v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
shares in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (210,705,940) $ (37,817,959)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 574,287 291,287
Tooling expense 350,500 0
Amortization of discount and debt issuance costs on long-term debt 0 850,800
Amortization of discount and loss on redemption of on mandatorily redeemable Series B preferred stock 5,857,092 482,589
Change in fair value of Convertible Note and loss on conversion to common stock 163,949,684 0
Change in fair value of warrant liability 12,176,690 18,935,392
Change in fair value of investment in LMC (864,900) 0
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 1,491,860 0
Interest on Convertible Note paid in common stock 1,283,695 0
Stock-based compensation 2,767,734 1,213,602
Other 0 41,588
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable (525,392) 33,863
Inventory (4,167,564) 122,407
Prepaid expenses (8,147,180) (4,538,704)
Accounts payable and accrued liabilities 979,364 (3,128,203)
Warranty liability (2,435,922) (551,798)
Customer deposits (226,000) (72,000)
Net cash used in operating activities (37,641,992) (24,137,136)
Cash flows from investing activities:    
Capital expenditures (1,639,897) (4,001,838)
Proceeds on disposition of property, plant and equipment 0 5,000
Net cash used in investing activities (1,639,897) (3,996,838)
Cash flows from financing activities:    
Proceeds from convertible debt 68,925,000 0
Proceeds from long-term debt 1,411,000 5,854,140
Redemption of Series B preferred stock (25,000,000) 0
Proceeds from issuance of Series B preferred stock 0 25,000,000
Issuance of common stock 0 5,928,235
Exercise of warrants and options and restricted share award activity 49,300,214 0
Net cash provided by financing activities 94,636,214 36,782,375
Change in cash and cash equivalents 55,354,325 8,648,401
Cash, cash equivalents and restricted cash, beginning of the period 24,868,416 1,512,750
Cash and cash equivalents, end of the period 80,222,741 10,161,151
Conversion of convertible note, amount $ 149,000,000.0  
Convertible Note, at fair value    
Shares issued upon conversion (in shares) 14.4  
Conversion of convertible note, amount $ 40,500,000  
Credit risk adjustment in fair value of Convertible Note 1,100,000  
Credit Risk | Convertible Note, at fair value    
Credit risk adjustment in fair value of Convertible Note $ 1,100,000 $ 0

Source