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

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:              
Net income (loss)       $ (12,944,628) $ (3,892,715) $ (15,127,629) $ (7,194,038)
Accretion of debt discount       464,780    
Noncash impact of lease accounting       145,647 177,051    
Other income – Paycheck Protection Program Loan forgiveness       (1,578,500)    
Change in fair value of warrant liabilities       (1,129,589)      
Depreciation and amortization       370,306 263,032 365,097 400,432
Stock-based compensation       624,407 325,935 425,580 417,303
Amortization of debt discount           29,166
Loss on extinguishment of debt           9,484,113
Non-cash impact of lease accounting           205,966 238,456
Changes in operating assets and liabilities:              
Accounts receivable       156,786 (991,666) (721,401) 150,102
Inventories       (5,558,996)    
Contract assets       409,431 (296,715) (831,489) 318,719
Other assets       (4,817,187) (271,597) (275,759) 2,491
Accounts payable and accrued liabilities       (9,013,681) 738,285 2,287,134 (290,321)
Operating lease liabilities       (241,819) (269,697) (330,598) (350,080)
Contract liabilities         1,482,096 (1,433,370) 1,807,161
Net cash from operating activities       (31,534,543) (4,314,491) (5,923,190) (4,499,775)
Additions to property and equipment           (922,487) (3,246)
Proceeds from short-term investments           999,728
Capital expenditures       (6,805,648) (597,325)    
Proceeds from restricted certificate of deposit         251,421    
Net cash from investing activities       (6,805,648) (345,904) (922,487) 996,482
Cash Flows from Financing Activities:              
Proceeds from notes payable       2,000,000 10,000,000 24,950,000
Proceeds from note payable, related parties           3,000,000
Proceeds from line of credit           750,000
Proceeds from exercise of stock options           35,200
Payments of note payable       (17,850,333) (361,236) (484,836) (460,091)
Proceeds from Paycheck Protection Program Loan       1,578,500    
Proceeds from reverse recapitalization with CleanTech Acquisition Corp., net       14,947,875      
Proceeds from issuance of common stock for Pipe Investment       31,000,000      
Proceeds from issuance of Debentures, net of discount       35,800,000      
Payment of transaction costs on equity funding       (12,582,000)      
Payments of line of credit           (750,000)
Net cash from financing activities       53,315,542 11,217,264 24,500,364 2,539,909
Net change in cash and cash equivalents       14,975,351 6,556,869 17,654,687 (963,384)
Cash and Cash Equivalents, beginning of year $ 20,952,867 $ 3,298,180   20,952,867 3,298,180 3,298,180 4,261,564
Cash and Cash Equivalents, end of year     $ 3,298,180 35,928,218 9,855,049 20,952,867 3,298,180
Supplemental cash flow information              
Cash paid for interest       2,108,819 21,661 25,909 49,133
Cash paid for taxes      
Capital expenditures included in accounts payable       1,773,082      
Loan commitment fee           (300,000)
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      
CleanTech Acquisition Corp              
Cash Flows from Operating Activities:              
Net income (loss) 1,155,839 (1,000)     (595,442)  
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)          
Change in fair value of warrant liabilities         (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 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 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 year 518,905 25,000 $ 518,905 $ 25,000 25,000  
Cash and Cash Equivalents, end of year 172,785 25,000 $ 25,000     $ 518,905 $ 25,000
Supplemental cash flow information              
Deferred offering costs included in promissory note – related party 182,856          
Deferred offering costs included in accrued offering costs $ 39,067