Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (11,144,012) $ (20,037,455)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 487,052 370,306
Accretion of debt discount 2,928,003 464,779
Stock-based compensation 3,995,020 624,407
Loss on exchange of warrants 590,266
Change in fair value of warrant liabilities (18,775,158) 5,963,238
Noncash impact of lease accounting 332,787 145,647
Interest and legal expenses assumed into Bridge Note 528,116
Changes in operating assets and liabilities:    
Accounts receivable 625,034 156,786
Inventories (7,293,478) (5,558,996)
Contract assets 547,183 409,431
Other assets (206,702) (4,817,187)
Accounts payable and accrued liabilities 11,155,980 (9,013,681)
Contract liabilities 152,000
Operating lease liabilities (357,985) (241,819)
Net cash from operating activities (16,435,894) (31,534,544)
Cash flows from investing activities:    
Capital expenditures (10,745,111) (6,805,648)
Proceeds from sale of short-term investments 4,959,263
Net cash from investing activities (5,785,848) (6,805,648)
Cash flows from financing activities:    
Proceeds from notes payable 10,446,884 2,000,000
Proceeds from exercise of stock options 421,175
Payments of note payable (17,850,333)
Proceeds from reverse recapitalization with CleanTech Acquisition Corp, net 14,947,876
Proceeds from exercise of warrants 338,055
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 11,206,114 53,315,543
Net change in cash and cash equivalents (11,015,628) 14,975,351
Cash and cash equivalents, beginning of period 17,787,159 20,952,867
Cash and cash equivalents, end of period 6,771,531 35,928,218
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,006,993 2,108,819
Cash paid for taxes
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 849,951 1,773,082
Operating leases at inception 2,016,931
Settlement of liquidated damages with common stock 3,685,440
Conversion of convertible debt and 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