Investor Conference Call to be Held Today at
10:00 AM Eastern Time (7:00 AM PT)
SAN
DIEGO, March 31, 2023 /PRNewswire/ -- Nuvve
Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology
company that provides a globally-available, commercial
vehicle-to-grid (V2G) technology platform designed to enable
electric vehicle (EV) batteries to store and resell unused energy
back to the local electric grid and provides other grid services,
today provided a fourth quarter and full-year 2022 update.
Fourth Quarter Highlights and
Recent Developments
- Megawatts under management increased 7% to 17.4 megawatts at
December 31, 2022 compared to 16.3 at
September 30, 2022; backlog was 4.1
million at December 31, 2022 compared
to $4.2 million at September 30, 2022.
- Expanded participation in California's Emergency Load Reduction Program
with San Diego Gas & Electric to San
Diego County's Ramona Unified School District through Nuvve
V2G enabled DC fast chargers that power a fleet of eight electric
school buses
- Represented 10 school district customers in their successful
bids to secure awards of $24.2
million in EPA Clean School Bus Rebate Program funding,
supporting the future deployment of 61 V2G capable electric school
buses and orders for Nuvve V2G-capable DC fast chargers;
facilitated another two districts totaling 28 buses in their
successful bid process
- Subsequent to the end of fourth quarter 2022, we announced
partnership with Circle K to provide grid services to electric
vehicle fast chargers at 50 of Circle K's service stations and
three to five stationary storage sites in Norway and Denmark; potential to expand further in the
Nordics and beyond
- Reduced cash operating costs in fourth quarter 2022 on a
sequential basis to $7.7 million
versus $7.8 million in the third
quarter
- Cash and cash equivalents of $15.8
million, as of December 31,
2022
Management Discussion
Gregory Poilasne, chief executive officer of Nuvve, said, "Nuvve
concluded what was a disappointing 2nd half of 2022 with
positive momentum late in the fourth quarter and to start 2023. The
fourth quarter was a foundational period for future growth at
Nuvve. We believe the awarding of electric school bus and hardware
funding to Nuvve school district customers through the EPA Clean
School Bus Rebate Program in October, along with a 24-unit order
from LAUSD in the first quarter of 2023, positions the company well
for a significant step-up in orders and revenues for Nuvve's
V2G-capable DC fast chargers in the year ahead. Further, we made
progress on our initiative to more aggressively grow our megawatts
under management and potential grid service revenues through
opportunities that allow us to integrate our V2G platform with
pre-existing third party unidirectional infrastructure, thus
reducing reliance on large scale hardware roll-outs and what can at
times be burdensome interconnection delays. This has so far
culminated in the Circle K partnership we announced last month,
which we are in the process of ramping up, and we are optimistic
about other similar opportunities in the coming quarters. As we
look ahead, and with the first quarter of 2023 nearly complete, we
expect to report record DC fast charger orders in the first quarter
and higher hardware shipments than we saw during any quarter in
2022 and 2021. As we move past the first quarter of 2023, we see
further tailwinds as we realize revenues from EPA grants awarded
last year and the benefits from new grid service revenues coming
on-line in North America and
Europe."
2022 Fourth Quarter Financial
Review
Total revenue was $1.15 million
for the three months ended December 31, 2022, compared to
$1.25 million for the three months
ended December 31, 2021, a decrease of $0.10 million, or 8.2%. The decrease is
attributed to a $0.05 million
decrease in products and services revenue, and a decrease in grants
of $0.05 million. Products and
services revenue for the three months ended December 31, 2022
consisted of sales of DC and AC Chargers of about $0.8 million, grid services revenue of
$0.2 million, and engineering
services of $0.1 million. We
experienced a softening of revenue in the fourth quarter as many of
our customer were recipients of EPA Clean School Bus Rebates, which
will allow them to place orders with Nuvve using rebate awards from
the EPA if they delay their purchases until the rebates are awarded
2023.
Cost of product and service revenues for the three months ended
December 31, 2022, decreased by $0.4
million to $0.7 million from
$1.1 million, and margin increased to
32.7% from 3.0% compared to the same prior year period. Margin
improved primarily as a result of higher pricing on hardware
charging stations sales and a higher mix of grid service revenues.
Selling, general and administrative expenses consist of selling,
marketing, payroll, administrative, finance, and professional
expenses. Selling, general and administrative expenses were
$7.2 million for the three months
ended December 31, 2022, as compared to $6.5 million
for the three months ended December 31, 2021, an increase of
$0.6 million, or 9.9%. The
increases during the three months ended December 31, 2022 was
primarily attributable to increases in professional fees related to
an annual audit of $0.2 million, rent
expenses related to the main corporate office and warehouse of
$0.2 million, and legal expenses of
$0.3 million, partially offset by a
decrease in compensation expenses of $0.4
million, including share-based compensation.
Research and development expenses was flat at $2.0 million for the three months ended
December 31, 2022, compared to $1.9
million for the three months ended December 31, 2021.
Research and development expenses consist primarily of compensation
expenses and subcontractor expenses used to advance Nuvve's
platform functionality and integration with more vehicles.
Other income (expense) consists primarily of interest expense,
change in fair value of warrants liability and derivative
liability, and other income (expense). Other income (expense)
increased by $2.02 million of income,
from $0.99 million of other expense
for the three months ended December 31, 2021, to $1.0 million in other income for the three months
ended December 31, 2022. The increase during the three months
ended December 31, 2022 was primarily attributable to the
change in fair value of the warrants liability and derivative
liability.
Net loss includes the net loss attributable to Stonepeak and
Evolve, the holders of non-controlling interests in Levo, on our
condensed consolidated statements of operations.
Net loss attributable to Nuvve common stockholders decreased by
$1.6 million from net loss of
$9.5 million for the three months
ended December 31, 2021, to $7.9
million of net loss for the three months ended
December 31, 2022. The decrease in net income was primarily
due to a increase in operating expenses of $0.3 million, partially offset by increase in
other income of $2.0 million for the
aforementioned reasons.
Net Loss Attributable to Non-Controlling
Interest
Net loss attributable to non-controlling interest was
$0.1 million for the three
months ended December 31, 2022.
Net loss is allocated to non-controlling interests in proportion
to the relative ownership interests of the holders of
non-controlling interests in Levo, an entity formed by us with
Stonepeak and Evolve. We own 51% of Levo's common units and
Stonepeak and Evolve own 49% of Levo's common units. We have
determined that Levo is a variable interest entities in which we
are the primary beneficiary. Accordingly, we consolidate Levo and
record a non-controlling interest for the share of the Levo owned
by Stonepeak and Evolve during the three months ended
December 31, 2022.
Conference Call Details
Nuvve will hold a conference call to review its financial
results for the fourth quarter of 2022, along with other company
developments at 10:00 AM Eastern Time
(7:00 AM PT) today, Friday,
March 31, 2023.
To participate in the call, please register for and listen via a
live webcast, which is available in the 'Events' section of Nuvve's
investor relations website at https://investors.nuvve.com/. In
addition, a replay of the call will be made available for future
access.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the
electrification of the planet, beginning with transportation,
through its intelligent energy platform. Combining the world's most
advanced vehicle-to-grid (V2G) technology and an ecosystem of
electrification partners, Nuvve dynamically manages power among
electric vehicle (EV) batteries and the grid to deliver new value
to EV owners, accelerate the adoption of EVs, and support the
world's transition to clean energy. By transforming EVs into mobile
energy storage assets and networking battery capacity to support
shifting energy needs, Nuvve is making the grid more resilient,
enhancing sustainable transportation, and supporting energy equity
in an electrified world. Since its founding in 2010, Nuvve has
successfully deployed V2G on five continents and offers turnkey
electrification solutions for fleets of all types. Nuvve is
headquartered in San Diego,
California, and can be found online at nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this press release,
regarding Nuvve and Nuvve's strategy, future operations, estimated
and projected financial performance, prospects, plans and
objectives are forward-looking statements. When used in this press
release, the words "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Nuvve disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Nuvve cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Nuvve. In addition, Nuvve cautions you that the
forward-looking statements contained in this press release are
subject to the following factors: (i) risks related to the rollout
of Nuvve's business and the timing of expected business milestones;
(ii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(iii) Nuvve's ability to maintain effective internal controls over
financial reporting, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (iv) Nuvve's current dependence on
sales of charging stations for most of its revenues; (v) overall
demand for electric vehicle charging and the potential for reduced
demand if governmental rebates, tax credits and other financial
incentives are reduced, modified or eliminated or governmental
mandates to increase the use of electric vehicles or decrease the
use of vehicles powered by fossil fuels, either directly or
indirectly through mandated limits on carbon emissions, are
reduced, modified or eliminated; (vi) potential adverse effects on
Nuvve's backlog, revenue and gross margins if customers
increasingly claim clean energy credits and, as a result, they are
no longer available to be claimed by Nuvve; (vii) the effects of
competition on Nuvve's future business; (viii) risks related to
Nuvve's dependence on its intellectual property and the risk that
Nuvve's technology could have undetected defects or errors; (ix)
the risk that we conduct a portion of our operations through a
joint venture exposes us to risks and uncertainties, many of which
are outside of our control; (x) that our joint venture with Levo
Mobility LLC may fail to generate the expected financial results,
and the return may be insufficient to justify our investment of
effort and/or funds; (xi) changes in applicable laws or
regulations; (xii) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xiii)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xiv) the possibility that Nuvve may
be adversely affected by other economic, business, and/or
competitive factors; (xv) risks related to the benefits expected
from the $1.2 trillion dollar
infrastructure bill passed by the U.S. House of Representatives
(H.R. 3684); (xvi) risks related to investment strategies and
third-party partnerships; (xvii) Nuvve's identification and
evaluation of business opportunities and its ability to capitalize
on such opportunities, capture market share, or to expand its
presence in certain markets; and (xviii) Nuvve's ability to
continue to grow its business, as well as other risks described in
this Annual Report on Form 10-K and other factors described from
time to time in our filings with the SEC. Should one or more of the
risks or uncertainties described in this press release materialize
or should underlying assumptions prove incorrect, actual results
and plans could differ materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in the Annual Report on Form 10-K
filed by Nuvve with the Securities and Exchange Commission (SEC) on
March 31, 2023, and in the other reports that Nuvve has, and
will file from time to time with the SEC. Nuvve's SEC filings are
available publicly on the SEC's website at www.sec.gov.
Use of Projections
This press release contains projected financial information with
respect to Nuvve. Such projected financial information constitutes
forward-looking information, and is for illustrative purposes only
and should not be relied upon as necessarily being indicative of
future results. The assumptions and estimates underlying such
financial forecast information are inherently uncertain and are
subject to a wide variety of significant business, economic,
competitive and other risks and uncertainties. See "Forward-Looking
Statements" above. Actual results may differ materially from the
results contemplated by the financial forecast information
contained in this press release, and the inclusion of such
information in this press release should not be regarded as a
representation by any person that the results reflected in such
forecasts will be achieved.
Trademarks
This press release contains trademarks, service marks, trade
names and copyrights of Nuvve and other companies, which are the
property of their respective owners.
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com
+1 (646) 200-8872
FINANCIAL TABLES FOLLOW
NUVVE HOLDING
CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (Unaudited)
|
|
|
December 31,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
Assets
|
|
|
|
Cash
|
$
15,753,896
|
|
$
32,360,520
|
Restricted
cash
|
480,000
|
|
380,000
|
Accounts receivable,
net
|
1,121,694
|
|
1,886,708
|
Inventories
|
11,551,831
|
|
11,118,188
|
Prepaid expenses and
other current assets
|
2,942,145
|
|
1,036,645
|
Total Current
Assets
|
31,849,566
|
|
46,782,061
|
Property and equipment,
net
|
636,944
|
|
356,194
|
Intangible assets,
net
|
1,341,640
|
|
1,481,077
|
Investment in equity
securities
|
1,670,951
|
|
670,951
|
Investment in
leases
|
97,054
|
|
—
|
Right-of-use operating
lease assets
|
5,305,881
|
|
3,483,042
|
Financing
receivables
|
288,872
|
|
138,161
|
Security deposit,
long-term
|
8,682
|
|
3,057
|
Total
Assets
|
$
41,199,590
|
|
$
52,914,543
|
|
|
|
|
Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
$
2,390,422
|
|
$
5,738,873
|
Accrued
expenses
|
3,347,399
|
|
2,874,018
|
Deferred
revenue
|
1,221,497
|
|
719,771
|
Operating lease
liabilities - current
|
824,326
|
|
41,513
|
Other
liabilities
|
113,844
|
|
110,574
|
Total Current
Liabilities
|
7,897,488
|
|
9,484,749
|
|
|
|
|
Operating lease
liabilities - noncurrent
|
5,090,170
|
|
3,441,642
|
Warrants
liability
|
220,884
|
|
9,543,000
|
Derivative liability -
non-controlling redeemable preferred shares
|
359,225
|
|
511,948
|
Other long-term
liabilities
|
393,179
|
|
18,860
|
Total
Liabilities
|
13,960,946
|
|
23,000,199
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
Mezzanine
equity
|
|
|
|
Redeemable
non-controlling interests, preferred shares, zero par value,
1,000,000 shares authorized, 3,138
shares issued and outstanding at December 31, 2022 and
December 31, 2021; aggregate liquidation
preference of $3,464,606 and $3,200,760 at
December 31, 2022 and December 31, 2021, respectively.
|
3,547,765
|
|
2,901,899
|
Class D Incentive
units, zero par value, 1,000,000 units authorized, 250,000 units
issued and outstanding at
December 31, 2022
|
445,479
|
|
—
|
Stockholders'
Equity
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; zero shares
issued and outstanding at
December 31, 2022 and December 31, 2021,
respectively
|
—
|
|
—
|
Common stock, $0.0001
par value, 100,000,000 and 30,000,000 shares authorized; 24,270,956
and 18,861,130
shares issued and outstanding at December 31, 2022 and
December 31, 2021, respectively
|
2,427
|
|
1,888
|
Additional paid-in
capital
|
144,073,505
|
|
122,336,607
|
Accumulated other
comprehensive income
|
76,182
|
|
113,446
|
Accumulated
deficit
|
(116,956,528)
|
|
(92,937,863)
|
Nuvve Holding Corp.
Stockholders' Equity
|
27,195,586
|
|
29,514,078
|
Non-controlling
interests
|
(3,950,186)
|
|
(2,501,633)
|
Total Stockholders'
Equity
|
23,245,400
|
|
27,012,445
|
Total Liabilities,
Mezzanine equity and Stockholders' Equity
|
$
41,199,590
|
|
$
52,914,543
|
NUVVE HOLDING
CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Years Ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
|
|
|
|
Products and
services
|
$ 1,104,325
|
|
$ 1,159,308
|
|
$
4,913,956
|
|
$ 2,920,627
|
Grants
|
42,611
|
|
90,519
|
|
459,427
|
|
1,270,138
|
Total
revenue
|
1,146,936
|
|
1,249,827
|
|
5,373,383
|
|
4,190,765
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of product and
service revenue
|
743,395
|
|
1,124,729
|
|
4,196,788
|
|
2,002,197
|
Selling, general, and
administrative
|
7,189,826
|
|
6,544,104
|
|
30,115,571
|
|
22,896,125
|
Research and
development
|
1,955,033
|
|
1,949,442
|
|
7,976,568
|
|
6,524,245
|
Total operating
expenses
|
9,888,254
|
|
9,618,275
|
|
42,288,927
|
|
31,422,567
|
|
|
|
|
|
|
|
|
Operating
loss
|
(8,741,318)
|
|
(8,368,448)
|
|
(36,915,544)
|
|
(27,231,802)
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest income
(expense)
|
87,026
|
|
7,188
|
|
134,579
|
|
(585,157)
|
Financing
costs
|
—
|
|
—
|
|
—
|
|
(46,754,794)
|
Change in fair value
of warrants liability
|
772,762
|
|
(952,000)
|
|
11,986,462
|
|
(312,400)
|
Change in fair value of
derivative liability
|
172,032
|
|
(2,163)
|
|
152,723
|
|
(14,342)
|
Other, net
|
3,619
|
|
(39,731)
|
|
85,074
|
|
282,183
|
Total other income
(expense), net
|
1,035,439
|
|
(986,706)
|
|
12,358,838
|
|
(47,384,510)
|
Loss before
taxes
|
(7,705,879)
|
|
(9,355,154)
|
|
(24,556,706)
|
|
(74,616,312)
|
Income tax
expense
|
800
|
|
—
|
|
800
|
|
1,000
|
Net loss
|
$
(7,706,679)
|
|
$
(9,355,154)
|
|
$
(24,557,506)
|
|
$
(74,617,312)
|
Less: Net loss
attributable to non-controlling interests
|
(78,978)
|
|
(78,405)
|
|
(538,841)
|
|
(2,138,272)
|
Net loss attributable
to Nuvve Holding Corp.
|
$
(7,627,701)
|
|
$
(9,276,749)
|
|
$
(24,018,665)
|
|
$
(72,479,040)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
67,933
|
|
62,760
|
|
263,846
|
|
101,856
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
161,466
|
|
161,466
|
|
645,866
|
|
261,505
|
Net loss attributable
to Nuvve Holding Corp. common stockholders
|
$
(7,857,100)
|
|
$
(9,500,975)
|
|
$
(24,928,377)
|
|
$
(72,842,401)
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Nuvve Holding
Corp. common stockholders, basic and diluted
|
$
(0.33)
|
|
$
(0.51)
|
|
$
(1.19)
|
|
$
(4.37)
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net
loss per share attributable to Nuvve Holding
Corp. common stockholders, basic and diluted
|
23,955,356
|
|
18,800,005
|
|
20,971,896
|
|
16,654,495
|
NUVVE HOLDING
CORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income
(loss)
|
$
(7,706,679)
|
|
$
(9,355,154)
|
|
$
(24,557,506)
|
|
$
(74,617,312)
|
Other comprehensive
(loss) income, net of taxes
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
64,033
|
|
43,494
|
|
(37,264)
|
|
191,287
|
Total Comprehensive
income (loss)
|
$
(7,642,646)
|
|
$
(9,311,660)
|
|
$
(24,594,770)
|
|
$
(74,426,025)
|
Less: Comprehensive
income (loss) attributable to non-controlling interests, net
taxes
|
(78,978)
|
|
(78,405)
|
|
(538,841)
|
|
(2,138,272)
|
Comprehensive income
(loss) attributable to Nuvve Holding Corp.
|
$
(7,563,668)
|
|
$
(9,233,255)
|
|
$
(24,055,929)
|
|
$
(72,287,753)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
(67,933)
|
|
(62,760)
|
|
(263,846)
|
|
101,856
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
(161,466)
|
|
(161,466)
|
|
(645,866)
|
|
(261,505)
|
Comprehensive income
(loss) attributable to Nuvve Holding Corp. common
stockholders
|
$
(7,334,269)
|
|
$
(9,009,029)
|
|
$
(23,146,217)
|
|
$
(71,924,392)
|
NUVVE HOLDING
CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited)
|
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
Net loss
|
$
(24,557,506)
|
|
$
(74,617,312)
|
Adjustments to
reconcile to net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
289,536
|
|
167,558
|
Share-based
compensation
|
5,234,878
|
|
4,219,989
|
Financing
costs
|
—
|
|
46,771,276
|
Beneficial conversion
feature on convertible debenture
|
—
|
|
427,796
|
Accretion of discount
on convertible debenture
|
—
|
|
116,147
|
Change in fair value
of warrants liability
|
(11,986,462)
|
|
312,400
|
Change in fair value
of derivative liability
|
(152,723)
|
|
—
|
Loss on disposal of
asset
|
—
|
|
1,326
|
Gain on extinguishment
of PPP Loan
|
—
|
|
(492,100)
|
Noncash lease
expense
|
421,183
|
|
3,636
|
Change in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
763,302
|
|
(887,697)
|
Inventory
|
(433,644)
|
|
(10,065,710)
|
Prepaid expenses and
other assets
|
(2,072,001)
|
|
(693,756)
|
Accounts
payable
|
(3,346,937)
|
|
2,780,890
|
Accrued
expenses
|
1,340,918
|
|
2,138,574
|
Deferred
revenue
|
417,481
|
|
626,265
|
Net cash used in
operating activities
|
(34,081,975)
|
|
(29,190,718)
|
Investing
activities
|
|
|
|
Proceeds from sale of
property and equipment
|
—
|
|
7,649
|
Purchase of property
and equipment
|
(438,045)
|
|
(273,124)
|
Investments in equity
securities
|
(1,000,000)
|
|
—
|
Net cash used in
investing activities
|
(1,438,045)
|
|
(265,475)
|
Financing
activities
|
|
|
|
Proceeds from Newborn
Escrow Account
|
—
|
|
58,184,461
|
Redemption of Newborn
shares
|
—
|
|
(18,629)
|
Issuance costs related
to reverse recapitalization and PIPE offering
|
—
|
|
(3,970,657)
|
Proceeds from PIPE
offering
|
—
|
|
14,250,000
|
Repayment of Newborn
sponsor loans
|
—
|
|
(487,500)
|
Repurchase of common
stock from EDF
|
—
|
|
(6,000,000)
|
Newborn cash
acquired
|
—
|
|
50,206
|
Purchase of stock from
investor
|
—
|
|
(2,000,000)
|
Payment of financing
costs
|
—
|
|
(1,000,000)
|
Payment of finance
lease obligations
|
(9,691)
|
|
(5,839)
|
Proceeds from forward
option put exercise
|
1,994,073
|
|
—
|
Proceeds from exercise
of pre-funded warrants related to Direct Offering
|
185
|
|
—
|
Proceeds from Direct
Offering of common stock, net of offering costs
|
13,069,815
|
|
—
|
Proceeds from common
stock offering, net of offering costs
|
3,763,494
|
|
—
|
Proceeds from exercise
of stock options
|
245,748
|
|
576,528
|
Issuance Costs Related
to Preferred Stock
|
—
|
|
(2,956,248)
|
Issuance of Redeemable
Preferred Stock
|
—
|
|
3,138,000
|
Payment of Preferred
Stock dividends
|
—
|
|
(39,096)
|
Net cash provided by
financing activities
|
19,063,624
|
|
59,721,226
|
Effect of exchange rate
on cash
|
(50,228)
|
|
199,592
|
Net increase in cash
and restricted cash
|
(16,506,624)
|
|
30,464,625
|
Cash and restricted
cash at beginning of year
|
32,740,520
|
|
2,275,895
|
Cash and restricted
cash at end of year
|
$
16,233,896
|
|
$
32,740,520
|
|
|
|
|
Supplemental
Disclosure of cash information:
|
|
|
|
Cash paid for income
taxes
|
$
—
|
|
$
800
|
|
|
|
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
|
|
Years Ended December
31,
|
|
2022
|
|
2021
|
Supplemental
Disclosure of Noncash Financing Activity
|
|
|
|
Conversion of preferred
stock to common stock
|
$
—
|
|
$
1,679
|
Conversion of debenture
and accrued interest to common shares
|
$
—
|
|
$
3,999,435
|
Conversion of shares
due to reverse recapitalization
|
$
—
|
|
$
3,383
|
Beneficial conversion
feature
|
$
—
|
|
$
—
|
Issuance of common
stock for merger success fee
|
$
—
|
|
$
2,085,299
|
Non-cash merger
transaction costs
|
$
—
|
|
$
2,085,299
|
Accrued transaction
costs related to reverse recapitalization
|
$
—
|
|
$
189,434
|
Issuance of private
warrants
|
$
—
|
|
$
1,253,228
|
Forgiveness of PPP
Loan
|
$
—
|
|
$
492,100
|
Issuance of Stonepeak
and Evolve warrants
|
$
—
|
|
$
30,234,000
|
Issuance of Stonepeak
and Evolve options
|
$
—
|
|
$
12,584,000
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/nuvve-provides-fourth-quarter-and-full-year-2022-financial-update-301786711.html
SOURCE Nuvve Holding Corp.