Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 4,756,691 $ (6,264,172)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 171,761 96,687
Tooling expense 353,786 0
Amortization of discount and debt issuance costs on long-term debt 0 129,050
Amortization of discount on mandatorily redeemable Series B preferred stock 377,583 0
Change in fair value of Convertible Note and loss on conversion to common stock 5,136,448 0
Change in fair value of warrant liability (9,145,000) 568,066
Change in fair value of investment in LMC (864,900) 0
Dividends for mandatorily redeemable Series B preferred stock paid in common stock 500,000 0
Interest on Convertible Note paid in common stock 264,212 0
Stock-based compensation 859,027 691,070
Effects of changes in operating assets and liabilities:    
Accounts and lease receivable (35,393) (351,138)
Inventory (832,678) 42,818
Prepaid expenses 55,165 225,761
Accounts payable and accrued liabilities 1,665,484 (747,229)
Warranty liability (699,094) (147,602)
Customer deposits (113,000) (12,000)
Net cash used in operating activities (7,822,804) (5,768,689)
Cash flows from investing activities:    
Capital expenditures (463,985) 0
Net cash used in investing activities (463,985) 0
Cash flows from financing activities:    
Proceeds from long-term debt 0 4,104,140
Issuance of common stock 0 2,999,735
Exercise of warrants and options 243,000 0
Net cash provided by financing activities 243,000 7,103,875
Change in cash, cash equivalents and restricted cash (8,043,789) 1,335,186
Cash, cash equivalents and restricted cash, beginning of the period 24,868,416 1,512,750
Cash and cash equivalents, end of the period 16,824,627 2,847,936
Total cash, cash equivalents and restricted cash 16,824,627 $ 2,847,936
Conversion of convertible note, amount 4,335,557  
Convertible Note, at fair value    
Fair value option, gain (loss) related to change in fair value (11,400,000)  
Credit Risk | Convertible Note, at fair value    
Fair value option, gain (loss) related to change in fair value $ 1,100,000