Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 17, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,338,249 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,764,353 | $ 462,753 |
Accounts receivable, net | 66,763 | 262,643 |
Inventory | 12,010,430 | 12,324,017 |
Prepaid inventory | 1,424,058 | 1,439,060 |
Other current assets | 1,614,352 | 1,594,218 |
Total current assets | 18,879,956 | 16,082,691 |
Property and equipment, net | 28,800,410 | 29,822,794 |
Intangible assets, net | 8,834,190 | 9,045,290 |
Operating lease right-of-use assets | 1,168,609 | 1,336,826 |
Security deposits | 134,963 | 120,431 |
Total assets | 57,818,128 | 56,408,032 |
Current liabilities: | ||
Accounts payable | 6,474,270 | 7,668,359 |
Accrued liabilities | 1,004,325 | 455,808 |
Customer deposits | 939,770 | 962,346 |
Mortgage loan | 5,722,960 | 0 |
Short-term convertible note | 0 | 5,639,231 |
Warrant liabilities | 4,219,033 | 374,474 |
Finance lease liabilities, current | 462,085 | 441,523 |
Current portion of equipment notes payable | 356,622 | 388,940 |
Current portion of warranty reserve | 559,517 | 519,889 |
Current portion of deferred revenue | 105,431 | 207,556 |
Operating lease liabilities, current | 615,703 | 666,542 |
Total current liabilities | 20,459,716 | 17,324,668 |
Finance lease liabilities, long-term | 1,160,851 | 858,488 |
Equipment notes payable | 873,388 | 962,351 |
Convertible note issued to related party | 4,070,100 | 4,887,690 |
Warranty reserve | 282,667 | 264,748 |
Operating lease liabilities, long-term | 621,679 | 744,142 |
Total long-term liabilities | 7,008,685 | 7,717,419 |
Total liabilities | 27,468,401 | 25,042,087 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Common Stock, no par value, 200,000,000 shares authorized; 7,333,450 and 3,209,838 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 189,415,794 | 184,682,027 |
Additional paid-in capital | 14,696,255 | 13,555,718 |
Accumulated deficit | (173,762,322) | (166,871,800) |
Total stockholders' equity | 30,349,727 | 31,365,945 |
Total liabilities and stockholders’ equity | 57,818,128 | 56,408,032 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | 0 | 0 |
Series C Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | 0 | 0 |
Nondesignated Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, authorized (in shares) | 5,000,000 | |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 7,333,450 | 3,209,838 |
Common stock, shares outstanding (in shares) | 7,333,450 | 3,209,838 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,500,000 | 1,500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Nondesignated Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,500,000 | 1,500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | $ 1,353,528 | $ 650,233 |
Cost of goods sold | 2,941,830 | 4,047,272 |
Gross loss | (1,588,302) | (3,397,039) |
Operating expenses: | ||
Research and development | 1,015,773 | 3,906,585 |
Sales and marketing | 1,434,542 | 2,926,505 |
General and administrative | 3,212,670 | 2,698,953 |
Loss on disposal of asset | 224,891 | 0 |
Total operating expenses | 5,887,876 | 9,532,043 |
Loss from operations | (7,476,178) | (12,929,082) |
Other (income) expense: | ||
Interest expense | 101,099 | 49,735 |
Unrealized gain on convertible note, mortgage loan and warrants | (4,685,644) | 0 |
Other income, net | 1,073,279 | (25,259) |
Loss on debt extinguishment | 2,925,610 | 0 |
Total other (income) expense | (585,656) | 24,476 |
Loss before income tax benefit | (6,890,522) | (12,953,558) |
Income tax benefit | 0 | 0 |
Net loss | $ (6,890,522) | $ (12,953,558) |
Weighted average common shares - basic and diluted (in shares) | 6,508,390 | 1,898,349 |
Net loss per common share - basic and diluted (in dollars per share) | $ (1.06) | $ (6.82) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Sales Agreement [Member] Common Stock [Member] | Sales Agreement [Member] Additional Paid-in Capital [Member] | Sales Agreement [Member] Retained Earnings [Member] | Sales Agreement [Member] | Purchase Agreements [Member] Common Stock [Member] | Purchase Agreements [Member] Additional Paid-in Capital [Member] | Purchase Agreements [Member] Retained Earnings [Member] | Purchase Agreements [Member] | Conversion of Convertible Notes Into Common Stock [Member] Common Stock [Member] | Conversion of Convertible Notes Into Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Convertible Notes Into Common Stock [Member] Retained Earnings [Member] | Conversion of Convertible Notes Into Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 1,882,180 | |||||||||||||||
Balance at Dec. 31, 2021 | $ 150,502,566 | $ 7,038,124 | $ (103,992,402) | $ 53,548,288 | ||||||||||||
Issuance of common stock for cash (in shares) | 28,015 | |||||||||||||||
Issuance of common stock for cash | $ 3,713,650 | $ 0 | $ 0 | $ 3,713,650 | ||||||||||||
Exercise of stock options (in shares) | 1,090 | 1,090 | ||||||||||||||
Exercise of stock options | $ 67,339 | (14,274) | 0 | $ 53,065 | ||||||||||||
Stock-based compensation | 0 | 1,411,111 | 0 | 1,411,111 | ||||||||||||
Net loss | $ 0 | 0 | (12,953,558) | (12,953,558) | ||||||||||||
Balance (in shares) at Mar. 31, 2022 | 1,911,285 | |||||||||||||||
Balance at Mar. 31, 2022 | $ 154,283,555 | 8,434,961 | (116,945,960) | 45,772,556 | ||||||||||||
Balance (in shares) at Dec. 31, 2022 | 3,209,838 | |||||||||||||||
Balance at Dec. 31, 2022 | $ 184,682,027 | 13,555,718 | (166,871,800) | $ 31,365,945 | ||||||||||||
Exercise of stock options (in shares) | 0 | |||||||||||||||
Stock-based compensation | 0 | 1,140,537 | 0 | $ 1,140,537 | ||||||||||||
Net loss | $ 0 | 0 | (6,890,522) | (6,890,522) | ||||||||||||
Issuance of common stock and warrants for cash (in shares) | 3,300,000 | |||||||||||||||
Issuance of common stock and warrants for cash, net of offering costs of $427,304 | $ 3,621,197 | $ 0 | $ 0 | $ 3,621,197 | ||||||||||||
Issuance of common stock for partial payment of convertible note (in shares) | 123,612 | |||||||||||||||
Issuance of common stock for partial payment of convertible note | $ 1,112,500 | $ 0 | $ 1,112,500 | |||||||||||||
Exercise of warrants (in shares) | 700,000 | |||||||||||||||
Exercise of warrants | $ 70 | 0 | 70 | |||||||||||||
Balance (in shares) at Mar. 31, 2023 | 7,333,450 | |||||||||||||||
Balance at Mar. 31, 2023 | $ 189,415,794 | $ 14,696,255 | $ (173,762,322) | $ 30,349,727 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net loss | $ (6,890,522) | $ (12,953,558) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 914,796 | 707,459 |
Non-cash operating lease costs | 168,217 | 134,683 |
Interest expense paid in common stock | 31,839 | 0 |
Debt issuance costs expensed - mortgage loan | 600,000 | 0 |
Warrant issuance costs - expensed | 505,796 | 0 |
Loss on debt extinguishment | 2,925,610 | 0 |
Unrealized gain on convertible note, mortgage loan and warrants | (4,685,644) | 0 |
Stock-based compensation | 1,140,537 | 1,411,111 |
Loss on disposal of asset | 224,891 | 0 |
Changes in operating assets and liabilities | ||
Accounts receivable | 195,880 | 3,727 |
Inventory | 427,899 | (1,130,621) |
Prepaid inventory | 15,002 | (258,228) |
Other current assets | (20,134) | (493,698) |
Accounts payable | (1,194,816) | (1,328,013) |
Accrued liabilities | 548,517 | 288,628 |
Customer deposits | (22,576) | 286,951 |
Operating lease liabilities | (173,302) | (136,165) |
Warranty reserve | 57,547 | (2,496) |
Deferred revenue | (102,125) | (850) |
Net cash used in operating activities | (5,332,588) | (13,471,070) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (7,939) | (1,485,565) |
Refund from return of equipment | 455,142 | 0 |
Security deposits | (14,532) | 0 |
Net cash provided by (used in) investing activities | 432,671 | (1,485,565) |
FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock and warrants | 11,999,894 | 3,942,413 |
Payment of offering costs | (933,100) | (204,763) |
Proceeds from the exercise of warrants | 70 | 0 |
Proceeds from mortgage loan | 5,500,000 | 0 |
Debt issuance costs - mortgage loan | (600,000) | 0 |
Proceeds from the exercise of stock options | 0 | 53,065 |
Payment on finance lease obligations | (144,066) | (98,189) |
Payment of equipment notes | (121,281) | (119,927) |
Proceeds from equipment notes | 0 | 21,082 |
Payment of convertible note | (7,500,000) | 0 |
Payment of notes payable | 0 | (379,950) |
Net cash provided by financing activities | 8,201,517 | 3,213,731 |
Net cash and cash equivalents (decrease)/increase for period | 3,301,600 | (11,742,904) |
Cash and cash equivalents at beginning of period | 462,753 | 16,971,320 |
Cash and cash equivalents at end of period | 3,764,353 | 5,228,416 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid during the period for interest | 45,305 | 53,948 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Accounts payable for purchase of property and equipment | 727 | 317,630 |
Notes payable and accrued interest converted to common stock | 1,112,500 | 0 |
Transfers from FUV Rental Fleet to Inventory | 114,312 | 0 |
Equipment acquired through finance leases | $ 466,991 | $ 0 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1: Arcimoto, Inc. (the “Company”) was incorporated in the State of Oregon on November 21, 2007. 16 one third one third two In February 2023, two February 17, 2023 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2: 1 20 On November 11, 2022, 1 1 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. In addition, the Company does not On January 14, 2022 October 4, 2022, January 18, 2023, one January 18, 2023, 90 50% January 18, 2023. 90 3 may 3 2023, 6 August 2023 six no May 19, 2023, 30 Management has evaluated these conditions and concluded that they raise substantial doubt about the Company’s ability to continue as a going concern for at least a period of one 1 fourth 2022 may 2 first 2023 March 2023; ( 3 4 may not no not The financial statements do not Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated 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 March 31, 2023, three March 31, 2023 2022 three March 31, 2023 2022. three March 31, 2023 not December 31, 2023. 10 December 31, 2022 10 April 14, 2023. 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. The consolidated financial statements include the accounts of Arcimoto, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Inventory Inventory is stated at the lower of cost (using the first first March 31, 2023 December 31, 2022 Raw materials $ 11,090,571 $ 11,491,555 Work in progress 125,714 — Finished goods 794,145 832,462 Total $ 12,010,430 $ 12,324,017 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 allowance to reduce certain inventories to net realizable value of approximately $1,102,000 and $1,280,000 as of March 31, 2023 December 31, 2022, three March 31, 2023 2022, Intangible Assets Intangible assets primarily consist of trade names/trademarks, proprietary technology, and customer relationships. They 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 March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock — 63,385 Conversion of convertible notes, if-converted method 56,818 — Total 56,818 63,385 Convertible Notes, Mortgage Loan and Warrants We have elected the fair value option under ASC 825 10 25 2 820, Accounting Pronouncements Recently Adopted In June 2016, No. 2016 13, 326 2016 13” not 842 2016 13 not not January 1, 2023. not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: As of March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022 Land $ 4,743,526 $ 4,743,526 Buildings 8,006,474 8,006,474 Machinery and equipment 9,454,594 8,443,047 Fixed assets in process 7,598,164 8,569,163 Leasehold improvements 1,193,771 1,193,771 FUV fleet 884,367 1,089,888 FUV rental fleet 2,354,554 2,646,379 Computer equipment and software 226,915 226,915 Vehicles 748,707 748,707 Furniture and fixtures 52,007 52,007 Total property and equipment 35,263,079 35,719,877 Less: Accumulated depreciation (6,462,669 ) (5,897,083 ) Total $ 28,800,410 $ 29,822,794 Fixed assets in process are primarily comprised of building improvements that have not not Depreciation expense was approximately $704,000 and $497,000 during the three March 31, 2023 2022, |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 4: The following table summarizes the Company’s intangible assets: March 31, 2023 Estimated Useful Life (Years) Gross Carrying Amount at March 31, 2023 Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (310,151 ) $ 1,741,849 Proprietary technology 13 $ 7,010,000 (1,161,914 ) 5,848,086 Customer relationships 10 $ 1,586,000 (341,745 ) 1,244,255 $ 10,648,000 $ (1,813,810 ) $ 8,834,190 December 31, 2022 Estimated Useful Life (Years) Gross Carrying Amount at December 31, 2022 Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (273,508 ) $ 1,778,492 Proprietary technology 13 7,010,000 (1,027,107 ) 5,982,893 Customer relationships 10 1,586,000 (302,095 ) 1,283,905 $ 10,648,000 $ (1,602,710 ) $ 9,045,290 Amortization expense was approximately $211,000 and $210,000 during the three March 31, 2023 2022, |
Note 5 - Customer Deposits
Note 5 - Customer Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Customer Deposits [Text Block] | NOTE 5: 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 March 31, 2023 December 31, 2022, June 30, 2022, no March 31, 2023 December 31, 2022, The Company has also received approximately $92,000 and $112,000 of refundable deposits related to its TMW product line as of March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022, During the second 2022, March 31, 2023 December 31, 2022, As of March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022 not |
Note 6 - Mortgage Loan
Note 6 - Mortgage Loan | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6: On February 17, 2023, six six first six six 6 0% six 6 not first six 6 first six 6 no 2 820, $336,194. March 31, 2023, $5,722,960 March 31, 2023. |
Note 7 - Equipment Notes Payabl
Note 7 - Equipment Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7: As of March 31, 2023, March 31, 2023 May 2023 May 2028. March 31, 2023 December 31, 2022, |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
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 that 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 condensed consolidated statements of operations were as follows: Three Months Ended March 31, 2023 2022 Operating lease cost $ 195,808 $ 172,465 Short-term lease cost 42,679 17,731 Total lease cost $ 238,487 $ 190,196 Variable lease cost for the three March 31, 2023 2022 not Right of use assets and lease liabilities for operating leases were recorded in the condensed consolidated balance sheets as follows: March 31, 2023 December 31, 2022 Operating lease right-of-use assets $ 1,168,609 $ 1,336,826 Operating lease liabilities, current $ 615,703 $ 666,542 Operating lease liabilities, long-term 621,679 744,142 Total operating lease liabilities $ 1,237,382 $ 1,410,684 The weighted-average remaining lease term for operating leases was 2.17 years and the weighted-average incremental borrowing rate was 8.7% as of March 31, 2023. Supplemental cash flow information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 200,893 $ 173,509 As of March 31, 2023, 2023 (Remainder) $ 555,394 2024 511,786 2025 230,858 2026 58,433 2027 — Thereafter — Total minimum lease payments 1,356,471 Less: imputed interest (119,089 ) Total $ 1,237,382 Finance Leases As of March 31, 2023, March 31, 2023 June 2023 February 2028 March 31, 2023. March 31, 2023 December 31, 2022, Right of use assets and lease liabilities for finance leases were recorded in the condensed consolidated balance sheets as follows: March 31, 2023 December 31, 2022 Property and equipment, net $ 1,894,305 $ 2,672,177 Finance lease liabilities, current $ 462,085 $ 441,523 Finance lease liabilities, long-term 1,160,851 858,488 Total finance lease liabilities $ 1,622,936 $ 1,300,011 The weighted-average remaining lease term for finance leases was 3.66 years and the weighted-average incremental borrowing rate was 4.66% as of March 31, 2023. Supplemental cash flow information related to the Company’s finance leases was as follows: Three Months Ended March 31, 2023 2022 Operating cash flows from finance leases $ (19,306 ) $ (15,275 ) Financing cash flows from finance leases $ (144,066 ) $ (98,189 ) Amortization and interest expense information related to the Company’s finance leases was as follows: Three Months Ended March 31, 2023 2022 Amortization expense $ 56,211 $ 44,962 Interest expense $ 19,306 $ 15,275 As of March 31, 2023, 2023 (Remainder) $ 427,795 2024 463,547 2025 463,547 2026 327,444 2027 110,937 Thereafter 18,490 Total minimum lease payments $ 1,811,760 Less: imputed interest (188,824 ) Total $ 1,622,936 |
Note 9 - Convertible Notes
Note 9 - Convertible Notes | 3 Months Ended |
Mar. 31, 2023 | |
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 none x 4 x 4. 10 10 Arcimoto has elected to measure the note at fair value. In estimating the fair value of this debt, a binomial lattice model was used. The required inputs include the risk-free rate, the Company's stock volatility, stock price on valuation date, and a risk premium. The note's fair value measurement is classified as Level 2 820, three March 31, 2023. March 31, 2023 December 31, 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 September 2022 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 2 820, three March 31, 2023. January 23, 2023 September 2022 December 31, 2022. The Warrants are recorded at fair value on September 1, 2022 three March 31, 2023. March 31, 2023 December 31, 2022, |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [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 The Series A- 1 1 1 not 1 1 Except as otherwise required by law or expressly provided in the Company’s Second Amended and Restated Articles of Incorporation, as amended, each share of Class C Preferred Stock has one not not As of March 31, 2023 December 31, 2022, Common Stock The Company has reserved a total of 363,577 and 378,296 shares of its common stock pursuant to the equity incentive plans (see Note 11 March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022, The Company has no shares and 25,000 shares of its common stock reserved for warrants issued outside of the equity incentive plans as of March 31, 2023 December 31, 2022, Exercise of Stock Options and Warrants A total of 1,090 employee options, with exercise prices ranging from $34.20 to $50.00 per share were exercised for total proceeds to the Company of $53,065 during the three March 31, 2022. three March 31, 2023. A total of 700,000 warrants were exercised with an exercise price of $0.0001 per share for total proceeds to the Company of $70 three March 31, 2023. three March 31, 2022. Offerings of Common Stock and Warrants On January 18, 2023, The Pre-Funded Warrants are immediately exercisable subject to certain ownership limitations, have an exercise price of $0.0001 per share, and may fifth Both the Pre-Funded and Common Warrants contain provisions that regarding settlement in the event of a fundamental transaction that calculate the fair value of the warrants using a prespecified volatility assumption that was not The Pre-Funded Warrants are recorded at fair value on January 18, 2023 January 18, 2023 $4,127,057 March 31, 2023 March 31, 2023. The offering resulted in gross proceeds to the Company of approximately $12 million. The net proceeds to the Company from the offering were approximately $11 million, after deducting placement agent fees and other expenses. The Company used $7,500,000 of the net proceeds from the offering to repay the September 2022 9 On January 14, 2022, may We issued and sold 28,015 shares of common stock during the three March 31, 2022, no three March 31, 2023 one 2. |
Note 11 - Stock-based Payments
Note 11 - Stock-based Payments | 3 Months Ended |
Mar. 31, 2023 | |
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 and services is included in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2023 2022 General and administrative $ 445,302 $ 405,344 Cost of goods sold 318,886 394,427 Sales and marketing 220,214 281,440 Research and development 156,135 329,900 Total $ 1,140,537 $ 1,411,111 2022 On July 29, 2022, 2022 may The 2022 not three March 31, 2023, no March 31, 2023. 2022 Stock-based compensation expense under the 2022 three March 31, 2023 2022 none, 2018 The 2018 2018 June 9, 2018. 2019 2018 April 20, 2020, June 20, 2020, June 11, 2021, The 2018 not March 31, 2023, 2018 2022 no 2018 Stock-based compensation expense under the 2018 three March 31, 2023 2022 During the first 2022, 2018 three During the first 2022, No options were granted or restricted stock issued during the first 2023 2018 Total compensation cost related to non-vested awards issued under the 2018 not March 31, 2023 July 2025 2015 The 2015 2015 2022 no 2015 March 31, 2023, Employee stock-based compensation expense for the three March 31, 2023 2022 2015 Total compensation cost related to non-vested awards not March 31, 2023 May 2023 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12: Litigation From time to time, the Company 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. The Company has an accounting policy to record an accrual of legal costs on the basis of an estimate of future legal costs. As of March 31, 2023 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13: Arcimoto may, three March 31, 2023 not may first 2023, not March 31, 2023. On April 25, 2022, 9 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14: 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. March 31, 2023 FUV Rental TMW Total Revenues $ 1,098,252 $ 31,073 $ 224,203 $ 1,353,528 Operating loss $ (7,054,848 ) $ (272,643 ) $ (148,687 ) $ (7,476,178 ) Unrealized gain on convertible note, mortgage loan and warrants (4,685,644 ) Interest expense, net 101,099 Loss on debt extinguishment 2,925,610 Other expense, net 1,073,279 Net loss $ (6,890,522 ) March 31, 2022 FUV Rental TMW Total Revenues $ 515,317 $ 12,499 $ 122,417 $ 650,233 Operating loss $ (12,202,326 ) $ (427,366 ) $ (299,390 ) $ (12,929,082 ) Interest expense, net 49,735 Other income, net (25,259 ) Net loss $ (12,953,558 ) |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
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 condensed consolidated financial statements are issued. There are two 1 2 not The Company has evaluated subsequent events through the date the condensed consolidated 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 May 3, 2023 third third third not third third |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | 1 20 On November 11, 2022, 1 1 |
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. In addition, the Company does not On January 14, 2022 October 4, 2022, January 18, 2023, one January 18, 2023, 90 50% January 18, 2023. 90 3 may 3 2023, 6 August 2023 six no May 19, 2023, 30 Management has evaluated these conditions and concluded that they raise substantial doubt about the Company’s ability to continue as a going concern for at least a period of one 1 fourth 2022 may 2 first 2023 March 2023; ( 3 4 may not no not The financial statements do not |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying unaudited consolidated 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 March 31, 2023, three March 31, 2023 2022 three March 31, 2023 2022. three March 31, 2023 not December 31, 2023. 10 December 31, 2022 10 April 14, 2023. 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. The consolidated financial statements include the accounts of Arcimoto, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost (using the first first March 31, 2023 December 31, 2022 Raw materials $ 11,090,571 $ 11,491,555 Work in progress 125,714 — Finished goods 794,145 832,462 Total $ 12,010,430 $ 12,324,017 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 allowance to reduce certain inventories to net realizable value of approximately $1,102,000 and $1,280,000 as of March 31, 2023 December 31, 2022, three March 31, 2023 2022, |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets primarily consist of trade names/trademarks, proprietary technology, and customer relationships. They 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 March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock — 63,385 Conversion of convertible notes, if-converted method 56,818 — Total 56,818 63,385 |
Debt, Policy [Policy Text Block] | Convertible Notes, Mortgage Loan and Warrants We have elected the fair value option under ASC 825 10 25 2 820, |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Recently Adopted In June 2016, No. 2016 13, 326 2016 13” not 842 2016 13 not not January 1, 2023. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2023 December 31, 2022 Raw materials $ 11,090,571 $ 11,491,555 Work in progress 125,714 — Finished goods 794,145 832,462 Total $ 12,010,430 $ 12,324,017 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2023 2022 Options and other instruments under the 2012, 2015, and 2018 Plans to purchase common stock — 63,385 Conversion of convertible notes, if-converted method 56,818 — Total 56,818 63,385 |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2023 December 31, 2022 Land $ 4,743,526 $ 4,743,526 Buildings 8,006,474 8,006,474 Machinery and equipment 9,454,594 8,443,047 Fixed assets in process 7,598,164 8,569,163 Leasehold improvements 1,193,771 1,193,771 FUV fleet 884,367 1,089,888 FUV rental fleet 2,354,554 2,646,379 Computer equipment and software 226,915 226,915 Vehicles 748,707 748,707 Furniture and fixtures 52,007 52,007 Total property and equipment 35,263,079 35,719,877 Less: Accumulated depreciation (6,462,669 ) (5,897,083 ) Total $ 28,800,410 $ 29,822,794 |
Note 4 - Intangible Assets (Tab
Note 4 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2023 Estimated Useful Life (Years) Gross Carrying Amount at March 31, 2023 Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (310,151 ) $ 1,741,849 Proprietary technology 13 $ 7,010,000 (1,161,914 ) 5,848,086 Customer relationships 10 $ 1,586,000 (341,745 ) 1,244,255 $ 10,648,000 $ (1,813,810 ) $ 8,834,190 December 31, 2022 Estimated Useful Life (Years) Gross Carrying Amount at December 31, 2022 Accumulated Amortization Net Book Value Tradename and trademarks 14 $ 2,052,000 $ (273,508 ) $ 1,778,492 Proprietary technology 13 7,010,000 (1,027,107 ) 5,982,893 Customer relationships 10 1,586,000 (302,095 ) 1,283,905 $ 10,648,000 $ (1,602,710 ) $ 9,045,290 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Operating lease cost $ 195,808 $ 172,465 Short-term lease cost 42,679 17,731 Total lease cost $ 238,487 $ 190,196 |
Operating Lease, Assets and Liabilities [Table Text Block] | March 31, 2023 December 31, 2022 Operating lease right-of-use assets $ 1,168,609 $ 1,336,826 Operating lease liabilities, current $ 615,703 $ 666,542 Operating lease liabilities, long-term 621,679 744,142 Total operating lease liabilities $ 1,237,382 $ 1,410,684 |
Operating Lease, Supplemental Cash Flow [Table Text Block] | Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 200,893 $ 173,509 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 (Remainder) $ 555,394 2024 511,786 2025 230,858 2026 58,433 2027 — Thereafter — Total minimum lease payments 1,356,471 Less: imputed interest (119,089 ) Total $ 1,237,382 |
Finance Lease, Assets and Liabilities, Lessee [Table Text Block] | March 31, 2023 December 31, 2022 Property and equipment, net $ 1,894,305 $ 2,672,177 Finance lease liabilities, current $ 462,085 $ 441,523 Finance lease liabilities, long-term 1,160,851 858,488 Total finance lease liabilities $ 1,622,936 $ 1,300,011 |
Finance Lease, Supplemental Cash Flow [Table Text Block] | Three Months Ended March 31, 2023 2022 Operating cash flows from finance leases $ (19,306 ) $ (15,275 ) Financing cash flows from finance leases $ (144,066 ) $ (98,189 ) |
Finance Leases, Depreciation and Interest Expense [Table Text Block] | Three Months Ended March 31, 2023 2022 Amortization expense $ 56,211 $ 44,962 Interest expense $ 19,306 $ 15,275 |
Finance Lease, Liability, to be Paid, Maturity [Table Text Block] | 2023 (Remainder) $ 427,795 2024 463,547 2025 463,547 2026 327,444 2027 110,937 Thereafter 18,490 Total minimum lease payments $ 1,811,760 Less: imputed interest (188,824 ) Total $ 1,622,936 |
Note 11 - Stock-based Payments
Note 11 - Stock-based Payments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 General and administrative $ 445,302 $ 405,344 Cost of goods sold 318,886 394,427 Sales and marketing 220,214 281,440 Research and development 156,135 329,900 Total $ 1,140,537 $ 1,411,111 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | FUV Rental TMW Total Revenues $ 1,098,252 $ 31,073 $ 224,203 $ 1,353,528 Operating loss $ (7,054,848 ) $ (272,643 ) $ (148,687 ) $ (7,476,178 ) Unrealized gain on convertible note, mortgage loan and warrants (4,685,644 ) Interest expense, net 101,099 Loss on debt extinguishment 2,925,610 Other expense, net 1,073,279 Net loss $ (6,890,522 ) FUV Rental TMW Total Revenues $ 515,317 $ 12,499 $ 122,417 $ 650,233 Operating loss $ (12,202,326 ) $ (427,366 ) $ (299,390 ) $ (12,929,082 ) Interest expense, net 49,735 Other income, net (25,259 ) Net loss $ (12,953,558 ) |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Feb. 17, 2023 USD ($) |
Secured Debt [Member] | HRE FUV Lending, LLC [Member] | |
Debt Instrument, Face Amount | $ 6,000,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | ||||||||||
Feb. 17, 2023 USD ($) | Jan. 18, 2023 USD ($) | Nov. 11, 2022 | Oct. 04, 2022 USD ($) | Jan. 14, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | May 19, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 01, 2022 USD ($) | Apr. 25, 2022 USD ($) | |
Inventory Valuation Reserves | $ 1,102,000 | $ 1,280,000 | |||||||||
Labor and Overhead Expense | $ 1,620,000 | $ 3,050,000 | |||||||||
Senior Secured Convertible Note [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 600,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15% | ||||||||||
Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 14 years | ||||||||||
Subsequent Event [Member] | |||||||||||
Accounts Payable | $ 6,700,000 | ||||||||||
Ducera Investments LLC [Member] | Convertible Promissory Note [Member] | |||||||||||
Debt Instrument, Face Amount | $ 4,500,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||||||||
Secured Debt [Member] | HRE FUV Lending, LLC [Member] | |||||||||||
Debt Instrument, Face Amount | $ 6,000,000 | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 600,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 20% | ||||||||||
Debt Instrument, Extension Period (Month) | 6 months | ||||||||||
Debt Instrument, Fee Amount of Extension | $ 300,000 | ||||||||||
At-the-market Offering [Member] | |||||||||||
Equity Distribution, Maximum Amount | $ 100,000,000 | ||||||||||
Equity Line of Credit [Member] | |||||||||||
Equity Distribution, Maximum Amount | $ 50,000,000 | ||||||||||
Proceeds from Issuance of Private Placement | $ 12,000,000 | ||||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Inventory (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 11,090,571 | $ 11,491,555 |
Work in progress | 125,714 | 0 |
Finished goods | 794,145 | 832,462 |
Total | $ 12,010,430 | $ 12,324,017 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive securities (in shares) | 56,818 | 63,385 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 0 | 63,385 |
Convertible Debt Securities [Member] | ||
Antidilutive securities (in shares) | 56,818 | 0 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 704,000 | $ 497,000 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 35,263,079 | $ 35,719,877 |
Less: Accumulated depreciation | (6,462,669) | (5,897,083) |
Total | 28,800,410 | 29,822,794 |
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 | 9,454,594 | 8,443,047 |
Fixed Assets in Process [Member] | ||
Property and equipment, gross | 7,598,164 | 8,569,163 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,193,771 | 1,193,771 |
FUV Fleet [Member] | ||
Property and equipment, gross | 884,367 | 1,089,888 |
FUV Rental Fleet [MEmber] | ||
Property and equipment, gross | 2,354,554 | 2,646,379 |
Computer Equipment [Member] | ||
Property and equipment, gross | 226,915 | 226,915 |
Vehicles [Member] | ||
Property and equipment, gross | 748,707 | 748,707 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 52,007 | $ 52,007 |
Note 4 - Intangible Assets (Det
Note 4 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Intangible Assets | $ 211,000 | $ 210,000 |
Note 4 - Intangible Assets - Sc
Note 4 - Intangible Assets - Schedule of Finite Lived Intangible Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 10,648,000 | $ 10,648,000 |
Accumulated amortization | (1,813,810) | (1,602,710) |
Net book value | $ 8,834,190 | $ 9,045,290 |
Trademarks and Trade Names [Member] | ||
Estimated useful life (Year) | 14 years | 14 years |
Gross carrying amount | $ 2,052,000 | $ 2,052,000 |
Accumulated amortization | (310,151) | (273,508) |
Net book value | $ 1,741,849 | $ 1,778,492 |
Patented Technology [Member] | ||
Estimated useful life (Year) | 13 years | 13 years |
Gross carrying amount | $ 7,010,000 | $ 7,010,000 |
Accumulated amortization | (1,161,914) | (1,027,107) |
Net book value | $ 5,848,086 | $ 5,982,893 |
Customer Relationships [Member] | ||
Estimated useful life (Year) | 10 years | 10 years |
Gross carrying amount | $ 1,586,000 | $ 1,586,000 |
Accumulated amortization | (341,745) | (302,095) |
Net book value | $ 1,244,255 | $ 1,283,905 |
Note 5 - Customer Deposits (Det
Note 5 - Customer Deposits (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2022 | |
Customer Deposit Per Order | $ 500 | $ 2,500 | ||
Contract with Customer, Liability, Customer Deposit, Current | $ 939,770 | $ 962,346 | ||
Approximate [Member] | ||||
Contract with Customer, Liability, Customer Deposit, Current | 939,700 | 962,300 | ||
TMW Product Line [Member] | ||||
Contract with Customer, Liability, Current | 92,000 | 112,000 | ||
Contract with Customer, Liability, Customer Deposit, Current | 33,600 | 51,400 | ||
Retail Production Vehicles [Member] | ||||
Contract with Customer, Liability, Current | 405,600 | 410,000 | ||
Contract with Customer, Liability, Customer Deposit, Current | 287,400 | 268,300 | ||
Mean-Lean-Machine [Member] | ||||
Customer Deposits Per Vehicle | $ 100 | |||
Contract with Customer, Liability, Customer Deposit, Current | 121,100 | $ 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 6 - Mortgage Loan (Details
Note 6 - Mortgage Loan (Details Textual) - Secured Debt [Member] - HRE FUV Lending, LLC [Member] - USD ($) | Feb. 17, 2023 | Mar. 31, 2023 |
Debt Instrument, Face Amount | $ 6,000,000 | |
Debt Instrument, Term (Month) | 6 months | |
Debt Instrument, Extension Period (Month) | 6 months | |
Debt Instrument, Interest Rate, Stated Percentage | 20% | |
Debt Instrument, Interest Rate, If Repaid in Full Within 6 Months | 10% | |
Debt Instrument, Interest Rate, Extension Period | 0% | |
Debt Instrument, Fee Amount | $ 600,000 | |
Debt Instrument, Fee Amount of Extension | 300,000 | |
Debt Instrument, Extension, Minimum Interest Paid | 600,000 | |
Debt Instrument, Extension, Minimum Interest Paid, If Repaid Within 6 Months | 300,000 | |
Debt Instrument, Holdback Amount | $ 500,000 | |
Debt Instrument, Fair Value Disclosure | $ 113,234 |
Note 7 - Equipment Notes Paya_2
Note 7 - Equipment Notes Payable (Details Textual) - Equipment Financing Notes Payable [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument, Face Amount | $ 2,001,000 | |
Debt Instrument, Periodic Payment, Total | 44,600 | |
Long-Term Debt | 1,230,000 | $ 1,351,000 |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 2 months 1 day | |
Operating Lease, Weighted Average Discount Rate, Percent | 8.70% | |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | $ 2,999,000 | |
Lessee, Finance Lease, Monthly Payments | 61,000 | |
Property, Plant and Equipment, Net | 28,800,410 | $ 29,822,794 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 6,462,669 | 5,897,083 |
Finance Lease, Liability | $ 1,622,936 | $ 1,300,011 |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 7 months 28 days | |
Finance Lease, Weighted Average Discount Rate, Percent | 4.66% | |
Underlying Assets To Secure Finance Lease [Member] | ||
Property, Plant and Equipment, Net | $ 3,180,312 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,286,007 | |
Minimum [Member] | ||
Lessee, Finance Lease, Monthly Payments | $ 1,500 | |
Lessee, Finance Lease, Term of Contract (Year) | 48 years | |
Lessee, Finance Lease, Discount Rate | 2.67% | |
Maximum [Member] | ||
Lessee, Finance Lease, Monthly Payments | $ 14,000 | |
Lessee, Finance Lease, Term of Contract (Year) | 60 months | |
Lessee, Finance Lease, Discount Rate | 8.51% |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expenses (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease cost | $ 195,808 | $ 172,465 |
Short-term lease cost | 42,679 | 17,731 |
Total lease cost | $ 238,487 | $ 190,196 |
Note 8 - Leases - Right of Use
Note 8 - Leases - Right of Use Assets and Lease Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 1,168,609 | $ 1,336,826 |
Operating lease liabilities, current | 615,703 | 666,542 |
Operating lease liabilities, long-term | 621,679 | 744,142 |
Total operating lease liabilities | $ 1,237,382 | $ 1,410,684 |
Note 8 - Leases - Supplemental
Note 8 - Leases - Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 200,893 | $ 173,509 |
Note 8 - Leases - Minimum Lease
Note 8 - Leases - Minimum Lease Payments of Operating Lease (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (Remainder) | $ 555,394 | |
2024 | 511,786 | |
2025 | 230,858 | |
2026 | 58,433 | |
2027 | 0 | |
Thereafter | 0 | |
Total minimum lease payments | 1,356,471 | |
Less: imputed interest | (119,089) | |
Total | $ 1,237,382 | $ 1,410,684 |
Note 8 - Leases - Financing Lea
Note 8 - Leases - Financing Leases (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Finance lease liabilities, current | $ 462,085 | $ 441,523 |
Finance lease liabilities, long-term | 1,160,851 | 858,488 |
Total finance lease liabilities | 1,622,936 | 1,300,011 |
Property and Equipment, Net [Member] | ||
Property and equipment, net | $ 1,894,305 | $ 2,672,177 |
Note 8 - Leases - Finance Lease
Note 8 - Leases - Finance Lease Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating cash flows from finance leases | $ (19,306) | $ (15,275) |
Financing cash flows from finance leases | $ (144,066) | $ (98,189) |
Note 8 - Leases - Depreciation
Note 8 - Leases - Depreciation and Interest Expense Lease Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization expense | $ 56,211 | $ 44,962 |
Interest expense | $ 19,306 | $ 15,275 |
Note 8 - Leases - Minimum Lea_2
Note 8 - Leases - Minimum Lease Payments of Financing Leases (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (Remainder) | $ 427,795 | |
2024 | 463,547 | |
2025 | 463,547 | |
2026 | 327,444 | |
2027 | 110,937 | |
Thereafter | 18,490 | |
Total minimum lease payments | 1,811,760 | |
Less: imputed interest | (188,824) | |
Finance Lease, Liability | $ 1,622,936 | $ 1,300,011 |
Note 9 - Convertible Notes (Det
Note 9 - Convertible Notes (Details Textual) - USD ($) | 3 Months Ended | ||||||
Jan. 23, 2023 | Sep. 01, 2022 | Apr. 25, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2022 | |
Fair Value, Debt Instrument, Valuation Techniques, Change in Technique, Quantification of Effect | $ 4,685,644 | $ 0 | |||||
Convertible Debt, Noncurrent | $ 4,070,100 | $ 4,887,690 | |||||
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | |||||
Gain (Loss) on Extinguishment of Debt | $ (2,925,610) | $ 0 | |||||
Convertible Debt, Current | 0 | $ 5,639,231 | |||||
Unrealized Gain on Warrants | 282,498 | ||||||
Warrant Liabilities, Current | 4,219,033 | 374,474 | |||||
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) | 25,000 | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 200 | ||||||
Proceeds from Issuance of Debt and Warrant | $ 9,400,000 | ||||||
Warrants, Fair Value | 598,670 | ||||||
Warrant Liabilities, Current | 91,976 | 374,474 | |||||
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) | $ 140 | ||||||
Debt Instrument, Convertible, Conversion Price, Pre-reverse Split (in dollars per share) | $ 7 | ||||||
Debt Instrument, Consecutive Trading Period (Day) | 30 days | ||||||
Fair Value, Debt Instrument, Valuation Techniques, Change in Technique, Quantification of Effect | 817,590 | ||||||
Convertible Debt, Noncurrent | $ 4,070,100 | 4,887,690 | |||||
Convertible Promissory Note [Member] | Ducera Investments LLC [Member] | Minimum [Member] | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 86.60 | ||||||
Debt Instrument, Convertible, Conversion Price, Pre-reverse Split (in dollars per share) | $ 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 | $ (15,820) | ||||||
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% | ||||||
Debt Instrument, Discount if Paid in Common Stock | 8% | ||||||
Long-Term Debt, Gross | $ 8,801,330 | ||||||
Debt Issuance Costs, Net, Total | $ 232,669 | ||||||
Gain (Loss) on Extinguishment of Debt | $ (2,925,610) | ||||||
Convertible Debt, Current | $ 5,639,231 |
Note 10 - Stockholders' Equity
Note 10 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jan. 18, 2023 | Jan. 14, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 31, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | |||||
Preferred Stock, No Par Value (in dollars per share) | $ 0 | |||||
Mandatory Conversion Threshold | $ 15,000,000 | |||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 1,090 | ||||
Proceeds from Stock Options Exercised | $ 0 | $ 53,065 | ||||
Class of Warrant or Right, Exercised During Period (in shares) | 700,000 | 0 | ||||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 0.0001 | |||||
Proceeds from Warrant Exercises | $ 70 | $ 0 | ||||
Common Stock, No Par Value (in dollars per share) | $ 0 | $ 0 | ||||
Senior Secured Convertible Note [Member] | ||||||
Common Stock, No Par Value (in dollars per share) | $ 0 | |||||
Repayments of Debt | $ 7,500,000 | |||||
Pre-Funded Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.0001 | |||||
Warrants and Rights Outstanding | $ 1,735,941 | $ 7,951,393 | ||||
Fair Value Adjustment of Warrants | $ (3,824,336) | |||||
Common Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Registered Direct Offering [Member] | ||||||
Equity Offering, Maximum Shares (in shares) | 3,300,000 | |||||
Common Stock, No Par Value (in dollars per share) | $ 0 | |||||
Proceeds from Issuance or Sale of Equity | $ 12,000,000 | |||||
Proceeds from Issuance or Sale of Equity, Net of Fees | $ 11,000,000 | |||||
Registered Direct Offering [Member] | Pre-Funded Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 700,000 | |||||
Equity Offering, Unit Price (in dollars per share) | $ 3 | |||||
Registered Direct Offering [Member] | Common Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,000,000 | |||||
Equity Offering, Unit Price (in dollars per share) | $ 2.9999 | |||||
Sales Agreement [Member] | ||||||
Equity Offering, Maximum Offering Amount | $ 100,000,000 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 28,015 | |||||
Proceeds from Issuance of Common Stock | $ 3,713,650 | |||||
Minimum [Member] | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 34.20 | |||||
Minimum [Member] | Sales Agreement [Member] | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 136.40 | |||||
Maximum [Member] | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 50 | |||||
Maximum [Member] | Sales Agreement [Member] | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 143.60 | |||||
Equity Incentive Plans [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 363,577 | 378,296 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Awards Outstanding (in shares) | 363,577 | 278,296 | ||||
Outside of Equity Incentive Plans [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 | 25,000 | ||||
Series A-1 Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 1,500,000 | |||||
Series C Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized (in shares) | 2,000,000 | 2,000,000 | ||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 |
Note 11 - Stock-based Payment_2
Note 11 - Stock-based Payments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2019 | Jul. 29, 2022 | Jun. 11, 2021 | Jun. 10, 2021 | Apr. 20, 2020 | Jun. 09, 2018 | Dec. 31, 2015 | |
Share-Based Payment Arrangement, Expense | $ 1,140,537 | $ 1,411,111 | |||||||
2022 Omnibus Stock Incentive Plan [member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 100,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 0 | ||||||||
Share-Based Payment Arrangement, Expense | $ 176,801 | 0 | |||||||
2022 Omnibus Stock Incentive Plan [member] | Restricted Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 100,000 | ||||||||
The 2018 Omnibus Stock Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 100,000 | 300,000 | 200,000 | 200,000 | 50,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7,082,233 | ||||||||
Share-Based Payment Arrangement, Expense | $ 962,530 | $ 1,392,380 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 50,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 222,339 | ||||||||
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) | 0 | 1,482 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 173,063 | ||||||||
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) | 62,040 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 5,435,000 | ||||||||
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 | 1.70% | ||||||||
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 | 96.98% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||
The 2015 Stock Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 50,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 469 | ||||||||
Share-Based Payment Arrangement, Expense | $ 1,206 | $ 18,731 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 25,688 |
Note 11 - Stock-based Payment_3
Note 11 - Stock-based Payments - Stock-based Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 1,140,537 | $ 1,411,111 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 445,302 | 405,344 |
Cost of Sales [Member] | ||
Share-Based Payment Arrangement, Expense | 318,886 | 394,427 |
Selling and Marketing Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 220,214 | 281,440 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 156,135 | $ 329,900 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) |
Loss Contingency Accrual | $ 0 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Details Textual) - USD ($) | Mar. 31, 2023 | Apr. 25, 2022 |
Entity Owned by Chief Operating Officer [Member] | Related Party [Member] | ||
Accounts Payable and Accrued Liabilities | $ 0 | |
Ducera Investments LLC [Member] | 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 1,353,528 | $ 650,233 |
Operating loss | (7,476,178) | (12,929,082) |
Unrealized gain on convertible note, mortgage loan and warrants | (4,685,644) | 0 |
Interest expense, net | 101,099 | 49,735 |
Loss on debt extinguishment | 2,925,610 | 0 |
Other expense, net | 1,073,279 | (25,259) |
Net loss | (6,890,522) | (12,953,558) |
Other income, net | 1,073,279 | (25,259) |
FUV [Member] | ||
Revenues | 1,098,252 | 515,317 |
Operating loss | (7,054,848) | (12,202,326) |
Unrealized gain on convertible note, mortgage loan and warrants | ||
Interest expense, net | ||
Loss on debt extinguishment | ||
Other expense, net | ||
Net loss | ||
Other income, net | ||
Rental [Member] | ||
Revenues | 31,073 | 12,499 |
Operating loss | (272,643) | (427,366) |
Unrealized gain on convertible note, mortgage loan and warrants | ||
Interest expense, net | ||
Loss on debt extinguishment | ||
Other expense, net | ||
Net loss | ||
Other income, net | ||
TMW [Member] | ||
Revenues | 224,203 | 122,417 |
Operating loss | (148,687) | (299,390) |
Unrealized gain on convertible note, mortgage loan and warrants | ||
Interest expense, net | ||
Loss on debt extinguishment | ||
Other expense, net | ||
Net loss | ||
Other income, net |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Teaming Agreement [Member] | May 03, 2023 USD ($) |
Sale of Future Equity Agreement, Maximum Amount to Purchase | $ 3,000,000 |
Sale of Future Equity Agreement, Initial Purchase Amount | $ 100,000 |