Annual report pursuant to Section 13 and 15(d)

Summary of Business and Significant Accounting Principles (Tables)

v3.20.4
Summary of Business and Significant Accounting Principles (Tables)
12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Estimated Useful Lives Depreciation is calculated using the straight-line method, based upon the following estimated useful lives:
Buildings and improvements
15 - 39 years
Land improvements 15 years
Equipment and vehicles
3 - 6 years
Tooling 5 years
Schedule of Accrued Liabilities
Accrued liabilities consist of the following:

December 31,
2020 2019
Accrued payroll and taxes $ 2,537,353  $ 954,225 
Loan interest payable 1,711,111  112,750 
Customer allowance accrual 1,412,500  1,412,500 
Other 334,338  928,709 
Total accrued liabilities $ 5,995,302  $ 3,408,184 
Schedule of Warranty Accrual
Activity for the Company's warranty accrual is as follows:
December 31,
2020 2019
Balance, beginning of year $ 6,001,864  $ 7,058,769 
Accrual for warranty (1)
2,115,762  92,191 
Warranty costs incurred (2,717,626) (1,149,096)
Balance, end of year $ 5,400,000  $ 6,001,864 

(1) The increase to the warranty accrual in 2020 primarily relates to a change in estimate in the amount of labor required to maintain our current warranty program with our 2016 and 2017 E-Series trucks. The expense includes estimated costs for labor and transportation and excludes any contribution from vendors.
Schedule of Earnings Per Share, Basic and Diluted
The following table shows the computation of basic and diluted earnings per share:
Years Ended December 31,
2020 2019
Net income (loss) $ 69,776,499  $ (37,162,827)
Deemed dividends —  86,207 
Net income (loss) attributable to common stockholders $ 69,776,499  $ (37,249,034)
Basic weighted average shares outstanding 92,871,936  64,314,756 
Dilutive effect of options and warrants 1,410,605  — 
Dilutive effect of convertible notes 5,667,327  — 
Diluted weighted average shares outstanding 99,949,868  64,314,756 
Anti-dilutive options and warrants excluded from diluted average shares outstanding 1,041,531  36,021,502