v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (57,182,008) $ (117,231,573)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and loss on disposal of property 103,133 0
Non-cash lease expenses 33,710 0
Unrealized gain on exchange rate translation (335,838) (136,644)
Share-based compensation 1,805,122 1,935,988
Warrant expenses 480,000 88,380,182
Change in fair value of derivative financial instruments 8,978,925 (5,842,500)
Changes in operating assets and liabilities:    
Accrued interest on financial investments, net (4,000,777) (464,652)
Accrued interest on related party loan receivable (1,991,453) 0
Other assets 20,407 6,098,874
Related party receivables (109,329) (36,943)
Accounts payable 201,622 2,623,858
Related party payables 5,074,539 1,094,121
Other payables (681,889) 1,725,014
Net cash used by operating activities (47,603,836) (21,854,275)
Cash flows from investing activities:    
Redemptions of financial investments 57,500,000 0
Purchases of financial investments (25,500,000) (154,000,000)
Expenditures for property, plant and equipment (165,380) 0
Net cash provided (used) by investing activities 31,834,620 (154,000,000)
Cash flows from financing activities:    
Tax withholding on share-based compensation (287,154) 0
Capital contribution net of transaction costs reimbursed to Zanite 0 354,830,252
Transaction Costs reimbursed to parent 0 (15,754,066)
Distribution to parent, net 0 (1,372,633)
Net cash provided (used) by financing activities (287,154) 337,703,553
Effect of exchange rate changes on cash and cash equivalents 502,078 90,753
Decrease in cash and cash equivalents (15,554,292) 161,940,031
Cash and cash equivalents at the beginning of the period 49,146,063 14,376,523
Cash and cash equivalents at the end of the period 33,591,771 176,316,554
Cash Paid for [Abstract]    
Income tax paid 387,893 0
Noncash Investing and Financing Items [Abstract]    
Recognition of right-of-use assets and operating lease liabilities 359,516 0
Issuance of common stock for vested RSUs $ 954,000 $ 1,584,800

Source