Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (164,125,858) $ (126,575,218)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 787,846 368,372
Tooling expense 0 353,786
Amortization of discount on mandatorily redeemable Series B preferred stock 0 762,614
Change in fair value of convertible notes and loss on conversion to common stock (7,000,000) 96,145,019
Change in fair value of warrant liability 0 12,176,690
Change in fair value of investment in LMC 148,305,618 (864,900)
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 0 1,000,000
Interest on convertible notes paid in common stock 0 988,897
Stock-based compensation 2,032,341 2,029,218
Write down of inventory (7,560,774) 0
Forgiveness of PPP Term Note (1,411,000) 0
Deferred taxes (18,914,439) 0
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable (822,445) (15,348)
Inventory (26,477,331) (2,378,143)
Prepaid expenses (7,499,919) 59,882
Accounts payable and accrued liabilities 1,952,104 117,047
Warranty liability (533,787) (1,922,095)
Net cash used in operating activities (81,267,644) (17,754,179)
Cash flows from investing activities:    
Capital expenditures (3,281,213) (974,115)
Net cash used in investing activities (3,281,213) (974,115)
Cash flows from financing activities:    
Proceeds from PPP Term Note 0 1,411,000
Exercise of warrants and options and restricted share award activity (69,416) 18,646,709
Net cash (used in) provided by financing activities (69,416) 20,057,709
Change in cash and cash equivalents (84,618,273) 1,329,415
Cash, cash equivalents and restricted cash, beginning of the period 241,229,067 24,868,416
Cash and cash equivalents, end of the period $ 156,610,794 $ 26,197,831