Workhorse (WKHS) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37673
Entity Registrant Name	WORKHORSE GROUP INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	26-1394771
Entity Address, Address Line One	100 Commerce Drive
Entity Address, City or Town	Loveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45140
City Area Code	513
Local Phone Number	360-4704
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	WKHS
Entity Common Stock, Shares Outstanding		123,260,319
Entity Central Index Key	0001425287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 205,074,876	$ 46,817,825
Restricted cash held in escrow	0	194,411,242
Investment in LMC	193,950,792	0
Accounts and lease receivable, less allowance for credit losses of zero at March 31, 2021 and December 31, 2020, respectively	1,141,799	1,132,164
Inventory, net	30,671,406	15,467,012
Prepaid expenses	36,572,534	32,759,216
Total current assets	467,411,407	290,587,459
Noncurrent assets
Property, plant and equipment, net	12,351,789	11,398,166
Investment in LMC, net of current portion	0	330,556,744
Total Assets	479,763,196	632,542,369
Current liabilities:
Accounts payable	6,373,149	4,790,763
Accrued liabilities	5,922,315	5,995,302
Warranty liability	5,255,043	5,400,000
PPP Term Note	0	1,411,000
Total current liabilities	17,550,507	17,597,065
Other long-term liabilities	207,040	207,040
Deferred tax liability	4,201,438	21,833,930
Convertible notes, at fair value	182,200,000	197,700,000
Total Liabilities	204,158,985	237,338,035
Commitments and contingencies
Stockholders’ Equity:
Series A preferred stock, par value $0.001 per share, 75,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2021 and December 31, 2020	0	0
Common stock, par value $0.001 per share, 250,000,000 shares authorized, 123,254,853 shares issued and outstanding as of March 31, 2021 and 121,922,532 shares issued and outstanding as of December 31, 2020	123,255	121,923
Additional paid-in capital	505,017,758	504,112,442
Accumulated deficit	(229,536,802)	(109,030,031)
Total stockholders' equity	275,604,211	395,204,334
Total Liabilities and Stockholders' Equity	$ 479,763,196	$ 632,542,369

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 0	$ 0
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	123,254,853	121,922,532
Common stock, shares outstanding (in shares)	123,254,853	121,922,532

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 521,060	$ 84,300
Cost of sales	6,225,299	1,747,975
Gross loss	(5,704,239)	(1,663,675)
Operating expenses
Selling, general and administrative	6,885,830	5,565,787
Research and development	3,863,715	1,902,236
Total operating expenses	10,749,545	7,468,023
Other (loss) income	(136,605,952)	864,900
Loss from operations	(153,059,736)	(8,266,798)
Interest income, net	(14,920,473)	(13,023,489)
(Loss) income before provision (benefit) for income taxes	(138,139,263)	4,756,691
Provision (benefit) for income taxes	(17,632,492)	0
Net (loss) income	$ (120,506,771)	$ 4,756,691
Net (loss) income per share of common stock - basic (in usd per share)	$ (0.98)	$ 0.07
Net (loss) income per share of common stock - diluted (in usd per share)	$ (1.04)	$ 0.06
Weighted average number of common shares outstanding - basic (in shares)	122,633,856	68,465,759
Weighted average number of common shares outstanding - diluted (in shares)	128,301,184	83,768,820

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net (loss) income	$ (120,506,771)	$ 4,756,691
Other comprehensive (loss) income
Comprehensive (loss) income	(120,506,771)	5,856,691
Credit Risk | Convertible Notes Payable
Other comprehensive (loss) income
Credit risk adjustment in fair value of convertible notes	$ 0	$ 1,100,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)	Total	Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2019		0	67,105,000
Beginning balance at Dec. 31, 2019	$ (34,913,110)	$ 0	$ 67,105	$ 143,826,315	$ (178,806,530)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options and warrants exercised, and vesting of restricted shares (in shares)			432,112
Stock options and warrants exercised, and vesting of restricted shares	243,000		$ 432	242,568
Common stock issued for preferred stock dividends (in shares)			308,642
Common stock issued for preferred stock dividends	500,000		$ 309	499,691
Conversion of convertible notes (in shares)			1,546,889
Conversion of convertible notes	5,193,552		$ 1,547	5,192,005
Common stock issued for interest on convertible notes (in shares)			101,193
Common stock issued for interest on convertible notes	264,212		$ 101	264,111
Stock-based compensation	859,027			859,027
Net (loss) income	4,756,691				4,756,691
Other comprehensive income	1,100,000					1,100,000
Ending balance (in shares) at Mar. 31, 2020		0	69,493,836
Ending balance at Mar. 31, 2020	(21,996,628)	$ 0	$ 69,494	150,883,717	(174,049,839)	1,100,000
Beginning balance (in shares) at Dec. 31, 2020		0	121,922,532
Beginning balance at Dec. 31, 2020	395,204,334	$ 0	$ 121,923	504,112,442	(109,030,031)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock options and warrants exercised, and vesting of restricted shares (in shares)			1,332,321
Stock options and warrants exercised, and vesting of restricted shares	14,220		$ 1,332	12,888
Stock-based compensation	892,428			892,428
Net (loss) income	(120,506,771)				(120,506,771)
Ending balance (in shares) at Mar. 31, 2021		0	123,254,853
Ending balance at Mar. 31, 2021	$ 275,604,211	$ 0	$ 123,255	$ 505,017,758	$ (229,536,802)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net (loss) income	$ (120,506,771)	$ 4,756,691
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	311,144	171,761
Tooling expense	0	353,786
Amortization of discount on mandatorily redeemable Series B preferred stock	0	377,583
Change in fair value of convertible notes and loss on conversion to common stock	(15,500,000)	(5,136,448)
Change in fair value of warrant liability	0	(9,145,000)
Change in fair value of investment in LMC	136,605,952	(864,900)
Dividends for mandatorily redeemable Series B preferred stock paid in common stock	0	500,000
Interest on convertible notes paid in common stock	0	264,212
Stock-based compensation	892,428	859,027
Write down of inventory	(361,717)	0
Forgiveness of PPP Term Note	(1,411,000)	0
Deferred taxes	(17,632,492)	0
Effects of changes in operating assets and liabilities:
Accounts and lease receivable	(9,635)	(35,393)
Inventory	(14,842,677)	(832,678)
Prepaid expenses	(3,813,318)	55,165
Accounts payable and accrued liabilities	1,509,399	1,552,484
Warranty liability	(144,957)	(699,094)
Net cash used in operating activities	(34,903,644)	(7,822,804)
Cash flows from investing activities:
Capital expenditures	(1,264,767)	(463,985)
Net cash used in investing activities	(1,264,767)	(463,985)
Cash flows from financing activities:
Exercise of warrants and options and restricted share award activity	14,220	243,000
Net cash provided by financing activities	14,220	243,000
Change in cash and cash equivalents	(36,154,191)	(8,043,789)
Cash, cash equivalents and restricted cash, beginning of the period	241,229,067	24,868,416
Cash and cash equivalents, end of the period	$ 205,074,876	$ 16,824,627

Summary of Business and Signifi

Summary of Business and Significant Accounting Principles	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Business and Significant Accounting Principles	SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING PRINCIPLES Nature of operations and basis of presentation Workhorse Group Inc. (“Workhorse”, the “Company”, “we”, “us” or “our”) is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. As an American manufacturer, we create all-electric delivery trucks and drone systems, including the technology that optimizes the way these mechanisms operate. We are last-mile delivery’s first purpose-built electric mobility solution and we are currently focused on our core competency of bringing the C-Series electric delivery trucks to market and fulfilling our existing backlog of orders. The consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles “GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. In the opinion of Management, the Unaudited Condensed Consolidated Financial Statements include all adjustments that are necessary for the fair presentation of Workhorse’s financial conditions, results of operations and cash flows for the interim periods presented. Such adjustments are of a normal, recurring nature. The results of operations and cash flows for the interim periods presented may not necessarily be indicative of full-year results. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020. Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain reclassifications were made to the prior year condensed consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or stockholders' equity. Impact of COVID-19 Pandemic In December 2019, a novel coronavirus disease (“COVID-19”) was reported. On January 30, 2020, the World Health Organization (“WHO”) declared COVID-19 a Public Health Emergency of International Concern. On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. As of March 31, 2021, our locations and primary suppliers continue to operate. The number of COVID-19 cases amongst our employees decreased significantly during the three months ended March 31, 2021 as compared to the fourth quarter of 2020. During the first quarter of 2021, there has been a trend in many parts of the world of increasing availability and administration of vaccine against COVID-19, as well as an easing of restrictions on social, business, travel and government activities and functions. However, infection rates and regulation continue to fluctuate and there continue to be global impacts resulting from the pandemic, including increases in costs for logistics and supply chains, port congestion, supplier delays and a shortfall of microchip supply. Although the internal outbreak has been addressed, we are continuing to work through supplier constraints caused as a result of the COVID-19 outbreak, as well as the microchip shortage. For further discussion of the possible impact of the COVID-19 pandemic on our business, see “Part I – Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

Inventory, NET

Inventory, NET	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventory, NET	INVENTORY, NET Inventory, net consists of the following: March 31, 2021 December 31, 2020 Raw materials $ 28,252,565 $ 16,759,232 Work in process 4,495,320 422,176 Finished goods 277,053 277,419 33,024,938 17,458,827 Less: inventory reserve (2,353,532) (1,991,815) Inventory, net $ 30,671,406 $ 15,467,012

Investments in LMC

Investments in LMC	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Investments in LMC	INVESTMENT IN LMC The Company's investment in LMC is measured at fair value, which was approximately $194.0 million and $330.6 million as of March 31, 2021 and December 31, 2020, respectively. The decrease in fair value of our investment for the period was recorded as a charge to earnings. See Note 12 for additional disclosures relating to our investment. The following table presents a reconciliation of our investment in LMC: March 31, 2021 December 31, 2020 Investment in LMC, at fair value $ 193,950,792 $ 330,556,744 Less: current portion (193,950,792) — Investment in LMC, net of current portion $ — $ 330,556,744 As of December 31, 2020, the Company reported the fair value of its investment in the non-current assets section of its Consolidated Balance Sheets due to the Company's intention to hold this investment for purposes of continued affiliation and business advantage. In connection with the LMC Merger, the Company agreed, subject to certain exceptions, to not sell any of its LMC shares for a period of six months. In April 2021, the six month holding period ended and the Company has the ability to monetize a portion or all of its investment. Therefore, the Company reported the fair value of its investment in the current assets section of its Condensed Consolidated Balance Sheets as of March 31, 2021.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for customer allowances. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Revenues related to repair and maintenance services are recognized over time as services are provided. Payment for vehicles, services, and merchandise are typically received at the point when control transfers to the customer or in accordance with payment terms customary to the business. Accounts Receivable Credit is extended based upon an evaluation of the customer’s financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for credit losses is based on an analysis of customer accounts, which considers history of past write-offs, collections, and current and future credit conditions. As the majority of our contracts have a single performance obligation which are satisfied within one year from a given reporting date, we omit disclosures of the transaction price apportioned to remaining performance obligations on open orders. Disaggregation of Revenue Our revenues related to the following types of business were as follows: Three Months Ended March 31, 2021 2020 Automotive $ 495,000 $ — Aviation 22,400 60,783 Other 3,660 23,517 Total revenues $ 521,060 $ 84,300 Automotive - consists of sales of any of our truck platforms. We recognize revenue when control transfers upon shipment to the customer. Aviation - consists of sales of our drone systems. We recognize revenue when control transfers upon shipment to the customer. Other - consists of non-warranty after-sales vehicle services.

Convertible Note and PPP Term N

Convertible Note and PPP Term Note	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Convertible Note and PPP Term Note	CONVERTIBLE NOTES AND PPP TERM NOTE 4.0% Senior Secured Convertible Notes Due 2024 ( “ 2024 Notes ” ) The contractual principal balance of the 2024 Notes was $200.0 million as of March 31, 2021 and December 31, 2020, and the fair value of the 2024 Notes was approximately $182.2 million and $197.7 million as of March 31, 2021 and December 31, 2020, respectively. The $15.5 million decrease in the fair value of the 2024 Notes was primarily due to the decline in our stock price and was recorded in Interest Income. No portion of the change in fair value for the period was related to change in credit risk. Proceeds from the 2024 Notes were required to be held in escrow until the Company completed certain requirements related to the collateral. In January 2021, such requirements were met and the proceeds were released from escrow. The 2024 Notes are due October 14, 2024 and are convertible at a rate of $35.29 per share, subject to change for anti-dilution adjustments and adjustments for certain corporate events. No portion of the principal balance was converted during the three months ended March 31, 2021. Interest is payable quarterly beginning January 15, 2021 at a rate of 4.0% per annum. Interest expense for the three months ended March 31, 2021 related to the 2024 Notes was $2.0 million. There are no required redemptions of the 2024 Notes and they will generally not be redeemable at the option of the Company prior to the third anniversary of their issue date. Accordingly, the Company has classified the full balance of the 2024 Notes as long-term on the Condensed Consolidated Balance Sheets. The 2024 Notes include certain covenants, including limitations on liens, additional indebtedness, investments, dividends and other restricted payments, and customary events of default. The Company is also required to have a minimum sales backlog of at least $25.0 million as of the period ending March 31, 2022, $50.0 million as of the period ending June 30, 2022, $75.0 million as of the period ending September 30, 2022 and $100.0 million as of the period ending December 31, 2022. PPP Term Note On April 14, 2020, the Company entered into a Paycheck Protection Program Term Note (“PPP Term Note”) with PNC Bank, N.A. under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Company received total proceeds of approximately $1.4 million from the PPP Term Note, which was due on April 13, 2022. In accordance with the requirements of the CARES Act, the Company used the proceeds primarily for payroll costs. Interest accrued on the PPP Term Note at the rate of 1.0% per annum. The Company elected to account for the PPP Term Note as debt

Mandatorily Redeemable Series B

Mandatorily Redeemable Series B Preferred Stock	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Mandatorily Redeemable Series B Preferred Stock	MANDATORILY REDEEMABLE SERIES B PREFERRED STOCK On June 5, 2019, the Company closed agreements for the sale of 1,250,000 units consisting of one share of Series B Preferred Stock (the “Preferred Stock”), with a stated value of $20.00 per share (the “Stated Value”) and a common stock purchase warrant to purchase 7.41 shares of the Company's common stock (the “Warrants”) for an aggregate purchase price of $25.0 million. The Preferred Stock was not convertible and did not hold voting rights. On September 28, 2020, the Company redeemed its Series B Preferred Stock in full for cash. Dividends on all shares of Series B Preferred Stock were paid in full as of the redemption date and have ceased to accumulate. The Preferred Stock ranked senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, winding-up or dissolution. The Preferred Stock was entitled to annual dividends at a rate equal to 8.0% per annum on the Stated Value. The Warrants had exercise price of $1.62 per share and expired seven years from the date of issuance. Accrued dividends were payable quarterly in shares of common stock of the Company based on a fixed share price of $1.62. During the three months ended March 31, 2020, the Company issued 0.3 million shares of common stock to the holders of the Preferred Stock. As the Preferred Stock was mandatorily redeemable, it was classified as a liability on the Condensed Consolidated Balance Sheets. All dividends payable on the Preferred Stock were classified as Interest Expense. The Preferred Stock and Warrants were considered freestanding financial instruments and were accounted for separately. The Warrants were considered equity instruments and not marked-to-market at each reporting period. On the date of issuance, the value of the Warrants was $6.7 million, which was determined using the Black-Scholes valuation model. The fair value of the Warrants was recorded as an increase to Additional Paid-In Capital and a discount of the Preferred Stock. The discount was amortized to Interest Expense using the effective interest method. Amortization of the discount for the three months ended March 31, 2020 was approximately $0.4 million.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The Company maintains, as approved by the board of directors, the 2019 Stock Incentive Plan (the “Plan”) providing for the issuance of stock-based based awards to employees, officers, directors or consultants of the Company. Non-qualified stock options may only be granted with an exercise price equal to the market value of the Company’s common stock on the grant date. Awards under the Plan may be either vested or unvested options, or unvested restricted stock. The Plan has authorized 8.0 million shares for issuance of stock-based awards. As of March 31, 2021 and March 31, 2020, there were approximately 6.3 million and 8.0 million shares available for issuance of future stock awards, respectively, which includes shares available under the 2019 and 2017 incentive plans. Stock-based compensation expense The following table summarizes stock-based compensation expense: Three Months Ended March 31, 2021 2020 Stock options $ 70,412 $ 80,430 Restricted stock 822,016 778,597 Total stock-based compensation $ 892,428 $ 859,027 Stock options The following table summarizes option activity: Number of Options Weighted Weighted Weighted Balance, December 31, 2020 2,351,240 $ 2.00 5.5 Granted — — — Exercised (743,535) 3.15 Forfeited — — Expired (29,000) 4.99 Balance, March 31, 2021 1,578,705 $ 1.41 5.8 Number of options exercisable at March 31, 2021 1,264,205 $ 1.44 6.5 As of March 31, 2021, unrecognized compensation expense was $0.2 million for unvested options which is expected to be recognized over the next 1.9 years. Restricted stock The following table summarizes restricted stock activity: Number of Unvested Shares Weighted Average Grant Date Fair Value per Share Balance, December 31, 2020 1,377,889 $ 2.70 Granted 230,373 15.28 Vested (299,039) 2.73 Forfeited — — Balance, March 31, 2021 1,309,223 $ 4.94 As of March 31, 2021, unrecognized compensation expense was $5.6 million for unvested restricted stock awards which is expected to be recognized over the next 2.3 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company has not generated taxable income since inception and the fair value of our investment in LMC has substantially decreased during the first quarter of 2021, resulting in a reduction to the corresponding deferred tax liability. Accordingly, the cumulative deferred tax assets are fully reserved as of March 31, 2021, as there is not sufficient evidence to conclude that it is more likely than not that deferred tax assets are realizable. The Company reduced the deferred tax liability to $4.2 million, resulting in a deferred tax benefit of approximately $17.6 million for the three months ended March 31, 2021. No current liability for federal or state income taxes has been included in these Condensed Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic (loss) income per share of common stock is calculated by dividing net (loss) income by the weighted-average shares outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards and warrants using the treasury stock method, and convertible notes using the if-converted method, are included when calculating the diluted net (loss) income per share of common stock when their effect is dilutive. The following table presents the reconciliation of net (loss) income used in computing diluted net (loss) income per share of common stock: Three Months Ended March 31, 2021 2020 Net (loss) income $ (120,506,771) $ 4,756,691 Interest on convertible notes 2,000,000 — Change in fair value of convertible notes (15,500,000) — Adjusted net (loss) income $ (134,006,771) $ 4,756,691 The following table presents the reconciliation of basic to diluted weighted average shares used in computing net (loss) income per share of common stock: Three Months Ended March 31, 2021 2020 Weighted average shares outstanding, basic 122,633,856 68,465,759 Stock-based awards and warrants — 15,303,061 Convertible notes 5,667,328 — Weighted average shares outstanding, diluted 128,301,184 83,768,820 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: Three Months Ended March 31, 2021 2020 Stock-based awards and warrants 3,929,451 5,066,931 Convertible notes — 14,137,319 Excluded from the table above are the warrant shares related to the High Trail Convertible Note, which represented approximately 13.3 million warrants calculated using the if-converted method for the three months ended March 31, 2020. The warrants were issuable at the option of the Company following the full or partial redemption of the High Trail Convertible Note. No warrants were issued in connection with the High Trail Convertible Note and it was fully converted during the year ended December 31, 2020.

Recent Accounting Developments

Recent Accounting Developments	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Developments	RECENT ACCOUNTING DEVELOPMENTS Accounting Standards Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to simplify accounting for income taxes, such as recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The Company adopted the ASU as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company's financial condition and operations. Accounting Standards Not Yet Adopted

Other Transaction

Other Transaction	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Other Transaction	OTHER TRANSACTION On October 31, 2019, the Company and ST Engineering Hackney, Inc. (“Hackney”) entered into an Asset Purchase Agreement to purchase certain assets and assume certain liabilities of Hackney. Upon execution of the agreement, the Company deposited $1.0 million in cash and shares of its common stock having a value of $6.6 million into an escrow account. The number of shares held in escrow was subject to adjustment if the value of the shares is less than $5.3 million or greater than $7.9 million on certain dates. The purchase price for the acquired assets was $7.0 million, $1.0 million of which was released from the escrow account in January 2020 upon satisfaction of certain conditions and accounted for as customer acquisition costs. The remaining $6.0 million was payable in cash within 45 days if additional conditions were met or in shares of common stock held in escrow in the event the payment was not made within 105 days of when the payment was due. The additional conditions were not met and, as a result, the remaining $6.0 million is not due.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1 — Quoted market prices in active markets for identical assets or liabilities. Level 2 — Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 — Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value and fair value measurement level were as follows: March 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Investment in LMC $ 193,950,792 $ 193,950,792 $ — $ — $ 330,556,744 $ 330,556,744 $ — $ — Total assets at fair value $ 193,950,792 $ 193,950,792 $ — $ — $ 330,556,744 $ 330,556,744 $ — $ — Liabilities Convertible notes $ 182,200,000 $ — $ — $ 182,200,000 $ 197,700,000 $ — $ — $ 197,700,000 Total liabilities at fair value $ 182,200,000 $ — $ — $ 182,200,000 $ 197,700,000 $ — $ — $ 197,700,000 Investment in LMC The Company's investment in LMC is measured at fair value using Level 1 inputs because it is valued using a quoted price in an active market. The Company recognizes changes in fair value of the investment in Other Income (Loss) on the Condensed Consolidated Statements of Operations. Convertible Notes The Company's convertible notes are measured at fair value using Level 3 inputs on issuance and at each reporting date. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. Significant assumptions used in the fair value model include estimates of the redemption dates, credit spreads and the market price and volatility of the Company’s common stock. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. The Company recognizes changes in fair value of the convertible notes related to changes in credit risk, if any, in Other Comprehensive Income (Loss) and the remaining change in fair value in Interest (Income) Expense.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	COMMITMENTS AND CONTINGENCIESThe Company is party to various negotiations and legal proceedings arising in the normal course of business. The Company provides reserves for these matters when a loss is probable and reasonably estimable. The Company does not disclose a range of potential loss because the likelihood of such a loss is remote. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, cash flows or liquidity.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company has evaluated subsequent events for potential recognition and disclosures through the date the Condensed Consolidated Financial Statements were filed.

Summary of Business and Signi_2

Summary of Business and Significant Accounting Principles (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and basis of presentation	Nature of operations and basis of presentation Workhorse Group Inc. (“Workhorse”, the “Company”, “we”, “us” or “our”) is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. As an American manufacturer, we create all-electric delivery trucks and drone systems, including the technology that optimizes the way these mechanisms operate. We are last-mile delivery’s first purpose-built electric mobility solution and we are currently focused on our core competency of bringing the C-Series electric delivery trucks to market and fulfilling our existing backlog of orders. The consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles “GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. In the opinion of Management, the Unaudited Condensed Consolidated Financial Statements include all adjustments that are necessary for the fair presentation of Workhorse’s financial conditions, results of operations and cash flows for the interim periods presented. Such adjustments are of a normal, recurring nature. The results of operations and cash flows for the interim periods presented may not necessarily be indicative of full-year results. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020.
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications were made to the prior year condensed consolidated financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or stockholders' equity.
Revenue Recognition	Revenue Recognition Net sales include products and shipping and handling charges, net of estimates for customer allowances. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Revenues related to repair and maintenance services are recognized over time as services are provided. Payment for vehicles, services, and merchandise are typically received at the point when control transfers to the customer or in accordance with payment terms customary to the business.
Accounting Standards Recently Adopted and Accounting Standards Not Yet Adopted	Accounting Standards Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to simplify accounting for income taxes, such as recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The Company adopted the ASU as of January 1, 2021. The adoption of this guidance did not have a material impact on the Company's financial condition and operations. Accounting Standards Not Yet Adopted

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory, net consists of the following: March 31, 2021 December 31, 2020 Raw materials $ 28,252,565 $ 16,759,232 Work in process 4,495,320 422,176 Finished goods 277,053 277,419 33,024,938 17,458,827 Less: inventory reserve (2,353,532) (1,991,815) Inventory, net $ 30,671,406 $ 15,467,012

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	Our revenues related to the following types of business were as follows: Three Months Ended March 31, 2021 2020 Automotive $ 495,000 $ — Aviation 22,400 60,783 Other 3,660 23,517 Total revenues $ 521,060 $ 84,300

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Activity	The following table summarizes stock-based compensation expense: Three Months Ended March 31, 2021 2020 Stock options $ 70,412 $ 80,430 Restricted stock 822,016 778,597 Total stock-based compensation $ 892,428 $ 859,027 The following table summarizes restricted stock activity: Number of Unvested Shares Weighted Average Grant Date Fair Value per Share Balance, December 31, 2020 1,377,889 $ 2.70 Granted 230,373 15.28 Vested (299,039) 2.73 Forfeited — — Balance, March 31, 2021 1,309,223 $ 4.94
Schedule of Stock Option Activity	The following table summarizes option activity: Number of Options Weighted Weighted Weighted Balance, December 31, 2020 2,351,240 $ 2.00 5.5 Granted — — — Exercised (743,535) 3.15 Forfeited — — Expired (29,000) 4.99 Balance, March 31, 2021 1,578,705 $ 1.41 5.8 Number of options exercisable at March 31, 2021 1,264,205 $ 1.44 6.5

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the reconciliation of net (loss) income used in computing diluted net (loss) income per share of common stock: Three Months Ended March 31, 2021 2020 Net (loss) income $ (120,506,771) $ 4,756,691 Interest on convertible notes 2,000,000 — Change in fair value of convertible notes (15,500,000) — Adjusted net (loss) income $ (134,006,771) $ 4,756,691 The following table presents the reconciliation of basic to diluted weighted average shares used in computing net (loss) income per share of common stock: Three Months Ended March 31, 2021 2020 Weighted average shares outstanding, basic 122,633,856 68,465,759 Stock-based awards and warrants — 15,303,061 Convertible notes 5,667,328 — Weighted average shares outstanding, diluted 128,301,184 83,768,820 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: Three Months Ended March 31, 2021 2020 Stock-based awards and warrants 3,929,451 5,066,931 Convertible notes — 14,137,319

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	A financial asset or liability’s classification within the hierarchy is determined based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value and fair value measurement level were as follows: March 31, 2021 December 31, 2020 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets Investment in LMC $ 193,950,792 $ 193,950,792 $ — $ — $ 330,556,744 $ 330,556,744 $ — $ — Total assets at fair value $ 193,950,792 $ 193,950,792 $ — $ — $ 330,556,744 $ 330,556,744 $ — $ — Liabilities Convertible notes $ 182,200,000 $ — $ — $ 182,200,000 $ 197,700,000 $ — $ — $ 197,700,000 Total liabilities at fair value $ 182,200,000 $ — $ — $ 182,200,000 $ 197,700,000 $ — $ — $ 197,700,000

Inventory (Details)

Inventory (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 28,252,565	$ 16,759,232
Work in process	4,495,320	422,176
Finished goods	277,053	277,419
Gross inventory	33,024,938	17,458,827
Less: inventory reserve	(2,353,532)	(1,991,815)
Inventory, net	$ 30,671,406	$ 15,467,012

Investments, All Other Investme

Investments, All Other Investments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Less: current portion	$ (193,950,792)	$ 0
Investment in LMC, net of current portion	0	330,556,744
Lordstown Motors Corp
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Investment in LMC, at fair value	193,950,792	330,556,744
Less: current portion	(193,950,792)	0
Investment in LMC, net of current portion	$ 0	$ 330,556,744

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 521,060	$ 84,300
Automotive
Disaggregation of Revenue [Line Items]
Total revenues	495,000	0
Aviation
Disaggregation of Revenue [Line Items]
Total revenues	22,400	60,783
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,660	$ 23,517

Convertible Note and PPP Term_2

Convertible Note and PPP Term Note (Details Textual) - USD ($)	Apr. 14, 2020	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Convertible notes, at fair value		$ 182,200,000	$ 197,700,000
Senior Secured Convertible Notes Due 2024 | Convertible Notes Payable
Debt Instrument [Line Items]
Interest rate		4.00%
Face amount		$ 200,000,000	200,000,000
Convertible notes, at fair value		182,200,000	$ 197,700,000
Fair value adjustment, liability		$ 15,500,000
Conversion price (in usd per share)		$ 35.29
Interest income, net		$ 2,000,000
Senior Secured Convertible Notes Due 2024 | Convertible Notes Payable | Period ending March 31, 2022
Debt Instrument [Line Items]
Minimum sales backlog		25,000,000
Senior Secured Convertible Notes Due 2024 | Convertible Notes Payable | Period ending Jun 30, 2022
Debt Instrument [Line Items]
Minimum sales backlog		50,000,000
Senior Secured Convertible Notes Due 2024 | Convertible Notes Payable | Period ending September 30, 2022
Debt Instrument [Line Items]
Minimum sales backlog		75,000,000
Senior Secured Convertible Notes Due 2024 | Convertible Notes Payable | Period ending December 31, 2022
Debt Instrument [Line Items]
Minimum sales backlog		$ 100,000,000
Paycheck Protection Program Term Note
Debt Instrument [Line Items]
CARES Act, proceeds from loans payable	$ 1,400,000
CARES Act, interest rate	1.00%

Mandatorily Redeemable Series_2

Mandatorily Redeemable Series B Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 05, 2019
Class of Stock [Line Items]
Warrants expiration period			7 years
Common stock issued for payment of series B preferred stock dividend (in shares)		300,000
Amortization of discount		$ 0.4
Mandatorily Redeemable Preferred Stock
Class of Stock [Line Items]
Warrant to purchase shares (in shares)	$ 1.62
Exercise price of warrants (in usd per share)	$ 1.62
Value of warrants issued with preferred stock	$ 6.7
Mandatory Redeemable Series B Preferred Stock
Class of Stock [Line Items]
Shares issued (in shares)			1,250,000
Preferred stock stated value (in usd per share)			$ 20
Aggregate purchase price, warrants			$ 25
Mandatory Redeemable Series B Preferred Stock | Mandatorily Redeemable Preferred Stock
Class of Stock [Line Items]
Warrant to purchase shares (in shares)			$ 7.41
Preferred stock dividend rate (percentage)	8.00%
Exercise price of warrants (in usd per share)			$ 7.41

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Based Compensation (Textual)
Shares authorized (in shares)	8,000,000
Shares available for grant (in shares)	6,300,000	8,000,000
Options
Stock Based Compensation (Textual)
Unrecognized compensation expense	$ 0.2
Unrecognized compensation expense, recognition period	1 year 10 months 24 days
Restricted Stock
Stock Based Compensation (Textual)
Unrecognized compensation expense	$ 5.6
Unrecognized compensation expense, recognition period	2 years 3 months 18 days

Stock Based Compensation - Shar

Stock Based Compensation - Share Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 892,428	$ 859,027
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	70,412	80,430
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 822,016	$ 778,597

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Option Activity (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 9 months 18 days	5 years 6 months
Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options exercisable (in shares)	1,264,205		1,264,205
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price per option, exercisable (in usd per share)	$ 1.44		$ 1.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (Years)			6 years 6 months
Options | Directors, Officers, Consultants and Employees
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding, beginning balance (in shares)			2,351,240
Number of options outstanding, granted (in shares)			0
Number of options outstanding, exercised (in shares)			(743,535)
Number of options outstanding, forfeited (in shares)			0
Number of options outstanding, expired (in shares)			(29,000)
Number of options outstanding, ending balance (in shares)	1,578,705	2,351,240	1,578,705
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price, beginning balance (in usd per share)			$ 2
Weighted average exercise price per option granted, exercise price (in usd per share)			0
Weighted average exercise price per option exercised, exercise price (in usd per share)			3.15
Weighted average exercise price per option forfeited, exercise price (in usd per share)			0
Weighted average exercise price per option expired, exercise price (in usd per share)			4.99
Weighted average exercise price, ending balance (in usd per share)	$ 1.41	$ 2	1.41
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average grant date fair value per option (in usd per share)			$ 0

Stock Based Compensation - Rest

Stock Based Compensation - Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Shares
Equity instruments outstanding, beginning balance (in shares) | shares	1,377,889
RSUs granted during period (in shares) | shares	230,373
RSUs vested during period (in shares) | shares	(299,039)
RSUs forfeited during period (in shares) | shares	0
Equity instruments outstanding, ending balance (in shares) | shares	1,309,223
Weighted Average Grant Date Fair Value per Share
Weighted average grant date fair value, RSUs outstanding, beginning balance (in usd per share) | $ / shares	$ 2.70
Weighted average grant date fair value, RSUs outstanding, granted during period (in usd per share) | $ / shares	15.28
Weighted average grant date fair value, RSUs outstanding, vested during period (in usd per share) | $ / shares	2.73
Weighted average grant date fair value, RSUs outstanding, forfeited during period (in usd per share) | $ / shares	0
Weighted average grant date fair value, RSUs outstanding, ending balance (in usd per share) | $ / shares	$ 4.94

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred tax liability	$ 4,201,438	$ 21,833,930
Deferred tax benefit	$ 17,600,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of net (loss) income used for computing diluted net (loss) income per share
Net (loss) income	$ (120,506,771)	$ 4,756,691
Interest on convertible notes	2,000,000	0
Change in fair value of convertible notes	(15,500,000)	0
Adjusted net (loss) income	$ (134,006,771)	$ 4,756,691
Reconciliation of basic to diluted weighted averages shares
Weighted average shares outstanding, basic (in shares)	122,633,856	68,465,759
Weighted average shares outstanding, diluted (in shares)	128,301,184	83,768,820
Convertible Notes Payable
Reconciliation of basic to diluted weighted averages shares
Dilutive effect of stock based awards (in shares)	5,667,328	0
Convertible Notes Payable
Reconciliation of basic to diluted weighted averages shares
Anti-dilutive options and warrants excluded from diluted average shares outstanding (in shares)	0	14,137,319
Warrant
Reconciliation of basic to diluted weighted averages shares
Anti-dilutive options and warrants excluded from diluted average shares outstanding (in shares)		13,300,000
Stock-based awards and warrants
Reconciliation of basic to diluted weighted averages shares
Anti-dilutive options and warrants excluded from diluted average shares outstanding (in shares)	3,929,451	5,066,931
Stock-based awards and warrants
Reconciliation of basic to diluted weighted averages shares
Dilutive effect of stock based awards (in shares)	0	15,303,061

Other Transaction (Details)

Other Transaction (Details) - ST Engineering Hackney, Inc. - USD ($) $ in Millions	Oct. 31, 2019	Mar. 31, 2021
Other Transactions [Line Items]
Cash deposited into escrow	$ 1
Shares held in escrow	6.6
Purchase price for acquired assets, cash	7
Minimum
Other Transactions [Line Items]
Shares held in escrow	5.3
Maximum
Other Transactions [Line Items]
Shares held in escrow	7.9
First Payment
Other Transactions [Line Items]
Purchase price for acquired assets, payable	1
Second Payment
Other Transactions [Line Items]
Purchase price for acquired assets, payable	$ 6
Production payment payable period		45 days
Second Payment | Maximum
Other Transactions [Line Items]
Production payment payable period	105 days

Fair Value Measurement- Assets

Fair Value Measurement- Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Convertible notes, at fair value	$ 182,200,000	$ 197,700,000
Fair Value, Recurring
Assets
Investment in LMC	193,950,792	330,556,744
Total assets at fair value	193,950,792	330,556,744
Liabilities
Convertible notes, at fair value	182,200,000	197,700,000
Total liabilities at fair value	182,200,000	197,700,000
Level 1 | Fair Value, Recurring
Assets
Investment in LMC	193,950,792	330,556,744
Total assets at fair value	193,950,792	330,556,744
Liabilities
Convertible notes, at fair value	0	0
Total liabilities at fair value	0	0
Level 2 | Fair Value, Recurring
Assets
Investment in LMC	0	0
Total assets at fair value	0	0
Liabilities
Convertible notes, at fair value	0	0
Total liabilities at fair value	0	0
Level 3 | Fair Value, Recurring
Assets
Investment in LMC	0	0
Total assets at fair value	0	0
Liabilities
Convertible notes, at fair value	182,200,000	197,700,000
Total liabilities at fair value	$ 182,200,000	$ 197,700,000