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 ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (245,241,272) $ (210,705,940)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,342,348 574,287
Tooling expense 0 350,500
Amortization of discount on mandatorily redeemable Series B preferred stock 0 5,857,092
Change in fair value of convertible notes and loss on conversion to common stock (27,600,000) 163,949,684
Change in fair value of warrant liability 0 12,176,690
Change in fair value and loss on sale of Investment in LMC 225,429,997 (864,900)
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 0 1,491,860
Interest on convertible notes paid in common stock 0 1,283,695
Stock-based compensation 3,253,546 2,767,734
Write down of inventory (10,919,259) 0
Forgiveness of PPP Term Note (1,411,000) 0
Deferred taxes (21,833,930) 0
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable 1,035,715 (525,392)
Inventory (35,118,442) (4,167,564)
Prepaid expenses and other current assets (2,220,967) (8,147,180)
Accounts payable and accrued liabilities 3,743,729 753,364
Warranty liability (508,002) (2,435,922)
Net cash used in operating activities (110,047,537) (37,641,992)
Cash flows from investing activities:    
Capital expenditures (3,803,807) (1,639,897)
Net cash used in investing activities (3,803,807) (1,639,897)
Cash flows from financing activities:    
Proceeds from Convertible Note II 0 68,925,000
Proceeds from PPP Term Note 0 1,411,000
Proceeds from sale of Investment in LMC 105,789,310 0
Commissions and fees on sale of Investment in LMC (662,563) 0
Redemption of Series B preferred stock 0 (25,000,000)
Exercise of warrants and options and restricted share award activity (2,083,046) 49,300,214
Net cash provided by financing activities 103,043,701 94,636,214
Change in cash and cash equivalents (10,807,643) 55,354,325
Cash, cash equivalents and restricted cash, beginning of the period 241,229,067 24,868,416
Cash and cash equivalents, end of the period $ 230,421,424 $ 80,222,741