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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 001-40296
| | | | | | | | | | | | | | |
NUVVE HOLDING CORP. |
(Exact Name of Registrant as Specified in Its Charter) |
| | | | |
Delaware | | | | 86-1617000 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| | | | |
2468 Historic Decatur Road, | | San Diego, | California | 92106 |
(Address of principal executive offices) | (Zip Code) |
| | | | |
| | (619) | 456-5161 | |
(Registrant’s telephone number), including area code |
| | | | |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbols | | Name of each exchange on which registered |
Common Stock, par value $0.0001 per share | | NVVE | | The Nasdaq Stock Market |
Warrants to Purchase Common Stock | | NVVEW | | The Nasdaq Stock Market |
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
xYes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | o | | Accelerated filer | o |
Non-accelerated filer | x | | Smaller reporting company | x |
| | | Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes x No
As of November 4, 2021, 18,801,247 shares of the issuer’s common stock, par value $0.0001 per share, were issued and outstanding.
NUVVE HOLDING CORP.
FORM 10-Q FOR THE QUARTER ENDED September 30, 2021
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
Item 1. Interim Financial Statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) | | | | | | | | | | | |
| September 30, 2021 | | December 31, 2020 |
Assets | | | |
Current assets | | | |
Cash | $ | 40,735,312 | | | $ | 2,275,895 | |
Restricted cash | 380,000 | | | — | |
Accounts receivable | 1,099,185 | | | 999,897 | |
Inventories | 6,179,175 | | | 1,052,478 | |
Security deposit, current | — | | | 20,427 | |
Prepaid expenses and other current assets | 1,485,229 | | | 416,985 | |
Total Current Assets | 49,878,901 | | | 4,765,682 | |
| | | |
Property and equipment, net | 95,425 | | | 95,231 | |
Intangible assets, net | 1,515,936 | | | 1,620,514 | |
Investment | 670,951 | | | 670,951 | |
| | | |
Deferred financing costs | 46,505,225 | | | — | |
Financing receivables | 125,000 | | | — | |
Security deposit, long-term | 3,057 | | | 3,057 | |
Total Assets | $ | 98,794,495 | | | $ | 7,155,435 | |
| | | |
Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity | | | |
| | | |
Current Liabilities | | | |
Accounts payable | $ | 2,718,326 | | | $ | 2,960,249 | |
Accrued expenses | 2,974,820 | | | 585,396 | |
Deferred revenue | 262,939 | | | 196,446 | |
Debt | — | | | 4,294,054 | |
| | | |
| | | |
Other liabilities | 7,770 | | | — | |
| | | |
Total Current Liabilities | 5,963,855 | | | 8,036,145 | |
| | | |
| | | |
Warrants liability | 626,000 | | | — | |
Derivative liability - non-controlling redeemable preferred shares | 509,785 | | | — | |
Other long-term liabilities | 20,561 | | | — | |
Total Liabilities | 7,120,201 | | | 8,036,145 | |
| | | |
Commitments and Contingencies | | | |
Mezzanine equity | | | |
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issue and outstanding; aggregate liquidation preference of $3,177,096 at September 30, 2021 | 2,723,960 | | | — | |
Stockholders’ (Deficit) Equity | | | |
Convertible preferred stock, $0.0001 par value, zero and 30,000,000 shares authorized; zero and 16,789,088 shares issued and outstanding; aggregate liquidation preference of $0 and $12,156,676 at September 30, 2021 and December 31, 2020, respectively | — | | | 1,679 | |
| | | |
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | — | | | — | |
| | | |
Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 18,634,537 and 9,122,996 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,865 | | | 2,616 | |
| | | |
Additional paid-in capital | 127,992,794 | | | 19,650,659 | |
Accumulated other comprehensive income (loss) | 69,941 | | | (77,841) | |
Accumulated deficit | (38,844,294) | | | (20,457,823) | |
Nuvve Stockholders’ Equity (Deficit) | 89,220,306 | | | (880,710) | |
Non-controlling interests | (269,972) | | | — | |
Total Stockholders’ Equity (Deficit) | 88,950,334 | | | (880,710) | |
Total Liabilities, Mezzanine equity and Stockholders’ Equity (Deficit) | $ | 98,794,495 | | | $ | 7,155,435 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
Revenue | | | | | | | |
Products and services | $ | 682,900 | | | $ | 541,349 | | | $ | 1,761,319 | | | $ | 901,395 | |
Grants | 480,104 | | | 799,561 | | | 1,182,047 | | | 1,847,988 | |
Total revenue | 1,163,004 | | | 1,340,910 | | | 2,943,366 | | | 2,749,383 | |
Operating expenses | | | | | | | |
Cost of product and service revenue | 387,582 | | | 32,125 | | | 877,468 | | | 65,329 | |
Selling, general, and administrative | 6,599,490 | | | 1,366,472 | | | 16,352,021 | | | 3,083,892 | |
Research and development | 1,622,608 | | | 770,696 | | | 4,574,803 | | | 1,977,781 | |
Total operating expenses | 8,609,680 | | | 2,169,293 | | | 21,804,292 | | | 5,127,002 | |
| | | | | | | |
Operating loss | (7,446,676) | | | (828,383) | | | (18,860,926) | | | (2,377,619) | |
Other income (expense) | | | | | | | |
Interest income (expense) | 3,220 | | | (48,457) | | | (592,345) | | | (55,787) | |
| | | | | | | |
Change in fair value of conversion option on convertible notes | — | | | 19,000 | | | — | | | 19,000 | |
Change in fair value of warrants liability | 557,000 | | | — | | | 627,228 | | | — | |
Change in fair value of derivative liability | (12,179) | | | — | | | (12,179) | | | — | |
Other, net | (69,647) | | | 75,590 | | | 321,914 | | | 81,246 | |
Total other (expense) income, net | 478,394 | | | 46,133 | | | 344,618 | | | 44,459 | |
Loss before taxes | (6,968,282) | | | (782,250) | | | (18,516,308) | | | (2,333,160) | |
Income tax (benefit) expense | — | | | — | | | 1,000 | | | 1,000 | |
Net loss | $ | (6,968,282) | | | $ | (782,250) | | | $ | (18,517,308) | | | $ | (2,334,160) | |
Less: Net loss attributable to non-controlling interests | (130,837) | | | — | | | (130,837) | | | — | |
Net loss attributable to Nuvve Holding Corp. | $ | (6,837,445) | | | $ | (782,250) | | | $ | (18,386,471) | | | $ | (2,334,160) | |
Less: Preferred dividends on redeemable non-controlling interests | 39,096 | | | — | | | 39,096 | | | — | |
Less: Accretion on redeemable non-controlling interests preferred shares | 100,039 | | | — | | | 100,039 | | | — | |
Net loss attributable to Nuvve common stockholders | $ | (6,976,580) | | | $ | (782,250) | | | $ | (18,525,606) | | | $ | (2,334,160) | |
| | | | | | | |
Net loss per share attributable to Nuvve common stockholders, basic and diluted | $ | (0.37) | | | $ | (0.09) | | | $ | (1.16) | | | $ | (0.27) | |
| | | | | | | |
Weighted-average shares used in computing net loss per share attributable to Nuvve common stockholders, basic and diluted | 18,627,978 | | | 8,778,916 | | | 15,931,466 | | | 8,778,916 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
Net loss | $ | (6,968,282) | | | $ | (782,250) | | | $ | (18,517,308) | | | $ | (2,334,160) | |
Other comprehensive (loss) income, net of taxes | | | | | | | |
Foreign currency translation adjustments, net of taxes | 51,179 | | | (83,704) | | | 147,782 | | | (95,113) | |
Total Comprehensive loss | $ | (6,917,103) | | | $ | (865,954) | | | $ | (18,369,526) | | | $ | (2,429,273) | |
Less: Comprehensive loss attributable to non-controlling interests | (130,837) | | | — | | | (130,837) | | | — | |
Comprehensive loss attributable to Nuvve Holding Corp. | $ | (6,786,266) | | | $ | (865,954) | | | $ | (18,238,689) | | | $ | (2,429,273) | |
Less: Preferred dividends on redeemable non-controlling interests | (39,096) | | | — | | | (39,096) | | | — | |
Less: Accretion on redeemable non-controlling interests preferred shares | (100,039) | | | — | | | (100,039) | | | — | |
Comprehensive loss attributable to Nuvve common stockholders | $ | (6,647,131) | | | $ | (865,954) | | | $ | (18,099,554) | | | $ | (2,429,273) | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Convertible Preferred Stock | | | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Deficit | | Non-controlling Interests | | Total |
| Shares | | Amount | | | | | | Shares | | Amount | | | | | |
Balances December 31, 2020, as previously reported | 16,789,088 | | | $ | 1,679 | | | | | | | 26,162,122 | | | $ | 2,616 | | | $ | 19,650,659 | | | $ | (77,841) | | | $ | (20,457,823) | | | $ | — | | | $ | (880,710) | |
Conversion of shares due to merger capitalization | (16,789,088) | | | (1,679) | | | | | | | (17,039,126) | | | (1,704) | | | 3,383 | | | — | | | — | | | — | | | — | |
Balances December 31, 2020, as previously reported | — | | | — | | | | | | | 9,122,996 | | | 912 | | | 19,654,042 | | | (77,841) | | | (20,457,823) | | | — | | | (880,710) | |
Beneficial conversion feature - convertible debenture | — | | | — | | | | | | | — | | | — | | | 427,796 | | | — | | | — | | | — | | | 427,796 | |
Conversion of convertible debenture | — | | | — | | | | | | | 544,178 | | | 54 | | | 3,999,381 | | | — | | | — | | | — | | | 3,999,435 | |
Repurchase of common stock from EDF | — | | | — | | | | | | | (600,000) | | | (60) | | | (5,999,940) | | | — | | | — | | | — | | | (6,000,000) | |
Assumption of private warrant liability from Newborn | — | | | — | | | | | | | — | | | — | | | (1,253,228) | | | — | | | — | | | — | | | (1,253,228) | |
Merger recapitalization, net of share redemption of $18,629 and issuance costs of $5,979,675 | — | | | — | | | | | | | 8,060,418 | | | 806 | | | 51,750,557 | | | — | | | — | | | — | | | 51,751,363 | |
Placement agent fee paid in common stock | — | | | — | | | | | | | 208,532 | | | 21 | | | 2,085,299 | | | — | | | — | | | — | | | 2,085,320 | |
PIPE offering, less issuance costs of $2,500 | — | | | — | | | | | | | 1,425,000 | | | 143 | | | 14,247,357 | | | — | | | — | | | — | | | 14,247,500 | |
Notice of exercise of put option | — | | | — | | | | | | | — | | | — | | | (2,000,000) | | | — | | | — | | | — | | | (2,000,000) | |
Stock-based compensation | — | | | — | | | | | | | — | | | — | | | 262,105 | | | — | | | — | | | — | | | 262,105 | |
Currency translation adjustment | — | | | — | | | | | | | — | | | — | | | — | | | 116,749 | | | — | | | — | | | 116,749 | |
Net loss | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (5,361,720) | | | — | | | (5,361,720) | |
Balances March 31, 2021 | — | | | — | | | | | | | 18,761,124 | | | 1,876 | | | 83,173,369 | | | 38,908 | | | (25,819,543) | | | — | | | 57,394,610 | |
Additional merger recapitalization costs | — | | | — | | | | | | | — | | | — | | | (265,736) | | | — | | | — | | | — | | | (265,736) | |
Buyback of shares related to exercise of put option | — | | | — | | | | | | | (134,500) | | | (13) | | | 13 | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
Issuance of warranties to Stonepeak and Evolve | — | | | — | | | | | | | — | | | — | | | 30,234,000 | | | — | | | — | | | — | | | 30,234,000 | |
Issuance of options to purchase shares of common stock to Stonepeak and Evolve | — | | | — | | | | | | | — | | | — | | | 12,584,000 | | | — | | | — | | | — | | | 12,584,000 | |
Stock-based compensation | — | | | — | | | | | | | — | | | — | | | 1,090,603 | | | — | | | — | | | — | | | 1,090,603 | |
Currency translation adjustment | — | | | — | | | | | | | — | | | — | | | — | | | (20,146) | | | — | | | — | | | (20,146) | |
Net loss | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (6,187,306) | | | — | | | (6,187,306) | |
| | | | | | | | | | | | | | | | | | | | | |
Balances June 30, 2021 | — | | | — | | | | | | | 18,626,624 | | | 1,863 | | | 126,816,249 | | | 18,762 | | | (32,006,849) | | | — | | | 94,830,025 | |
Exercise of stock options | — | | | — | | | | | | | 7,913 | | | 2 | | | 18,323 | | | — | | | — | | | — | | | 18,325 | |
Stock-based compensation | — | | | — | | | | | | | — | | | — | | | 1,337,373 | | | — | | | — | | | — | | | 1,337,373 | |
Stonepeak and Evolve warrants and option deferred commitment costs - amortization | — | | | — | | | | | | | — | | | — | | | (179,151) | | | — | | | — | | | — | | | (179,151) | |
Currency translation adjustment | — | | | — | | | | | | | — | | | — | | | — | | | 51,179 | | | — | | | — | | | 51,179 | |
Preferred dividends - non-controlling interest | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | (39,096) | | | (39,096) | |
Accretion on redeemable non-controlling interests preferred shares | — | | | — | | | | | | | — | | | — | | | — | | | — | | | — | | | (100,039) | | | (100,039) | |
| | | | | | | | | | | | | | | | | | | | | |
Net loss | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (6,837,445) | | | (130,837) | | | (6,968,282) | |
Balances September 30, 2021 | — | | | $ | — | | | | | | | 18,634,537 | | | $ | 1,865 | | | $ | 127,992,794 | | | $ | 69,941 | | | $ | (38,844,294) | | | $ | (269,972) | | | $ | 88,950,334 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Series A Convertible Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Deficit | | Total |
| Shares | | Amount | | Shares | | Amount | | | | |
Balances December 31, 2019, as previously reported | 16,789,088 | | | $ | 1,679 | | | 24,542,314 | | | $ | 2,454 | | | $ | 17,131,913 | | | $ | 107,620 | | | $ | (15,573,689) | | | $ | 1,669,977 | |
Conversion of shares due to merger capitalization | (16,789,088) | | | (1,679) | | | (15,763,398) | | | (1,576) | | | 3,255 | | | — | | | — | | | — | |
Balances December 31, 2019, effect of reverse recapitalization (refer to Note 2) | — | | | $ | — | | | 8,778,916 | | | $ | 878 | | | $ | 17,135,168 | | | $ | 107,620 | | | $ | (15,573,689) | | | $ | 1,669,977 | |
Stock-based compensation | — | | | — | | | — | | | — | | | 17,557 | | | — | | | — | | | 17,557 | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 26,781 | | | — | | | 26,781 | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | (497,808) | | | (497,808) | |
Balances March 31, 2020 | — | | | — | | | 8,778,916 | | | 878 | | | 17,152,725 | | | 134,401 | | | (16,071,497) | | | 1,216,507 | |
Stock-based compensation | — | | | — | | | — | | | — | | | 15,421 | | | — | | | — | | | 15,421 | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (38,190) | | | — | | | (38,190) | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | (1,054,102) | | | (1,054,102) | |
Balances June 30, 2020 | — | | | $ | — | | | 8,778,916 | | | $ | 878 | | | $ | 17,168,146 | | | $ | 96,211 | | | $ | (17,125,599) | | | $ | 139,636 | |
Stock-based compensation | — | | | — | | | — | | | — | | | 82,090 | | | — | | | — | | | 82,090 | |
Currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (83,704) | | | — | | | (83,704) | |
Net loss | — | | | — | | | — | | | — | | | — | | | — | | | (782,250) | | | (782,250) | |
Balances September 30, 2020 | — | | | $ | — | | | 8,778,916 | | | $ | 878 | | | $ | 17,250,236 | | | $ | 12,507 | | | $ | (17,907,849) | | | $ | (644,228) | |
| | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2021 | | 2020 |
Operating activities | | | |
Net loss | $ | (18,517,308) | | | $ | (2,334,160) | |
Adjustments to reconcile to net loss to net cash used in operating activities | | | |
Depreciation and amortization | 122,352 | | | 123,607 | |
Share-based compensation | 2,690,081 | | | 115,068 | |
Beneficial conversion feature on convertible debenture | 427,796 | | | (19,000) | |
Accretion of discount on convertible debenture | 116,147 | | | 43,385 | |
Change in fair value of warrants liability | (627,228) | | | — | |
Loss on disposal of asset | 1,349 | | | — | |
Gain on extinguishment of PPP Loan | (492,100) | | | — | |
Noncash lease expense | 2,141 | | | — | |
Change in operating assets and liabilities | | | |
Accounts receivable | (99,963) | | | 76,948 | |
Inventory | (5,126,698) | | | 32,266 | |
Prepaid expenses and other assets | (4,062,202) | | | (93,332) | |
Accounts payable | (240,200) | | | 427,332 | |
Accrued expenses | 2,260,833 | | | 137,983 | |
Deferred revenue | 66,493 | | | 220,662 | |
Net cash used in operating activities | (23,478,507) | | | (1,269,241) | |
Investing activities | | | |
Proceeds from sale of property and equipment | 7,784 | | | — | |
Purchase of property and equipment | — | | | (22,504) | |
| | | |
Net cash provided (used) in investing activities | 7,784 | | | (22,504) | |
Financing activities | | | |
| | | |
Proceeds from issuance of convertible notes | — | | | 496,500 | |
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 | (4,613) | | | — | |
Proceeds from PPP/EIDL Loan | — | | | 642,000 | |
Proceeds from exercise of stock options | 18,325 | | | — | |
Issuance of Common Stock | — | | | (3) | |
Issuance of Preferred Stock | 3,138,000 | | | — | |
Repayment proceeds from shareholder loan | — | | | (75,000) | |
Proceeds from shareholder loan | — | | | 75,000 | |
Net cash provided by financing activities | 62,159,593 | | | 1,138,497 | |
Effect of exchange rate on cash | 150,547 | | | (95,399) | |
Net increase (decrease) in cash and restricted cash | 38,839,417 | | | (248,647) | |
Cash and restricted cash at beginning of year | 2,275,895 | | | 326,703 | |
Cash and restricted cash at end of period | $ | 41,115,312 | | | $ | 78,056 | |
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The accompanying notes are an integral part of these condensed consolidated financial statements. |
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NUVVE HOLDING CORP. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |
(Unaudited) |
| Nine Months Ended September 30, |
| 2021 | | 2020 |
| | | |
| | | |
| | | |
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 | $ | 30,234,000 | | | $ | — | |
Issuance of Stonepeak and Evolve options | $ | 12,584,000 | | | $ | — | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Organization and Description of Business
(a)Description of Business
Nuvve Holding Corp., a Delaware corporation headquartered in San Diego, California (the “Company” or “Nuvve”), formerly known as NB Merger Corp., was founded on November 10, 2020 under the laws of the state of Delaware. On March 19, 2021, the Company (at the time known as NB Merger Corp.) acquired the outstanding shares of Nuvve Corporation (“Nuvve Corp.”), and the Company changed its name to Nuvve Holding Corp. (see Business Combination below).
The Company owns 100% of Nuvve Corporation, a Delaware corporation headquartered in San Diego, California (“Nuvve Corp.”), which was founded on October 18, 2010, to develop and commercialize Vehicle to Grid ("V2G") technology. Nuvve has developed a proprietary V2G technology, including the Company’s Grid Integrated Vehicle (“GIVe™”) cloud-based software platform, that enables it to link multiple electric vehicle ("EV") batteries into a virtual power plant ("VPP") to provide bi-directional energy to the electrical grid in a qualified and secure manner. The VPP can generate revenue by selling or making available to utility companies excess energy when the price is relatively high or buying energy when the price is relatively low. The V2G technology may allow energy users to reduce energy peak consumption and enable utilities to reduce the required internally generated peak demand. This V2G technology was initially developed in 1996 by Dr. Willett Kempton, Ph.D, at the University of Delaware and is now being deployed for commercial use as a part of the management of fleets of electric vehicles, including buses. Nuvve’s technology is patent protected. Nuvve’s first commercial operation was proven in Copenhagen in 2016. Since then, Nuvve has established operations in the United States, the United Kingdom, France, and Denmark. In addition to Nuvve’s algorithms and software, Nuvve provides complete V2G solutions to its customers, including V2G bidirectional chargers which are preconfigured to work with Nuvve’s GIVe platform. The Company’s technology is compatible with several charger manufacturers both in DC (such as CHAdeMO, a DC charging standard for electric vehicles, enabling seamless communication between the vehicle and the charger) and AC mode.
(b)Structure of the Company
Nuvve has two wholly owned subsidiaries, Nuvve Corp. and Nuvve Co (Nuvve Japan). Nuvve Corp. has three wholly owned subsidiaries: (1) Nuvve Denmark ApS, (“Nuvve Denmark”), a company registered in Denmark, (2) Nuvve SaS, a company registered in France, and (3) Nuvve LTD, a company registered in United Kingdom. In March 2020, following the establishment of its investment in Dreev in 2019 (Note 6), the Company ceased operations of its subsidiary, Nuvve SaS in France. The two employees of Nuvve SaS resigned from the Company in March 2020 and were concurrently hired by Dreev. Financial results for Nuvve SaS are included in the Company’s financial results through the cessation of operations.
On August 4, 2021, the Company formed Levo Mobility LLC, a Delaware limited liability company ("Levo"), with Stonepeak Rocket Holdings LP, a Delaware limited partnership (Stonepeak"), and Evolve Transition Infrastructure LP, a Delaware limited partnership ("Evolve"). Levo is a consolidated a entity of the Company. Please see Note 16 for a summary description of the key items of the Levo agreements, and Note 2 for the principles of consolidation. Levo is a sustainable infrastructure company focused on rapidly advancing the electrification of transportation by funding V2G-enabled EV fleet deployments. Levo utilizes Nuvve’s V2G technology and committed capital from Stonepeak and Evolve to offer Fleet-as-a-Service for school buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more to eliminate the primary barriers to EV fleet adoption including large upfront capital investments and lack of expertise in securing and managing EVs and associated charging infrastructure.
Levo's turnkey solution simplifies and streamlines electrification, can lower the total cost of EV operation for fleet owners, and support the grid when the EVs are not in use. For a fixed monthly payment with no upfront cost, Levo will provide the EVs, such as electric school buses, charging infrastructure powered by Nuvve’s V2G platform, EV and charging station maintenance, energy management, and technical advice.
Levo will initially focus on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children while supporting carbon dioxide emission reduction, renewable energy integration, and improved grid resiliency.
NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Note 2 – Summary of Significant Accounting Policies
(a)Basis of Presentation
The accompanying audited (i) condensed consolidated balance sheet as of December 31, 2020, which has been derived from audited financial statements, and (ii) the unaudited interim condensed financial statements have been prepared in accordance pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Therefore, it is suggested that these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Current Report on Form 8-K dated March 19, 2021, filed with the SEC.
In the opinion on management, in addition to the adjustments to record the business combination (the “Business Combination”) between Newborn Acquisition Corp (“Newborn”), the Company, and Nuvve Corp., pursuant to which the Company acquired the outstanding shares of Nuvve Corp. (see paragraph below), the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, cash flows, and stockholders’ equity for the interim periods, but are not necessarily indicative of the results to be anticipated for the full year 2021 or any future period.
The Business Combination between Newborn, a Special Purpose Acquisition Company (“SPAC”), the Company, prior to the Business Combination a wholly owned subsidiary of Newborn, and Nuvve Corp., prior to the Business Combination a privately held operating company, pursuant to which the Company acquired the outstanding shares of Nuvve Corp. (see Business Combination below) was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Reverse Re