Annual report pursuant to Section 13 and 15(d)

Revenue

v3.20.4
Revenue
12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Recognition

Net sales include products and shipping and handling charges, net of estimates for customer allowances. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature.

Revenues related to repair and maintenance services are recognized over time as services are provided. Payment for vehicles, services, and merchandise are typically received at the point when control transfers to the customer or in accordance with payment terms customary to the business.

Accounts Receivable

Credit is extended based upon an evaluation of the customer’s financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for credit losses is based on an analysis of customer accounts, which considers history of past write-offs, collections, and current and future credit conditions.

As the majority of our contracts have a single performance obligation which are satisfied within one year from a given reporting date, we omit disclosures of the transaction price apportioned to remaining performance obligations on open orders.

Disaggregation of Revenue

Our revenues related to the following types of business were as follows:
Years Ended December 31,
2020 2019
Automotive $ 1,285,327  $ 240,280 
Aviation 71,830  — 
Other 35,362  136,282 
Total revenues $ 1,392,519  $ 376,562 

Automotive – consists of sales of any of our truck platforms. We recognize revenue when control transfers upon shipment to the customer.

Aviation – consists of sales of any of our drone systems. We recognize revenue when control transfers upon shipment to the customer.

Other – consists of grant-related research work and non-warranty after-sales vehicle services.