Arcimoto Inc

CIK:0001558583|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 1,110,251	$ 2,024,205	$ 4,224,125	$ 4,173,779
Cost of goods sold	2,962,363	6,987,035	9,428,102	17,138,644
Gross loss	(1,852,112)	(4,962,830)	(5,203,977)	(12,964,865)
Operating expenses:
Research and development	1,163,808	6,521,379	3,717,276	14,144,395
Sales and marketing	1,340,067	3,321,862	4,260,985	9,318,647
General and administrative	3,076,497	4,099,354	8,792,451	10,583,968
Loss on sale of asset	193,292	12,408	415,033	12,408
Total operating expenses	5,773,664	13,955,003	17,185,745	34,059,418
Loss from operations	(7,625,776)	(18,917,833)	(22,389,722)	(47,024,283)
Other (income) expense:
Interest expense	715,613	84,945	1,027,399	258,851
Financing costs	16,583,349		21,827,173
Unrealized (gain) loss on convertible notes, mortgage loan, warrants and derivatives fair value	(10,979,457)	(2,122,828)	(14,148,595)	22,712
Other expense, net	97,787	83,749	113,688	12,553
Loss on debt extinguishment			2,925,610
Total other (income) expense, net	6,417,292	(1,954,134)	11,745,275	294,116
Loss before income tax expense	(14,043,068)	(16,963,699)	(34,134,997)	(47,318,399)
Income tax expense			(7,042)	(3,200)
Net loss	$ (14,043,068)	$ (16,963,699)	$ (34,142,039)	$ (47,321,599)
Weighted average common shares - basic (in Shares)	8,954,919	2,247,818	7,741,214	2,042,891
Net loss per common share - basic (in Dollars per share)	$ (1.58)	$ (7.55)	$ (4.43)	$ (23.16)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net loss	$ (34,142,039)	$ (47,321,599)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,643,299	2,703,561
Non-cash operating lease costs	515,761	439,557
Non-cash financing costs	19,466,630
Non-cash offering costs	620,780
Interest expense paid in common stock	31,839
Debt issuance costs expensed - mortgage loan	600,000
Debt facility fee expensed - mortgage loan	300,000
Debt issuance costs - convertible note		232,669
Warrant and derivatives issuance costs - expensed	839,763
Loss on extinguishment of debt	2,925,610
Unrealized (gain) loss on convertible notes, mortgage loan, warrants and derivatives fair value	(14,148,595)	22,712
Common stock to external consultant		68,361
Equity awards issued to external consultants		375,782
Stock-based compensation	2,730,861	4,773,137
Loss on disposal of asset	415,033	12,408
Changes in operating assets and liabilities
Accounts receivable	(84,299)	(204,259)
Inventory	1,906,097	(4,434,250)
Prepaid inventory	(40,922)	(472,703)
Other current assets	938,191	557,369
Accounts payable	(2,009,237)	673,577
Accrued liabilities	1,687,113	1,755,419
Customer deposits	(20,244)	231,297
Operating lease liabilities	(538,265)	(445,310)
Warranty reserve	169,584	66,531
Deferred revenue	(121,229)	101,992
Net cash used in operating activities	(15,314,269)	(40,863,749)
INVESTING ACTIVITIES
Purchase of property and equipment	(331,566)	(9,371,913)
Refund from return of equipment	611,476
Security deposits	4,134	(2,205)
Net cash provided by (used in) investing activities	284,044	(9,374,118)
FINANCING ACTIVITIES
Proceeds from the sale of common stock and warrants	14,494,896	27,387,708
Proceeds from the sale of series D preferred stock and warrants	4,300,002
Payment of offering costs	(1,133,100)	(870,614)
Proceeds from notes payable - related party	500,000
Payment of notes payable - related party	(250,000)
Proceeds from the exercise of warrants	70	20,000
Proceeds from mortgage loan	6,000,000
Proceeds from convertible note		13,900,000
Debt issuance costs - mortgage loan	(600,000)
Debt facility fee - mortgage loan	(300,000)
Debt issuance costs - convertible note		(232,669)
Proceeds from the exercise of stock options		91,095
Payment on finance lease obligations	(412,007)	(305,296)
Payment of equipment notes	(299,562)	(481,963)
Proceeds from equipment notes		177,256
Payment of convertible note	(7,500,000)	(161,652)
Payment of notes payable		(2,039,367)
Net cash provided by financing activities	14,800,299	37,484,498
Net cash and cash equivalents decrease for period	(229,926)	(12,753,369)
Cash and cash equivalents at beginning of period	462,753	16,971,320
Cash and cash equivalents at end of period	232,827	4,217,951
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for interest	97,594	186,083
Cash paid during the period for income taxes	7,042	3,200
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Issuance of common stock for settlement of accounts payable		68,361
Accounts payable for purchase of property and equipment		649,180
Notes payable and accrued interest converted to common stock	1,112,500
Conversion of Series D 8% Convertible Preferred Stock to common stock	80,632
Accretion of Series D 8% Convertible Preferred Stock to redemption value	118,194
Transfers from FUV Rental Fleet to Inventory	468,613
Equipment acquired through finance leases	$ 466,991	$ 675,928

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 232,827	$ 462,753
Accounts receivable, net	346,942	262,643
Inventory	10,886,533	12,324,017
Prepaid inventory	1,479,982	1,439,060
Other current assets	656,027	1,594,218
Total current assets	13,602,311	16,082,691
Property and equipment, net	27,116,231	29,822,794
Intangible assets, net	8,411,989	9,045,290
Operating lease right-of-use assets	821,065	1,336,826
Security deposits	116,297	120,431
Total assets	50,067,893	56,408,032
Current liabilities:
Accounts payable	5,659,122	7,668,359
Accrued liabilities	2,142,921	455,808
Customer deposits	942,102	962,346
Mortgage loan	7,038,511
Short-term convertible note		5,639,231
Warrant liabilities	10,296,963	374,474
Current portion of finance lease obligations	394,157	441,523
Current portion of equipment notes payable	349,932	388,940
Current portion of warranty reserve	633,640	519,889
Current portion of deferred revenue	86,327	207,556
Current portion of operating lease liabilities	505,548	666,542
Current portion of derivative liability	1,195,018
Total current liabilities	29,494,241	17,324,668
Finance lease obligations	960,838	858,488
Equipment notes payable	701,797	962,351
Convertible note issued to related party	4,523,580	4,887,690
Derivative liability	2,239,309
Warranty reserve	320,581	264,748
Operating lease liabilities	366,871	744,142
Total long-term liabilities	9,112,976	7,717,419
Total liabilities	38,607,217	25,042,087
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred Stock
Common Stock, no par value, 200,000,000 shares authorized; 8,930,196 and 3,209,838 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	192,009,340	184,682,027
Additional paid-in capital	16,168,385	13,555,718
Accumulated deficit	(201,013,839)	(166,871,800)
Total stockholders’ equity	7,163,886	31,365,945
Total liabilities, mezzanine equity and stockholders’ equity	50,067,893	56,408,032
Series D Convertible Preferred Stock
Mezzanine equity:
Series D 8% Convertible Preferred Stock, no par value, 8,466 authorized; 5,542 and none issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	4,296,790
Series A-1 Preferred Stock
Stockholders’ equity:
Preferred Stock
Class C Preferred Stock
Stockholders’ equity:
Preferred Stock
Related Party
Current liabilities:
Notes payable - related party	250,000
Convertible note issued to related party	$ 4,523,580	$ 4,887,690