v3.23.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (63,706,540) $ (19,435,884)
Adjustments to reconcile net loss to net cash used in operating activities    
Loss on sale/disposal of fixed assets 392,472 781,492
Depreciation and amortization 4,986,192 4,094,854
Impairment of long-lived assets 626,848 0
Stock based compensation expense 32,045,584 4,780
Change in fair value of the Warrants (533,000) 0
Change in fair value of freestanding derivative 50,559 0
Amortization of debt issuance costs 483,526 89,732
Interest accrued on Legacy Bridger Series B Preferred Shares 0 3,586,587
Change in fair value of Legacy Bridger Series C Preferred Shares 0 945,455
Change in fair value of Series A Preferred Stock (224,080) 0
Realized gain on investments in marketable securities (407,761) 0
Changes in operating assets and liabilities    
Accounts receivable [1] (11,786,830) (4,611,847)
Aircraft support parts 1,326,376 170,475
Prepaid expense and other current and noncurrent assets (3,339,409) 522,745
Accounts payable, accrued expenses and other liabilities (13,358,549) 3,822,406
Net cash used in operating activities (53,444,612) (10,029,205)
Cash Flows from Investing Activities:    
Investments in construction in progress – buildings (2,444,633) (3,983,754)
Proceeds from sales and maturities of marketable securities 42,723,969 0
Sale of property, plant and equipment 814,000 286,400
Purchases of property, plant and equipment (12,528,089) (5,300,950)
Net cash provided by (used in) investing activities 28,565,247 (8,998,304)
Cash Flows from Financing Activities:    
Borrowing from Legacy Bridger Series C Preferred shares members, net of issuance costs 0 293,684,675
Payment of finance lease liability (15,615) 0
Proceeds from the Closing 3,193,536 0
Costs incurred related to the Closing (6,793,574) 0
Borrowings from various First Interstate Bank vehicle loans 0 202,217
Payment of debt issuance costs 0 (3,000)
Repayments on debt (880,613) (962,904)
Net cash (used in) provided by financing activities (4,496,266) 122,921,765
Effects of exchange rate changes 406 (263)
Net change in cash, cash equivalents and restricted cash (29,375,225) 103,893,993
Cash, cash equivalents and restricted cash – beginning of the period 42,459,626 17,261,132
Cash, cash equivalents and restricted cash – end of the period 13,084,401 121,155,125
Less: Restricted cash – end of the period 12,239,819 3,922,506
Cash and cash equivalents – end of the period 844,582 117,232,619
Supplemental disclosure of non-cash operating and financing activities    
Assumption of Jack Creek liabilities 7,463,673 0
Recognition of warrant liabilities 5,863,000 0
Recognition of Deferred underwriting fee 1,500,000 0
Recognition of new right-of-use asset and corresponding operating lease liability 1,092,519 0
Bonuses paid in Class A Common Stock 4,927,620 0
Deferred offering costs included in accrued expenses and other current liabilities 388,120 1,455,840
Issuance costs on Legacy Bridger Series C Preferred Shares 0 5,000,000
Supplemental cash flow information    
Interest paid [2] 11,489,494 3,715,257
Fixed assets in accounts payable 1,841,142 2,640,384
Conversion of Promissory Note to Common Stock 897,400 0
Series A Preferred Stock – adjustment for deemed dividend upon Closing 48,300,000 0
Series A Preferred Stock – adjustment to eliminate 50% multiplier 156,362,597 0
Series A Preferred Stock - adjustment to maximum redemption value 10,080,021 0
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment and accrued interest 0 85,663,336
Legacy Bridger Series C Preferred Shares adjustment to maximum redemption value 0 191,240,782
Series A Preferred Stock    
Cash Flows from Financing Activities:    
Payments to Legacy Bridger preferred shares members 0 (100,000,000)
Series B Preferred Stock    
Cash Flows from Financing Activities:    
Payments to Legacy Bridger preferred shares members $ 0 $ (69,999,223)
[1] Includes related party accounts receivable of $427,454 for the six months ended June 30, 2023.
[2] Includes related party interest paid of approximately $575,000 for the 2022 taxable industrial revenue bond for the six months ended June 30, 2023.

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