Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001558583 | |
Entity Registrant Name | Arcimoto Inc | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38213 | |
Entity Incorporation, State or Country Code | OR | |
Entity Tax Identification Number | 26-1449404 | |
Entity Address, Address Line One | 2034 West 2nd Avenue | |
Entity Address, City or Town | Eugene | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97402 | |
City Area Code | 541 | |
Local Phone Number | 683-6293 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | FUV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,191,532 |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,217,951 | $ 16,971,320 |
Accounts receivable, net | 332,119 | 127,860 |
Inventory | 12,290,355 | 7,856,105 |
Prepaid inventory | 3,110,391 | 2,637,688 |
Other current assets | 5,391,558 | 2,440,322 |
Total current assets | 25,342,374 | 30,033,295 |
Property and equipment, net | 29,440,642 | 24,338,907 |
Intangible assets, net | 9,256,391 | 9,885,680 |
Deferred offering costs | 0 | 24,000 |
Operating lease right-of-use assets | 1,477,776 | 0 |
Security deposits | 119,673 | 117,468 |
Total assets | 65,636,856 | 64,399,350 |
Current liabilities: | ||
Accounts payable | 2,708,556 | 2,016,283 |
Accrued liabilities | 4,704,836 | 2,352,034 |
Customer deposits | 1,048,434 | 817,137 |
Notes payable | 0 | 2,039,367 |
Short-term convertible note | 8,673,858 | 0 |
Warrant liabilities | 366,852 | 0 |
Current portion of finance lease obligations | 500,955 | 352,294 |
Current portion of equipment notes payable | 414,877 | 493,160 |
Current portion of warranty reserve | 451,397 | 331,485 |
Current portion of deferred revenue | 219,908 | 111,166 |
Current portion of operating lease liabilities | 690,682 | 0 |
Deferred rent | 0 | 101,550 |
Total current liabilities | 19,780,355 | 8,614,476 |
Finance lease obligations | 934,482 | 712,511 |
Equipment notes | 958,636 | 1,185,060 |
Convertible note | 4,801,600 | |
Warranty reserve | 276,634 | 330,015 |
Operating lease liabilities | 864,195 | 0 |
Long-term deferred revenue | 2,250 | 9,000 |
Total long-term liabilities | 7,837,797 | 2,236,586 |
Total liabilities | 27,618,152 | 10,851,062 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Common Stock, no par value, 100,000,000 shares authorized; 45,560,514 and 37,643,591 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 177,188,124 | 150,502,566 |
Additional paid-in capital | 12,144,581 | 7,038,124 |
Accumulated deficit | (151,314,001) | (103,992,402) |
Total stockholders’ equity | 38,018,704 | 53,548,288 |
Total liabilities and stockholders’ equity | $ 65,636,856 | $ 64,399,350 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 45,560,514 | 37,643,591 |
Common stock, shares outstanding (in shares) | 45,560,514 | 37,643,591 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | $ 2,024,205 | $ 1,498,176 | $ 4,173,779 | $ 3,609,531 |
Cost of goods sold | 6,987,035 | 4,856,331 | 17,138,644 | 11,329,143 |
Gross loss | (4,962,830) | (3,358,155) | (12,964,865) | (7,719,612) |
Operating expenses: | ||||
Research and development | 6,521,379 | 3,186,469 | 14,144,395 | 8,256,980 |
Sales and marketing | 3,321,862 | 1,983,738 | 9,318,647 | 4,537,816 |
General and administrative | 4,099,354 | 3,061,607 | 10,583,968 | 8,071,795 |
Loss on asset disposal | 12,408 | 0 | 12,408 | 0 |
Total operating expenses | 13,955,003 | 8,231,814 | 34,059,418 | 20,866,591 |
Loss from operations | (18,917,833) | (11,589,969) | (47,024,283) | (28,586,203) |
Other (income) expense: | ||||
Gain on forgiveness of PPP loan | 0 | 0 | 0 | (1,078,482) |
Unrealized (gain)/loss on convertible note fair value | (2,122,828) | 0 | 22,712 | 0 |
Interest expense | 84,945 | 51,671 | 258,851 | 151,246 |
Other expense/(income) | 83,749 | (131,781) | 12,553 | (221,214) |
Loss before income tax benefit | (16,963,699) | (11,509,859) | (47,318,399) | (27,437,753) |
Income tax (expense) benefit | 0 | 0 | (3,200) | 2,938,698 |
Net loss | $ (16,963,699) | $ (11,509,859) | $ (47,321,599) | $ (24,499,055) |
Weighted average common shares - basic and diluted (in shares) | 44,956,358 | 37,525,123 | 40,857,819 | 36,340,706 |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.38) | $ (0.31) | $ (1.16) | $ (0.67) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Subscription Receivable [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 34,187,555 | ||||
Balance at Dec. 31, 2020 | $ 100,236,178 | $ 3,876,503 | $ 0 | $ (56,428,651) | $ 47,684,030 |
Issuance of common stock for accounts payable (in shares) | 17,421 | ||||
Issuance of common stock for accounts payable | $ 221,105 | 0 | 0 | 0 | 221,105 |
Issuance of common stock for cash, net of offering costs (in shares) | 1,853,181 | ||||
Issuance of common stock for cash, net of offering costs | $ 33,112,763 | 0 | 0 | 0 | 33,112,763 |
Exercise of warrants (in shares) | 626,429 | ||||
Exercise of warrants | $ 1,786,397 | (58,895) | 0 | 0 | $ 1,727,502 |
Exercise of stock options (in shares) | 457,433 | 457,433 | |||
Exercise of stock options | $ 1,863,741 | (407,556) | 0 | 0 | $ 1,456,185 |
Stock-based compensation | 0 | 2,660,463 | 0 | 0 | 2,660,463 |
Net loss | $ 0 | 0 | 0 | (24,499,055) | (24,499,055) |
Issuance of common stock for the acquisition of TMW (in shares) | 436,339 | ||||
Issuance of common stock for the acquisition of TMW | $ 13,038,355 | 0 | 0 | 0 | 13,038,355 |
Balance (in shares) at Sep. 30, 2021 | 37,578,358 | ||||
Balance at Sep. 30, 2021 | $ 150,258,539 | 6,070,515 | 0 | (80,927,706) | 75,401,348 |
Balance (in shares) at Jun. 30, 2021 | 36,991,916 | ||||
Balance at Jun. 30, 2021 | $ 142,906,963 | 8,286,108 | (3,534,860) | (69,417,847) | 78,240,364 |
Issuance of common stock for accounts payable (in shares) | 6,421 | ||||
Issuance of common stock for accounts payable | $ 74,805 | 0 | 0 | 0 | 74,805 |
Issuance of common stock for cash, net of offering costs (in shares) | 398,051 | ||||
Issuance of common stock for cash, net of offering costs | $ 6,729,933 | 0 | 0 | 0 | 6,729,933 |
Exercise of warrants (in shares) | 40,000 | ||||
Exercise of warrants | $ 20,000 | 0 | 0 | 0 | 20,000 |
Exercise of stock options (in shares) | 141,970 | ||||
Exercise of stock options | $ 526,838 | (2,852) | 0 | 0 | 523,986 |
Stock subscribed | 0 | (3,534,860) | 3,534,860 | 0 | 0 |
Stock-based compensation | 0 | 1,322,119 | 0 | 0 | 1,322,119 |
Net loss | $ 0 | 0 | 0 | (11,509,859) | (11,509,859) |
Balance (in shares) at Sep. 30, 2021 | 37,578,358 | ||||
Balance at Sep. 30, 2021 | $ 150,258,539 | 6,070,515 | 0 | (80,927,706) | 75,401,348 |
Balance (in shares) at Dec. 31, 2021 | 37,643,591 | ||||
Balance at Dec. 31, 2021 | $ 150,502,566 | 7,038,124 | 0 | (103,992,402) | 53,548,288 |
Issuance of common stock for cash, net of offering costs (in shares) | 7,839,691 | ||||
Issuance of common stock for cash, net of offering costs | $ 26,493,094 | 0 | 0 | 0 | 26,493,094 |
Exercise of warrants (in shares) | 8,000 | ||||
Exercise of warrants | $ 20,000 | 0 | 0 | 0 | $ 20,000 |
Exercise of stock options (in shares) | 44,030 | 44,030 | |||
Exercise of stock options | $ 125,718 | (34,623) | 0 | 0 | $ 91,095 |
Stock-based compensation | 0 | 4,773,137 | 0 | 0 | 4,773,137 |
Net loss | $ 0 | 0 | 0 | (47,321,599) | (47,321,599) |
Common stock to external consultant (in shares) | 16,000 | ||||
Common stock to external consultant | $ 0 | 68,361 | 0 | 0 | 68,361 |
Equity awards issued to external consultants | $ 0 | 375,782 | 0 | 0 | 375,782 |
Issuance of common stock for RSU, net of tax (in shares) | 9,202 | ||||
Issuance of common stock for RSU, net of tax | $ 46,746 | (76,200) | 0 | 0 | (29,454) |
Balance (in shares) at Sep. 30, 2022 | 45,560,514 | ||||
Balance at Sep. 30, 2022 | $ 177,188,124 | 12,144,581 | 0 | (151,314,001) | 38,018,704 |
Balance (in shares) at Jun. 30, 2022 | 41,770,760 | ||||
Balance at Jun. 30, 2022 | $ 166,999,962 | 10,528,288 | 0 | (134,350,302) | 43,177,948 |
Issuance of common stock for cash, net of offering costs (in shares) | 3,773,289 | ||||
Issuance of common stock for cash, net of offering costs | $ 10,177,356 | 0 | 0 | 0 | 10,177,356 |
Exercise of stock options (in shares) | 4,465 | ||||
Exercise of stock options | $ 10,806 | (3,170) | 0 | 0 | 7,636 |
Stock-based compensation | 0 | 1,550,007 | 0 | 0 | 1,550,007 |
Net loss | $ 0 | 0 | (16,963,699) | (16,963,699) | |
Common stock to external consultant (in shares) | 12,000 | ||||
Common stock to external consultant | $ 0 | 45,246 | 0 | 0 | 45,246 |
Equity awards issued to external consultants | $ 0 | 24,210 | 0 | 0 | 24,210 |
Balance (in shares) at Sep. 30, 2022 | 45,560,514 | ||||
Balance at Sep. 30, 2022 | $ 177,188,124 | $ 12,144,581 | $ 0 | $ (151,314,001) | $ 38,018,704 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Issuance cost | $ 296,892 | $ 201,047 | $ 894,614 | $ 1,125,197 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net loss | $ (47,321,599) | $ (24,499,055) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,703,561 | 1,641,000 |
Gain on forgiveness of PPP loan | 0 | (1,078,482) |
Unrealized (gain)/loss on convertible note fair value | 22,712 | 0 |
Loss on asset disposal | 12,408 | 0 |
Non-cash operating lease costs | 439,557 | 0 |
Common stock to external consultant | 68,361 | 0 |
Equity awards issued to external consultants | 375,782 | 0 |
Stock-based compensation | 4,773,137 | 2,660,463 |
Debt issuance costs - convertible note | 232,669 | 0 |
Deferred income tax benefit | 0 | (2,938,848) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (204,259) | (21,287) |
Inventory | (4,434,250) | (873,091) |
Prepaid inventory | (472,703) | (1,727,943) |
Other current assets | 557,369 | (415,898) |
Accounts payable | 673,577 | 822,042 |
Accrued liabilities | 1,755,419 | 1,005,271 |
Customer deposits | 231,297 | 42,794 |
Operating lease liabilities | (445,310) | 0 |
Warranty reserve | 66,531 | (12,957) |
Deferred revenue | 101,992 | (55,750) |
Deferred rent | 0 | 97,963 |
Net cash used in operating activities | (40,863,749) | (25,353,778) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (9,371,913) | (14,839,029) |
Security deposits | (2,205) | (24,083) |
Cash paid for acquisition of Tilting Motor Works | 0 | (1,754,083) |
Net cash used in investing activities | (9,374,118) | (16,617,195) |
FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock | 27,387,708 | 34,237,960 |
Payment of offering costs | (870,614) | (1,125,197) |
Proceeds from exercise of warrants | 20,000 | 1,727,502 |
Proceeds from the exercise of stock options | 91,095 | 1,456,185 |
Proceeds from equipment notes | 177,256 | 361,848 |
Proceeds from convertible notes | 13,900,000 | 0 |
Debt issuance costs - convertible note | (232,669) | 0 |
Payment on finance lease obligations | (305,296) | 0 |
Payment on equipment notes | (481,963) | (493,483) |
Payment of notes payable | (2,039,367) | (667,444) |
Payment of convertible note | (161,652) | 0 |
Net cash provided by financing activities | 37,484,498 | 35,497,371 |
Net decrease in cash and cash equivalents during the period | (12,753,369) | (6,473,602) |
Cash and cash equivalents at beginning of period | 16,971,320 | 39,451,401 |
Cash and cash equivalents at end of period | 4,217,951 | 32,977,799 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid during the period for interest | 186,083 | 132,485 |
Cash paid during the period for income taxes | 3,200 | 150 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Note payable issued for purchase of property and equipment | 0 | 1,250,000 |
Acquisition of equipment payable as accrued liabilities | 649,180 | 214,103 |
Insurance finance agreement | 0 | 592,603 |
Portion of equipment acquired through finance leases | 675,928 | 540,614 |
Tilting Motor Works Acquisition [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Common shares issued | 0 | 13,038,355 |
Settlement of Accounts Payable [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Common shares issued | $ 68,361 | $ 221,105 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | NOTE 1: Arcimoto, Inc. (the “Company”, “We”, “Us”, or “Our”) was incorporated in the State of Oregon on November 21, 2007. 15 one third one third six Concentration risk The Company is dependent on one may may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2: Going Concern The accompanying financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred significant losses since inception and management expects losses to continue for the foreseeable future. On January 14, 2022 November 11, 2022. third 2022, third third 2022, third November 11, 2022. 2022. $10,000,000 12 Basis of Presentation The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and pursuant to the instructions to Form 10 not September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 2021 three nine September 30, 2022 not December 31, 2022. 10 December 31, 2021 10 March 31, 2022. The preparation of financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and its related disclosures. Actual amounts could differ materially from those estimates. Business Combinations The Company accounts for business combinations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 3 first 2021. Inventory Inventory is stated at the lower of cost ((using the first first September 30, December 31, 2022 2021 Raw materials $ 10,468,060 $ 7,089,033 Work in progress 115,117 70,243 Finished goods 1,707,178 696,829 Total $ 12,290,355 $ 7,856,105 The Company is required to remit partial prepayments for some purchases of its inventories acquired from overseas vendors which are included in prepaid inventory. The Company is currently selling vehicles below the base cost of a finished unit. Accordingly, the Company expensed all labor and overhead as period costs and recorded an adjustment to reduce certain inventories to net realizable value of approximately $1,263,000 and $826,000 as of September 30, 2022 December 31, 2021 $4,289,000 and $2,819,000 three September 30, 2022 2021, nine September 30, 2022 2021 Intangible Assets Intangible assets primarily consist of trade names/trademarks, proprietary technology, and customer relationships. These assets are amortized using the straight-line method over a period of 10 to 14 years. The Company assesses the recoverability of its finite-lived intangible assets when there are indications of potential impairment. Net Loss per Share The Company’s computation of loss per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the loss available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., common stock warrants and common stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Basic and diluted loss per common share is the same for all periods presented because all common stock warrants and common stock options outstanding were anti-dilutive. During the three September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock $ 474,680 $ 2,218,840 $ 916,394 $ 2,486,917 Underwriters and investors warrants issued outside of an EEP — 54,996 — 61,163 Conversion of warrants issued in conjunction with convertible note — — — — Conversion of convertible notes, if-converted method 1,736,181 — 851,125 — Total $ 2,210,861 $ 2,273,836 $ 1,767,519 $ 2,548,080 Accounting Pronouncements Recently Adopted In February 2016, No. 2016 02, 842 2016 02” 840, 2016 02 12 12 not November 2019, 842 December 15, 2020 June 2020, No 2020 05 842 December 15, 2021. January 1, 2022. July 2018, No. 2018 11, 842 842, 842, 2016 02 not January 1, 2022, 8 In August 2020, No. 2020 06, 470 20 815 40 2020 06" 2020 06 may 1 2 three 3 December 15, 2023, January 1, 2022 no Accounting Pronouncements Not The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. In June 2016, No. 2016 13, 326 Measurement of Credit Losses on Financial Instruments 2016 13” not 842 2016 13 not not 2016 13 January 1, 2023 not 2016 13’s |
Note 3 - TMW Acquisition
Note 3 - TMW Acquisition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3: On January 23, 2021, two three three Pursuant to the terms and conditions of the Agreement, the Company paid cash of $1,754,083 and issued 436,339 shares of Company common stock and assumed certain liabilities as consideration for substantially all of TMW’s assets. The common shares issued were unregistered and are subject to sales restrictions under the Securities Act of 1933. February 4, 2021 The purchase price allocation was finalized in the first 2021 Cash $ 1,754,083 Add: Fair value of shares issued 13,038,355 Total consideration $ 14,792,438 Description Fair value Assets acquired: Inventory $ 342,394 Prepaid expenses and other current assets 4,083 Property, plant, and equipment 4,349 Trade name 2,052,000 Proprietary technology 7,010,000 Customer relationships 1,586,000 Goodwill 6,824,209 Total assets acquired $ 17,823,035 Liabilities assumed: Customer deposits $ 91,749 Deferred tax liability 2,938,848 Total liabilities assumed 3,030,597 Estimated fair value of net assets acquired $ 14,792,438 In the fourth 2021, December 31, 2021. The following unaudited proforma financial information presents the consolidated results of operations of the Company and TMW for the nine September 30, 2021, first February 4, 2021. not The proforma financial information for the Company and TMW is as follows: For the Nine Months Ended September 30, 2021 Revenues $ 3,619,510 Net loss attributable to common stockholders $ (24,758,304 ) Net loss per basic and diluted common share $ (0.68 ) Weighted average common shares outstanding: Basic and diluted 36,340,706 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4: As of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Land $ 4,743,526 $ 4,743,526 Buildings 8,006,474 8,006,474 Machinery and equipment 8,546,067 7,282,960 Fixed assets in process 6,730,661 3,269,532 Leasehold improvements 1,193,771 1,165,231 FUV fleet 1,743,997 1,471,534 FUV rental fleet 3,120,949 1,315,980 Computer equipment and software 226,915 258,309 Vehicles 748,707 419,661 Furniture and fixtures 52,007 52,007 Total property and equipment 35,113,074 27,985,214 Less: Accumulated depreciation (5,672,432 ) (3,646,307 ) Total $ 29,440,642 $ 24,338,907 Fixed assets in process are primarily comprised of building improvements that have not not On December 23, 2020, 311 1480 3rd first 2021, 1593 5th April 19, 2021, one July 2022. zero first 2022 2023. Depreciation expense was approximately $767,000 and $2,074,000 during the three nine September 30, 2022 three nine September 30, 2021 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5: The following table summarizes the Company’s intangible assets: September 30, 2022 Estimated Useful Life (Years) Gross Amount Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (236,865 ) $ 1,815,135 Proprietary technology 13 7,010,000 (892,299 ) 6,117,701 Customer relationships 10 1,586,000 (262,445 ) 1,323,555 $ 10,648,000 $ (1,391,609 ) $ 9,256,391 December 31, 2021 Estimated Useful Life (Years) Gross Amount Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (130,950 ) $ 1,921,050 Proprietary technology 13 7,010,000 (487,875 ) 6,522,125 Customer relationships 10 1,586,000 (143,495 ) 1,442,505 $ 10,648,000 $ (762,320 ) $ 9,885,680 Amortization expense was approximately $208,000 and $210,000 during the three September 30, 2022 2021 nine September 30, 2022 2021 |
Note 6 - Customer Deposits
Note 6 - Customer Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Customer Deposits [Text Block] | NOTE 6: The Company has received refundable customer pre-orders ranging from $100 to $500 per vehicle for purposes of securing a place in a line to order its utility vehicle. As of September 30, 2022 December 31, 2021 June 30, 2022, no September 30, 2022 December 31, 2021 The Company has also received approximately $120,000 and $227,000 of refundable deposits related to its TMW product line as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 During the second 2022, September 30, 2022 As of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 not |
Note 7 - Notes Payable
Note 7 - Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7: As of September 30, 2022 September 30, 2022 December 2022 May 2028. September 30, 2022 December 31, 2021 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Leases, Lessee [Text Block] | NOTE 8: Operating Leases The Company has active operating lease arrangements for office space and production facilities. The Company is typically required to make fixed minimum rent payments relating to its right to use the underlying leased asset. In accordance with the adoption of ASC 842, January 1, 2022. The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component when the payments are fixed. As such, variable lease payments not not The Company’s lease agreements do not The components of operating lease expense recorded in the statement of operations were as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 193,018 $ 548,997 Short-term lease cost 52,631 104,882 Total lease cost $ 245,649 $ 653,879 Variable lease cost for the three nine September 30, 2022 not $306,000 three nine September 30, 2021 Right of use assets and lease liabilities for operating leases were recorded in the condensed balance sheets as follows: September 30, 2022 Operating lease right-of-use assets $ 1,477,776 Operating lease liabilities, current $ 690,682 Operating lease liabilities, long-term 864,195 Total operating lease liabilities $ 1,554,877 The weighted-average remaining lease term for operating leases was 2.5 years and the weighted-average incremental borrowing rate was 8.3% as of September 30, 2022 Supplemental cash flow information related to the Company’s operating leases was as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 194,355 $ 554,751 As of September 30, 2022 2022 (remainder) $ 196,273 2023 745,288 2024 500,457 2025 230,859 2026 58,433 Thereafter - Total minimum lease payments 1,731,310 Less: imputed interest (176,433 ) Total $ 1,554,877 ARCIMOTO, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) NOTE 8: Finance leases As of September 30, 2022 September 30, 2022 June 2023 September 2026 September 30, 2022 $1,435,000 September 30, 2022 December 31, 2021 Right of use assets and lease liabilities for finance leases were recorded in the condensed balance sheets as follows: September 30, 2022 Property and equipment, net $ 1,718,581 Finance lease liabilities, current $ 500,955 Finance lease liabilities, long-term 934,482 Total finance lease liabilities $ 1,435,437 The weighted-average remaining lease term for finance leases was 3.39 years and the weighted-average incremental borrowing rate was 5.43% as of September 30, 2022 Supplemental cash flow information related to the Company’s finance leases was as follows: Nine Months Ended September 30, 2022 Operating cash flows from finance leases $ (46,127 ) Financing cash flows from finance leases $ (305,296 ) Amortization and interest expense information related to the Company’s finance leases was as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Amortization Expense $ 57,403 152,508 Interest Expense $ 16,148 46,127 As of September 30, 2022 2022 (remainder) $ 143,377 2023 499,426 2024 352,609 2025 352,609 2026 216,507 Thereafter - Total minimum lease payments $ 1,564,528 Less: imputed interest (129,091 ) Total $ 1,435,437 |
Note 9 - Convertible Note
Note 9 - Convertible Note | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | NOTE 9: $4,500,000 "April 2022 On April 25, 2022, 2022 April 2022 five (i) The Creditor has the option to convert the promissory note at any time prior to the maturity date, in full or in part, into the number of shares of common stock ("Common Stock"), no may thirty 4.5 $4,500,000 none x 4 $4,500,000, x 4. 10 10 Arcimoto has elected to measure the note at fair value under ASC 825 10 25 2 820, three September 30, 2022 nine September 30, 2022. September 30, 2022. $10,000,000 "September 2022 On August 31, 2022, third 3, Under the SPA, Arcimoto authorized the issuance of one second On September 1, 2022 ( one “September 2022 $10,000,000 September 2022 $10,000,000 September 1, 2024. four September 2022 six 2 September 2022 The Warrants are exercisable at any time or times on or after the six one fifth The net proceeds of $9,400,000 (after discount) are bifurcated between the Warrants and the September 2022 September 2022 825 10 25 2 820, three nine September 30, 2022. September 2022 September 2022) September 2022 six The Warrants are recorded at fair value on September 1, 2022 September 30, 2022 September 30, 2022. September 30, 2022 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10: EQUITY Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, no par value, of which 1,500,000 shares were designated as Series A- 1 September 30, 2022 December 31, 2021 Common Stock The Company has reserved a total of 8,083,448 and 6,262,478 shares of its common stock pursuant to the equity incentive plans (see Note 11 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 The Company has no shares and 122,238 shares of its common stock reserved for warrants issued outside of the equity incentive plans as of September 30, 2022 December 31, 2021 third 2022. Issuance of common stock for settlement of payable The Company issued 16,000 common shares to an external party for consulting activities with a fair value of $68,361 during the nine September 30, 2022 nine September 30, 2021 Exercise of Stock Options and Warrants A total of 44,030 employee options, with exercise prices ranging from $1.71 to $2.50 per share, were exercised for total proceeds to the Company of $91,095 during the nine September 30, 2022 $1,456,000 nine September 30, 2021 A total of 8,000 employee warrants, with an exercise price of $2.50 per share, were exercised for total proceeds to the Company of $20,000 during the nine September 30, 2022 nine September 30, 2021 Offerings of Common Stock On January 25, 2021, may We issued and sold 1,853,181 shares of common stock during the nine September 30, 2021 On January 14, 2022, may We issued and sold 3,773,289 shares of common stock during the three September 30, 2022 nine September 30, 2022 |
Note 11 - Stock-based Payments
Note 11 - Stock-based Payments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11: The Company has common stock, common stock units, and common stock purchase options and warrants reserved pursuant to the 2022 "2022 2018 “2018 2015 “2015 Stock-based compensation, including stock options, warrants and stock issued for compensation is included in the statements of operations as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 275,290 $ 260,262 $ 897,866 $ 531,836 Sales and marketing 314,967 229,892 1,004,621 447,450 General and administrative 505,772 410,086 1,445,595 906,920 Cost of goods sold 453,978 421,879 1,425,055 774,257 Total $ 1,550,007 $ 1,322,119 $ 4,773,137 $ 2,660,463 2022 On July 29, 2022, 2022 may The 2022 not September 30, 2022 not 2022 2018 The 2018 2018 June 9, 2018. 2019 2018 April 20, 2020, June 20, 2020, June 11, 2021 The 2018 not September 30, 2022 2018 2018 Stock-based compensation expense under the 2018 three nine September 30, 2022 2018 three nine September 30, 2021 During the first nine 2022 2018 three During the first nine 2022 one Total compensation cost related to non-vested option awards issued under the 2018 not September 30, 2022 2018 not September 30, 2022 2015 The 2015 2015 Employee stock-based compensation expense for the three nine September 30, 2022 2015 three nine September 30, 2021 2015 Total compensation cost related to non-vested awards not September 30, 2022 May 2023 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12: Litigation On March 6, 2020, No. 6:20 00176 311 two 8,985,255 “255 255 March 27, 2020, first 2021, The Company, Mark Frohnmayer and Douglas Campoli have been sued in two No. 21 02143 April 19, 2021) No. 21 02870 May 20, 2021). February 14, 2018 March 22, 2021. March 23, 2021 No. 21 02143 July 14, 2021, September 20, 2021. March 11, 2022 not No The Company is also a nominal defendant in two No. 21 03702 June 30, 2021) No. 21 03888 July 9, 2021), No. 21 00982 June 30, 2021) No. 22 00800 June 1, 2022). four August 4, 2021 No. 21 03702 The Company possesses insurance coverage to cover the litigation expenses with a deductible of $1,500,000. The Company has an accounting policy to record an accrual of legal costs on the basis of an estimate of future legal costs. The amount of accrued litigation expenses at September 30, 2022 Additionally, from time to time, we might become involved in lawsuits, claims, investigations, proceedings, and threats of litigation relating to intellectual property, commercial arrangements and other matters arising in the ordinary course of our business. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13: Arcimoto may, three nine September 30, 2022 not may first 2022, not zero September 30, 2022. On April 25, 2022, 9 On September 1, 2022, third September 2022 9 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14: Segment Arcimoto has three two three The reportable segments were identified based on how the Chief Operations Decision Maker (“CODM”), which in the Company’s case, is the Chief Executive Officer (“CEO”), allocates resources to the various operations. The following tables disclose the financial information used by the CODM in allocating Arcimoto’s resources. For the three months ended September 30, 2022 September 30, 2021 FUV Rental TMW Total FUV Rental TMW Total Revenues $ 1,675,428 145,470 203,307 2,024,205 $ 1,360,375 33,472 104,329 1,498,176 Operating Loss (17,795,421 ) (636,466 ) (485,946 ) (18,917,833 ) (11,157,673 ) (73,114 ) (359,182 ) (11,589,969 ) Unrealized gain on convertible note fair value (2,122,828 ) - Interest expense, net 84,945 51,671 Other expense/(income) 83,749 (131,781 ) Net loss (16,963,699 ) (11,509,859 ) For the nine months ended September 30, 2022 September 30, 2021 FUV Rental TMW Total FUV Rental TMW Total Revenues $ 3,205,783 211,786 756,210 4,173,779 $ 3,325,078 57,340 227,113 3,609,531 Operating Loss (44,139,916 ) (1,576,960 ) (1,307,407 ) (47,024,283 ) (27,559,083 ) (49,246 ) (977,874 ) (28,586,203 ) Gain on forgiveness of PPP loan - (1,078,482 ) Unrealized loss on convertible note fair value 22,712 - Interest expense, net 258,851 151,246 Other expense/(income) 12,553 (221,214 ) Income tax expense/(benefit) 3,200 (2,938,698 ) Net loss (47,321,599 ) (24,499,055 ) |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15: The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two 1 2 not The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing with the Securities and Exchange Commission. The discussions that follow reflect this evaluation. On September 29, 2022, October 2022. four four Subsequent to September 30, 2022, October 14, 2022 may On November 11, 2022, third 9 third 1 1 fourth 2022 November 11, 2022, 1 20. 2 1 not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Going Concern [Policy Text Block] | Going Concern The accompanying financial statements have been prepared on the basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred significant losses since inception and management expects losses to continue for the foreseeable future. On January 14, 2022 November 11, 2022. third 2022, third third 2022, third November 11, 2022. 2022. $10,000,000 12 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and pursuant to the instructions to Form 10 not September 30, 2022 three nine September 30, 2022 2021 nine September 30, 2022 2021 three nine September 30, 2022 not December 31, 2022. 10 December 31, 2021 10 March 31, 2022. The preparation of financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and its related disclosures. Actual amounts could differ materially from those estimates. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 3 first 2021. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost ((using the first first September 30, December 31, 2022 2021 Raw materials $ 10,468,060 $ 7,089,033 Work in progress 115,117 70,243 Finished goods 1,707,178 696,829 Total $ 12,290,355 $ 7,856,105 The Company is required to remit partial prepayments for some purchases of its inventories acquired from overseas vendors which are included in prepaid inventory. The Company is currently selling vehicles below the base cost of a finished unit. Accordingly, the Company expensed all labor and overhead as period costs and recorded an adjustment to reduce certain inventories to net realizable value of approximately $1,263,000 and $826,000 as of September 30, 2022 December 31, 2021 $4,289,000 and $2,819,000 three September 30, 2022 2021, nine September 30, 2022 2021 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets primarily consist of trade names/trademarks, proprietary technology, and customer relationships. These assets are amortized using the straight-line method over a period of 10 to 14 years. The Company assesses the recoverability of its finite-lived intangible assets when there are indications of potential impairment. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share The Company’s computation of loss per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the loss available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., common stock warrants and common stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Basic and diluted loss per common share is the same for all periods presented because all common stock warrants and common stock options outstanding were anti-dilutive. During the three September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock $ 474,680 $ 2,218,840 $ 916,394 $ 2,486,917 Underwriters and investors warrants issued outside of an EEP — 54,996 — 61,163 Conversion of warrants issued in conjunction with convertible note — — — — Conversion of convertible notes, if-converted method 1,736,181 — 851,125 — Total $ 2,210,861 $ 2,273,836 $ 1,767,519 $ 2,548,080 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Recently Adopted In February 2016, No. 2016 02, 842 2016 02” 840, 2016 02 12 12 not November 2019, 842 December 15, 2020 June 2020, No 2020 05 842 December 15, 2021. January 1, 2022. July 2018, No. 2018 11, 842 842, 842, 2016 02 not January 1, 2022, 8 In August 2020, No. 2020 06, 470 20 815 40 2020 06" 2020 06 may 1 2 three 3 December 15, 2023, January 1, 2022 no Accounting Pronouncements Not The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change. In June 2016, No. 2016 13, 326 Measurement of Credit Losses on Financial Instruments 2016 13” not 842 2016 13 not not 2016 13 January 1, 2023 not 2016 13’s |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Raw materials $ 10,468,060 $ 7,089,033 Work in progress 115,117 70,243 Finished goods 1,707,178 696,829 Total $ 12,290,355 $ 7,856,105 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock $ 474,680 $ 2,218,840 $ 916,394 $ 2,486,917 Underwriters and investors warrants issued outside of an EEP — 54,996 — 61,163 Conversion of warrants issued in conjunction with convertible note — — — — Conversion of convertible notes, if-converted method 1,736,181 — 851,125 — Total $ 2,210,861 $ 2,273,836 $ 1,767,519 $ 2,548,080 |
Note 3 - TMW Acquisition (Table
Note 3 - TMW Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash $ 1,754,083 Add: Fair value of shares issued 13,038,355 Total consideration $ 14,792,438 Description Fair value Assets acquired: Inventory $ 342,394 Prepaid expenses and other current assets 4,083 Property, plant, and equipment 4,349 Trade name 2,052,000 Proprietary technology 7,010,000 Customer relationships 1,586,000 Goodwill 6,824,209 Total assets acquired $ 17,823,035 Liabilities assumed: Customer deposits $ 91,749 Deferred tax liability 2,938,848 Total liabilities assumed 3,030,597 Estimated fair value of net assets acquired $ 14,792,438 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Nine Months Ended September 30, 2021 Revenues $ 3,619,510 Net loss attributable to common stockholders $ (24,758,304 ) Net loss per basic and diluted common share $ (0.68 ) Weighted average common shares outstanding: Basic and diluted 36,340,706 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2022 2021 Land $ 4,743,526 $ 4,743,526 Buildings 8,006,474 8,006,474 Machinery and equipment 8,546,067 7,282,960 Fixed assets in process 6,730,661 3,269,532 Leasehold improvements 1,193,771 1,165,231 FUV fleet 1,743,997 1,471,534 FUV rental fleet 3,120,949 1,315,980 Computer equipment and software 226,915 258,309 Vehicles 748,707 419,661 Furniture and fixtures 52,007 52,007 Total property and equipment 35,113,074 27,985,214 Less: Accumulated depreciation (5,672,432 ) (3,646,307 ) Total $ 29,440,642 $ 24,338,907 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2022 Estimated Useful Life (Years) Gross Amount Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (236,865 ) $ 1,815,135 Proprietary technology 13 7,010,000 (892,299 ) 6,117,701 Customer relationships 10 1,586,000 (262,445 ) 1,323,555 $ 10,648,000 $ (1,391,609 ) $ 9,256,391 December 31, 2021 Estimated Useful Life (Years) Gross Amount Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (130,950 ) $ 1,921,050 Proprietary technology 13 7,010,000 (487,875 ) 6,522,125 Customer relationships 10 1,586,000 (143,495 ) 1,442,505 $ 10,648,000 $ (762,320 ) $ 9,885,680 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 193,018 $ 548,997 Short-term lease cost 52,631 104,882 Total lease cost $ 245,649 $ 653,879 |
Operating Lease, Assets and Liabilities [Table Text Block] | September 30, 2022 Operating lease right-of-use assets $ 1,477,776 Operating lease liabilities, current $ 690,682 Operating lease liabilities, long-term 864,195 Total operating lease liabilities $ 1,554,877 |
Operating Lease, Supplemental Cash Flow [Table Text Block] | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 194,355 $ 554,751 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 (remainder) $ 196,273 2023 745,288 2024 500,457 2025 230,859 2026 58,433 Thereafter - Total minimum lease payments 1,731,310 Less: imputed interest (176,433 ) Total $ 1,554,877 |
Finance Lease, Assets and Liabilities, Lessee [Table Text Block] | September 30, 2022 Property and equipment, net $ 1,718,581 Finance lease liabilities, current $ 500,955 Finance lease liabilities, long-term 934,482 Total finance lease liabilities $ 1,435,437 |
Finance Lease, Supplemental Cash Flow [Table Text Block] | Nine Months Ended September 30, 2022 Operating cash flows from finance leases $ (46,127 ) Financing cash flows from finance leases $ (305,296 ) |
Finance Leases, Depreciation and Interest Expense [Table Text Block] | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Amortization Expense $ 57,403 152,508 Interest Expense $ 16,148 46,127 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | 2022 (remainder) $ 143,377 2023 499,426 2024 352,609 2025 352,609 2026 216,507 Thereafter - Total minimum lease payments $ 1,564,528 Less: imputed interest (129,091 ) Total $ 1,435,437 |
Note 11 - Stock-based Payments
Note 11 - Stock-based Payments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Research and development $ 275,290 $ 260,262 $ 897,866 $ 531,836 Sales and marketing 314,967 229,892 1,004,621 447,450 General and administrative 505,772 410,086 1,445,595 906,920 Cost of goods sold 453,978 421,879 1,425,055 774,257 Total $ 1,550,007 $ 1,322,119 $ 4,773,137 $ 2,660,463 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | For the three months ended September 30, 2022 September 30, 2021 FUV Rental TMW Total FUV Rental TMW Total Revenues $ 1,675,428 145,470 203,307 2,024,205 $ 1,360,375 33,472 104,329 1,498,176 Operating Loss (17,795,421 ) (636,466 ) (485,946 ) (18,917,833 ) (11,157,673 ) (73,114 ) (359,182 ) (11,589,969 ) Unrealized gain on convertible note fair value (2,122,828 ) - Interest expense, net 84,945 51,671 Other expense/(income) 83,749 (131,781 ) Net loss (16,963,699 ) (11,509,859 ) For the nine months ended September 30, 2022 September 30, 2021 FUV Rental TMW Total FUV Rental TMW Total Revenues $ 3,205,783 211,786 756,210 4,173,779 $ 3,325,078 57,340 227,113 3,609,531 Operating Loss (44,139,916 ) (1,576,960 ) (1,307,407 ) (47,024,283 ) (27,559,083 ) (49,246 ) (977,874 ) (28,586,203 ) Gain on forgiveness of PPP loan - (1,078,482 ) Unrealized loss on convertible note fair value 22,712 - Interest expense, net 258,851 151,246 Other expense/(income) 12,553 (221,214 ) Income tax expense/(benefit) 3,200 (2,938,698 ) Net loss (47,321,599 ) (24,499,055 ) |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Oct. 01, 2022 | Jan. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Nov. 11, 2022 | Sep. 01, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Equity Distribution, Maximum Amount | $ 100,000,000 | |||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 4,217,951 | $ 4,217,951 | $ 16,971,320 | |||||||
Inventory Valuation Reserves | 1,263,000 | 1,263,000 | 826,000 | |||||||
Labor and Overhead Expense | 4,289,000 | $ 2,819,000 | 11,362,000 | $ 7,002,000 | ||||||
Operating Lease, Right-of-Use Asset | 1,477,776 | 1,477,776 | $ 0 | |||||||
Operating Lease, Liability, Total | $ 1,554,877 | $ 1,554,877 | ||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | $ 1,800,000 | |||||||||
Operating Lease, Liability, Total | $ 1,900,000 | |||||||||
Minimum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||
Maximum [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 14 years | |||||||||
Senior Secured Convertible Note [Member] | ||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Equity Distribution, Maximum Amount | $ 100,000,000 | |||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 1,248,000 | |||||||||
Equity Distribution, Remaining Amount | 71,800,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | |||||||||
Subsequent Event [Member] | Senior Secured Convertible Note [Member] | ||||||||||
Debt Instrument, Face Amount | $ 10,000,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 10,468,060 | $ 7,089,033 |
Work in progress | 115,117 | 70,243 |
Finished goods | 1,707,178 | 696,829 |
Total | $ 12,290,355 | $ 7,856,105 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive securities (in shares) | 2,210,861 | 2,273,836 | 1,767,519 | 2,548,080 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 474,680 | 2,218,840 | 916,394 | 2,486,917 |
Underwriters and Investors Warrants Issued Outside Of An EEP [Member] | ||||
Antidilutive securities (in shares) | 0 | 54,996 | 0 | 61,163 |
Conversion of Warrants Issued in Conjunction with Convertible Note [Member] | ||||
Antidilutive securities (in shares) | 0 | 0 | 0 | 0 |
Convertible Debt Securities [Member] | ||||
Antidilutive securities (in shares) | 1,736,181 | 0 | 851,125 | 0 |
Note 3 - TMW Acquisition (Detai
Note 3 - TMW Acquisition (Details Textual) - Tilting Motor Works, Inc. (TMW) [Member] | Feb. 04, 2021 USD ($) shares |
Payments to Acquire Businesses, Gross | $ | $ 1,754,083 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 436,339 |
Business Acquisition, Equity Interest Issued or Issuable, Discount for Lack of Marketability | 12.50% |
Note 3 - TMW Acquisition - Purc
Note 3 - TMW Acquisition - Purchase Price Allocation (Details) - Tilting Motor Works, Inc. (TMW) [Member] | Feb. 04, 2021 USD ($) |
Cash | $ 1,754,083 |
Add: Fair value of shares issued | 13,038,355 |
Total consideration | 14,792,438 |
Inventory | 342,394 |
Prepaid expenses and other current assets | 4,083 |
Property, plant, and equipment | 4,349 |
Goodwill | 6,824,209 |
Total assets acquired | 17,823,035 |
Customer deposits | 91,749 |
Deferred tax liability | 2,938,848 |
Total liabilities assumed | 3,030,597 |
Estimated fair value of net assets acquired | 14,792,438 |
Trade Names [Member] | |
Intangibles | 2,052,000 |
Patented Technology [Member] | |
Intangibles | 7,010,000 |
Customer Relationships [Member] | |
Intangibles | $ 1,586,000 |
Note 3 - TMW Acquisition - Prof
Note 3 - TMW Acquisition - Proforma Financial Information (Details) - Tilting Motor Works, Inc. (TMW) [Member] | 9 Months Ended |
Sep. 30, 2021 USD ($) $ / shares shares | |
Revenues | $ 3,619,510 |
Net loss attributable to common stockholders | $ (24,758,304) |
Net loss per basic and diluted common share (in dollars per share) | $ / shares | $ (0.68) |
Basic and diluted (in shares) | shares | 36,340,706 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) | 3 Months Ended | 9 Months Ended | |||||
Apr. 19, 2021 USD ($) | Dec. 23, 2020 USD ($) ft² a | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) ft² a | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Depreciation, Total | $ 767,000 | $ 412,000 | $ 2,074,000 | $ 1,089,000 | |||
Properties 311 Chambers Street and 1480 West 3rd Avenue [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 187,000 | ||||||
Area of Land (Acre) | a | 6.6 | ||||||
Asset Acquisition, Price of Acquisition, Expected | $ 10,250,000 | ||||||
Property 1593 W. 5th Ave. [Member] | |||||||
Area of Real Estate Property (Square Foot) | ft² | 33,000 | ||||||
Area of Land (Acre) | a | 4.1 | ||||||
Asset Acquisition, Price of Acquisition, Expected | $ 2,500,000 | ||||||
Properties 311 Chambers Street, 1480 West 3rd Avenue, and 1593 W. 5th Ave. [Member] | |||||||
Asset Acquisition, Price of Acquisition, Expected | $ 12,750,000 | ||||||
Asset Acquisition, Consideration Transferred, Deferred | $ 1,250,000 | ||||||
Asset Acquisition, Consideration Transferred, Deferred, Period (Year) | 1 year |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 35,113,074 | $ 27,985,214 |
Less: Accumulated depreciation | (5,672,432) | (3,646,307) |
Total | 29,440,642 | 24,338,907 |
Land [Member] | ||
Property and equipment, gross | 4,743,526 | 4,743,526 |
Building [Member] | ||
Property and equipment, gross | 8,006,474 | 8,006,474 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 8,546,067 | 7,282,960 |
Fixed Assets in Process [Member] | ||
Property and equipment, gross | 6,730,661 | 3,269,532 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,193,771 | 1,165,231 |
FUV Fleet [Member] | ||
Property and equipment, gross | 1,743,997 | 1,471,534 |
FUV Rental Fleet [MEmber] | ||
Property and equipment, gross | 3,120,949 | 1,315,980 |
Computer Equipment [Member] | ||
Property and equipment, gross | 226,915 | 258,309 |
Vehicles [Member] | ||
Property and equipment, gross | 748,707 | 419,661 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 52,007 | $ 52,007 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization of Intangible Assets | $ 208,000 | $ 210,000 | $ 629,000 | $ 552,000 |
Note 5 - Intangible Assets - Su
Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Gross carrying amount | $ 10,648,000 | $ 10,648,000 |
Accumulated amortization | (1,391,609) | (762,320) |
Net book value | $ 9,256,391 | $ 9,885,680 |
Trademarks and Trade Names [Member] | ||
Estimated useful life (Year) | 14 years | 14 years |
Gross carrying amount | $ 2,052,000 | $ 2,052,000 |
Accumulated amortization | (236,865) | (130,950) |
Net book value | $ 1,815,135 | $ 1,921,050 |
Patented Technology [Member] | ||
Estimated useful life (Year) | 13 years | 13 years |
Gross carrying amount | $ 7,010,000 | $ 7,010,000 |
Accumulated amortization | (892,299) | (487,875) |
Net book value | $ 6,117,701 | $ 6,522,125 |
Customer Relationships [Member] | ||
Estimated useful life (Year) | 10 years | 10 years |
Gross carrying amount | $ 1,586,000 | $ 1,586,000 |
Accumulated amortization | (262,445) | (143,495) |
Net book value | $ 1,323,555 | $ 1,442,505 |
Note 6 - Customer Deposits (Det
Note 6 - Customer Deposits (Details Textual) - USD ($) | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Customer Deposit Per Order | $ 500 | $ 2,500 | ||
TMW Product Line [Member] | ||||
Contract with Customer, Liability, Current | $ 120,000 | $ 227,000 | ||
Deposits Assets | 56,600 | 40,400 | ||
Retail Production Vehicles [Member] | ||||
Contract with Customer, Liability, Current | 415,200 | 424,300 | ||
Deposits Assets | 336,000 | 125,000 | ||
Mean-Lean-Machine [Member] | ||||
Customer Deposits Per Vehicle | 100 | |||
Contract with Customer, Liability, Current | 1,048,400 | $ 817,100 | ||
Deposits Assets | 120,600 | |||
Minimum [Member] | Retail Production Vehicles [Member] | ||||
Customer Deposits Per Vehicle | 100 | |||
Maximum [Member] | Retail Production Vehicles [Member] | ||||
Customer Deposits Per Vehicle | $ 500 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - Equipment Financing Notes Payable [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument, Face Amount | $ 2,778,000 | |
Debt Instrument, Periodic Payment, Total | 54,000 | |
Long-Term Debt, Total | 1,374,000 | $ 1,678,000 |
Minimum [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 300 | |
Debt Instrument, Term (Month) | 60 months | |
Debt Instrument, Interest Rate, Stated Percentage | 1.99% | |
Maximum [Member] | ||
Debt Instrument, Periodic Payment, Total | $ 12,000 | |
Debt Instrument, Term (Month) | 72 months | |
Debt Instrument, Interest Rate, Stated Percentage | 9.90% |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Operating Lease, Expense | $ 306,000 | $ 629,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 6 months | |||
Operating Lease, Weighted Average Discount Rate, Percent | 8.30% | |||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization, Total | $ 2,650,000 | |||
Lessee, Finance Lease, Monthly Payments | 54,000 | |||
Property, Plant and Equipment, Net, Total | 29,440,642 | $ 24,338,907 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 5,672,432 | 3,646,307 | ||
Finance Lease, Liability, Total | $ 1,435,437 | $ 1,065,000 | ||
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 4 months 20 days | |||
Finance Lease, Weighted Average Discount Rate, Percent | 5.43% | |||
Underlying Assets To Secure Finance Lease [Member] | ||||
Property, Plant and Equipment, Net, Total | $ 2,713,000 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 975,000 | |||
Minimum [Member] | ||||
Lessee, Finance Lease, Monthly Payments | $ 400 | |||
Lessee, Finance Lease, Term of Contract (Year) | 48 years | |||
Lessee, Finance Lease, Discount Rate | 3.87% | |||
Maximum [Member] | ||||
Lessee, Finance Lease, Monthly Payments | $ 14,000 | |||
Lessee, Finance Lease, Term of Contract (Year) | 60 months | |||
Lessee, Finance Lease, Discount Rate | 9.52% |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Operating lease cost | $ 193,018 | $ 548,997 |
Short-term lease cost | 52,631 | 104,882 |
Total lease cost | $ 245,649 | $ 653,879 |
Note 8 - Leases - Right of Use
Note 8 - Leases - Right of Use Assets and Lease Liabilities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 1,477,776 | $ 0 |
Current portion of operating lease liabilities | 690,682 | 0 |
Operating lease liabilities | 864,195 | $ 0 |
Total operating lease liabilities | $ 1,554,877 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 194,355 | $ 554,751 |
Note 8 - Leases - Minimum Lease
Note 8 - Leases - Minimum Lease Payments of Operating Lease (Details) | Sep. 30, 2022 USD ($) |
2022 (remainder) | $ 196,273 |
2023 | 745,288 |
2024 | 500,457 |
2025 | 230,859 |
2026 | 58,433 |
Thereafter | 0 |
Total minimum lease payments | 1,731,310 |
Less: imputed interest | (176,433) |
Total | $ 1,554,877 |
Note 8 - Leases - Financing Lea
Note 8 - Leases - Financing Leases (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, net | $ 1,718,581 | |
Current portion of finance lease obligations | 500,955 | $ 352,294 |
Finance lease obligations | 934,482 | 712,511 |
Total finance lease liabilities | $ 1,435,437 | $ 1,065,000 |
Note 8 - Leases - Finance Lease
Note 8 - Leases - Finance Lease Supplemental Cash Flow Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating cash flows from finance leases | $ (46,127) | |
Financing cash flows from finance leases | $ (305,296) | $ 0 |
Note 8 - Leases - Depreciation
Note 8 - Leases - Depreciation and Interest Expense Lease Information (Details) - USD ($) | 6 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Amortization Expense | $ 57,403 | $ 152,508 |
Interest Expense | $ 16,148 | $ 46,127 |
Note 8 - Leases - Minimum Lea_2
Note 8 - Leases - Minimum Lease Payments of Financing Leases (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
2022 (remainder) | $ 143,377 | |
2023 | 499,426 | |
2024 | 352,609 | |
2025 | 352,609 | |
2026 | 216,507 | |
Thereafter | 0 | |
Total minimum lease payments | 1,564,528 | |
Less: imputed interest | (129,091) | |
Finance Lease, Liability, Total | $ 1,435,437 | $ 1,065,000 |
Note 9 - Convertible Note (Deta
Note 9 - Convertible Note (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 01, 2022 | Apr. 25, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Debt Instrument, Valuation Techniques, Change in Technique, Quantification of Effect | $ 2,122,828 | $ 0 | $ (22,712) | $ 0 | ||||
Convertible Debt, Noncurrent | $ 4,801,600 | $ 4,801,600 | ||||||
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | $ 0 | |||||
Convertible Debt, Current | $ 8,673,858 | $ 8,673,858 | $ 0 | |||||
Warrant Liabilities, Current | 366,852 | 366,852 | $ 0 | |||||
Warrants in Connection with Securities Purchase Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 500,000 | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 500,000 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 10 | |||||||
Proceeds from Issuance of Debt and Warrant | $ 9,400,000 | |||||||
Warrants, Fair Value | 598,670 | |||||||
Unrealized Gain on Warrants | 231,818 | |||||||
Warrant Liabilities, Current | 366,852 | 366,852 | ||||||
Convertible Promissory Note [Member] | ||||||||
Fair Value, Debt Instrument, Valuation Techniques, Change in Technique, Quantification of Effect | $ 1,925,190 | $ (220,350) | ||||||
Convertible Promissory Note [Member] | Ducera Investments LLC [Member] | ||||||||
Debt Instrument, Face Amount | $ 4,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||
Debt Instrument, Term (Month) | 5 years | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 7 | |||||||
Debt Instrument, Consecutive Trading Period (Day) | 30 days | |||||||
Convertible Promissory Note [Member] | Ducera Investments LLC [Member] | Minimum [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 4.33 | $ 4.33 | ||||||
Senior Secured Convertible Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 15% | |||||||
Debt Instrument, Term (Month) | 24 months | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5 | |||||||
Fair Value, Debt Instrument, Valuation Techniques, Change in Technique, Quantification of Effect | $ 34,180 | $ 34,180 | ||||||
Debt Instrument, Authorized Amount | $ 20,000,000 | |||||||
Common Stock, No Par Value (in dollars per share) | $ 0 | |||||||
Debt Instrument, Unamortized Discount, Total | $ 600,000 | |||||||
Debt Instrument, Coupon Rate | 6% | |||||||
Common Stock, Discount on Shares | $ 8 | |||||||
Long-Term Debt, Gross | 8,801,330 | |||||||
Debt Issuance Costs, Net, Total | $ 232,669 | |||||||
Convertible Debt, Current | $ 8,673,858 | $ 8,673,858 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 14, 2022 | Dec. 31, 2021 | Jan. 25, 2021 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | ||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 | |||
Stock Issued During Period, Value, Issued for Services | $ 45,246 | $ 68,361 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 44,030 | 457,433 | ||||
Proceeds from Stock Options Exercised | $ 91,095 | $ 1,456,185 | ||||
Proceeds from Warrant Exercises | 20,000 | 1,727,502 | ||||
Proceeds from Issuance of Common Stock | $ 27,387,708 | $ 34,237,960 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |||
Sales Agreement [Member[ | ||||||
Equity Offering, Maximum Offering Amount | $ 100,000,000 | $ 80,000,000 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,773,289 | 7,839,691 | 1,853,181 | |||
Proceeds from Issuance of Common Stock | $ 10,177,356 | $ 26,493,094 | $ 33,100,000 | |||
Employee Warrants Exercised Cash [Member] | ||||||
Class of Warrant or Right, Exercised During Period (in shares) | 8,000 | 155,000 | ||||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 2.50 | $ 0.50 | ||||
Proceeds from Warrant Exercises | $ 20,000 | $ 78,000 | ||||
Minimum [Member] | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.71 | $ 1.71 | ||||
Minimum [Member] | Sales Agreement [Member[ | ||||||
Shares Issued, Price Per Share (in dollars per share) | 12.36 | |||||
Price Per Share, Shares Issued (in dollars per share) | $ 1.44 | 1.44 | ||||
Maximum [Member] | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | 2.50 | 5.41 | ||||
Maximum [Member] | Sales Agreement [Member[ | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 32.87 | |||||
Price Per Share, Shares Issued (in dollars per share) | $ 3.35 | $ 7.18 | ||||
Consultant [Member] | ||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 16,000 | 17,421 | ||||
Stock Issued During Period, Value, Issued for Services | $ 68,361 | $ 221,000 | ||||
Equity Incentive Plans [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 8,083,448 | 8,083,448 | 6,262,478 | |||
Class of Warrant or Right, Outstanding (in shares) | 6,033,637 | 6,033,637 | 3,973,629 | |||
Outside of Equity Incentive Plans [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 | 0 | 122,238 | |||
Series A-1 Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 1,500,000 | 1,500,000 | ||||
Series C Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 |
Note 11 - Stock-based Payment_2
Note 11 - Stock-based Payments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2019 | Jul. 29, 2022 | Jun. 11, 2020 | Apr. 20, 2020 | Jun. 09, 2018 | |
Share-Based Payment Arrangement, Expense | $ 1,550,007 | $ 1,322,119 | $ 4,773,137 | $ 2,660,463 | |||||
2022 Omnibus Stock Incentive Plan [member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | ||||||||
The 2018 Omnibus Stock Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,000,000 | 6,000,000 | 4,000,000 | 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,000,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 | 0 | |||||||
Share-Based Payment Arrangement, Expense | $ 1,549,000 | 1,302,000 | $ 4,751,000 | 2,598,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 9,087,000 | $ 9,087,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 11 months 4 days | ||||||||
The 2018 Omnibus Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,166,056 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 6,162,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 1 month 6 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.20% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 60.97% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
The 2018 Omnibus Stock Incentive Plan [Member] | Restricted Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 473,804 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 1,514,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 430,000 | $ 430,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 month 28 days | ||||||||
The 2018 Omnibus Stock Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||
The 2015 Stock Incentive Plan [Member] | |||||||||
Share-Based Payment Arrangement, Expense | 1,234 | $ 19,800 | $ 22,142 | $ 61,800 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,900 | $ 2,900 |
Note 11 - Stock-based Payment_3
Note 11 - Stock-based Payments - Stock-based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 1,550,007 | $ 1,322,119 | $ 4,773,137 | $ 2,660,463 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | 275,290 | 260,262 | 897,866 | 531,836 |
Selling and Marketing Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | 314,967 | 229,892 | 1,004,621 | 447,450 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expense | 505,772 | 410,086 | 1,445,595 | 906,920 |
Cost of Sales [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 453,978 | $ 421,879 | $ 1,425,055 | $ 774,257 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Litigation Settlement, Expense | $ 1,500,000 |
Loss Contingency Accrual, Ending Balance | $ 1,151,000 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - Ducera Investments LLC [Member] - USD ($) | Sep. 01, 2022 | Apr. 25, 2022 |
Reimbursement for Third Party Legal Fees and Expenses [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 67,000 | |
Convertible Promissory Note [Member] | ||
Debt Instrument, Face Amount | $ 4,500,000 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Segment Reporting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 2,024,205 | $ 1,498,176 | $ 4,173,779 | $ 3,609,531 |
Operating Loss | (18,917,833) | (11,589,969) | (47,024,283) | (28,586,203) |
Unrealized (gain)/loss on convertible note fair value | (2,122,828) | 0 | 22,712 | 0 |
Interest expense, net | 84,945 | 51,671 | 258,851 | 151,246 |
Other expense/(income) | 83,749 | (131,781) | 12,553 | (221,214) |
Net loss | (16,963,699) | (11,509,859) | (47,321,599) | (24,499,055) |
Gain on forgiveness of PPP loan | 0 | 0 | 0 | (1,078,482) |
Income tax expense/(benefit) | 0 | 0 | 3,200 | (2,938,698) |
FUV [Member] | ||||
Revenues | 1,675,428 | 1,360,375 | 3,205,783 | 3,325,078 |
Operating Loss | (17,795,421) | (11,157,673) | (44,139,916) | (27,559,083) |
Rental [Member] | ||||
Revenues | 145,470 | 33,472 | 211,786 | 57,340 |
Operating Loss | (636,466) | (73,114) | (1,576,960) | (49,246) |
TMW [Member] | ||||
Revenues | 203,307 | 104,329 | 756,210 | 227,113 |
Operating Loss | $ (485,946) | $ (359,182) | $ (1,307,407) | $ (977,874) |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||||
Nov. 11, 2022 USD ($) | Oct. 01, 2022 USD ($) | Sep. 29, 2022 USD ($) | Jan. 14, 2022 USD ($) | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Dec. 31, 2022 shares | Sep. 01, 2022 USD ($) | Dec. 31, 2021 shares | |
Severance Costs | $ 0 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 10,177,356 | $ 6,729,933 | $ 26,493,094 | $ 33,112,763 | |||||||
Equity Distribution, Maximum Amount | $ 100,000,000 | ||||||||||
Common Stock, Shares Authorized (in shares) | shares | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Forecast [Member] | |||||||||||
Common Stock, Shares Authorized (in shares) | shares | 200,000,000 | ||||||||||
Senior Secured Convertible Note [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Stock Issued During Period, Value, New Issues | $ 799,000 | ||||||||||
Equity Distribution, Maximum Amount | $ 100,000,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Minimum [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||||||||
Subsequent Event [Member] | Reverse Stock Split [Member] | Maximum [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||||||||
Subsequent Event [Member] | Senior Secured Convertible Note [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10,000,000 |