Investor Conference Call to be Held Today at
5:00 PM Eastern Time (2:00 PM PT)
SAN
DIEGO, Aug. 11, 2022 /PRNewswire/ -- Nuvve
Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology
company that provides a globally-available, commercial
vehicle-to-grid (V2G) technology platform that enables electric
vehicle (EV) batteries to store and resell unused energy back to
the local electric grid and provides other grid services, today
provided a second quarter 2022 update.
Second Quarter
Highlights
- Established official partnership with Switch to integrate
Nuvve's vehicle-to-grid (V2G) GIVe™ platform with Switch's charging
management platform for operations and maintenance; Nuvve also made
a strategic investment into Switch
- Announced commercial agreements with Power Electronics and
Cenntro to expand Nuvve's high powered charger line-up and expand
Nuvve's U.S. commercial fleet reach, respectively
- Nuvve selected as collaboration partner through a Memorandum of
Understanding (MOU) with the U.S. Department of Energy (DOE) to
accelerate the country's commercialization of vehicle-to-grid; in
addition, the EPA began grant application acceptances to begin
replacing the nation's fleet of school buses with clean,
zero-emission buses
- Along with local strategic partners, Nuvve received approval
from the Japanese transmission system operator (TSO) to participate
in the energy market to provide ancillary power and stabilizing
services to the grid
- Megawatts under management increased 10% during the quarter,
totaling 16.1 megawatts as of June 30,
2022
- Cash and cash equivalents of $14.9
million, as of June 30,
2022
Management Discussion
Gregory Poilasne, chairman and chief executive officer of Nuvve,
said, "In the second quarter, Nuvve continued to expand its network
of commercial, operational and technology partners as it scales up
its V2G platform. Further, Nuvve's formal announcement of an
investment into Switch EV not only expands the company's platform
into additional chargers, but also demonstrates its willingness to
deploy capital in order to further build out its competitive edge
in V2G. These positive developments for the company came against a
backdrop that saw strong secular tailwinds for V2G, including at
the federal government level. This was evidenced by Nuvve's entry
into an MOU with the U.S. DOE to explore ways to further drive V2G
adoption, and the disbursement of $500
million by the EPA in grant funding to be made available for
electric school buses and associated infrastructure, with Nuvve
expected to be a notable beneficiary as grant applications are
awarded later this year. We look forward to continued momentum in
the second half of the year, which has started out strong as we
grow our utility and energy partnerships with SDG&E and Vistra,
both of which serve to help unlock the full potential of V2G."
2022 Second Quarter Financial
Review
Total revenue was $1.3 million for
the three months ended June 30, 2022, compared to $1.0 million for the three months ended
June 30, 2021, an increase of $0.3
million, or 32.6%. The increase is attributed to
$0.3 million increase in products and
services revenue. Products and services revenue for the three
months ended June 30, 2022 consisted of sales DC and AC
Chargers sales of approximately $1.0
million, grid services revenue of $0.05 million, and engineering services of
$0.03 million.
Cost of products and services revenue for the three months ended
June 30, 2022, increased by $0.7
million to $1.0 million, and
margin decreased to 3.1% from 52.7% compared to the same prior year
period. This was mostly due to the impact of a higher mix of
hardware charging stations sales and a lower mix of engineering
services in the current quarter.
Selling, general and administrative expenses consist of selling,
marketing, advertising, payroll, administrative, finance, and
professional expenses. Selling, general and administrative expenses
were $8.1 million for the three
months ended June 30, 2022, as compared to $5.3
million for the three months ended June 30, 2021, an increase
of $2.9 million, or 54.4%. The
increase during the three months ended June 30, 2022 was
primarily attributable to increases in compensation expenses of
$0.7 million, including share-based
compensation, $0.4 million of travel
expenses related to conferences and partnership meetings,
$0.4 million of professional fees
related to internal operational reviews, and $1.7 million of governance and other public
company costs. Expenses resulting from the consolidation of Levo's
activities during the quarter, contributed $0.7 million to the increase in selling, general
and administrative expenses.
Research and development expenses increased by $0.5 million, or 28.5%, from $1.7 million for the three months ended
June 30, 2021 to $2.2 million
for the three months ended June 30, 2022. The increase was
primarily attributable to an increase in 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,
impairment of deferred finance costs, change in fair value of
private warrants liability and derivative liability, and other
income (expense). Other income (expense) increased by $43.5 million of expense, from $0.15 million of other income for the three
months ended June 30, 2021, to $43.3
million in other expense for the three months ended
June 30, 2022. The increase in other expense during the three
months ended June 30, 2022 was primarily attributable to the
write-off of deferred finance costs, and change in fair values of
the private warrants liability and derivative liability. The
impairment charge was driven by a write-off of deferred financing
costs associated with the carrying value of warrants and stock
options granted to Stonepeak and Evolve in May 2021 in return for their capital commitment
to fund up to $750 million in
V2Genabled EV fleet deployments of school buses through Levo. We
impaired the deferred financing costs during the six months ended
June 30, 2022 primarily because we have not entered into fleet
as a service customer contracts requiring preferred capital
commitments from Stonepeak and Levo in excess of $43.6 million within one year of the deferred
financing costs being capitalized. The impairment charge is
non-cash and does not impact the existing capital commitment we
have from Stonepeak and Evolve or the pursuit of customer
deployments funded by this capital commitment.
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 increased by $47.2
million, or 762.3%, from $6.2
million for the three months ended June 30, 2021, to
$53.4 million for the three months
ended June 30, 2022. The increase in net loss was primarily
due to increase in operating expenses of $4.0 million and increase in other expense of
$43.5 million for the aforementioned
reasons.
Net Loss Attributable to Non-Controlling
Interest
Net loss attributable to non-controlling interest was
$2.1 million for the three months
ended June 30, 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 and six months ended
June 30, 2022.
Conference Call Details
The Company will hold a conference call to review its financial
results for the second quarter of 2022, along with other company
developments, at 5:00 PM Eastern
Time (2:00 PM PT) today
Thursday, August 11, 2022.
To participate, 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) has developed a proprietary
vehicle-to-grid (V2G) technology, including its Grid Integrated
Vehicle ("GIVe™") cloud-based software platform, that enables it to
link multiple electric vehicle ("EV") batteries into a virtual
power plant to provide bi-directional energy to the electrical grid
in a qualified and secure manner. Combining the world's most
advanced 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. With products designed to transform EVs into
mobile energy storage assets and networking battery capacity to
support shifting energy needs, Nuvve is working toward 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 (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) the COVID-19
pandemic and its effect directly on Nuvve and the economy
generally; (xiii) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xiv)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xv) the possibility that Nuvve may
be adversely affected by 3 other economic, business, and/or
competitive factors, including increased inflation and interest
rates, and the Russian invasion of Ukraine; (xvi) 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); (xvii) the risk that the Company will
not be able to reach definitive agreements parties after an MOU has
been signed; and (xviii) supply chain disruptions. 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, 2022,
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
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
14,890,242
|
|
$
32,360,520
|
Restricted
cash
|
480,000
|
|
380,000
|
Accounts
receivable
|
1,958,656
|
|
1,886,708
|
Inventories
|
10,796,032
|
|
11,118,188
|
Prepaid expenses and
other current assets
|
2,384,575
|
|
1,036,645
|
Total Current
Assets
|
30,509,505
|
|
46,782,061
|
Property and equipment,
net
|
600,546
|
|
356,194
|
Intangible assets,
net
|
1,411,358
|
|
1,481,077
|
Investments
|
1,670,951
|
|
670,951
|
Right-of-use operating
assets
|
5,195,474
|
|
3,483,042
|
Deferred financing
costs
|
—
|
|
43,562,847
|
Financing
receivables
|
238,624
|
|
138,161
|
Security deposit,
long-term
|
3,057
|
|
3,057
|
Total
Assets
|
$
39,629,515
|
|
$
96,477,390
|
|
|
|
|
Liabilities,
Mezzanine Equity and Stockholders' Equity
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts
payable
|
$
3,327,366
|
|
$
5,738,873
|
Accrued
expenses
|
2,392,820
|
|
2,874,018
|
Deferred
revenue
|
781,922
|
|
719,771
|
Operating lease
liabilities - current
|
455,064
|
|
41,513
|
Other
liabilities
|
111,387
|
|
110,574
|
Total Current
Liabilities
|
7,068,559
|
|
9,484,749
|
|
|
|
|
Operating lease
liabilities - noncurrent
|
5,053,219
|
|
3,441,642
|
Warrants
liability
|
182,000
|
|
866,000
|
Derivative liability -
non-controlling redeemable preferred shares
|
491,012
|
|
511,948
|
Other long-term
liabilities
|
15,120
|
|
18,860
|
Total
Liabilities
|
12,809,910
|
|
14,323,199
|
|
|
|
|
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
June 30, 2022 and December 31, 2021; aggregate
liquidation preference of $3,330,071 at June 30,
2022
|
3,208,360
|
|
2,885,427
|
Class D Incentive
units, zero par value, 1,000,000 units authorized, 250,000 units
issued and outstanding at June 30, 2022
|
140,850
|
|
—
|
Stockholders' (Deficit)
Equity
|
|
|
|
Preferred stock,
$0.0001 par value, 1,000,000 shares authorized; zero shares
issued and outstanding at June 30, 2022 and December 31,
2021, respectively
|
—
|
|
—
|
Common stock, $0.0001
par value, 100,000,000 shares authorized; 19,709,763 and
18,861,130 shares issued and outstanding at June 30, 2022 and
December 31, 2021, respectively
|
1,986
|
|
1,888
|
Additional paid-in
capital
|
134,261,487
|
|
127,138,504
|
Accumulated other
comprehensive income (loss)
|
73,448
|
|
113,446
|
Accumulated
deficit
|
(107,629,843)
|
|
(47,412,470)
|
Nuvve Stockholders'
Equity (Deficit)
|
26,707,078
|
|
79,841,368
|
Non-controlling
interests
|
(3,236,683)
|
|
(572,604)
|
Total Stockholders'
Equity (Deficit)
|
23,470,395
|
|
79,268,764
|
Total Liabilities,
Mezzanine equity and Stockholders' Equity
|
$
39,629,515
|
|
$
96,477,390
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
|
|
|
|
Products and
services
|
$
1,068,029
|
|
$
766,516
|
|
$
3,321,813
|
|
$
1,078,419
|
Grants
|
233,698
|
|
214,814
|
|
350,947
|
|
701,943
|
Total
revenue
|
1,301,727
|
|
981,330
|
|
3,672,760
|
|
1,780,362
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of product and
service revenue
|
1,034,596
|
|
362,658
|
|
3,176,908
|
|
489,886
|
Selling, general, and
administrative
|
8,136,522
|
|
5,269,791
|
|
15,762,072
|
|
9,752,531
|
Research and
development
|
2,170,139
|
|
1,689,245
|
|
4,305,714
|
|
2,952,195
|
Total operating
expenses
|
11,341,257
|
|
7,321,694
|
|
23,244,694
|
|
13,194,612
|
|
|
|
|
|
|
|
|
Operating
loss
|
(10,039,530)
|
|
(6,340,364)
|
|
(19,571,934)
|
|
(11,414,250)
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest income
(expense)
|
6,945
|
|
1,984
|
|
8,403
|
|
(595,565)
|
Write-off of deferred
financing costs
|
(43,562,847)
|
|
—
|
|
(43,562,847)
|
|
—
|
Change in fair value
of warrants liability
|
251,000
|
|
(351,602)
|
|
684,000
|
|
70,228
|
Change in fair value of
derivative liability
|
(32,536)
|
|
—
|
|
20,936
|
|
—
|
Other, net
|
22,020
|
|
503,676
|
|
(7,767)
|
|
391,561
|
Total other (expense)
income, net
|
(43,315,418)
|
|
154,058
|
|
(42,857,275)
|
|
(133,776)
|
Loss before
taxes
|
(53,354,948)
|
|
(6,186,306)
|
|
(62,429,209)
|
|
(11,548,026)
|
Income tax (benefit)
expense
|
—
|
|
1,000
|
|
—
|
|
1,000
|
Net loss
|
$
(53,354,948)
|
|
$
(6,187,306)
|
|
$
(62,429,209)
|
|
$
(11,549,026)
|
Less: Net loss
attributable to non-controlling interests
|
(2,110,903)
|
|
—
|
|
(2,211,837)
|
|
—
|
Net loss attributable
to Nuvve Holding Corp.
|
$
(51,244,045)
|
|
$
(6,187,306)
|
|
$
(60,217,372)
|
|
$
(11,549,026)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
65,296
|
|
—
|
|
129,311
|
|
—
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
161,466
|
|
—
|
|
322,932
|
|
—
|
Net loss attributable
to Nuvve common stockholders
|
$
(51,470,807)
|
|
$
(6,187,306)
|
|
$
(60,669,615)
|
|
$
(11,549,026)
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to Nuvve common stockholders, basic and
diluted
|
$
(2.70)
|
|
$
(0.33)
|
|
$
(3.20)
|
|
$
(0.79)
|
|
|
|
|
|
|
|
|
Weighted-average
shares used in computing net loss per share attributable to Nuvve
common stockholders, basic and diluted
|
19,064,854
|
|
18,668,009
|
|
18,965,167
|
|
14,560,862
|
NUVVE HOLDING CORP
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
|
$
(53,354,948)
|
|
$
(6,187,306)
|
|
$
(62,429,209)
|
|
$
(11,549,026)
|
Other comprehensive
(loss) income, net of taxes
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments, net of taxes
|
$
(26,314)
|
|
$
(20,146)
|
|
$
(39,998)
|
|
$
96,603
|
Total Comprehensive
loss
|
$
(53,381,262)
|
|
$
(6,207,452)
|
|
$
(62,469,207)
|
|
$
(11,452,423)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
$
(2,110,903)
|
|
$
—
|
|
$
(2,211,837)
|
|
$
—
|
Comprehensive loss
attributable to Nuvve Holding Corp.
|
$
(51,270,359)
|
|
$
(6,207,452)
|
|
$
(60,257,370)
|
|
$
(11,452,423)
|
Less: Preferred
dividends on redeemable non-controlling interests
|
$
(65,296)
|
|
$
—
|
|
$
(129,311)
|
|
$
—
|
Less: Accretion on
redeemable non-controlling interests preferred shares
|
(161,466)
|
|
—
|
|
(322,932)
|
|
—
|
Comprehensive loss
attributable to Nuvve common stockholders
|
$
(51,043,597)
|
|
$
(6,207,452)
|
|
$
(59,805,127)
|
|
$
(11,452,423)
|
NUVVE HOLDING CORP.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
Net loss
|
$
(62,429,209)
|
|
$
(11,549,026)
|
Adjustments to
reconcile to net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
137,755
|
|
81,874
|
Share-based
compensation
|
3,357,859
|
|
1,352,708
|
Write-off of deferred
financing costs
|
43,562,847
|
|
—
|
Beneficial conversion
feature on convertible debenture
|
—
|
|
427,796
|
Accretion of discount
on convertible debenture
|
—
|
|
116,147
|
Change in fair value
of warrants liability
|
(684,000)
|
|
(70,228)
|
Change in fair value
of derivative liability
|
(20,936)
|
|
—
|
Loss on disposal of
asset
|
—
|
|
1,381
|
Gain on extinguishment
of PPP Loan
|
—
|
|
(492,100)
|
Noncash lease
expense
|
283,251
|
|
(1,003)
|
Change in operating
assets and liabilities
|
|
|
|
Accounts
receivable
|
(74,278)
|
|
(139,140)
|
Inventory
|
322,156
|
|
(3,164,653)
|
Prepaid
expenses and other assets
|
(1,462,221)
|
|
(2,209,159)
|
Accounts
payable
|
(2,409,448)
|
|
330,890
|
Accrued
expenses
|
(684,517)
|
|
1,595,165
|
Deferred
revenue
|
79,576
|
|
305,922
|
Net cash used in
operating activities
|
(20,021,165)
|
|
(13,413,426)
|
Investing
activities
|
|
|
|
Proceeds from sale of
property and equipment
|
—
|
|
7,969
|
Purchase of property
and equipment
|
(317,225)
|
|
—
|
Investments
|
(1,000,000)
|
|
—
|
Net cash (used)
provided in investing activities
|
(1,317,225)
|
|
7,969
|
Financing
activities
|
|
|
|
Deposit with
Newborn
|
—
|
|
—
|
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
|
—
|
|
(531,527)
|
Proceeds from forward
option put exercise
|
1,994,073
|
|
—
|
Proceeds from common
stock offering, net of offering costs
|
1,859,685
|
|
—
|
Payment of finance
lease Obligations
|
(4,425)
|
|
(1,989)
|
Proceeds from exercise
of stock options
|
173,575
|
|
—
|
Net cash (used)
provided in financing activities
|
4,022,908
|
|
59,474,365
|
Effect of exchange rate
on cash
|
(54,796)
|
|
98,193
|
Net increase
(decrease) in cash and restricted cash
|
(17,370,278)
|
|
46,167,101
|
Cash and restricted
cash at beginning of year
|
32,740,520
|
|
2,275,895
|
Cash and restricted
cash at end of period
|
$
15,370,242
|
|
$
48,442,996
|
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
|
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
|
$
—
|
|
$
27,640,000
|
Issuance of Stonepeak
and Evolve options
|
$
—
|
|
$
12,584,000
|
Transfer of Inventory
to property and equipment
|
$
87,095
|
|
$
—
|
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SOURCE Nuvve Corporation