Summary of Business and Significant Accounting Principles (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Schedule of Estimated Useful Lives |
Depreciation is calculated using the straight-line method, based upon the following estimated useful lives: | | | | | | | Buildings and improvements | 15 - 39 years | | Land improvements | 15 years | | Equipment and vehicles | 3 - 6 years | | Tooling | 5 years |
|
| Schedule of Accrued Liabilities |
Accrued liabilities consist of the following:
| | | | | | | | | | | | | | | | | December 31, | | | 2020 | | 2019 | | Accrued payroll and taxes | | $ | 2,537,353 | | | $ | 954,225 | | | Loan interest payable | | 1,711,111 | | | 112,750 | | | Customer allowance accrual | | 1,412,500 | | | 1,412,500 | | | Other | | 334,338 | | | 928,709 | | | Total accrued liabilities | | $ | 5,995,302 | | | $ | 3,408,184 | |
|
| Schedule of Warranty Accrual |
Activity for the Company's warranty accrual is as follows: | | | | | | | | | | | | | December 31, | | 2020 | | 2019 | | Balance, beginning of year | $ | 6,001,864 | | | $ | 7,058,769 | | Accrual for warranty (1) | 2,115,762 | | | 92,191 | | | Warranty costs incurred | (2,717,626) | | | (1,149,096) | | | Balance, end of year | $ | 5,400,000 | | | $ | 6,001,864 | |
(1) The increase to the warranty accrual in 2020 primarily relates to a change in estimate in the amount of labor required to maintain our current warranty program with our 2016 and 2017 E-Series trucks. The expense includes estimated costs for labor and transportation and excludes any contribution from vendors.
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table shows the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2020 | | 2019 | | Net income (loss) | | $ | 69,776,499 | | | $ | (37,162,827) | | | Deemed dividends | | — | | | 86,207 | | | Net income (loss) attributable to common stockholders | | $ | 69,776,499 | | | $ | (37,249,034) | | | | | | | | Basic weighted average shares outstanding | | 92,871,936 | | | 64,314,756 | | | Dilutive effect of options and warrants | | 1,410,605 | | | — | | | Dilutive effect of convertible notes | | 5,667,327 | | | — | | | Diluted weighted average shares outstanding | | 99,949,868 | | | 64,314,756 | | | | | | | | Anti-dilutive options and warrants excluded from diluted average shares outstanding | | 1,041,531 | | | 36,021,502 | |
|