Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows used in operating activities:    
Net loss $ (50,686,601) $ (28,260,571)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 729,412 516,949
Accretion of debt discount 4,033,330 1,342,062
Amortization of debt issuance cost 52,092 0
Accretion of RCB Equities #1, LLC exit fee 27,608 0
Stock-based compensation 4,427,073 2,602,175
Loss on exchange of warrants 590,266 0
Change in fair value of warrant liabilities (14,902,427) 6,461,087
Non-cash impact of lease accounting 346,714 196,555
Interest expense assumed into Convertible Senior Secured Term Loan 378,118 0
Impairment of property and equipment 25,354,791 0
Settlement of liquidated damages with common stock 3,685,629 0
Loss on disposal of assets 82,604 0
Loss on lease termination 453,162 0
Gain on short-term investments (40,737) 0
Changes in operating assets and liabilities:    
Accounts receivable 1,410,006 (828,298)
Inventories (11,581,138) (6,666,912)
Contract assets 573,895 319,480
Prepaid expenses and other assets (2,707,815) 4,902,797
Accounts payable and accrued liabilities 8,241,528 (7,731,279)
Contract liabilities 2,767,913 0
Operating lease liabilities (338,979) (323,434)
Net cash used in operating activities (21,687,926) (37,274,983)
Cash flows used in investing activities:    
Capital expenditures (11,633,153) (14,247,005)
Proceeds from sale of property and equipment 38,704 0
Proceeds from sale of short-term investments 5,000,000 0
Purchase of short-term investments 0 (4,959,263)
Net cash used in investing activities (6,594,449) (19,206,268)
Cash flows from financing activities:    
Proceeds from notes payable 11,096,884 2,000,000
Payment of debt issuance costs on notes payable (607,500) 0
Proceeds from exercise of warrants 338,055 0
Proceeds from exercise of stock options 421,175 0
Payments of note payable 0 (17,850,333)
Proceeds from reverse recapitalization with CleanTech Acquisition Corp, net 0 14,947,876
Proceeds from issuance of common stock for PIPE Investment 0 31,000,000
Proceeds from issuance of debentures and SPA Warrants, net of discount 0 35,800,000
Payment of transaction costs on equity funding 0 (12,582,000)
Net cash from financing activities 11,248,614 53,315,543
Net change in cash and cash equivalents (17,033,761) (3,165,708)
Cash and cash equivalents, beginning of year 17,787,159 20,952,867
Cash and cash equivalents, end of year 753,398 17,787,159
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,006,993 2,719,947
Cash paid for taxes 0 0
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 849,951 241,679
Operating leases at inception 2,016,931 0
Transfer from inventories to property and equipment 15,904,411 0
Transfer from property and equipment to assets held for sale 2,940,524 0
Conversion of convertible debt and accrued interest expense to common stock 0 14,548,914
Private and Public Warrant Liabilities assumed in reverse recapitalization 0 5,278,145
Fair value of SPA warrants at issuance 0 20,949,110
Convertible Senior Secured Term Loan    
Adjustments to reconcile net loss to net cash from operating activities:    
Interest expense assumed into Convertible Senior Secured Term Loan 378,118  
Convertible Senior Secured Term Loan | Convertible debt    
Non-cash investing and financing activities:    
Receivable portion of convertible senior secured note payable 695,000 0
Series B Preferred Stock    
Non-cash investing and financing activities:    
Conversion of preferred stock in connection with reverser recapitalization 0 7,254
Series A Preferred Stock    
Non-cash investing and financing activities:    
Conversion of preferred stock in connection with reverser recapitalization $ 0 $ 3,348