EQUITY METHOD INVESTMENTS IN UNCONSOLIDATED AFFILIATES (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investments

The following tables summarize the carrying amounts, including changes therein, of our equity method investments:

	Three Months Ended September 30, 2022
	Sayona		Sayona Quebec		Atlantic Lithium		Total
Balance at beginning of period	$	17,117,606	$	33,047,198	$	14,068,805	$	64,233,609
Additional investments	—		4,032,068		—		4,032,068
Gain (loss) on dilution of equity method investments (1)	29,401,727		—		(34,446)		29,367,281
Loss from equity method investments	(228,393)		(453,986)		(1,320,238)		(2,002,617)
Share of income (loss) from equity method investments included in other comprehensive income (loss)	1,336,618		—		(133,521)		1,203,097
Balance at end of period	$	47,627,558	$	36,625,280	$	12,580,600	$	96,833,438

__________________________

(1)     Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium.

	Three Months Ended September 30, 2021
	Sayona		Sayona Quebec		Atlantic Lithium		Total
Balance at beginning of period	$	11,194,905	$	5,067,593	$	—	$	16,262,498
Additional investments	7,183,273		19,449,545		15,949,288		42,582,106
Loss from equity method investments	(374,151)		(36,387)		—		(410,538)
Share of income (loss) from equity method investments included in other comprehensive loss	105,263		—		—		105,263
Balance at end of period	$	18,109,290	$	24,480,751	$	15,949,288	$	58,539,329

	Nine Months Ended September 30, 2022
	Sayona		Sayona Quebec		Atlantic Lithium		Total
Balance at beginning of period	$	18,256,488	$	25,215,851	$	15,400,371	$	58,872,710
Additional investments	1,075,921		13,011,051		—		14,086,972
Gain (loss) on dilution of equity method investments (1)	29,401,727		—		(34,446)		29,367,281
Loss from equity method investments	(2,507,711)		(1,646,382)		(2,393,406)		(6,547,499)
Share of income (loss) from equity method investments included in other comprehensive loss	1,401,133		44,760		(391,919)		1,053,974
Balance at end of period	$	47,627,558	$	36,625,280	$	12,580,600	$	96,833,438

__________________________

(1) Gain (loss) on dilution of equity method investments relates to: (i) issuances of additional shares of Sayona, as discussed above, which reduced our ownership interest in Sayona, and as a result, we recognized a noncash gain of $29.4 million and (ii) the exercise of certain Atlantic Lithium stock options and share grants which resulted in a reduction of our ownership in Atlantic Lithium.

	Nine Months Ended September 30, 2021
	Sayona		Sayona Quebec		Atlantic Lithium		Total
Balance at beginning of period	$	—	$	—	$	—	$	—
Additional investments	18,474,092		24,517,138		15,949,288		58,940,518
Loss from equity method investments	(438,777)		(36,387)		—		(475,164)
Share of income (loss) from equity method investments included in other comprehensive loss	73,975		—		—		73,975
Balance at end of period	$	18,109,290	$	24,480,751	$	15,949,288	$	58,539,329

	As of September 30, 2022
	Sayona		Sayona Quebec	Atlantic Lithium
Fair value of equity investments where market values from publicly traded entities are readily available	$	178,254,197	Not publicly traded	$	28,440,000

The following tables present summarized financial information included in our share of income (loss) from equity method investments noted above for our significant equity investments. The balances below were compiled from information provided to us by each investee and are presented in accordance with U.S. GAAP:

	Three Months Ended September 30,
	2022						2021
	Sayona		Sayona Quebec		Atlantic Lithium		Sayona		Sayona Quebec
Revenue	$	—	$	—	$	—	$	—	$	—
Net loss from operations	(1,584,963)		(1,815,945)		(13,458,082)		(1,880,157)		(145,550)
Other comprehensive income (loss), net of tax	9,275,626		—		(1,361,066)		528,961		—
Comprehensive income (loss)	7,690,663		(1,815,945)		(14,819,148)		(1,351,196)		(145,550)

	Nine Months Ended September 30,
	2022						2021
	Sayona		Sayona Quebec		Atlantic Lithium		Sayona		Sayona Quebec
Revenue	$	—	$	—	$	—	$	—	$	—
Net loss from operations	(15,397,751)		(6,585,527)		(24,287,222)		(2,204,911)		(145,550)
Other comprehensive income (loss), net of tax	9,666,593		179,041		(3,968,514)		371,737		—
Comprehensive loss	(5,731,158)		(6,406,486)		(28,255,736)		(1,833,174)		(145,550)