Income tax expense 1,600 800 1,600 800
-------------------- ------------------- -------------------- -----------------
Net loss $ (7,319,240) $ (7,706,679) $ (31,296,787) $ (24,557,506)
Less: Net loss
attributable to
non-controlling
interests (35,495) (78,978) (12,456) (538,841)
-------------------- ------------------- -------------------- -----------------
Net loss
attributable to
Nuvve Holding
Corp. $ (7,283,745) $ (7,627,701) $ (31,284,331) $ (24,018,665)
Less: Preferred
dividends on
redeemable
non-controlling
interests 73,533 67,933 285,595 263,846
Less: Accretion on
redeemable
non-controlling
interests
preferred shares 161,466 161,466 645,864 645,866
-------------------- ------------------- -------------------- -----------------
Net loss
attributable to
Nuvve Holding
Corp. common
stockholders $ (7,518,744) $ (7,857,100) $ (32,215,790) $ (24,928,377)
==================== =================== ==================== =================
Net loss per share
attributable to
Nuvve Holding
Corp. common
stockholders,
basic and
diluted $ (6.98) $ (13.12) $ (40.36) $ (47.55)
==================== =================== ==================== =================
Weighted-average
shares used in
computing net
loss per share
attributable to
Nuvve Holding
Corp. common
stockholders,
basic and
diluted 1,077,111 598,884 798,269 524,297
==================== =================== ==================== =================
NUVVE HOLDING CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended December 31, Years Ended December 31,
-------------------------------------------- ----------------------------------
2023 2022 2023 2022
--------------- --------------------------- -------------- ------------------
Net income (loss) $ (7,319,240) $ (7,706,679) $ (31,296,787) $ (24,557,506)
Other
comprehensive
income (loss),
net of taxes
Foreign currency
translation
adjustments,
net of taxes (10,863) 64,033 17,494 (37,264)
--------------- --------------------------- -------------- ------------------
Total
Comprehensive
income (loss) $ (7,330,103) $ (7,642,646) $ (31,279,293) $ (24,594,770)
Less:
Comprehensive
income (loss)
attributable to
non-controlling
interests, net
taxes (35,495) (78,978) (12,456) (538,841)
--------------- --------------------------- -------------- ------------------
Comprehensive
income (loss)
attributable to
Nuvve Holding
Corp. $ (7,294,608) $ (7,563,668) $ (31,266,837) $ (24,055,929)
Less: Preferred
dividends on
redeemable
non-controlling
interests (73,533) (67,933) (285,595) 263,846
Less: Accretion
on redeemable
non-controlling
interests
preferred
shares (161,466) (161,466) (645,864) (645,866)
--------------- --------------------------- -------------- ------------------
Comprehensive
income (loss)
attributable to
Nuvve Holding
Corp. common
stockholders $ (7,059,609) $ (7,334,269) $ (30,335,378) $ (23,146,217)
=============== =========================== ============== ==================
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Years Ended December 31,
------------------------------------------
2023 2022
-------------------- --------------------
Operating activities
Net loss $ (31,296,787) $ (24,557,506)
Adjustments to reconcile to net
loss to net cash used in
operating activities
Depreciation and amortization 396,210 289,536
Share-based compensation 4,107,634 5,234,878
Change in fair value of
warrants liability (216,263) (11,986,462)
Change in fair value of
derivative liability (49,497) (152,723)
Gains on the from the sale of
investments securities (325,155) --
Loss on disposal of asset 862 --
Noncash lease expense 476,208 421,183
Change in operating assets and
liabilities
Accounts receivable (634,432) 763,302
Inventory 5,445,390 (433,644)
Prepaid expenses and other
assets (447,604) (2,072,001)
Accounts payable (696,098) (3,346,937)
Accrued expenses and other
liabilities 2,191,845 1,340,918
Deferred revenue (206,641) 417,481
-------------------- --------------------
Net cash used in operating
activities (21,254,328) (34,081,975)
-------------------- --------------------
Investing activities
Purchase of property and
equipment (188,433) (438,045)
Investments in equity securities -- (1,000,000)
Proceeds from sale of
investments in equity
securities 1,325,155 --
-------------------- --------------------
Net cash provided by (used in)
investing activities 1,136,722 (1,438,045)
-------------------- --------------------
Financing activities
Payment of finance lease
obligations (8,140) (9,691)
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 4,986,300 13,069,815
Proceeds from common stock
offering, net of offering
costs 884,586 3,763,494
Proceeds from exercise of stock
options -- 245,748
Net cash provided by financing
activities 5,862,746 19,063,624
-------------------- --------------------
Effect of exchange rate on cash 35,624 (50,228)
-------------------- --------------------
Net increase (decrease) in cash
and restricted cash (14,219,236) (16,506,624)
Cash and restricted cash at
beginning of year 16,233,896 32,740,520
-------------------- --------------------
Cash and restricted cash at end
of year $ 2,014,660 $ 16,233,896
==================== ====================
Supplemental Disclosure of cash
information:
Cash paid for income taxes $ -- $ --
Supplemental Disclosure of
Noncash Investing Activity
Transfer of inventory to 216,988 --
property and equipment
View original content to download multimedia:https://www.prnewswire.com/news-releases/nuvve-provides-fourth-quarter-and-full-year-2023-financial-update-302102181.html
SOURCE Nuvve Holding Corp.
(END) Dow Jones Newswires
March 28, 2024 16:30 ET (20:30 GMT)
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