Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net (loss) income $ (120,506,771) $ 4,756,691
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 311,144 171,761
Tooling expense 0 353,786
Amortization of discount on mandatorily redeemable Series B preferred stock 0 377,583
Change in fair value of convertible notes and loss on conversion to common stock (15,500,000) (5,136,448)
Change in fair value of warrant liability 0 (9,145,000)
Change in fair value of investment in LMC 136,605,952 (864,900)
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 0 500,000
Interest on convertible notes paid in common stock 0 264,212
Stock-based compensation 892,428 859,027
Write down of inventory (361,717) 0
Forgiveness of PPP Term Note (1,411,000) 0
Deferred taxes (17,632,492) 0
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable (9,635) (35,393)
Inventory (14,842,677) (832,678)
Prepaid expenses (3,813,318) 55,165
Accounts payable and accrued liabilities 1,509,399 1,552,484
Warranty liability (144,957) (699,094)
Net cash used in operating activities (34,903,644) (7,822,804)
Cash flows from investing activities:    
Capital expenditures (1,264,767) (463,985)
Net cash used in investing activities (1,264,767) (463,985)
Cash flows from financing activities:    
Exercise of warrants and options and restricted share award activity 14,220 243,000
Net cash provided by financing activities 14,220 243,000
Change in cash and cash equivalents (36,154,191) (8,043,789)
Cash, cash equivalents and restricted cash, beginning of the period 241,229,067 24,868,416
Cash and cash equivalents, end of the period $ 205,074,876 $ 16,824,627