Nu Ride (NRDE) 10-K 25 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-38821
Entity Registrant Name	Lordstown Motors Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2533239
Entity Address, Address Line One	2300 Hallock Young Road
Entity Address, City or Town	Lordstown
Entity Address State Or Province	OH
Entity Address, Postal Zip Code	44481
City Area Code	234
Local Phone Number	285-4001
Title of 12(b) Security	Common Stock
Trading Symbol	RIDE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	true
Entity Public Float			$ 288,400,000
Entity Common Stock, Shares Outstanding		176,579,376
Entity Central Index Key	0001759546
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 629,761	$ 2,159
Accounts receivable	21
Prepaid expenses and other current assets	24,663
Total current assets	654,445	2,159
Property, plant and equipment	101,663	20,276
Intangible assets	11,111	11,111
TOTAL ASSETS	767,219	33,546
Current Liabilities
Accounts payable	32,536	1,802
Accrued and other current liabilities	1,538	415
Due to related party		2,631
Related party notes payable		20,142
Total current liabilities	34,074	24,990
Note payable	1,015
Total liabilities	35,089	24,990
Stockholders' equity
Common stock, $0.0001 par value, 300,000,000 shares authorized; 168,007,960 and 68,279,182 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively	17	7
Additional paid in capital	843,061	18,940
Accumulated deficit	(110,948)	(10,391)
Total stockholders' equity	732,130	8,556
Total liabilities and shareholder's equity	$ 767,219	$ 33,546

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Apr. 30, 2019
Balance Sheets
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	168,007,960	68,279,182
Common stock, shares outstanding	168,007,960	68,279,182

Statements of Operations

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Operating expenses
Selling and administrative expenses	$ 4,526	$ 28,787
Research and development expenses	5,865	73,694
Total operating expenses	10,391	102,481
Loss from operations	(10,391)	(102,481)
Other income (expense)
Other income		2,627
Interest expense		(703)
Loss before income taxes	(10,391)	(100,557)
Income tax expense		0
Net loss	$ (10,391)	$ (100,557)
Loss per share attributable to common shareholders
Basic & Diluted (in dollars per share)	$ (0.15)	$ (1.04)
Weighted average number of common shares outstanding
Basic & Diluted (in shares)	68,279	96,716

Statements of Stockholder's Equ

Statements of Stockholder's Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance at Apr. 29, 2019	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Apr. 29, 2019	0
Issuance of common stock	$ 7	18,598		18,605
Issuance of common stock (in shares)	68,279
Stock compensation		342		342
Net loss			(10,391)	(10,391)
Ending balance at Dec. 31, 2019	$ 7	18,940	(10,391)	8,556
Ending balance (in shares) at Dec. 31, 2019	68,279
Issuance of common stock	$ 2	6,437		6,439
Issuance of common stock (in shares)	8,652
Common stock issued for conversion of notes payable	$ 0	38,725		38,725
Common stock issued for conversion of notes payable (in shares)	4,032
Common stock issued for exercise of warrants		30,692		30,692
Common stock issued for exercise of warrants (in shares)	2,669
Common stock issued in recapitalization, net of redemptions and transaction costs	$ 8	745,512		745,520
Common stock issued in recapitalization (in shares)	84,376
Stock compensation		2,755		2,755
Net loss			(100,557)	(100,557)
Ending balance at Dec. 31, 2020	$ 17	$ 843,061	$ (110,948)	$ 732,130
Ending balance (in shares) at Dec. 31, 2020	168,008

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (10,391)	$ (100,557)
Adjustments to reconcile net loss to cash used by operating activities:
Stock-based compensation	342	2,755
Gain on disposal of fixed assets		(2,346)
Changes in assets and liabilities:
Accounts receivables		(21)
Prepaid expenses		17,367
Accounts payable	1,801	31,360
Accrued expenses and due to related party	3,046	21,856
Cash used by operating activities	(5,202)	(64,320)
Cash flows from investing activities
Purchases of capital assets	(133)	(58,237)
Proceeds from the sale of capital assets		2,396
Cash used by investing activities	(133)	(55,841)
Cash flows from financing activities
Proceeds from notes payable		38,796
Cash received in recapitalization, net of transaction costs		671,836
Cash proceeds from exercise of warrants		30,692
Issuance of common stock	7,494	6,439
Cash provided by financing activities	7,494	747,763
Increase in cash and cash equivalents	2,159	627,602
Cash and cash equivalents, beginning balance		2,159
Cash and cash equivalents, ending balance	2,159	629,761
Non cash items
Conversion of notes payable to equity		38,725
Capital assets acquired with notes payable	20,142
Capital assets exchanged for equity		$ 23,200
Common stock issued in exchange for intangible assets	$ 11,111

DESCRIPTION OF ORGANIZATION AND

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
	Dec. 31, 2020
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Description of Business Lordstown Motors Corp., a Delaware corporation (“Lordstown” or the “Company”) , is an automotive company with the goal of becoming an original equipment manufacturer (OEM) of electrically powered pickup trucks and vehicles for fleet customers in pursuit of accelerating the sustainable future and setting new standards in the industry. The Company is in its initial design and testing phase related to its production of the Endurance pickup truck and has yet to bring a completed product to market. Business Combination and Basis of Presentation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiary. All intercompany accounts and transactions are eliminated upon consolidation. Certain amounts in the prior years’ balance sheet, consolidated statements of changes in stockholders’ equity and statements of cash flows and have been reclassified to conform to the current year presentation. On October 23, 2020 (the “Closing Date”), Diamond Peak Holdings Corp. (“Diamond Peak”), consummated the transactions contemplated by the agreement and plan of merger (the “Merger Agreement”), dated August 1, 2020, among Diamond Peak, Lordstown EV Corporation (formerly known as Lordstown Motors Corp.), a Delaware corporation (“Legacy LMC”), and DPL Merger Sub Corp., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), pursuant to which Merger Sub merged with and into Legacy LMC with Legacy LMC surviving the merger (the “Merger”) and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Diamond Peak changed its name to Lordstown Motors Corp (the “Company”) and Legacy LMC became a wholly owned subsidiary of Diamond Peak. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each issued and outstanding share of common stock, par value $0.0001 per share, of Legacy LMC (“Legacy LMC Common Stock”) was converted into 55.8817 shares (the “Exchange Ratio”) of Class A common stock, par value $0.0001 per share, of the Company (“Class A common Stock”), resulting in an aggregate of 75,918,063 shares of Class A Common Stock to be issued to Legacy LMC stockholders. At the Effective Time, each outstanding option to purchase Legacy LMC Common Stock (“Legacy LMC Options”), whether vested or unvested, was automatically converted into an option to purchase a number of shares of Class A Common Stock equal to the product of (x) the number of shares of Legacy LMC Common Stock subject to such Legacy LMC Option and (y) the Exchange Ratio, at an exercise price per share equal to (A) the exercise price per share of Legacy LMC Common Stock of such Legacy LMC Option immediately prior to the Effective Time divided by (B) the Exchange Ratio. Pursuant to the Company’s Amended and Restated Certificate of Incorporation, as in effect prior to the Closing, each outstanding share of Diamond Peak’s Class B common stock, par value $0.0001 per share, was automatically converted into one share of the Company’s Class A Common Stock, resulting in an issuance of 7 million shares of Class A common stock in the aggregate. In connection with the Closing, the Company (a) issued and sold an aggregate of 50 million shares of Class A Common Stock for $10.00 per share at an aggregate purchase price of $500 million pursuant to previously announced subscription agreements with certain investors (the “PIPE Investors”), (b) issued an aggregate of approximately 4 million shares of Class A Common Stock to holders of $40 million in aggregate principal amount plus accrued interest, upon automatic conversion of Legacy LMC convertible promissory notes into Class A Common Stock at a conversion price of $10.00 per share (the “Note Conversions”), and (c) issued warrants to purchase 1.6 million shares of Class A Common Stock (“BGL Warrants”) a purchase price of $10.00 per share to a third party. Additionally the Company assumed . In December 2020, million in proceeds. In January 2021, a significant portion of the remaining Public Warrants and ​ Pursuant to the Business Combination, the merger between a Diamond Peak and Legacy LMC was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Reverse Recapitalization”). Under this method of accounting, Legacy LMC was deemed to be the accounting acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy LMC issuing stock for the net assets of Diamond Peak, accompanied by a recapitalization. The net assets of Diamond Peak are stated at historical cost, with no goodwill or other intangible assets recorded. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy LMC. The shares and corresponding capital amounts and earnings per share available for common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. ​ As part of the Business Combination, we recorded $745.5 million in equity for the recapitalization, net of transaction costs. The Company received cash proceeds of

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company presents cash and cash equivalents within Cash and cash equivalents on the Balance Sheet. The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk. Property, plant and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Determination of useful lives and depreciation will begin once the assets are ready for their intended use. Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repair expenditures are expensed as incurred, while major improvements that increase functionality of the asset are capitalized and depreciated ratably to expense over the identified useful life. Further, interest on any debt financing arrangement is capitalized to the purchased property, plant, and equipment if the requirements for capitalization are met. Long-lived assets, such as property, plant, and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Intangible assets other than goodwill Intangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights connected with the electric pickup truck and other electric vehicle technology owned by Workhorse and contributed in exchange for equity in the Company. Determination of useful lives will be over the period of economic benefit and the related amortization will begin once the intangible assets are placed in use. The intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired when the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value. Research and development costs The Company expenses research and development costs as they are incurred. Research and development costs consist primarily of personnel costs for engineering and research, prototyping costs, and contract and professional services. Stock-based compensation The Company has adopted ASC 718, Accounting for Stock-Based Compensation The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 – Compensation – Stock Compensation (Topic 718) Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense. Recent accounting pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ​ In February 2016, the FASB issued ASU 2016-02, Leases , and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for the Company beginning after December 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 3 — FAIR VALUE MEASUREMENTS The Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes when inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Cash and cash equivalents are measured at fair value on a recurring basis and are considered Level I in nature for both 2020 and 2019.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 4 — PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net, consisted of the following at December 31: (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Property, Plant & Equipment ​ ​ ​ ​ ​ ​ Land ​ $ 326 ​ $ — Buildings ​ ​ 6,223 ​ ​ — Machinery and equipment ​ ​ 38,443 ​ ​ — Vehicles ​ ​ 142 ​ ​ — Construction in progress ​ ​ 56,529 ​ ​ 20,276 ​ ​ $ 101,663 ​ $ 20,276 Less: Accumulated depreciation ​ ​ — ​ ​ — Total ​ $ 101,663 ​ $ 20,276 ​ Construction in progress is primarily comprised of retooling and construction at the Company's facility in Lordstown, Ohio to ready the plant to begin manufacturing of the electric vehicles. The Company is currently reengineering its production process, bringing acquired assets up to the level needed for production and evaluating assets that will be necessary in the production of the Endurance pickup truck. Completed assets will be transferred to their respective asset classes and depreciation will begin when an asset is ready for its intended use. As of December 31, 2020, manufacturing has not begun and thus no depreciation was recognized in 2020 or 2019. Property, plant and equipment consist of an idle assembly and manufacturing plant in Lordstown, Ohio. The facility is fully equipped with the tooling necessary to begin production of the Endurance pickup truck along with all personal property, purchased from GM in November 2019 for $20 million. In early 2019, GM made the decision to halt manufacturing on its Chevrolet Cruze sedan which was manufactured at its Lordstown plant. The plant remained closed with no production until GM and the Company were able to agree on the terms of the asset purchase, which resulted in a purchase price significantly lower than the fair market value of the assets acquired. The plant was acquired in exchange for a Note Payable (refer to Note 5 below) The cost of property, plant and equipment includes the value of the note payable, along with any directly attributable costs of bringing the asset to its working condition and location for intended use, including direct acquisition costs and capitalized interest. During 2020, we recognized an additional $23.2 million of property that was exchanged for common stock as part of the Business Combination. The Company recorded $1.0 million and $0.1 million of capitalized interest during the year ended December 31, 2020 and during the period from April 30, 2019 to December 31, 2019, respectively, as the facility assets underwent activities necessary to bring them to their intended use. Beginning April 1, 2020, activity on the facility stopped due to the shutdown caused by the COVID-19 pandemic. As these activities were no longer ongoing, interest capitalization on the Note Payable was suspended. Therefore, interest from April 1, 2020 through the date of the Business Combination was expensed as incurred. Refer to Note 5 for further details on the Related party notes payable. During 2020, the Company received $2.4 million in connection with the sale of equipment it determined was not necessary for production. As the equipment was acquired for consideration below fair value in November 2019 as described above, the Company recorded a gain on sale of the asset for $2.3 million. Additionally, the Company purchased property from GM for $1.2 million which was recorded to CIP.

RELATED PARTY NOTES PAYABLE

RELATED PARTY NOTES PAYABLE	12 Months Ended
	Dec. 31, 2020
RELATED PARTY NOTES PAYABLE abstract
RELATED PARTY NOTES PAYABLE	NOTE 5 — RELATED PARTY NOTES PAYABLE On May 28, 2020, the Company entered into a Convertible Promissory Note (the “Convertible Note”) with GM that provides a financing to the Company of up to $10 million secured by the Company’s property, plant and equipment and intangible assets. Pursuant to the terms of the Convertible Note, the Company had the ability to periodically draw down on the Convertible note to meet its working capital needs. The balance of this note was converted to equity at closing of the Business Combination described in Note 1. On November 7, 2019, the Company entered into an Asset Transfer Agreement, Operating Agreement and separate Mortgage Agreement (collectively, the “Agreements”) with GM. Pursuant to the Agreements, the Company issued GM a Note Payable in the principal amount of $20 million, secured by the property, plant and equipment described in Note 2. The Company imputed interest of 5% on the Note Payable until February 1, 2020 when the stated interest rate of 7% began per the terms of the Agreement. Interest for the years ended December 31, 2020 and 2019 totaled $1.0 million and $0.1 million, respectively, which was capitalized as part of PP&E as described in Note 4. This note was converted to equity during the Business Combination described in Note 1. The outstanding balance as of December 31, 2019 was $20.1 million.

INTANGIBLES OTHER THAN GOODWILL

INTANGIBLES OTHER THAN GOODWILL	12 Months Ended
	Dec. 31, 2020
INTANGIBLES OTHER THAN GOODWILL
INTANGIBLES OTHER THAN GOODWILL	NOTE 6 — INTANGIBLES OTHER THAN GOODWILL ​ Intangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights (collectively referred to as “Licensed Technology”) connected with the electric pickup truck and other electric vehicle technology. The Licensed Technology was previously owned by Workhorse and contributed in exchange for common shares in the Company, which was valued at $11.1 million. The Company will amortize the acquired intangible when placed in use over 3 years which was the determined period of derived economic benefit.

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Dec. 31, 2020
NOTE PAYABLE
NOTE PAYABLE	NOTE 7 — NOTE PAYABLE On April 17, 2020, LMC entered into a Promissory Note with The Huntington National Bank, which provides for a loan in the amount of $1 million (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments are deferred for six months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The Paycheck Protection Program provides that the PPP Loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. ​ During the quarter ended September 30, 2020, the Company entered into a “Placement Agency Agreement” with Maxim Group, LLC (“Maxim”). Pursuant to the terms of the agreement, the Company issued “Convertible Promissory Notes” to a series of investors for proceeds worth

DUE TO RELATED PARTY

DUE TO RELATED PARTY	12 Months Ended
	Dec. 31, 2020
DUE TO RELATED PARTY abstract
DUE TO RELATED PARTY	NOTE 8 — DUE TO RELATED PARTY In conjunction with the Operating Agreement prescribed in Note 5, the Company was required to reimburse GM for expenditures related to general plant maintenance and compliance associated with the Lordstown facility. The Company recorded expenses of $2.6 million during the period from April 30, 2019 to December 31, 2019, which is reflected in the balance sheet as of December 31, 2019 in Due million during the year ended December 31, 2020. These amounts were converted to equity as part of the business combination. All expenses were recorded to the Selling and administrative expenses line item on the Statements of Operations. As of December 31, 2020, GM was no longer a holder of 5% or more of our Class A common stock and therefore was no longer determined to be a related party.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 9 — STOCK-BASED COMPENSATION Legacy LMC’s 2019 Stock Option Plan (the “2019 Plan”) provides for the grant of incentive stock options (“ISO”) or non-qualified stock options (“NQSO) to purchase Legacy LMC common stock to officers, employees, directors, and consultants of Legacy LMC. Each Legacy LMC option from the 2019 Plan that was outstanding immediately prior to the Business Combination, whether vested or unvested, was converted into an option under the 2020 Plan (defined below) to purchase a number of shares of common stock (each such option, an “Exchanged Option”) equal to the product (rounded down to the nearest whole number) of (i) the number of shares of Legacy LMC common stock subject to such Legacy LMC option immediately prior to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy LMC option immediately prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. Except as specifically provided in the Business Combination Agreement, following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy LMC option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the exchanged options. At the Company’s special meeting of stockholders held on October 22, 2020, the stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”). The aggregate number of additional shares authorized for issuance under the 2020 plan will not exceed 13 million. The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units and performance shares intended to attract, retain, incentivize and reward employees, directors or consultants. The options are time-based and vest over the defined period in each individual grant agreement. The date at which the options are exercisable is defined in each agreement. The Board establishes the exercise price of the shares subject to an option at the time of the grant, provided, however, that (i) the exercise price of an ISO and NQSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, and (ii) the exercise price of an ISO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. Stock options generally have a contractual life of 10 years . Options generally become exercisable between one The Company recognizes compensation expense for the shares equal to the fair value of the option at the time of grant. The expense is recognized on a straight-line basis over the vesting period of the awards. The estimated fair value of each stock option grant was computed using the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ For the period from April 30, 2019 to December 31, 2019 ​ 2020 ​ Risk-free interest rate ​ 1.59 % 1.73-1.93 % Expected term (life) of options (in years) ​ 10.0 10.0 Expected dividends ​ — % — % Expected volatility ​ 50 % 50 % ​ The expected volatility was estimated by management based on results from public companies in the industry. The expected term of the awards granted was assumed to be the contract life of the option as determined in the specific arrangement. The risk-free rate of return was based on market yields in effect on the date of each grant for United States Treasury debt securities with a maturity equal to the expected term of the award. The expected dividends are zero as the Company has not historically paid dividends. The activities of stock options are summarized as follows, including granted, exercised and forfeited for the period from April 30, 2019 to December 31, 2020 and for the year ended December 31, 2020: ​ (in thousands except for per option values and years) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Remaining ​ ​ Number of ​ Grant Date Fair ​ Weighted Average ​ Contractual ​ Options Value per Option Exercise Price Term (Years) Outstanding, April 30, 2019 — ​ $ — ​ $ — ​ — Granted 4,436 ​ 1.09 ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ Forfeited (84) ​ 1.09 ​ ​ ​ ​ Expired — ​ — ​ ​ ​ ​ Outstanding, December 31, 2019 4,352 ​ $ 1.09 ​ $ 1.79 ​ 8.9 Granted 1,021 ​ 1.08 ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ Expired — ​ — ​ ​ ​ ​ Outstanding, December 31, 2020 ​ 5,373 ​ $ 1.09 ​ $ 1.79 ​ 9.0 ​ Total stock-based compensation expense for the year ended December 31, 2020 and for the period from April 30, 2019 to December 31, 2019 was $2.8 million and $0.3 million, respectively. As of December 31, 2020 and 2019, unrecognized compensation expense was $2.7 million and $4.4 million, respectively, for unvested options.

CAPITAL STOCK AND EARNINGS PER

CAPITAL STOCK AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
CAPITAL STOCK AND EARNINGS PER SHARE	NOTE 10 — CAPITAL STOCK AND EARNINGS PER SHARE Our Charter provides for 312 million authorized shares of capital stock, consisting of (i) 300 million shares of Class A common stock and (ii) 12 million shares of preferred stock each with a par value of $0.0001 . We had issued outstanding a December 31, 2020 FASB ASC Topic 260, Earnings Per Share, requires the presentation of basic and diluted earnings per share (EPS). Basic EPS is calculated based on the weighted average number of shares outstanding during the period. Dilutive EPS is calculated to include any dilutive effect of our share equivalents. For the year ended December 31, 2020 our share equivalent included 5.3 million options,1.6 million BGL Warrants, 6.6 million Public Warrants and 5.1 million Private Warrants outstanding. None of the stock options or warrants were included in the calculation of diluted EPS because we recorded a net loss for the year ended December 31, 2020 as including these instruments would be anti-dilutive. The weighted-average number of shares outstanding for basic and diluted loss per share is as follows: (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period ​ ​ For the year ended ​ from April 30, 2019 to ​ December 31, 2020 December 31, 2019 Basic and diluted weighted-average shares outstanding ​ 96,716 ​ 68,279 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Taxes
INCOME TAXES	NOTE 11 — INCOME TAXES The reconciliation of the statutory federal income tax with the provision for income taxes is as follows at December 31: (in thousands except for rate) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Rate ​ 2019 ​ Rate ​ Federal tax benefit as statutory rates ​ $ (21,117) ​ (21.0) % $ (2,182) ​ (21.0) % Stock based compensation ​ ​ 192 ​ 0.2 ​ ​ 21 ​ 0.2 ​ Other permanent differences ​ ​ 32 ​ — ​ ​ 1 ​ — ​ Change in valuation allowance ​ ​ 20,893 ​ 20.8 ​ ​ 2,160 ​ 20.8 ​ Total tax benefit ​ $ — ​ — % $ — ​ — % ​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. The Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets, and accordingly, a full valuation allowance has been provided on its deferred tax assets. Components of the Company's deferred tax assets are as follows at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Non-qualified stock options ​ $ 436 ​ $ 50 Net operating losses ​ ​ 22,617 ​ ​ 2,110 Total deferred tax assets ​ ​ 23,053 ​ ​ 2,160 Valuation allowance ​ ​ (23,053) ​ ​ (2,160) Total deferred tax assets, net of valuation allowance ​ $ — ​ $ — ​ At December 31, 2020 and 2019, respectively, the Company had $107.7 million and $10.0 million of federal net operating losses that carry forward indefinitely.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 12 — COMMITMENTS AND CONTIGENCIES The Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties. On October 30, 2020, the Company, was named as defendants in a lawsuit filed by Karma Automotive LLC (“Karma”) in the United States District Court for the Central District of California. These claims are made in connection with consideration by us of a venture with Karma regarding Karma’s development of an infotainment system for the Endurance and assert that the Company unlawfully poached key Karma employees and misappropriated Karma’s trade secrets and other confidential information. Karma is seeking injunctive relief and various types of damages. The Company is continuing to evaluate the matters asserted in the lawsuit but intend to vigorously defend against these claims and believes it has strong defenses to the claims and the damages demanded. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statements Except as described above, the Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time however, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. ​

RELATED PARTY TRANSACTION

RELATED PARTY TRANSACTION	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13 — RELATED PARTY TRANSACTIONS On November 7, 2019, the Company entered into an Asset Transfer Agreement, inclusive of an Operating Agreement, along with a separate Mortgage Agreement (collectively, the “Agreements”) with GM. Pursuant to the Agreements, the Company issued GM a Note Payable in the principal amount of $20.0 million, secured by the real property described in Note 4. Refer to Note 5 for further details on the related party Note Payable. On May 28, 2020, the Company entered into a Convertible Promissory Note with GM that provides a financing option to the Company of up to $10.0 million. Refer to Note 5 for further details on the Note. In August 2020, we entered into an emissions credit agreement with GM pursuant to which, and subject to the terms of which, during the first three three ten As of December 31, 2020, GM was no longer a holder of 5% or more of our Class A common stock and therefore was no longer determined to be a related party. On November 7, 2019, the Company entered into a transaction with Workhorse Group Inc., for the purpose of obtaining certain intellectual property. In connection with granting this license, Workhorse Group received 10% of the outstanding Legacy Lordstown common stock and was entitled to royalties of 1% of the gross sales price of the first 200,000 vehicle sales. In November 2020, we pre-paid a royalty payment to Workhorse Group in the amount of $4.75 million. The upfront royalty payment represents an advance on royalties due on 1% of the gross sales price of the first 200,000 vehicles sold, but only to the extent that the aggregate amount of such royalty fees exceeds the amount paid upfront. As of December 31, 2020, the royalties are recorded as prepaid expenses and will be amortized as a percent of each vehicle sold.

LEASE COMMITMENTS

LEASE COMMITMENTS	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
LEASE COMMITMENTS	NOTE 14 — LEASE COMMITMENTS The Company leases certain facilities. Minimum annual rental commitments at December 31, 2020 under the operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ 2021 ​ ​ 892 ​ 2022 ​ ​ 919 ​ 2023 ​ ​ 942 ​ 2024 ​ ​ 956 ​ 2025 ​ ​ 974 ​ Thereafter ​ ​ 1,003 ​ Total minimum lease payments ​ $ 5,686 ​ ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates in Financial Statement Preparation	Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company presents cash and cash equivalents within Cash and cash equivalents on the Balance Sheet. The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk.
Property, plant and equipment	Property, plant and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Determination of useful lives and depreciation will begin once the assets are ready for their intended use. Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repair expenditures are expensed as incurred, while major improvements that increase functionality of the asset are capitalized and depreciated ratably to expense over the identified useful life. Further, interest on any debt financing arrangement is capitalized to the purchased property, plant, and equipment if the requirements for capitalization are met. Long-lived assets, such as property, plant, and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group.
Intangible assets other than goodwill	Intangible assets other than goodwill Intangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights connected with the electric pickup truck and other electric vehicle technology owned by Workhorse and contributed in exchange for equity in the Company. Determination of useful lives will be over the period of economic benefit and the related amortization will begin once the intangible assets are placed in use. The intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired when the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value.
Research and development costs	Research and development costs The Company expenses research and development costs as they are incurred. Research and development costs consist primarily of personnel costs for engineering and research, prototyping costs, and contract and professional services.
Stock-based compensation	Stock-based compensation The Company has adopted ASC 718, Accounting for Stock-Based Compensation The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 – Compensation – Stock Compensation (Topic 718)
Income taxes	Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.
Recent accounting pronouncements	Recent accounting pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting ​ In February 2016, the FASB issued ASU 2016-02, Leases , and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for the Company beginning after December 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Summary of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Property, Plant & Equipment ​ ​ ​ ​ ​ ​ Land ​ $ 326 ​ $ — Buildings ​ ​ 6,223 ​ ​ — Machinery and equipment ​ ​ 38,443 ​ ​ — Vehicles ​ ​ 142 ​ ​ — Construction in progress ​ ​ 56,529 ​ ​ 20,276 ​ ​ $ 101,663 ​ $ 20,276 Less: Accumulated depreciation ​ ​ — ​ ​ — Total ​ $ 101,663 ​ $ 20,276

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ For the period from April 30, 2019 to December 31, 2019 ​ 2020 ​ Risk-free interest rate ​ 1.59 % 1.73-1.93 % Expected term (life) of options (in years) ​ 10.0 10.0 Expected dividends ​ — % — % Expected volatility ​ 50 % 50 %
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Remaining ​ ​ Number of ​ Grant Date Fair ​ Weighted Average ​ Contractual ​ Options Value per Option Exercise Price Term (Years) Outstanding, April 30, 2019 — ​ $ — ​ $ — ​ — Granted 4,436 ​ 1.09 ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ Forfeited (84) ​ 1.09 ​ ​ ​ ​ Expired — ​ — ​ ​ ​ ​ Outstanding, December 31, 2019 4,352 ​ $ 1.09 ​ $ 1.79 ​ 8.9 Granted 1,021 ​ 1.08 ​ ​ ​ ​ Exercised — ​ — ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ Expired — ​ — ​ ​ ​ ​ Outstanding, December 31, 2020 ​ 5,373 ​ $ 1.09 ​ $ 1.79 ​ 9.0

CAPITAL STOCK AND EARNINGS PE_2

CAPITAL STOCK AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Schedule of the weighted-average number of shares outstanding for basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period ​ ​ For the year ended ​ from April 30, 2019 to ​ December 31, 2020 December 31, 2019 Basic and diluted weighted-average shares outstanding ​ 96,716 ​ 68,279

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of reconciliation of the statutory federal income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ Rate ​ 2019 ​ Rate ​ Federal tax benefit as statutory rates ​ $ (21,117) ​ (21.0) % $ (2,182) ​ (21.0) % Stock based compensation ​ ​ 192 ​ 0.2 ​ ​ 21 ​ 0.2 ​ Other permanent differences ​ ​ 32 ​ — ​ ​ 1 ​ — ​ Change in valuation allowance ​ ​ 20,893 ​ 20.8 ​ ​ 2,160 ​ 20.8 ​ Total tax benefit ​ $ — ​ — % $ — ​ — %
Schedule of deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Deferred tax assets: ​ ​ ​ ​ ​ ​ Non-qualified stock options ​ $ 436 ​ $ 50 Net operating losses ​ ​ 22,617 ​ ​ 2,110 Total deferred tax assets ​ ​ 23,053 ​ ​ 2,160 Valuation allowance ​ ​ (23,053) ​ ​ (2,160) Total deferred tax assets, net of valuation allowance ​ $ — ​ $ —

LEASE COMMITMENTS (Tables)

LEASE COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of minimum annual rental commitments under operating leases	​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ 2021 ​ ​ 892 ​ 2022 ​ ​ 919 ​ 2023 ​ ​ 942 ​ 2024 ​ ​ 956 ​ 2025 ​ ​ 974 ​ Thereafter ​ ​ 1,003 ​ Total minimum lease payments ​ $ 5,686 ​

DESCRIPTION OF ORGANIZATION A_2

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) $ / shares in Units, $ in Thousands	Oct. 23, 2020USD ($)$ / sharesshares	Oct. 22, 2020$ / sharesshares	Jan. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Jun. 30, 2019$ / shares	Apr. 30, 2019$ / shares
Business Acquisition [Line Items]
Common stock, par value | $ / shares				$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock issued for exercise of warrants						$ 30,692
Aggregate purchase price					$ 7,494	6,439
Cash proceeds from exercise of warrants						$ 30,692
Common Stock, Shares, Outstanding | shares				168,007,960	68,279,182	168,007,960
Common stock issued in recapitalization, net of redemptions and transaction costs	$ 745,500					$ 745,520
Cash received in recapitalization, net of transaction costs	$ 671,800					671,836
Cumulative losses				$ (110,948)	$ (10,391)	(110,948)
Cash and cash equivalents				$ 629,761	$ 2,159	$ 629,761
Merger Agreement With Diamond Peak Holdings Corp [Member]
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.0001
Exchange ratio	55.8817
Aggregate shares | shares	75,918,063
Class A common stock
Business Acquisition [Line Items]
Common stock, par value | $ / shares	$ 0.0001
Conversion of Stock, Shares Issued | shares		7,000,000
Common stock issued | shares	50,000,000
Shares issued price per share | $ / shares	$ 10
Aggregate purchase price	$ 500,000
Shares issued upon notes conversion | shares	4,000,000
Amount of shares issued upon notes conversion	$ 40,000
Conversion price per share | $ / shares	$ 10
Class B common stock
Business Acquisition [Line Items]
Common stock, par value | $ / shares		$ 0.0001
Exchange ratio		1
B G L Warrants [Member]
Business Acquisition [Line Items]
Warrants to purchase common stock | shares	1,600,000
Warrant purchase price per share | $ / shares	$ 10
Public Warrants [Member]
Business Acquisition [Line Items]
Common stock issued for exercise of warrants (in shares) | shares				2,700,000
Warrants to purchase common stock | shares	9,300,000
Warrant purchase price per share | $ / shares	$ 11.50
Cash proceeds from exercise of warrants				$ 30,700
Private Placement Warrants [Member]
Business Acquisition [Line Items]
Warrants to purchase common stock | shares	5,100,000
Private Placement Warrants [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Common stock issued for exercise of warrants (in shares) | shares			600,000
Cash proceeds from exercise of warrants			$ 82,000

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)	Apr. 30, 2019	Nov. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020
Property, Plant and Equipment
Property, Plant and Equipment, Gross				$ 20,276,000	$ 20,276,000	$ 101,663,000
Total				20,276,000	20,276,000	101,663,000
Purchase of property, plant and equipment		$ 20,000,000
Capital assets exchanged for equity						23,200,000
Interest expense capitalized					100,000	1,000,000
Proceeds from the sale of capital assets						2,396,000
Gain on disposal of fixed assets						2,346,000
Land
Property, Plant and Equipment
Property, Plant and Equipment, Gross						326,000
Buildings
Property, Plant and Equipment
Property, Plant and Equipment, Gross						6,223,000
Machinery and equipment
Property, Plant and Equipment
Property, Plant and Equipment, Gross						38,443,000
Vehicles
Property, Plant and Equipment
Property, Plant and Equipment, Gross						142,000
Construction in progress
Property, Plant and Equipment
Property, Plant and Equipment, Gross				20,276,000	$ 20,276,000	56,529,000
Depreciation expense	$ 0		$ 0	$ 0		0
Purchase of property, plant and equipment						$ 1,200,000

RELATED PARTY NOTES PAYABLE (De

RELATED PARTY NOTES PAYABLE (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	May 28, 2020	Jan. 31, 2020	Nov. 07, 2019
Debt Instrument [Line Items]
Interest cost capitalized as part of PPE	$ 100	$ 1,000
Outstanding balance	20,142
GM | Convertible Note
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 10,000
GM | Note Payable
Debt Instrument [Line Items]
Principal amount					$ 20,000
Stated interest rate		7.00%		5.00%
Outstanding balance	$ 20,100

INTANGIBLES OTHER THAN GOODWI_2

INTANGIBLES OTHER THAN GOODWILL (Details) - Licensed technology $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible asset value	$ 11.1
Finite-Lived Intangible Asset, Useful Life	3 years

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Apr. 17, 2020
Debt Instrument [Line Items]
Loan amount		$ 1,015
Proceeds from Convertible Promissory Notes	$ 37,800	$ 38,796
PPP Loan
Debt Instrument [Line Items]
Loan amount			$ 1,000

DUE TO RELATED PARTY (Details)

DUE TO RELATED PARTY (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to related party	$ 2,631
GM
Related Party Transaction [Line Items]
Related party expense	2,600	$ 3,300
Due to related party	$ 2,600

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) shares in Millions	12 Months Ended
	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Shares authorized	13
Minimum exercise price, as a percent of grant date fair value	100.00%
Minimum exercise price, as a percent of grant date fair value, awards to 10% shareholders	110.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period	3 years

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted average assumptions (Details)	Apr. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2020
Weighted average assumptions
Risk-free interest rate					1.59%
Expected term (life) of options (in years)				10 years	10 years
Expected dividends	0.00%	0.00%	0.00%		0.00%
Expected volatility				50.00%	50.00%
Minimum
Weighted average assumptions
Risk-free interest rate				1.73%
Maximum
Weighted average assumptions
Risk-free interest rate				1.93%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details) - $ / shares shares in Thousands	Apr. 30, 2019	Dec. 31, 2019	Dec. 31, 2020
Number of Options
Outstanding, beginning of period			4,352
Granted (in shares)		4,436	1,021
Forfeited (in shares)		84
Outstanding, end of period		4,352	5,373
Weighted Average Grant Date Fair Value per Option
Outstanding, beginning of period			$ 1.09
Granted		$ 1.09	1.08
Forfeited		1.09
Outstanding, end of period		1.09	1.09
Weighted Average Exercise Price
Outstanding, beginning of period			1.79
Outstanding, end of period		$ 1.79	$ 1.79
Weighted Average Remaining Contractual Life (in years)
Outstanding	0 years	8 years 10 months 24 days	9 years

STOCK-BASED COMPENSATION - Expe

STOCK-BASED COMPENSATION - Expense and Unrecognized (Details) - USD ($) $ in Millions	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 0.3	$ 2.8
Unrecognized compensation expense	$ 4.4	$ 2.7

CAPITAL STOCK AND EARNINGS PE_3

CAPITAL STOCK AND EARNINGS PER SHARE (Details) - $ / shares	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Jun. 30, 2019	Apr. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares authorized per Charter		312,000,000
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized		12,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001
Common stock, shares issued	68,279,182	168,007,960
Common stock, shares outstanding	68,279,182	168,007,960
BASIC AND DILUTED LOSS PER SHARE
Basic and diluted weighted average shares outstanding	68,279,000	96,716,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents		5,300,000
B G L Warrants [Member] | Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents		1,600,000
Public Warrants [Member] | Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents		6,600,000
Private Placement Warrants [Member] | Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share equivalents		5,100,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the statutory federal income tax (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Amount
Federal tax benefit as statutory rates	$ (2,182)	$ (21,117)
Stock-based compensation	21	192
Other permanent differences	1	32
Change in valuation allowance	$ 2,160	20,893
Total tax benefit		$ 0
Rates
Federal tax benefit as statutory rates	21.00%	21.00%
Stock-based compensation, rate	0.20%	0.20%
Change in valuation allowance, rate	20.80%	20.80%

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Non-qualified stock options	$ 436	$ 50
Net operating losses	22,617	2,110
Total deferred tax assets	23,053	2,160
Valuation allowance	$ (23,053)	$ (2,160)

INCOME TAXES (Details)

INCOME TAXES (Details) - Domestic Tax Authority [Member] - USD ($)	Apr. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards			$ 10,000,000	$ 107,700,000
Federal income taxes	$ 0	$ 0	$ 0	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Nov. 07, 2019USD ($)item	Nov. 30, 2020USD ($)item	Aug. 31, 2020	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	May 28, 2020USD ($)
GM
Related Party Transaction [Line Items]
Related party expenses incurred, to date				$ 2,600	$ 3,300
Agreement Term			3 years
Agreement Term Qualifier Period			10 months
Percentage of market price			75.00%
GM | Convertible Note
Related Party Transaction [Line Items]
Maximum borrowing capacity						$ 10,000
GM | Note Payable
Related Party Transaction [Line Items]
Principal amount	$ 20,000
Transaction with Workhorse Group Inc
Related Party Transaction [Line Items]
Percentage ownership conveyed in connection with license agreement	10.00%
Royalty percentage	1.00%	1.00%
Prepaid Royalties		$ 4,750
Number of vehicles subject to royalty | item	200,000	200,000

LEASE COMMITMENTS (Details)

LEASE COMMITMENTS (Details) $ in Thousands	Dec. 31, 2020USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2021	$ 892
2022	919
2023	942
2024	956
2025	974
Thereafter	1,003
Total minimum lease payments	$ 5,686