Prepaid Expenses and Other Current Assets
|9 Months Ended|
Sep. 30, 2022
|Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]|
|Prepaid Expenses and Other Current Assets||PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets consisted of the following:
(1) The Company’s prepaid purchases consists primarily of deposits made to our suppliers for non-recurring engineering costs, capital expenditures, and production parts. The increase in prepaid purchases as compared to December 31, 2021 is primarily due to deposits on supplier orders related to the Company’s W4CC and W750 vehicle platform.(2) We record reserves on prepaid purchases that are significantly aged, for balances that represent deposits for certain production parts related to the Company’s C-Series vehicle platform, and for balances specifically identified as having a carrying value in excess of net realizable value. The reserve represents our best estimate of deposits on orders that we do not expect to recover.
The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets.
No definition available.