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ACQUISITION OF BOLLINGER MOTORS, INC. (Tables) | 12 Months Ended
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Sep. 30, 2022
ACQUISITION OF BOLLINGER MOTORS, INC. |
Summary of fair value of the purchase price consideration | ​
​ | ​ | ​
Cash consideration | $ | 75,000,000
Cash consideration- deferred | ​ | 32,000,000
Stock consideration (book value of $41.2 million) | ​ | 41,577,647
Total Consideration | $ | 148,577,647
Summary of allocation of fair value of assets acquired and liabilities assumed | ​
​ | ​ | ​
Purchase Consideration | ​ | ​
Cash and debt consideration | $ | 107,000,000
Stock consideration | ​ | 41,577,647
Total consideration received for 60% of Bollinger | ​ | 148,577,647
Noncontrolling interest (40%) | ​ | 99,051,765
Consideration transferred including noncontrolling interest | $ | 247,629,412
​
​ | ​ | ​
Allocation of Purchase Consideration | ​ | ​
Cash and restricted cash | $ | 77,238,086
Other current assets | ​ | 867,112
Fixed assets | ​ | 1,009,662
Goodwill | ​ | 92,479,704
Intellectual property | ​ | 58,304,612
Patents | ​ | 32,391,186
Trademarks | ​ | 1,075,048
Non-compete agreements | ​ | 745,947
Other non-current assets | ​ | 246,896
Accounts payable | ​ | (638,752)
Refundable deposits | ​ | (213,679)
Deferred tax liability | ​ | (14,882,782)
Other current liabilities | ​ | (993,628)
Estimated fair value of 100% of net assets acquired | $ | 247,629,412
Summary of acquired intangibles and method of amortization | ​
​ | ​ | ​ | ​ | ​
Intangible Asset | ​ | Useful Life | ​ | Amortization Method
Intellectual property | ​ | 10 years | ​ | Straight-line
Patents | ​ | 10 years | ​ | Straight-line
Trademarks | ​ | 10 years | ​ | Straight-line
Non-compete agreements | ​ | 5 years | ​ | Straight-line
Summary of supplemental pro forma information | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Year ended September 30,
​ | ​ | 2022 | ​ | 2021
Total Revenues | ​ | — | ​ | —
Net loss | ​ | (753,916,185) | ​ | (57,647,534)
​ | ​ | ​ | ​ | ​

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