022  
Numerator:                        
Net earnings (loss) attributable to common stockholders   $ 20,673,440     $ (3,356,956 )   $ 6,534,775     $ (6,860,958 )
Add: After tax effect of convertible secured debentures interest     1,129,509      
-
      
-
      
-
  
Net earnings (loss) attributable for dilutive securities   $ 21,802,949     $ (3,356,956 )   $ 6,534,775     $ (6,860,958 )
                                 
Denominator:                                
Weighted average shares used to compute basic EPS     39,963,266       9,669,217       39,872,864       9,669,217  
Dilutive effect of:                                
Stock options     380,204      
-
       190,102      
-
  
Restricted and performance stock units     1,079,424      
-
       539,712      
-
  
Warrants     -      
-
       -      
-
  
Earnout shares     -      
-
       -      
-
  
Convertible debt     2,922,425       -       -       -  
Weighted average shares used to compute diluted EPS     44,345,319       9,669,217       40,602,678       9,669,217  
                                 
Basic income (loss) per share   $ 0.52     $ (0.35 )   $ 0.16     $ (0.71 )
Diluted income (loss) per share   $ 0.49     $ (0.35 )   $ 0.16     $ (0.71 )
                                 
Anti-dilutive securities excluded from shares outstanding:                                
Stock options     764,296       3,967,959       764,296       3,967,959  
Restricted and performance stock units     1,480,101      
-
       1,480,101      
-
  
Warrants     18,722,425       -       18,722,425       -  
Earnout shares     7,499,993       -       -       -  
Convertible debt     -       -       2,922,425       5,299,546  
Total     28,466,815       3,967,959       23,889,247       9,267,505  
  Following is the computation of earnings (loss) per basic and diluted share:
    Year Ended
December 31,		  
    2022     2021  
Numerator:            
Net loss   $ (28,260,571 )   $ (15,127,629 )
Less: deemed dividend for Earnout Shares     (4,957,366 )    
—
  
Net loss attributable to common stockholders   $ (33,217,937 )   $ (15,127,629 )
Denominator:                
Weighted average shares used to compute basic and diluted EPS
     18,982,139       9,637,962  
                 
Basic and diluted earnings (loss) per share
   $ (1.75 )   $ (1.57 )
                 
Anti-dilutive securities excluded from shares outstanding:                
Stock options     3,506,184       3,949,158  
Restricted and performance stock units     3,134,677      
—
  
Warrants     18,722,425      
—
  
Earnout shares     7,499,993      
—
  
Debentures     2,922,425      
—
  
Total     35,785,704       3,949,158  
 
Schedule of Inventories Inventories consisted of the following:
    June 30,
2023		     December 31,
2022		  
Raw material and supplies   $ 1,018,707     $ 1,499,030  
Work in progress     11,517,297       5,167,882  
Finished goods    
-
      
-
  
Total inventories   $ 12,536,004     $ 6,666,912  
  Inventories consisted of the following:
    December 31,
2022		     December 31,
2021		  
Raw material and supplies   $ 1,499,030     $
          —
  
Work in progress     5,167,882      
—
  
Finished goods    
—
      
—
  
Total inventories   $ 6,666,912     $
—
  
 
Schedule of Other Current Assets Prepaid expenses consisted of the following:
    June 30,
2023		     December 31,
2022		  
Prepaid material purchases   $ 4,847,080     $ 2,454,298  
Prepaid insurance     919,870       2,392,978  
Other prepayments     354,088       199,323  
Total prepaid expenses   $ 6,121,038     $ 5,046,599  
  Prepaid expenses consist of the following:
    December 31,
2022		     December 31,
2021		  
Prepaid material purchases   $ 2,454,298     $ 96,095  
Prepaid insurance     2,392,978       67,219  
Other prepayments     199,323       110,326
Total prepaid expenses   $ 5,046,599     $ 273,640  
 
Schedule of Accrued Liabilities     Accrued liabilities consist of the following:
    December 31,
2022		     December 31,
2021		  
Accrued compensation   $ 1,501,736     $ 349,255  
Accrued professional fees     794,021      
—
  
Accrued insurance     590,936       61,752  
Accrued interest    
—
       703,544  
Advance customer payments    
—
       373,791  
Other accrued expenses     256,284       88,091  
Total accrued expenses   $ 3,142,977     $ 1,576,433  

 

  
CleanTech Acquisition Corp [Member]        
Summary of Significant Accounting Policies (Tables) [Line Items]        
Schedule of Common Stock Reflected In the Balance Sheet Are Reconciled   the common stock reflected in the unaudited condensed consolidated balance sheets is reconciled in the following table:
Gross proceeds   $ 172,500,000  
Less:        
Proceeds allocated to Public Warrants     (6,037,500 )
Proceeds allocated to Public Rights     (3,934,879 )
Issuance costs allocated to common stock     (3,672,335 )
Plus:        
Accretion of carrying value to redemption value     15,369,714  
Common stock subject to possible redemption as of December 31, 2021   $ 174,225,000  
Plus:        
Accretion of carrying value to redemption value     145,884  
Common stock subject to possible redemption as of June 30, 2022   $ 174,370,884  
  the Common Stock reflected in the balance sheet is reconciled in the following table:
Gross proceeds   $ 172,500,000  
Less:        
Proceeds allocated to Public Warrants     (6,037,500 )
Proceeds allocated to Public Rights     (3,934,879 )
Issuance costs allocated to common stock     (3,672,335 )
Plus:        
Accretion of carrying value to redemption value     15,369,714  
Common stock subject to possible redemption   $ 174,225,000  
Schedule of Basic and Diluted Net Income (Loss) Per Common Share   basic and diluted net income (loss) per share of common stock
    Three Months
Ended
June 30,
2022		     Three Months
Ended
June 30,
2021		     Six Months
Ended
June 30,
2022		     Six Months
Ended
June 30,
2021		  
Basic and diluted net income (loss) per share:                        
Numerator:                        
Net income (loss)   $ (795,831 )   $ —     $ 1,155,839     $ —  
Denominator:                                
Basic weighted average shares outstanding     21,562,500       3,750,000       21,562,500       3,750,000  
Basic net income (loss) per share   $ (0.04 )   $ 0.00     $ 0.05     $ 0.00  
  The following table reflects the calculation of basic and diluted net loss per share of Common Stock
    For the
year
ended
December 31,
2021		     For the
period from
June 18,
2020
(inception)
through
December 31,
2020		  
Basic and diluted net loss per share:            
Numerator:            
Net loss   $ (595,442 )   $ (1,000 )
Denominator:                
Basic weighted average shares outstanding     11,781,678       3,750,000  
Basic net loss per share of Common Stock   $ (0.05 )   $ (0.00 )