Annual report pursuant to Section 13 and 15(d)

SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING PRINCIPLES (Tables)

v3.22.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING PRINCIPLES (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Estimated Useful Lives Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, as follows:
Buildings and improvements
15 - 39 years
Land improvements 15 years
Equipment and vehicles
3 - 7 years
Tooling 5 years
Schedule of Warranty Liability Accrual
Activity for the Company's warranty liability accrual is as follows:
December 31,
2022 2021
Balance, beginning of year $ 4,583,916  $ 5,400,000 
Accrual for warranty(1)
(987,701) 1,045,578 
Warranty costs incurred (1,388,541) (1,861,662)
Balance, end of year $ 2,207,674  $ 4,583,916 
(1) The decrease to the warranty liability accrual in 2022 primary relates to a decreased volume of vehicles covered under warranty as well as a lower liability per vehicle as compared to 2021.
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the reconciliation of net (loss) income and reconciliation of basic and diluted weighted average shares outstanding used in computing diluted net loss per share of common stock:
Year Ended December 31,
2022 2021 2020
Net (loss) income $ (117,274,218) $ (401,344,813) $ 69,776,499 
Basic weighted average shares outstanding 158,576,305  128,676,131  92,871,936 
Dilutive effect of options and warrants —  —  1,410,605 
Dilutive effect of convertible notes —  —  5,667,327 
Diluted weighted average shares outstanding 158,576,305  128,676,131  99,949,868 
Schedule of Computation of Diluted Net (Loss) Income Per Share of Common Stock
The following table presents the potentially dilutive shares that were excluded from the computation of diluted net (loss) income per share of common stock, because their effect was anti-dilutive:
Year Ended December 31,
2022 2021 2020
Stock-based awards and warrants 6,159,285  3,152,059 1,041,531
Convertible notes —  779,258  —