0001213900-17-012365.txt : 20171120 0001213900-17-012365.hdr.sgml : 20171120 20171120160327 ACCESSION NUMBER: 0001213900-17-012365 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171120 DATE AS OF CHANGE: 20171120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arcimoto Inc CENTRAL INDEX KEY: 0001558583 STANDARD INDUSTRIAL CLASSIFICATION: MOTORCYCLES, BICYCLES & PARTS [3751] IRS NUMBER: 261449404 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38213 FILM NUMBER: 171213761 BUSINESS ADDRESS: STREET 1: 544 BLAIR BLVD CITY: EUGENE STATE: OR ZIP: 97402 BUSINESS PHONE: 541-683-6293 MAIL ADDRESS: STREET 1: 544 BLAIR BLVD CITY: EUGENE STATE: OR ZIP: 97402 10-Q 1 f10q0917_arcimotoinc.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

FORM 10-Q

 

(Mark One)

☒  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: September 30, 2017

 

OR

 

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number 001-38213

 

ARCIMOTO, INC.

(Exact name of registrant as specified in its charter)

 

Oregon   26-1449404
(State or other jurisdiction of
incorporation or organization)
  (IRS Employer
Identification No.)

 

544 Blair Boulevard, Eugene, OR 97402

(Address of principal executive offices and zip code)

 

(541) 683-6293

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filed such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐  No ☒

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files).Yes ☐  No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer  ☐ Accelerated filer  ☐
Non-accelerated filer   ☐   (Do not check if smaller reporting company) Smaller reporting company  ☒
  Emerging growth company  ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒

 

As of November 20, 2017, there were approximately 15,872,001 shares of the registrant’s common stock issued and outstanding.

 

 

 

 

 

 

Arcimoto, Inc.

FORM 10-Q

For the Quarterly Period Ended September 30, 2017

 

TABLE OF CONTENTS

 

     
    Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements (Unaudited) 1
  Balance Sheets as of September 30, 2017 and December 31, 2016 1
  Statements of Operations for the three and nine months ended September 30, 2017 and 2016 2
  Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 3
  Notes to Financial Statements 4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures about Market Risk 18
Item 4. Controls and Procedures 18
     
PART II. OTHER INFORMATION 19
     
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19
Item 3. Defaults Upon Senior Securities 19
Item 4. Mine Safety Disclosures 19
Item 5. Other Information 19
Item 6. Exhibits 20
     
  SIGNATURES 21

 

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements (Unaudited).

 

ARCIMOTO, INC.

BALANCE SHEETS

(Unaudited)

 

    September 30,
2017
     December 31,
2016
 
ASSETS            
Current assets:            
Cash and cash equivalents   $ 17,603,226     $ 414,405  
Accounts receivable     500       583  
Inventory     200,499       26,825  
Other current assets     127,398       28,207  
Total current assets     17,931,623       470,020  
                 
Property and equipment, net     6,799       8,805  
Deferred offering cost     -       40,000  
                 
Total assets   $ 17,938,422     $ 518,825  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                
Liabilities:                
Current liabilities                
Accounts payable   $ 168,588     $ 81,045  
Accrued liabilities     119,002       102,776  
Customer deposits     451,767       386,035  
Notes payable     -       250,000  
Related party note payable     5,000       -  
Total current liabilities     744,357       819,856  
Long-term convertible note payable     -       275,000  
Long-term convertible notes payable to related parties     -       50,000  
Total liabilities     744,357       1,144,856  
                 
Commitments and contingencies (Note 8)                
                 
Stockholders' equity (deficit):                
Series A-1 preferred stock, no par value, 1,500,000 authorized, 0 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively.     -       -  
Common stock, no par value, 20,000,000 authorized, 15,859,101 and 12,337,466 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively.     27,125,760       7,637,494  
Additional paid-in capital     458,088       336,606  
Accumulated deficit     (10,389,783 )     (8,600,131 )
Total stockholders' equity (deficit)     17,194,065       (626,031 )
                 
Total liabilities and stockholders' equity (deficit)   $ 17,938,422     $ 518,825  

  

See accompanying notes to financial statements.

 

 1 

 

 

ARCIMOTO, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2017     2016     2017     2016  
Grant revenue   $ -     $ -     $ 40,580     $ -  
                                 
Operating expenses                                
Research and development     288,311       292,971       820,213       740,061  
Sales and marketing     242,858       110,436       478,210       383,354  
General and administrative     155,568       161,075       502,687       368,225  
Total operating expenses     686,737       564,482       1,801,110       1,491,640  
                                 
Loss from operations     (686,737 )     (564,482 )     (1,760,530 )     (1,491,640 )
                                 
Other income and expense                                
Interest expense     (9,261 )     (3,444 )     (30,611 )     (6,867 )
Other income, net     1,429       -       1,489       241  
Net loss   $ (694,569 )   $ (567,926 )   $ (1,789,652 )   $ (1,498,266 )
                                 
Weighted-average common shares outstanding                                
- basic and diluted     13,181,828       9,957,884       12,773,830       9,957,884  
Net loss per common share                                
- basic and diluted   $ (0.05 )   $ (0.06 )   $ (0.14 )   $ (0.15 )

 

See accompanying notes to financial statements.

 

 2 

 

 

ARCIMOTO, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine Months Ended
September 30,
 
   2017   2016 
OPERATING ACTIVITIES        
Net loss  $(1,789,652)  $(1,498,266)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization   2,006    6,135 
Stock-based compensation   121,482    36,215 
Changes in operating assets and liabilities:          
Accounts receivable   83    8,172 
Inventory   (173,674)   (24,026)
Other current assets   (99,191)   19,947 
Accounts payable   117,542    19,426 
Accrued liabilities   39,093    99,587 
Customer deposits   65,732    134,107 
Net cash used in operating activities   (1,716,579)   (1,198,703)
           
FINANCING ACTIVITIES          
Proceeds from sale of stock   20,314,421    299,945 
Payment of offering costs   (1,289,021)   (10,000)
Proceeds from convertible notes payable to related parties   170,000    - 
Repayment of convertible notes payable to related parties   (70,000)   - 
Proceeds from convertible notes payable   100,000    250,000 
Proceeds from note payable to related party   5,000    - 
Repayment of notes payable   (325,000)   - 
Net cash provided by financing activities   18,905,400    539,945 
           
Net cash increase (decrease) for period   17,188,821    (658,758)
           
Cash at beginning of period   414,405    1,000,665 
Cash at end of period  $17,603,226   $341,907 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid during the period for interest  $10,531   $6,867 
Cash paid during the period for income taxes  $150   $- 
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:          
Notes payable to related parties and accrued interest converted to common stock  $156,166   $- 
Notes payable and accrued interest converted to common stock  $316,701   $- 

   

See accompanying notes to financial statements.

 

 3 

 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 1: NATURE OF OPERATIONS

 

Arcimoto, Inc. (the “Company”) was originally formed on November 21, 2007 as WTP Incorporated, an Oregon Corporation, and on December 29, 2011, changed its name to Arcimoto, Inc. The Company was founded in order to build products that catalyze the shift to a sustainable transportation system. The first step in this shift has been developing an affordable, daily utility, pure electric vehicle. Over the past ten years, the Company has worked towards developing a new vehicle platform designed around the needs of everyday drivers. Its main product is the SRK®, the first real fossil-free alternative for the vast majority of daily trips. Compared to the average car, we believe the SRK has dropped 3/4 of the weight and 2/3 of the footprint in order to bring the joy of affordable, ultra-efficient, pure electric driving to the masses.

 

NOTE 2: MANAGEMENT’S PLANS

 

The accompanying financial statements have been prepared on a basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, the Company has experienced recurring operating losses and negative operating cash flows since inception.

 

To date, the Company has not generated revenues from product sales to achieve positive earnings and operating cash flows to enable the Company to finance its operations internally. Funding for the business to date has come primarily through the issuance of equity securities.

 

Although the Company’s objective is to increase its revenues from the sales of its products within the next few years sufficient to generate positive operating and cash flow levels, there can be no assurance that the Company will be successful in this regard. The Company estimates it will need to raise approximately $10 million in additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. The Company intends to use the proceeds from any such offerings, including its Regulation A Offering (see Note 8) to fund the Company through the end of 2018. Funds on hand and any follow-on capital, if needed, will be used to invest in its business to expand sales and marketing efforts, enhance its current product by continuing research and development to bring the SRK to retail production, to build out a leased production facility, and fund operations until positive cash flow is achieved. The need for additional capital may be adversely impacted by uncertain market conditions or approval by regulatory bodies.

 

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Unaudited Interim Financial Information

 

The accompanying unaudited 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-Q promulgated by the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and disclosures required by GAAP for complete financial statement presentation. In the opinion of management, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2017, and the results of its operations and its cash flows for the nine-months ended September 30, 2017 and 2016. Results for the nine-months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Statement on Form 1-A (File No. 024-10710), filed with the SEC on September 18, 2017, as amended (“Form 1-A”).

 

 4 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities 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.

 

Fair Value Measurements

 

The Company’s financial instruments consist primarily of cash and notes payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The three-level hierarchy for fair value measurements is defined as follows:

 

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;

 

Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and

 

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

 5 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the accompanying financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. As of September 30, 2017 and December 31, 2016, the Company did not have any level 2 or level 3 instruments.

 

Risks and Uncertainties

 

The Company expects to commence revenue generating activities later this year, with its first delivery of the SRK Fun Utility Vehicle (“FUV®”) expected in November 2017.  The Company’s business and operations are sensitive to general business and economic conditions in the United States and worldwide along with governmental policy decisions. Several factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments may also include: economic recessions, trends in car manufacturing, consumer taste, availability of inventory, and changes in government policy related to cars and motorcycles could have a material adverse effect on the Company’s financial condition and the results of its operations.

 

The Company currently has limited sales and marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses when it begins marketing of its products and services. Developing a marketing and sales force is also time consuming and could delay launch of the Company’s products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies.

 

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products and services may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and services and enhance our current products and services on a timely and cost-effective basis. Further, the Company's products and services must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products and services or enhanced versions of existing products and services. Also, the Company may not be able to adapt new or enhanced products and services to emerging industry standards, and the Company's new products and services may not be favorably received. In addition, we may not have the capital resources to further the development of existing and/or new ones.

 

Cash and Cash Equivalents

 

The Company considers deposits that can be redeemed on demand and investments that have original maturities of less than three months, when purchased, to be cash equivalents. As of September 30, 2017, Company’s cash and cash equivalents were deposited in two financial institutions and as of December 31, 2016, the Company’s cash and cash equivalents were deposited in one financial institution, which at times during both periods exceeded the federally insured limits.

 

 6 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Customer Deposits

 

Customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the vehicle is shipped to the customer.

 

Offering Costs

 

The Company accounts for offering costs in accordance with FASB ASC 340, “Other Assets and Costs.” Prior to the completion of an equity offering, offering costs will be capitalized as deferred offering costs on the balance sheet. The deferred offering costs will be charged to stockholders’ equity (deficit) upon the completion of an equity offering or to expense if the offering is not completed. As of December 31, 2016, $40,000 offering costs were capitalized. As of September 30, 2017, all deferred offering costs were charged to stockholders’ equity upon the initial close of the Regulation A offering (see Note 5). As of September 30, 2017, offering costs charged to stockholders’ equity were $1,299,021 which includes the offering cost for the Regulation A Offering through the nine-months ended September 30, 2017.

 

Grant Revenue

 

Revenue from grant revenue is recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. Grant revenue of $0 and $40,580 for the three and nine-month periods ended September 30, 2017, respectively, and $0 for the three and nine-month periods ended September 30, 2016, are recorded as grant revenue in the accompanying financial statements. Grant revenue makes up 100% of revenue in each period. Management believes the loss of such revenues will not have a material effect on the Company’s operations.

 

Inventories

 

Inventories are stated at the lower of cost (using the first-in, first-out method, “FIFO”) or market. Inventories consist of purchased electric motors, electrical storage and transmission equipment and component parts. Inventories consist almost entirely of raw materials and component parts as of September 30, 2017 and December 31, 2016. Work-in-progress as of September 30, 2017 was not significant.

 

Net Earnings or Loss per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (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., Series A-1 Preferred Stock, 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.

 

Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all Series A-1 Preferred Stock, common stock warrants and common stock options outstanding were anti-dilutive.

  

As of the periods ended September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

   September 30,
2017
   September 30,
2016
 
Warrants to purchase common stock   973,004    980,004 
Stock options to purchase common stock   742,700    267,700 
Total   1,715,704    1,247,704 

 

 7 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

Recent Accounting Pronouncements

 

In July 2017, the FASB issued ASU-No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.” The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements and disclosures.

 

In May 2017, FASB issued ASU-2017-09, “Compensation-Stock Compensation (Topic 718)–Modification Accounting” to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU-2017-09 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

 

NOTE 4: NOTES PAYABLE

 

Notes payable and accrued interest as of September 30, 2017 and December 31, 2016 are as follows:

 

   Principal   Accrued Interest 
   September 30,
2017
   December 31, 2016   September 30,
2017
   December 31, 2016 
Business Development Loan  $-   $250,000   $      -   $- 
Convertible Notes Payable   -    275,000    -    3,322 
Convertible Notes Payable to Related Parties   -    50,000    -    384 
Note Payable to Related Party   5,000    -    -    - 
   $5,000   $575,000   $-   $3,706 

 

 8 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

On December 4, 2015, the Company entered into a $250,000 loan agreement with the City of Eugene Business Development Fund; however, the funds for the loan were not received until April 1, 2016, and accordingly no debt was owed as of December 31, 2015. This loan was secured by substantially all assets of the Company and had an interest rate of 5% per annum. Interest only payments were due monthly from the date of disbursement. The entire unpaid principal balance of the loan, plus accrued interest, was due and payable upon the earlier of closing of a Regulation A offering or October 1, 2017. The note was repaid on September 21, 2017 in full, after the initial closing of the Regulation A Offering.

 

Through September 30, 2017 and the year ended December 31, 2016, the Company issued a series of convertible notes with original principal balances of $200,000 and $325,000, respectively, all with the same terms as disclosed below. Of these notes $100,000 and $50,000, respectively, were issued to related parties. The notes and all accrued interest were due on March 31, 2018. The notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $5.00 per share or 90% of the active selling price of the Series A-1 Preferred Stock at the time of conversion. Notes totaling $450,000, of which $150,000 were to related parties, with accrued interest thereon of approximately $23,000 were converted to 80,832 shares of common stock on August 31, 2017, at a price of $5.85 per share, which represented 90% of the $6.50 per share price in the Regulation A Offering. Notes totaling $75,000 were repaid in cash along with accrued interest thereon of $354, during the nine-months ended September 30, 2017.

 

During September 2017, the Company issued two convertible notes to related parties in the total principal amount of $70,000. The notes and all accrued interest were due on March 31, 2018. These notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $6.50 per share of common stock or 90% of the active selling price of the common stock at the time of conversion. The notes principal balance of $70,000 and accrued interest of $232 was repaid in cash on September 29, 2017.

 

On September 11, 2017, the Company borrowed $5,000 from a related party. No security was issued for the loan. The loan was meant to be a short-term advance and due on demand. The loan was repaid on October 26, 2017 and there is no interest associated with this advance.

 

None of the above convertible notes contained a beneficial conversion feature due to the conversion price of the notes being at or above the fair value of the Series A-1 Preferred Stock or common stock, as applicable, on the issuance date.

 

 9 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 5: STOCKHOLDERS’ EQUITY (DEFICIT)

 

Stock-Split

 

On July 21, 2017, the Company’s board of directors and a majority of its common stockholders voted to enact a two-for-one common stock split and increase the authorized common shares to 20,000,000. On July 25, 2017, a majority of the Series A-1 Preferred stockholders voted to convert all shares of 1,434,891 Series A-1 Preferred Stock to 2,869,782 common shares. The July 21, 2017, two-for-one common stock split resulted in a conversion rate of two shares of common stock for each share of Series A-1 Preferred Stock. In accordance with SEC reporting guidelines, the retrospective application of the stock split has been applied to historical financial information, and the Series A-1 Preferred to common stock conversion was reflected in the accompanying financial statements as if it occurred as of December 31, 2016.

 

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 Preferred Stock. As of September 30, 2017 and December 31, 2016, there were no shares of Series A-1 Preferred Stock issued and outstanding.

 

The Series A-1 Preferred Stock is convertible at any time after issuance at the option of the holder into shares of common stock at the original issue price of the Series A-1 Preferred Stock. The Series A-1 Preferred Stock is also subject to mandatory conversion provisions upon an initial public offering raising $15 million or more and is not redeemable. To prevent dilution, the conversion price of the Series A-1 Preferred Stock is to be adjusted for any issuance of securities, excluding exempt securities, which change the number of shares of common stock outstanding. The Series A-1 Preferred Stockholders are entitled to equal voting rights to common stockholders on an as-converted basis and receive preference to the common stockholders upon liquidation. During the first two quarters of 2017, 245,100 shares of Series A-1 Preferred Stock were sold for cash proceeds of $1,225,500 in a Regulation D offering. Of these shares, 12,000 were issued to a related party. The Series A-1 Preferred Stock was converted to common stock as noted above.

 

Common Stock

 

The Company is authorized to issue 20,000,000 shares of common stock, no par value, as of September 30, 2017 and December 31, 2016.

 

During September 2017, the Company issued 2,936,757 shares of common stock in the Regulation A Offering at a public offering price of $6.50 per share. The Company received net proceeds of $18,031,525 in this closing after deducting underwriter commissions of $1,049,395 and escrow closing fees of $8,000. See Note 8 for fees paid to the underwriter in the Regulation A Offering.

 

The Company has reserved a total of 2,000,000 shares of its common stock pursuant to equity incentive plans (see Note 6). The Company has 1,715,704 and 1,247,704 stock options and warrants outstanding as of September 30, 2017 and December 31, 2016, respectively.

 

 10 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 6: SHARE-BASED PAYMENTS

 

2015 Stock Incentive Plan

 

On March 1, 2017, pursuant to the Company’s Amended and Restated 2015 Stock Incentive Plan, the Compensation Committee of the Company’s board of directors authorized the grant of 430,000 employee incentive stock options (“ESOPs”) at a strike price of $2.50 per share, 20,000 employee stock options at a strike price of $2.75 per share and 25,000 non-qualified stock options (“NQSOs”) at a strike price of $2.50 per share.

 

The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award.

 

Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including the fair value of the Company’s common stock, and for stock options, the expected life of the option, and expected stock price volatility. The Company used the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. See below for the weighted average variables used in assessing the fair value at the grant date of March 1, 2017:

 

   March 1,
2017
 
Annual dividend yield   - 
Expected life (years)   6.21 
Risk-free interest rate   2.16%
Expected volatility   21.33%

 

The total grant date fair value of employee incentive stock options issued during the nine-month period ended September 30, 2017 was $290,040. Employee stock-based compensation expense related to stock options included in general and administrative expenses for the three and nine-month periods ended September 30 was $36,294 and $94,487 in 2017 and $12,160 and $36,215 in 2016, respectively.

 

As of September 30, 2017, 138,573 employee stock options were vested and 7,500 stock options previously issued to employees were forfeited.

 

Grants to non-employees are expensed at the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached and (ii) the date at which the counterparty’s performance is complete. For the NQSOs issued in 2017, performance was completed on the date of issue. The fair value of non-employee awards was $0, and $22,445 for the three and nine-month periods ended September 30, 2017, respectively and $0 for the three and nine-months ended September 30, 2016, which is included in general and administrative expenses in the accompanying statements of operations.

 

2012 Employee Stock Benefit Plan

 

On May 1, 2017, the Company issued 8,000 warrants to a lobbying contractor with a strike price of $2.50 per share and a five-year life. The Black-Scholes variables used in assessing the fair value at the grant date were an expected life of 5 years, risk free interest rate of 1.84% and expected volatility of 21.34% resulting in a value of $0.57 per warrant. The total value of $4,550 was recorded as lobbying expense. On September 20, 2017, 15,000 warrants issued to employees under the Company’s Second Amended and Restated Stock Benefit Plan were exercised in a cashless transaction resulting in the issuance of 13,846 shares of Company common stock. As of September 30, 2017, the Company had warrants outstanding under its Seconded Amended and Restated 2012 Employee Stock Benefit Plan, exercisable immediately, for approximately 973,000 shares of Company common stock.

 

 11 

 

 

ARCIMOTO, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

 

NOTE 7: CUSTOMER DEPOSITS

 

The Company has received customer deposits ranging from $100 to $10,100 per order for retail production vehicles and $42,000 per order for signature series vehicles for purposes of securing their vehicle production slot. As of September 30, 2017 and December 31, 2016, the Company’s balance of refundable deposits received was $451,767 and $386,035, respectively, which are refundable upon demand. Refundable deposits are included in current liabilities in the accompanying balance sheets. Production of retail vehicles is expected to begin in the first half of 2018; production of signature series vehicles has begun and the first delivery is scheduled for November 2017. When a customer's order is ready to enter the production process, the customer is notified that if they would like to proceed with the purchase of a vehicle, their deposit will no longer be refundable and any additional deposit required must be paid prior to the start of the manufacturing process.  If the customer elects to proceed with their order, their deposit becomes no longer refundable. Customer deposits from related parties total $43,700 as of September 30, 2017 and December 31, 2016.

 

NOTE 8: COMMITMENTS AND CONTINGENCIES

 

On September 3, 2017, the Company entered into a Triple Net Lease for an approximately 30,000 square foot commercial industrial office and manufacturing space in Eugene, Oregon. The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two. See the following table for future minimum rent payments by year.

 

Years ending December 31:

 

2017  $50,000 
2018  $150,000 
2019  $150,000 
2020  $150,000 
2021  $25,001 
Total  $525,001 

 

Total rent expense for the nine-month periods ended September 30, 2017 and 2016, was $50,678 and $44,805, respectively.

 

Underwriter Agreement

 

In connection with its offering of common stock under Regulation A of the Securities Act (the “Regulation A Offering”), the Company agreed to issue the underwriter in the Regulation A Offering warrants, to purchase a number of shares of the common stock equal to 5.0% of the total shares of common stock sold in any closing of the Regulation A Offering, excluding shares purchased by investors sourced via alternative funding platforms (the “Underwriter Warrants”). The Underwriter Warrants are exercisable commencing on the Qualification Date (as such term is defined in the Underwriter Warrants) and have a term of five years. The Underwriter Warrants are not redeemable by the Company. The exercise price for the Underwriter Warrants will be the amount that is 15% greater than the offering price, or $7.475. In the fourth quarter of 2017, the Company granted 122,238 Underwriter Warrants earned in connection with the Regulation A Offering.

  

Litigation

 

The Company is involved in claims and litigation from time to time in the normal course of business. At September 30, 2017, Company management believes there are no pending matters that are expected to have a material adverse effect on the business of the Company, their financial condition, results of operations or cash flows.

  

NOTE 9: SUBSEQUENT EVENTS

 

Common Stock

 

On October 4, 2017, the Company issued 4,000 shares of common stock to a vendor in payment of video production services.

 

On October 17, 2017, the Company issued 8,900 shares of common stock in a subsequent close of the Regulation A offering at a public offering price of $6.50 per share. The Company received net proceeds of $56,115 in this closing after deducting underwriting commissions of $1,735. See Note 8 for fees paid to the underwriter in the Regulation A Offering.

 

See also Note 8 for additional subsequent events.

 

 12 

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in this report and in other documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to:

 

overall strength and stability of general economic conditions and of the automotive industry more specifically, both in the United States and globally;

 

changes in consumer demand for, and acceptance of, our products;

 

changes in the competitive environment, including adoption of technologies and products that compete with our products;

 

our ability to generate consistent revenues;

 

our ability to effectively execute our business plan;

 

changes in the price of oil and electricity;

 

changes in laws or regulations governing our business and operations;

 

our ability to maintain adequate liquidity and financing sources and an appropriate level of debt on terms favorable to our company;

 

our ability to design, produce and market future vehicle models;

 

the number of reservations and cancellations for the SRK and our ability to deliver on those reservations;

 

our ability to maintain quality control over our vehicles and avoid material vehicle recalls;

 

our ability to manage the distribution channels for our products, including our ability to successfully implement our direct to consumer distribution strategy;

 

costs and risks associated with litigation;

 

our ability to obtain and protect our existing intellectual property protections including patents;

 

changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on earnings;

 

interest rates and the credit markets;

 

our ability to maintain our Nasdaq listing; and

 

other risks described from time to time in periodic and current reports that we file with the SEC.

 

The foregoing list does not contain all of the risks and uncertainties. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws; we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the filing date of this report.

 

 13 

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations. 

 

The following discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2017 should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this report and in conjunction with the audited financial statements of the Company included in our Form 1-A. The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs and expected performance. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. Please see “Cautionary Note Regarding Forward-Looking Statements.”

 

Overview

 

We design, develop, manufacture, and sell high-performance fully electric vehicles. Our goal is to devise new technologies and patterns of mobility that raise the bar for environmental efficiency, footprint and affordability. We plan to achieve our mission by replacing the global urban and suburban use of approximately 4,000 lb. internal combustion engine vehicles for regular daily trips with the SRK, a pure electric solution that is approximately a quarter of the weight, a third the cost to purchase and far more efficient than the U.S. fleet average passenger car. We continue to enhance our vehicle offerings with the Beta design which we expect to complete later this year and then deliver our first signature series vehicle with serial pilot production expected to begin in early 2018. We continue to increase our pre-orders in preparation for serial production of an estimated 2,000 units in 2018. As of September 30, 2017, we had 1,834 pre-orders representing an increase of 813, or approximately 80%, from the 1,021 pre-orders as of September 30, 2016. As of November 13, 2017, we had 2,008 pre-orders.

 

On July 21, 2017, we effected a two-for-one common stock split and increased our authorized common shares to 20,000,000. On July 25, 2017, a majority of the Series A-1 Preferred stockholders voted to convert all 1,434,891 shares of Series A-1 Preferred Stock to 2,869,782 common shares. The July 21, 2017, two-for-one common stock split resulted in a conversion rate of two shares of common stock for each share of Series A-1 Preferred Stock. In accordance with SEC reporting guidelines, the retrospective application of the stock split has been applied to historical financial information, and the Series A-1 Preferred to common stock conversion was reflected in the accompanying financial statements as if it occurred as of December 31, 2016.

 

During the nine-months ended September 30, 2017, we issued 245,100 shares of Series A-1 Preferred Stock for aggregate gross proceeds of approximately $1,226,000 from our Regulation D offering and also received proceeds from the issuance of an aggregate of $275,000 of convertible debt.

 

During September 2017, we sold 2,936,757 shares of common stock in the initial closing of our Regulation A offering at a public offering price of $6.50 per share. We received net proceeds of approximately $18,032,000 in this closing after deducting underwriter commissions of approximately $1,049,000 and escrow closing fees of $8,000.

 

On October 17, 2017, in a subsequent closing of our Regulation A offering, we issued 8,900 common shares in exchange for gross proceeds of $58,000. Net proceeds to us were approximately $56,000 after deducting underwriting commissions of approximately $2,000.

 

On September 3, 2017, Arcimoto, Inc. entered into a Triple Net Lease for 30,000 square feet of commercial industrial office and manufacturing space in Eugene, Oregon. The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two.

 

Management Opportunities, Challenges and Risks

 

Demand, Production and Capital

 

We are currently taking the knowledge we learned from the Alpha SRK vehicles to finalize the design of the Beta SRK Fun Utility Vehicle (“FUV”).  We believe we have broadened the appeal of our electric vehicles by improving range, performance and value, and we expect to introduce additional vehicle versions and functionality over time.  Overall, we expect that demand for our vehicles will continue to increase as more people drive and become aware of our vehicles, and as we strive to grow our customer sales and potentially offer less expensive vehicles than other electric vehicles in the market, and we continue to further develop our vehicle design.

 

We continue to make progress toward vehicle production and started to outfit a facility to support vehicle production beginning in 2018.

 

 14 

 

 

Trends in Cash Flow, Capital Expenditures and Operating Expenses

 

We plan to initiate serial production of our vehicles beginning in 2018.  Given this plan, our capital expenditure needs include capital costs for the tooling, production equipment and construction of the SRK Arcimoto production line.

 

We currently expect operating expenses to grow by approximately 30% in 2017 as compared to 2016.  This increase is driven by increased hiring for manufacturing engineering and production operations expected to begin later this year, and marketing and other non-capitalizable expenses associated with our Regulation A offering.  Although we continue to remain on track with our progress toward vehicle manufacturing, given the size and complexity of this undertaking, it is possible that future events could result in the cost of building and operating the production facility exceeding our current expectations and taking longer to bring online than we currently anticipate.

 

New Accounting Pronouncements

 

See Note 3 “Summary of Significant Accounting Policies” to our Financial Statements included under Part I, Item 1 of this Quarterly Report on Form 10-Q which includes a discussion of recent accounting pronouncements that may impact us.

 

Disclosure About Off-Balance Sheet Arrangements

 

None.

 

Critical Accounting Policies and Estimates

 

Our financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. We base our estimates on historical experience, as appropriate, and on various other assumptions that we believe are reasonable under the circumstances. Changes in the accounting estimates are reasonably likely to occur from period to period. Accordingly, actual results could differ significantly from the estimates made by our management. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are material differences between these estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.

 

For a description of our critical accounting policies and estimates, please refer to the “Summary of Significant Accounting Policies” in Note 3 to our Financial Statements in the Company’s Form 1-A and this Quarterly Report on Form 10-Q.

 

Results of Operations

 

Three months ended September 30, 2017 versus three months ended September 30, 2016

 

Revenues

 

We had no revenue from the sale of our vehicles during the three-months ended September 30, 2017 and 2016.

 

Operating Expenses

 

Research and Development Expenses

 

Research and development (“R&D”) expenses consist primarily of personnel costs for our engineering and research teams, and prototyping materials expense. R&D expenses for the three months ended September 30, 2017 and 2016 were approximately $288,000 and $293,000, respectively. The primary reasons for the decrease in R&D expenses of $5,000, or 2%, are a decrease in contract labor of $25,000, a decrease in training and related travel expenses of $8,000 and a decrease in materials expense of $26,000 as we allocate resources to our Signature Series inventory, offset by the increase in engineering salaries and wages of approximately $54,000.

 

Sales and Marketing Expenses

 

Sales and marketing expenses consist primarily of costs associated with marketing the Regulation A offering and booking pre-orders and selling our high-performance fully electric vehicles. Sales and marketing expenses for the three months ended September 30, 2017 and 2016 were approximately $243,000 and $110,000, respectively. The primary reason for the increase in sales and marketing expenses of $133,000, or 121%, during the current quarter was due to a $103,000 increase in public relations, marketing and travel expenses in preparation for our Regulation A offering, a $16,000 increase is salary and labor expenses, and a $14,000 increase in lobbying expenses.

 

 15 

 

 

General and Administrative Expenses

 

General and administrative (“G&A”) expenses consist primarily of personnel and facilities costs related to executive, finance, human resources, information technology and legal matters, as well as litigation settlements and fees for professional and contract services. G&A expenses for the three months ended September 30, 2017 were approximately $156,000 as compared to $161,000 for the same period last year representing a decrease of approximately $5,000, or 3%. The primary reason for the decrease in the current period was due to a $47,000 decrease in accrued vacation expense, a $28,000 decrease in legal and other professional fees, a $4,000 decrease in property taxes, and a $9,000 decrease in insurance expense offset by a $69,000 increase in salary and wages and a $24,000 increase in non-cash compensation expense for the granting of employee stock options.

 

Interest Expense

 

Interest expense for the three months ended September 30, 2017 was approximately $9,000 as compared to $3,000 during the three months ended September 30, 2016. The increase in interest expense was due to higher balances of outstanding debt during the current period.

 

Nine months ended September 30, 2017 versus nine months ended September 30, 2016

 

Revenues

 

We had no revenue from the sale of our vehicles during the nine months ended September 30, 2017 and 2016. We did recognize grant revenue during the nine months ended September 30, 2017 amounting to approximately $41,000. Revenues from grants are recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. There was no such grant revenue during the same period in the prior year. We believe the loss of such grant revenues will not have a material effect on the Company’s operations.

 

Operating Expenses

 

Research and Development Expenses

 

R&D expenses consist primarily of personnel costs for our engineering and research teams, and prototyping materials expense. R&D expenses for the nine months ended September 30, 2017 and 2016 were approximately $820,000 and $740,000, respectively. The primary reason for the increase in R&D expenses of $80,000, or 11%, is the increase in engineering salaries and wages of approximately $191,000 offset by a decrease in contract labor of $38,000 and a reduction in R&D materials of approximately $70,000.

 

Sales and Marketing Expenses

 

Sales and marketing expenses consist primarily of costs associated with marketing our Regulation A offering and booking pre-orders and selling our high-performance fully electric vehicles. Sales and marketing expenses for the nine months ended September 30, 2017 and 2016 were approximately $478,000 and $383,000, respectively. The primary reason for the increase in sales and marketing expenses during the nine months ended September 30, 2017 of $95,000, or 25%, as compared to the prior period is a $41,000 increase in public relations, marketing, and travel expenses in preparation for our Regulation A offering, a $33,000 increase is salary and labor expenses, and a $23,000 increase in lobbying expense.

 

General and Administrative Expenses

 

G&A expenses consist primarily of personnel and facilities costs related to executive, finance, human resources, information technology and legal organizations, as well as litigation settlements and fees for professional and contract services. G&A expenses for the nine months ended September 30, 2017 were approximately $503,000 as compared to $368,000 for the same period last year representing an increase of approximately $135,000, or 37%. The primary reason for the increase in the current period was due to a $81,000 increase in non-cash compensation expense for the granting of employee stock options, a $50,000 increase in salary and wages expenses, and a $6,000 increase in rent expense.

 

Interest Expense

 

Interest expense for the nine months ended September 30, 2017 was approximately $31,000 as compared to a $7,000 during the nine months ended September 30, 2016. The increase in interest expense was due to higher balances of outstanding debt during the current period.

 

 16 

 

 

Liquidity and Capital Resources 

 

As of September 30, 2017, we had approximately $17,603,000 in cash and cash equivalents representing an increase of approximately $17,189,000 from December 31, 2016. Sources of cash are predominately from the sale of equity. We anticipate that our current sources of liquidity, including cash and cash equivalents, together with our current projections of cash flow from operating activities, may provide us with adequate liquidity based on our current plans. We may raise funds in the future, including potential equity or debt offerings, subject to market conditions and recognizing that we cannot be certain that additional funds would be available to us on favorable terms or at all. The amount and timing of funds that we may raise is undetermined and would vary based on a number of factors, including our liquidity needs as well as access to current and future sources of liquidity.

 

Our estimates for tooling and manufacturing capital expenditures for our planned SRK production facility will require approximately $10 million, which we expect to raise in future equity and/or debt offerings. We are currently in the process of evaluating our capital expenditure needs for the remainder of 2017. 

 

For the nine months ended September 30, 2017, we issued 245,100 shares of Series A-1 Preferred Stock for aggregate gross proceeds of approximately $1,226,000 in a Regulation D offering, of which 12,000 shares were sold to a related party. In addition, during September 2017, we sold 2,936,757 shares of common stock in an initial closing of our Regulation A offering at a public offering price of $6.50 per share. We received net proceeds of approximately $18,032,000 in this closing after deducting underwriter commissions of approximately $1,049,000 and escrow closing fees of $8,000.

 

On October 17, 2017, in a subsequent close of our Regulation A offering, we issued 8,900 common shares in exchange for gross proceeds of $58,000. Net proceeds to us were approximately $56,000 after deducting underwriting commissions of approximately $2,000.

 

Cash Flows from Operating Activities

 

Our cash flows from operating activities are significantly affected by our cash investments to support the growth of our business in areas such as research and development, sales and marketing and general and administrative expenses. Our operating cash flows are also affected by our working capital needs to support personnel related expenditures, accounts payable and other current assets and liabilities.

 

During the nine months ended September 30, 2017, cash used in operating activities was approximately $1,717,000, which was primarily the result of our net loss incurred of approximately $1,790,000, an increase in other current assets of $99,000 and an increase in inventories of $174,000 for materials for our electric vehicles partially offset by stock-based compensation of $121,000, an increase in accrued liabilities of $39,000 mainly for payroll related liabilities, an increase in accounts payable of $118,000, and an increase in customer deposits of $66,000 resulting from SRK reservations.

 

Cash Flows from Investing Activities

 

Cash flows from investing activities primarily relate to capital expenditures to support our growth in operations, including investments in manufacturing equipment and tooling.  No cash was used in investing activities for the nine months ended September 30, 2017 and 2016. The Company’s plan is to implement the manufacturing capital expenditures after future equity and/or debt financings.

 

Cash Flows from Financing Activities

 

During the nine months ended September 30, 2017, net cash provided by financing activities was approximately $18,905,000 compared to $540,000 during the nine months ended September 30, 2016. Cash flows from financing activities during the nine months ended September 30, 2017 consisted primarily of $19,088,000 in gross proceeds from our Regulation A offering of 2,936,757 share of Common Stock, $1,226,000 in gross proceeds from our Regulation D offering in that period of 245,100 shares of Series A-1 Preferred Stock as well as proceeds from the issuance of convertible debt of $275,000. These proceeds were slightly offset by approximately $1,289,000 in offering costs and $395,000 in repayments of notes payable. Cash flows from financing activities during the nine months ended September 30, 2016 consisted primarily of the issuance of $250,000 in debt from the City of Eugene Business Development fund and approximately $300,000 in gross proceeds from our Regulation D offering of 60,200 shares of preferred stock offset by $10,000 in legal costs associated with the preparation of our Regulation A offering.

 

 17 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

(a)  Evaluation of Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including Mark Frohnmayer, our Chief Executive Officer, and Douglas M. Campoli, our Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. 

 

In designing and evaluating our disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

Based on management’s evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that as of September 30, 2017 our disclosure controls and procedures were designed to, and were effective to, provide assurance at a reasonable level that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures as of September 30, 2017.

 

(b) Changes in Internal Control Over Financial Reporting

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of any changes in our internal controls over financial reporting (as such terms are defined in Rules 13a-15(f) and 15d-15(f)) under the Exchange Act that occurred during the quarter ended September 30, 2017. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that there has not been any material change in our internal control over financial reporting occurred during the period ended September 30, 2017, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

 

 18 

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

The Company is involved in claims and litigation from time to time in the normal course of business. At September 30, 2017, the management of the Company believes there are no pending matters that are expected to have a material adverse effect on the business of the Company, their financial condition, results of operations or cash flows.

 

Item 1A. Risk Factors.

 

For information concerning risks associated with our business and industry and risks associated with an investment in our Common Stock, please refer to the “Risk Factors” section of our Form 1-A.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 

 

Between October 13, 2016 and February 1, 2017, we issued notes payable in a Regulation D offering amounting to $450,000, of which $150,000 were to related parties. As of August 31, 2017, the notes had accrued interest of approximately $23,000. On August 31,2017, the notes were converted to 80,832 shares of Company common stock, at a price of $5.85 per share, which represented 90% of the $6.50 per share price in our Regulation A offering. Proceeds were used for operations and offering costs in preparation for our Regulation A offering.

 

On September 20, 2017, 15,000 warrants issued to employees under the Company’s Second Amended and Restated 2012 Stock Benefit Plan pursuant to Rule 701 of the Securities Act were exercised in a cashless transaction resulting in the issuance of 13,846 shares of common stock. As this was a cashless exercise, there were no proceeds to the Company.

  

Between September 19, 2017 and September 29, 2017, we sold 2,936,757 shares of common stock in the initial closing of our Regulation A offering at a public offering price of $6.50 per share. We received net proceeds of approximately $18,032,000 in this closing after deducting underwriter commissions of approximately $1,049,000 and escrow closing fees of $8,000. 

 

On October 17, 2017, in a subsequent closing of our Regulation A offering, we sold 8,900 shares of common stock at a public offering price of $6.50 per share. We received net proceeds of approximately $56,000 in this closing after deducting underwriting commissions of approximately $2,000. W.R. Hambrecht & Co., LLC served as the sole underwriter in our Regulation A offering. Proceeds from our Regulation A offering will be used to support our operations and on capital expenditures primarily related to starting serial vehicle production.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

 19 

 

 

Item 6.  Exhibits.

 

EXHIBIT INDEX

 

Exhibit      

Incorporated by Reference

(Unless Otherwise Indicated)

Number   Exhibit Description   Form   File No.   Exhibit   Filing Date
10.1   Industrial Lease dated September 3, 2017 by and between Arcimoto, Inc. and 2034 LLC.   8-K     10.1   October 4, 2017
31.1   Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.         Filed herewith
31.2   Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.         Filed herewith
32.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.         Filed herewith
101.INS   XBRL Instance Document.         Filed herewith
101.SCH   XBRL Taxonomy Extension Schema Document.         Filed herewith
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.         Filed herewith
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.         Filed herewith
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.         Filed herewith
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.         Filed herewith

 

 20 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ARCIMOTO, INC.
     
Date: November 20, 2017 By: /s/ Mark Frohnmayer
    Mark Frohnmayer
    Chief Executive Officer

 

 

 

21

 

 

 

EX-31.1 2 f10q0917ex31-1_arcimotoinc.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Mark Frohnmayer, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Arcimoto, Inc. (the registrant);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

 

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017  By: /s/ Mark Frohnmayer
    Mark Frohnmayer
    Chief Executive Officer
     

 

EX-31.2 3 f10q0917ex31-2_arcimotoinc.htm CERTIFICATION

EXHIBIT 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Doug Campoli, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Arcimoto, Inc. (the registrant);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) (Paragraph omitted pursuant to SEC Release Nos. 33-8238/34-47986 and 33-8392/34-49313);

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 20, 2017  By: /s/ Douglas M. Campoli
    Douglas M. Campoli
    Chief Financial Officer

 

EX-32.1 4 f10q0917ex32-1_arcimotoinc.htm CERTIFICATION

EXHIBIT 32.1

  

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Mark Frohnmayer, Chief Executive Officer of Arcimoto, Inc. (the “registrant”), and Doug Campoli, Chief Financial Officer of the registrant, each hereby certifies that, to the best of their knowledge:

 

1. The registrant’s Quarterly Report on Form 10-Q for the period ended September 30, 2017, to which this Certification is attached as Exhibit 32.1 (the “Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and
   
2. The information contained in the Report fairly presents, in all material respects, the financial condition of the registrant at the end of the period covered by the Report and results of operations of the registrant for the periods covered by the Report.

 

Date: November 20, 2017  By: /s/ Mark Frohnmayer
    Mark Frohnmayer
    Chief Executive Officer
     
    /s/ Douglas M. Campoli
    Douglas M. Campoli
    Chief Financial Officer
EX-101.INS 5 fuv-20170930.xml XBRL INSTANCE FILE 0001558583 fuv:LoanAgreementsMember 2015-12-04 0001558583 fuv:LoanAgreementsMember 2015-12-01 2015-12-04 0001558583 2015-12-31 0001558583 2016-09-03 0001558583 2016-07-01 2016-09-30 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2016-07-01 2016-09-30 0001558583 2016-01-01 2016-09-30 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2016-01-01 2016-09-30 0001558583 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-09-30 0001558583 us-gaap:WarrantMember 2016-01-01 2016-09-30 0001558583 2016-09-30 0001558583 us-gaap:ConvertibleNotesPayableMember 2016-01-01 2016-12-31 0001558583 2016-12-31 0001558583 us-gaap:ConvertibleNotesPayableMember 2016-12-31 0001558583 fuv:TwoThousandTweleveEmployeeStockBenefitPlanMember 2016-12-31 0001558583 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2016-12-31 0001558583 us-gaap:CommonStockMember 2016-12-31 0001558583 fuv:AccruedInterestMember 2016-12-31 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2017-03-01 0001558583 fuv:NonQualifiedStockOptionsMember 2017-03-01 0001558583 2017-02-25 2017-03-01 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2017-02-25 2017-03-01 0001558583 fuv:NonQualifiedStockOptionsMember 2017-02-25 2017-03-01 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember us-gaap:DirectorMember 2017-02-25 2017-03-01 0001558583 fuv:TwoThousandTweleveEmployeeStockBenefitPlanMember 2017-05-01 0001558583 fuv:TwoThousandTweleveEmployeeStockBenefitPlanMember 2017-04-25 2017-05-01 0001558583 us-gaap:PreferredStockMember 2017-01-01 2017-06-30 0001558583 us-gaap:CommonStockMember 2017-07-21 0001558583 us-gaap:CommonStockMember 2017-07-18 2017-07-21 0001558583 us-gaap:PreferredStockMember 2017-07-18 2017-07-21 0001558583 us-gaap:PreferredStockMember 2017-07-23 2017-07-25 0001558583 us-gaap:ConvertibleNotesPayableMember 2017-08-31 0001558583 us-gaap:ConvertibleNotesPayableMember 2017-08-01 2017-08-31 0001558583 2017-08-24 2017-09-03 0001558583 us-gaap:ConvertibleNotesPayableMember 2017-09-11 0001558583 fuv:TwoThousandTweleveEmployeeStockBenefitPlanMember 2017-05-05 2017-09-20 0001558583 2017-07-01 2017-09-30 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2017-07-01 2017-09-30 0001558583 2017-01-01 2017-09-30 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2017-01-01 2017-09-30 0001558583 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-09-30 0001558583 us-gaap:WarrantMember 2017-01-01 2017-09-30 0001558583 us-gaap:ConvertibleNotesPayableMember 2017-01-01 2017-09-30 0001558583 us-gaap:PreferredStockMember fuv:RelatedPartyMember 2017-01-01 2017-09-30 0001558583 fuv:RegulationOneMember 2017-01-01 2017-09-30 0001558583 us-gaap:ConvertibleDebtMember 2017-01-01 2017-09-30 0001558583 2017-09-30 0001558583 fuv:TwoThousandFifteenStockIncentivePlanMember 2017-09-30 0001558583 us-gaap:ConvertibleNotesPayableMember 2017-09-30 0001558583 fuv:TwoThousandTweleveEmployeeStockBenefitPlanMember 2017-09-30 0001558583 us-gaap:PreferredStockMember us-gaap:SeriesAPreferredStockMember 2017-09-30 0001558583 us-gaap:CommonStockMember 2017-09-30 0001558583 fuv:AccruedInterestMember 2017-09-30 0001558583 us-gaap:PreferredStockMember 2017-09-30 0001558583 fuv:RegulationOneMember 2017-09-30 0001558583 us-gaap:ConvertibleDebtMember 2017-09-30 0001558583 fuv:SignatureSeriesVehiclesMember 2017-09-30 0001558583 fuv:CommercialIndustrialOfficeLeaseWestEugeneMember 2017-09-30 0001558583 fuv:RetailProductionVehiclesMember us-gaap:MinimumMember 2017-09-30 0001558583 fuv:RetailProductionVehiclesMember us-gaap:MaximumMember 2017-09-30 0001558583 us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2017-09-06 2017-10-04 0001558583 us-gaap:SubsequentEventMember fuv:RegulationOneMember us-gaap:CommonStockMember 2017-10-17 0001558583 us-gaap:SubsequentEventMember fuv:RegulationOneMember us-gaap:CommonStockMember 2017-09-06 2017-10-17 0001558583 us-gaap:SubsequentEventMember fuv:RegulationOneMember 2017-09-06 2017-10-17 0001558583 2017-11-20 xbrli:shares iso4217:USD iso4217:USDxbrli:shares xbrli:pure utr:sqft Arcimoto Inc 0001558583 false FUV --12-31 10-Q 2017-09-30 Q3 2017 Smaller Reporting Company 15872001 1000665 341907 414405 17603226 583 500 26825 200499 28207 127398 470020 17931623 8805 6799 40000 1299021 518825 17938422 81045 168588 102776 119002 386035 451767 250000 5000 819856 744357 275000 3322 50000 384 1144856 744357 7637494 27125760 336606 458088 -8600131 -10389783 -626031 17194065 518825 17938422 0 0 1500000 1500000 5000000 0 0 0 0 0 0 20000000 20000000 20000000 12337466 15859101 12337466 15859101 40580 292971 740061 288311 820213 110436 383354 242858 478210 161075 368225 155568 502687 564482 1491640 686737 1801110 -564482 -1491640 -686737 -1760530 3444 6867 9261 30611 241 1429 1489 -567926 -1498266 -694569 -1789652 9957884 9957884 13181828 12773830 -0.06 -0.15 -0.05 -0.14 6135 2006 12160 36215 36215 36294 121482 94487 -8172 -83 24026 173674 -19947 99191 19426 117542 99587 39093 134107 65732 -1198703 -1716579 299945 20314421 10000 1289021 5000 250000 100000 325000 539945 18905400 -658758 17188821 6867 10531 150 156166 316701 <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 1: NATURE OF OPERATIONS</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Arcimoto, Inc. (the &#8220;Company&#8221;) was originally formed on November 21, 2007 as WTP Incorporated, an Oregon Corporation, and on December 29, 2011, changed its name to Arcimoto, Inc. The Company was founded in order to build products that catalyze the shift to a sustainable transportation system. The first step in this shift has been developing an affordable, daily utility, pure electric vehicle. Over the past ten years, the Company has worked towards developing a new vehicle platform designed around the needs of everyday drivers. Its main product is the SRK&#174;, the first real fossil-free alternative for the vast majority of daily trips. Compared to the average car, we believe the SRK has dropped 3/4 of the weight and 2/3 of the footprint in order to bring the joy of affordable, ultra-efficient, pure electric driving to the masses.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 2: MANAGEMENT&#8217;S PLANS</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying financial statements have been prepared on a basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, the Company has experienced recurring operating losses and negative operating cash flows since inception.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">To date, the Company has not generated revenues from product sales to achieve positive earnings and operating cash flows to enable the Company to finance its operations internally. Funding for the business to date has come primarily through the issuance of equity securities.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Although the Company&#8217;s objective is to increase its revenues from the sales of its products within the next few years sufficient to generate positive operating and cash flow levels, there can be no assurance that the Company will be successful in this regard. The Company estimates it will need to raise approximately $10 million in additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. The Company intends to use the proceeds from any such offerings, including its Regulation A Offering (see Note 8) to fund the Company through the end of 2018. Funds on hand and any follow-on capital, if needed, will be used to invest in its business to expand sales and marketing efforts, enhance its current product by continuing research and development to bring the SRK to retail production, to build out a leased production facility, and fund operations until positive cash flow is achieved. The need for additional capital may be adversely impacted by uncertain market conditions or approval by regulatory bodies.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Unaudited Interim Financial Information</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information, and pursuant to the instructions to Form 10-Q promulgated by the United States Securities and Exchange Commission (&#8220;SEC&#8221;). Accordingly, they do not include all information and disclosures required by GAAP for complete financial statement presentation. In the opinion of management, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2017, and the results of its operations and its cash flows for the nine-months ended September 30, 2017 and 2016. Results for the nine-months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Quarterly Report on Form&#160;10-Q should be read in conjunction with the audited financial statements and notes thereto for the year ended&#160;December&#160;31, 2016 included in the Company&#8217;s Post-Qualification Offering Statement on Form 1-A (File No. 024-10710), filed with the SEC on September 18, 2017, as amended (&#8220;Form 1-A&#8221;).</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of Estimates</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair Value Measurements</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company&#8217;s financial instruments consist primarily of cash and notes payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. The Company adopted Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 820-10,&#160;<i>Fair Value Measurements and Disclosures</i>, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The three-level hierarchy for fair value measurements is defined as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 3 &#8211; inputs to the valuation methodology are unobservable and significant to the fair value measurement.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the accompanying financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. As of September 30, 2017 and December 31, 2016, the Company did not have any level 2 or level 3 instruments.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Risks and Uncertainties</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company expects to commence revenue generating activities later this year, with its first delivery of the SRK Fun Utility Vehicle (&#8220;FUV<sup>&#174;</sup>&#8221;) expected in November 2017.&#160; The Company&#8217;s business and operations are sensitive to general business and economic conditions in the United States and worldwide along with governmental policy decisions. Several factors beyond the Company&#8217;s control could cause fluctuations in these conditions. Adverse developments may also include: economic recessions, trends in car manufacturing, consumer taste, availability of inventory, and changes in government policy related to cars and motorcycles could have a material adverse effect on the Company&#8217;s financial condition and the results of its operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company currently has limited sales and marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses when it begins marketing of its products and services. Developing a marketing and sales force is also time consuming and could delay launch of the Company&#8217;s products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products and services may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and services and enhance our current products and services on a timely and cost-effective basis. Further, the Company's products and services must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products and services or enhanced versions of existing products and services. Also, the Company may not be able to adapt new or enhanced products and services to emerging industry standards, and the Company's new products and services may not be favorably received. In addition, we may not have the capital resources to further the development of existing and/or new ones.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash and Cash Equivalents</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company considers deposits that can be redeemed on demand and investments that have original maturities of less than three months, when purchased, to be cash equivalents. As of September 30, 2017, Company&#8217;s cash and cash equivalents were deposited in two financial institutions and as of December 31, 2016, the Company&#8217;s cash and cash equivalents were deposited in one financial institution, which at times during both periods exceeded the federally insured limits.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Customer Deposits</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the vehicle is shipped to the customer.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Offering Costs</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company accounts for offering costs in accordance with FASB ASC 340, &#8220;Other Assets and Costs.&#8221; Prior to the completion of an equity offering, offering costs will be capitalized as deferred offering costs on the balance sheet. The deferred offering costs will be charged to stockholders&#8217; equity (deficit) upon the completion of an equity offering or to expense if the offering is not completed. As of December 31, 2016, $40,000 offering costs were capitalized. As of September 30, 2017, all deferred offering costs were charged to stockholders&#8217; equity upon the initial close of the Regulation A offering (see Note 5). As of September 30, 2017, offering costs charged to stockholders&#8217; equity were $1,299,021 which includes the offering cost for the Regulation A Offering through the nine-months ended September 30, 2017.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Grant Revenue</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Revenue from grant revenue is recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. Grant revenue of $0 and $40,580 for the three and nine-month periods ended September 30, 2017, respectively, and $0 for the three and nine-month periods ended September 30, 2016, are recorded as grant revenue in the accompanying financial statements. Grant revenue makes up 100% of revenue in each period. Management believes the loss of such revenues will not have a material effect on the Company&#8217;s operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Inventories</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Inventories are stated at the lower of cost (using the first-in, first-out method, &#8220;FIFO&#8221;) or market. Inventories consist of purchased electric motors, electrical storage and transmission equipment and component parts. Inventories consist almost entirely of raw materials and component parts as of September 30, 2017 and December 31, 2016. Work-in-progress as of September 30, 2017 was not significant.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Net Earnings or Loss per Share</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company&#8217;s computation of earnings per share (&#8220;EPS&#8221;) includes basic and diluted EPS. Basic EPS is measured as the income (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.,&#160;Series A-1 Preferred Stock, 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all Series A-1 Preferred Stock, common stock warrants and common stock options outstanding were anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">As of the periods ended September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Warrants to purchase common stock</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 142px; text-align: right;">973,004</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">980,004</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Stock options to purchase common stock</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">742,700</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">267,700</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,715,704</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,247,704</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent Accounting Pronouncements</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">In July 2017, the FASB issued ASU-No. 2017-11, I &#8220;Accounting for Certain Financial Instruments With Down Round Features&#8221; and II &#8220;Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.&#8221; The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements and disclosures.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">In May 2017, FASB issued ASU-2017-09, &#8220;Compensation-Stock Compensation (Topic 718)&#8211;Modification Accounting&#8221; to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU-2017-09 on the Company&#8217;s financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company&#8217;s financial statement presentation or disclosures.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 4: NOTES PAYABLE</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>&#160;</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Notes payable and accrued interest as of September 30, 2017 and December 31, 2016 are as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Principal</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Accrued Interest</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December&#160;31, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December&#160;31, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left;">Business Development Loan</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">-</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">250,000</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;-</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">-</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Convertible Notes Payable</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">275,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,322</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Convertible Notes Payable to Related Parties</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">384</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Note Payable to Related Party</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5,000</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,000</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">575,000</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,706</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On December 4, 2015, the Company entered into a $250,000 loan agreement with the City of Eugene Business Development Fund; however, the funds for the loan were not received until April 1, 2016, and accordingly no debt was owed as of December 31, 2015. This loan was secured by substantially all assets of the Company and had an interest rate of 5% per annum. Interest only payments were due monthly from the date of disbursement. The entire unpaid principal balance of the loan, plus accrued interest, was due and payable upon the earlier of closing of a Regulation A offering or October 1, 2017. The note was repaid on September 21, 2017 in full, after the initial closing of the Regulation A Offering.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Through September 30, 2017 and the year ended December 31, 2016, the Company issued a series of convertible notes with original principal balances of $200,000 and $325,000, respectively, all with the same terms as disclosed below. Of these notes $100,000 and $50,000, respectively, were issued to related parties. The notes and all accrued interest were due on March 31, 2018. The notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $5.00 per share or 90% of the active selling price of the Series A-1 Preferred Stock at the time of conversion. Notes totaling $450,000, of which $150,000 were to related parties, with accrued interest thereon of approximately $23,000 were converted to 80,832 shares of common stock on August 31, 2017, at a price of $5.85 per share, which represented 90% of the $6.50 per share price in the Regulation A Offering. Notes totaling $75,000 were repaid in cash along with accrued interest thereon of $354, during the nine-months ended September 30, 2017.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">During September 2017, the Company issued two convertible notes to related parties in the total principal amount of $70,000. The notes and all accrued interest were due on March 31, 2018. These notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $6.50 per share of common stock or 90% of the active selling price of the common stock at the time of conversion. The notes principal balance of $70,000 and accrued interest of $232 was repaid in cash on September 29, 2017.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On September 11, 2017, the Company borrowed $5,000 from a related party. No security was issued for the loan. The loan was meant to be a short-term advance and due on demand. The loan was repaid on October 26, 2017 and there is no interest associated with this advance.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">None of the above convertible notes contained a beneficial conversion feature due to the conversion price of the notes being at or above the fair value of the Series A-1 Preferred Stock or common stock, as applicable, on the issuance date.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 5: STOCKHOLDERS&#8217; EQUITY (DEFICIT)</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Stock-Split</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On July 21, 2017, the Company&#8217;s board of directors and a majority of its common stockholders voted to enact a two-for-one common stock split and increase the authorized common shares to 20,000,000. On July 25, 2017, a majority of the Series A-1 Preferred stockholders voted to convert all shares of 1,434,891 Series A-1 Preferred Stock to 2,869,782 common shares. The July 21, 2017, two-for-one common stock split resulted in a conversion rate of two shares of common stock for each share of Series A-1 Preferred Stock. In accordance with SEC reporting guidelines, the retrospective application of the stock split has been applied to historical financial information, and the Series A-1 Preferred to common stock conversion was reflected in the accompanying financial statements as if it occurred as of December 31, 2016.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Preferred Stock</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">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 Preferred Stock. As of September 30, 2017 and December 31, 2016, there were no shares of Series A-1 Preferred Stock issued and outstanding.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Series A-1 Preferred Stock is convertible at any time after issuance at the option of the holder into shares of common stock at the original issue price of the Series A-1 Preferred Stock. The Series A-1 Preferred Stock is also subject to mandatory conversion provisions upon an initial public offering raising $15 million or more and is not redeemable. To prevent dilution, the conversion price of the Series A-1 Preferred Stock is to be adjusted for any issuance of securities, excluding exempt securities, which change the number of shares of common stock outstanding. The Series A-1 Preferred Stockholders are entitled to equal voting rights to common stockholders on an as-converted basis and receive preference to the common stockholders upon liquidation. During the first two quarters of 2017, 245,100 shares of Series A-1 Preferred Stock were sold for cash proceeds of $1,225,500 in a Regulation D offering. Of these shares, 12,000 were issued to a related party. The Series A-1 Preferred Stock was converted to common stock as noted above.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Common Stock</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company is authorized to issue 20,000,000 shares of common stock, no par value, as of September 30, 2017 and December 31, 2016.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">During September 2017, the Company issued 2,936,757 shares of common stock in the Regulation A Offering at a public offering price of $6.50 per share. The Company received net proceeds of $18,031,525 in this closing after deducting underwriter commissions of $1,049,395 and escrow closing fees of $8,000. See Note 8 for fees paid to the underwriter in the Regulation A Offering.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company has reserved a total of 2,000,000 shares of its common stock pursuant to equity incentive plans (see Note 6). The Company has 1,715,704 and 1,247,704 stock options and warrants outstanding as of September 30, 2017 and December 31, 2016, respectively.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 6: SHARE-BASED PAYMENTS</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>2015 Stock Incentive Plan</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On March 1, 2017, pursuant to the Company&#8217;s Amended and Restated 2015 Stock Incentive Plan, the Compensation Committee of the Company&#8217;s board of directors authorized the grant of 430,000 employee incentive stock options (&#8220;ESOPs&#8221;) at a strike price of $2.50 per share, 20,000 employee stock options at a strike price of $2.75 per share and 25,000 non-qualified stock options (&#8220;NQSOs&#8221;) at a strike price of $2.50 per share.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including the fair value of the Company&#8217;s common stock, and for stock options, the expected life of the option, and expected stock price volatility. The Company used the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management&#8217;s best estimates and involve inherent uncertainties and the application of management&#8217;s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. See below for the weighted average variables used in assessing the fair value at the grant date of March 1, 2017:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 1,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Annual dividend yield</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 1379px; text-align: left;">Expected life (years)</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">6.21</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Risk-free interest rate</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">2.16</td> <td style="text-align: left;">%</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected volatility</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">21.33</td> <td style="text-align: left;">%</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The total grant date fair value of employee incentive stock options issued during the nine-month period ended September 30, 2017 was $290,040. Employee stock-based compensation expense related to stock options included in general and administrative expenses for the three and nine-month periods ended September 30 was $36,294 and $94,487 in 2017 and $12,160 and $36,215 in 2016, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">As of September 30, 2017, 138,573 employee stock options were vested and 7,500 stock options previously issued to employees were forfeited.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Grants to non-employees are expensed at the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached and (ii) the date at which the counterparty&#8217;s performance is complete. For the NQSOs issued in 2017, performance was completed on the date of issue. The fair value of non-employee awards was $0, and $22,445 for the three and nine-month periods ended September 30, 2017, respectively and $0 for the three and nine-months ended September 30, 2016, which is included in general and administrative expenses in the accompanying statements of operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>2012 Employee Stock Benefit Plan</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On May 1, 2017, the Company issued 8,000 warrants to a lobbying contractor with a strike price of $2.50 per share and a five-year life. The Black-Scholes variables used in assessing the fair value at the grant date were an expected life of 5 years, risk free interest rate of 1.84% and expected volatility of 21.34% resulting in a value of $0.57 per warrant. The total value of $4,550 was recorded as lobbying expense. On September 20, 2017, 15,000 warrants issued to employees under the Company&#8217;s Second Amended and Restated Stock Benefit Plan were exercised in a cashless transaction resulting in the issuance of 13,846 shares of Company common stock. As of September 30, 2017, the Company had warrants outstanding under its Seconded Amended and Restated 2012 Employee Stock Benefit Plan, exercisable immediately, for approximately 973,000 shares of Company common stock.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 7: CUSTOMER DEPOSITS</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>&#160;</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company has received customer deposits ranging from $100 to $10,100 per order for retail production vehicles and $42,000 per order for signature series vehicles for purposes of securing their vehicle production slot. As of September 30, 2017 and December 31, 2016, the Company&#8217;s balance of refundable deposits received was $451,767 and $386,035, respectively, which are refundable upon demand. Refundable deposits are included in current liabilities in the accompanying balance sheets. Production of retail vehicles is expected to begin in the first half of 2018; production of signature series vehicles has begun and the first delivery is scheduled for November 2017. When a customer's order is ready to enter the production process, the customer is notified that if they would like to proceed with the purchase of a vehicle, their deposit will no longer be refundable and any additional deposit required must be paid prior to the start of the manufacturing process.&#160; If the customer elects to proceed with their order, their deposit becomes no longer refundable. Customer deposits from related parties total $43,700 as of September 30, 2017 and December 31, 2016.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 8: COMMITMENTS AND CONTINGENCIES</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On September 3, 2017, the Company entered into a Triple Net Lease for an approximately 30,000 square foot commercial industrial office and manufacturing space in Eugene, Oregon. The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two. See the following table for future minimum rent payments by year.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Years ending December 31:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1379px; text-align: left;">2017</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">50,000</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2018</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">150,000</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">2019</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">150,000</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">2020</td> <td>&#160;</td> <td style="text-align: left;">$</td> <td style="text-align: right;">150,000</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 1.5pt;">2021</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">25,001</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 4pt;">Total</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">525,001</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Total rent expense for the nine-month periods ended September 30, 2017 and 2016, was $50,678 and $44,805, respectively.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Underwriter Agreement</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">In connection with its offering of common stock under Regulation A of the Securities Act (the &#8220;Regulation A Offering&#8221;), the Company agreed to issue the underwriter in the Regulation A Offering warrants, to purchase a number of shares of the common stock equal to 5.0% of the total shares of common stock sold in any closing of the Regulation A Offering, excluding shares purchased by investors sourced via alternative funding platforms (the &#8220;Underwriter Warrants&#8221;). The Underwriter Warrants are exercisable commencing on the Qualification Date (as such term is defined in the Underwriter Warrants) and have a term of five years. The Underwriter Warrants are not redeemable by the Company. The exercise price for the Underwriter Warrants will be the amount that is 15% greater than the offering price, or $7.475. In the fourth quarter of 2017, the Company granted 122,238 Underwriter Warrants earned in connection with the Regulation A Offering.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Litigation</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company is involved in claims and litigation from time to time in the normal course of business. At September 30, 2017, Company management believes there are no pending matters that are expected to have a material adverse effect on the business of the Company, their financial condition, results of operations or cash flows.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><b>NOTE 9: SUBSEQUENT EVENTS</b></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Common Stock</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On October 4, 2017, the Company issued 4,000 shares of common stock to a vendor in payment of video production services.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">On October 17, 2017, the Company issued 8,900 shares of common stock in a subsequent close of the Regulation A offering at a public offering price of $6.50 per share. The Company received net proceeds of $56,115 in this closing after deducting underwriting commissions of $1,735. See Note 8 for fees paid to the underwriter in the Regulation A Offering.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">See also Note 8 for additional subsequent events.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Unaudited Interim Financial Information</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The accompanying unaudited financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) for interim financial information, and pursuant to the instructions to Form 10-Q promulgated by the United States Securities and Exchange Commission (&#8220;SEC&#8221;). Accordingly, they do not include all information and disclosures required by GAAP for complete financial statement presentation. In the opinion of management, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2017, and the results of its operations and its cash flows for the nine-months ended September 30, 2017 and 2016. Results for the nine-months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Quarterly Report on Form&#160;10-Q should be read in conjunction with the audited financial statements and notes thereto for the year ended&#160;December&#160;31, 2016 included in the Company&#8217;s Post-Qualification Offering Statement on Form 1-A (File No. 024-10710), filed with the SEC on September 18, 2017, as amended (&#8220;Form 1-A&#8221;).</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Use of Estimates</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities 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.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Fair Value Measurements</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company&#8217;s financial instruments consist primarily of cash and notes payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. The Company adopted Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 820-10,&#160;<i>Fair Value Measurements and Disclosures</i>, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The three-level hierarchy for fair value measurements is defined as follows:</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 1 &#8211; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 2 &#8211; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="padding: 0px; width: 24px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#9679;</font></td> <td style="padding: 0px; text-align: justify; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Level 3 &#8211; inputs to the valuation methodology are unobservable and significant to the fair value measurement.</font></td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the accompanying financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. As of September 30, 2017 and December 31, 2016, the Company did not have any level 2 or level 3 instruments.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Risks and Uncertainties</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company expects to commence revenue generating activities later this year, with its first delivery of the SRK Fun Utility Vehicle (&#8220;FUV<sup>&#174;</sup>&#8221;) expected in November 2017.&#160; The Company&#8217;s business and operations are sensitive to general business and economic conditions in the United States and worldwide along with governmental policy decisions. Several factors beyond the Company&#8217;s control could cause fluctuations in these conditions. Adverse developments may also include: economic recessions, trends in car manufacturing, consumer taste, availability of inventory, and changes in government policy related to cars and motorcycles could have a material adverse effect on the Company&#8217;s financial condition and the results of its operations.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company currently has limited sales and marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses when it begins marketing of its products and services. Developing a marketing and sales force is also time consuming and could delay launch of the Company&#8217;s products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products and services may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and services and enhance our current products and services on a timely and cost-effective basis. Further, the Company's products and services must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products and services or enhanced versions of existing products and services. Also, the Company may not be able to adapt new or enhanced products and services to emerging industry standards, and the Company's new products and services may not be favorably received. In addition, we may not have the capital resources to further the development of existing and/or new ones.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Cash and Cash Equivalents</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company considers deposits that can be redeemed on demand and investments that have original maturities of less than three months, when purchased, to be cash equivalents. As of September 30, 2017, Company&#8217;s cash and cash equivalents were deposited in two financial institutions and as of December 31, 2016, the Company&#8217;s cash and cash equivalents were deposited in one financial institution, which at times during both periods exceeded the federally insured limits.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Customer Deposits</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the vehicle is shipped to the customer.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Offering Costs</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company accounts for offering costs in accordance with FASB ASC 340, &#8220;Other Assets and Costs.&#8221; Prior to the completion of an equity offering, offering costs will be capitalized as deferred offering costs on the balance sheet. The deferred offering costs will be charged to stockholders&#8217; equity (deficit) upon the completion of an equity offering or to expense if the offering is not completed. As of December 31, 2016, $40,000 offering costs were capitalized. As of September 30, 2017, all deferred offering costs were charged to stockholders&#8217; equity upon the initial close of the Regulation A offering (see Note 5). As of September 30, 2017, offering costs charged to stockholders&#8217; equity were $1,299,021 which includes the offering cost for the Regulation A Offering through the nine-months ended September 30, 2017.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Grant Revenue</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Revenue from grant revenue is recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. Grant revenue of $0 and $40,580 for the three and nine-month periods ended September 30, 2017, respectively, and $0 for the three and nine-month periods ended September 30, 2016, are recorded as grant revenue in the accompanying financial statements. Grant revenue makes up 100% of revenue in each period. Management believes the loss of such revenues will not have a material effect on the Company&#8217;s operations.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Inventories</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Inventories are stated at the lower of cost (using the first-in, first-out method, &#8220;FIFO&#8221;) or market. Inventories consist of purchased electric motors, electrical storage and transmission equipment and component parts. Inventories consist almost entirely of raw materials and component parts as of September 30, 2017 and December 31, 2016. Work-in-progress as of September 30, 2017 was not significant.</font></p> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Net Earnings or Loss per Share</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">The Company&#8217;s computation of earnings per share (&#8220;EPS&#8221;) includes basic and diluted EPS. Basic EPS is measured as the income (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.,&#160;Series A-1 Preferred Stock, 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.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all Series A-1 Preferred Stock, common stock warrants and common stock options outstanding were anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 18pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">As of the periods ended September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Warrants to purchase common stock</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 142px; text-align: right;">973,004</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 141px; text-align: right;">980,004</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Stock options to purchase common stock</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">742,700</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">267,700</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt; padding-left: 10pt;">Total</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,715,704</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,247,704</td> <td style="text-align: left; padding-bottom: 4pt;"></td> </tr> </table> </div> <div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><u>Recent Accounting Pronouncements</u></font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">In July 2017, the FASB issued ASU-No. 2017-11, I &#8220;Accounting for Certain Financial Instruments With Down Round Features&#8221; and II &#8220;Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.&#8221; The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements and disclosures.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">In May 2017, FASB issued ASU-2017-09, &#8220;Compensation-Stock Compensation (Topic 718)&#8211;Modification Accounting&#8221; to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU-2017-09 on the Company&#8217;s financial statements.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt;">Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company&#8217;s financial statement presentation or disclosures.</font></p> </div> <div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At period end September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">September&#160;30, 2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">September&#160;30, 2016</td><td style="font: bold 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1191px; text-align: left; text-indent: 0in; padding-left: 0in; font-stretch: normal;">Warrants to purchase common stock</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; font-stretch: normal;">973,004</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; font-stretch: normal;">980,004</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; font-stretch: normal;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0in; padding-bottom: 1.5pt; padding-left: 0in; font-stretch: normal;">Stock options to purchase common stock</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">742,700</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">267,700</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 1.5pt; font-stretch: normal;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0in; padding-bottom: 4pt; padding-left: 10pt; font-stretch: normal;">Total</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">1,715,704</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; padding-bottom: 4pt; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">&#160;</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">1,247,704</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; padding-bottom: 4pt; font-stretch: normal;"></td></tr></table></div> <div> <table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Principal</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">Accrued Interest</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom;"> <td>&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December&#160;31, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">September&#160;30,<br />2017</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December&#160;31, 2016</td> <td style="padding-bottom: 1.5pt; font-weight: bold;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 815px; text-align: left;">Business Development Loan</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">-</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 16px;">&#160;</td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">250,000</td> <td style="width: 16px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;-</td> <td style="width: 15px; text-align: left;">&#160;</td> <td style="width: 15px;">&#160;</td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">-</td> <td style="width: 15px; text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Convertible Notes Payable</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">275,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">3,322</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left;">Convertible Notes Payable to Related Parties</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">50,000</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">-</td> <td style="text-align: left;">&#160;</td> <td>&#160;</td> <td style="text-align: left;">&#160;</td> <td style="text-align: right;">384</td> <td style="text-align: left;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1.5pt;">Note Payable to Related Party</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">5,000</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> <td style="padding-bottom: 1.5pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">&#160;</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td> <td style="text-align: left; padding-bottom: 1.5pt;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">5,000</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">575,000</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-</td> <td style="text-align: left; padding-bottom: 4pt;">&#160;</td> <td style="padding-bottom: 4pt;">&#160;</td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,706</td> <td style="text-align: left; padding-bottom: 4pt;"></td> </tr> </table> </div> <div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Weighted average variables used in assessing the fair value at the grant date of March 1, 2017:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt;">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;">&#160;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 1, 2017</td><td style="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0in; padding-left: 0in; font-size: 10pt;">Annual dividend yield</td><td style="font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt;">&#160;</td><td style="text-align: right; font-size: 10pt;">-</td><td style="text-align: left; font-size: 10pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="width: 1379px; text-align: left; text-indent: 0in; padding-left: 0in; font-size: 10pt;">Expected life (years)</td><td style="width: 16px; font-size: 10pt;">&#160;</td><td style="width: 16px; text-align: left; font-size: 10pt;">&#160;</td><td style="width: 141px; text-align: right; font-size: 10pt;">6.21</td><td style="width: 15px; text-align: left; font-size: 10pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0in; padding-left: 0in; font-size: 10pt;">Risk-free interest rate</td><td style="font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt;">&#160;</td><td style="text-align: right; font-size: 10pt;">2.16</td><td style="text-align: left; font-size: 10pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0in; padding-left: 0in; font-size: 10pt;">Expected volatility</td><td style="font-size: 10pt;">&#160;</td><td style="text-align: left; font-size: 10pt;">&#160;</td><td style="text-align: right; font-size: 10pt;">21.33</td><td style="text-align: left; font-size: 10pt;">%</td></tr></table></div> <div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table for future minimum rent payments by year.</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Years ending December 31:</p><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1379px; text-align: left; text-indent: 0in; padding-left: 0in;">2017</td><td style="width: 16px;">&#160;</td><td style="width: 16px; text-align: left;">$</td><td style="width: 141px; text-align: right;">50,000</td><td style="width: 15px; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0in; padding-left: 0in;">2018</td><td>&#160;</td><td style="text-align: left;">$</td><td style="text-align: right;">150,000</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0in; padding-left: 0in;">2019</td><td>&#160;</td><td style="text-align: left;">$</td><td style="text-align: right;">150,000</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 0in; padding-left: 0in;">2020</td><td>&#160;</td><td style="text-align: left;">$</td><td style="text-align: right;">150,000</td><td style="text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; text-indent: 0in; padding-left: 0in;">2021</td><td>&#160;</td><td style="text-align: left;">$</td><td style="text-align: right;">25,001</td><td style="text-align: left;">&#160;</td></tr></table></div> 10000000 1247704 267700 980004 1715704 742700 973004 1.00 5000 575000 3706 5000 250000 5000 70000 0.05 0.06 0.06 0.06 2017-10-01 2018-03-31 2018-03-31 2018-03-31 325000 200000 50000 150000 100000 5.00 5.85 5.00 6.50 0.90 0.90 0.90 0.90 450000 75000 23000 70000 80832 354 232 1500000 15000000 245100 10000 1225500 Two-for-one Two-for-one 2000000 2000000 1247704 1715704 13846 2936757 4000 8900 18031525 56115 6.50 6.50 1049395 1735 8000 <div>A&#160;majority of the Series A-1 Preferred stockholders voted to convert all shares of 1,434,891 Series A-1 Preferred Stock to 2,869,782 common shares.</div> P6Y2M16D P5Y0M0D 0.0216 0.0184 0.2133 0.2134 7500 290040 138573 0 22445 4550 980004 8000 973000 20000 25000 2.75 2.50 2.50 2.50 430000 P5Y0M0D 15000 0.57 42000 100 10100 43700 43700 50000 150000 150000 150000 25001 30000 Rent was $25,000 for the first month 44805 12500 50678 The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two. The exercise price for the Underwriter Warrants will be the amount that is 15% greater than the offering price, or $7.475. 122238 P5Y 40000 170000 70000 EX-101.SCH 6 fuv-20170930.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Balance Sheets (Unaudited) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Balance Sheets (Parenthetical) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Nature of Operations link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Management's Plans link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Stockholders' Equity (Deficit) link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Share-Based Payments link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Customer Deposits link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Share-Based Payments (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Commitments and Contingencies (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Management's Plans (Details) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Summary of Significant Accounting Policies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Notes Payable (Details) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Notes Payable (Details Textual) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Stockholders' Equity (Deficit) (Details) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Share-Based Payments (Details) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Share-Based Payments (Details Textual) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Customer Deposits (Details) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Commitments and Contingencies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Subsequent Events (Details) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 fuv-20170930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 fuv-20170930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 fuv-20170930_lab.xml XBRL LABEL FILE EX-101.PRE 10 fuv-20170930_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Nov. 20, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name Arcimoto Inc  
Entity Central Index Key 0001558583  
Amendment Flag false  
Trading Symbol FUV  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   15,872,001
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 17,603,226 $ 414,405
Accounts receivable 500 583
Inventory 200,499 26,825
Other current assets 127,398 28,207
Total current assets 17,931,623 470,020
Property and equipment, net 6,799 8,805
Deferred offering cost   40,000
Total assets 17,938,422 518,825
Current liabilities    
Accounts payable 168,588 81,045
Accrued liabilities 119,002 102,776
Customer deposits 451,767 386,035
Notes payable 250,000
Related party note payable 5,000  
Total current liabilities 744,357 819,856
Long-term convertible note payable 275,000
Long-term convertible notes payable to related parties 50,000
Total liabilities 744,357 1,144,856
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):    
Series A-1 preferred stock, no par value, 1,500,000 authorized, 0 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively.
Common stock, no par value, 20,000,000 authorized, 15,859,101 and 12,337,466 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively. 27,125,760 7,637,494
Additional paid-in capital 458,088 336,606
Accumulated deficit (10,389,783) (8,600,131)
Total stockholders' equity (deficit) 17,194,065 (626,031)
Total liabilities and stockholders' equity (deficit) $ 17,938,422 $ 518,825
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Balance Sheets (Parenthetical) (Unaudited) - $ / shares
Sep. 30, 2017
Dec. 31, 2016
Statement of Financial Position [Abstract]    
Series A-1 preferred stock, par value $ 0 $ 0
Series A-1 preferred stock, shares authorized 1,500,000 1,500,000
Series A-1 preferred stock, shares issued 0 0
Series A-1 preferred stock, shares outstanding 0 0
Common stock, par value $ 0 $ 0
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 15,859,101 12,337,466
Common stock, shares outstanding 15,859,101 12,337,466
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Grant revenue $ 40,580
Operating expenses        
Research and development 288,311 292,971 820,213 740,061
Sales and marketing 242,858 110,436 478,210 383,354
General and administrative 155,568 161,075 502,687 368,225
Total operating expenses 686,737 564,482 1,801,110 1,491,640
Loss from operations (686,737) (564,482) (1,760,530) (1,491,640)
Other income and expense        
Interest expense (9,261) (3,444) (30,611) (6,867)
Other income, net 1,429 1,489 241
Net loss $ (694,569) $ (567,926) $ (1,789,652) $ (1,498,266)
Weighted-average common shares outstanding - basic and diluted 13,181,828 9,957,884 12,773,830 9,957,884
Net loss per common share - basic and diluted $ (0.05) $ (0.06) $ (0.14) $ (0.15)
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES    
Net loss $ (1,789,652) $ (1,498,266)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,006 6,135
Stock-based compensation 121,482 36,215
Changes in operating assets and liabilities:    
Accounts receivable 83 8,172
Inventory (173,674) (24,026)
Other current assets (99,191) 19,947
Accounts payable 117,542 19,426
Accrued liabilities 39,093 99,587
Customer deposits 65,732 134,107
Net cash used in operating activities (1,716,579) (1,198,703)
FINANCING ACTIVITIES    
Proceeds from sale of stock 20,314,421 299,945
Payment of offering costs (1,289,021) (10,000)
Proceeds from convertible notes payable to related parties 170,000
Repayment of convertible notes payable to related parties (70,000)
Proceeds from convertible notes payable 100,000 250,000
Proceeds from note payable to related party 5,000
Repayment of notes payable (325,000)
Net cash provided by financing activities 18,905,400 539,945
Net cash increase (decrease) for period 17,188,821 (658,758)
Cash at beginning of period 414,405 1,000,665
Cash at end of period 17,603,226 341,907
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 10,531 $ 6,867
Cash paid during the period for income taxes 150  
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:    
Notes payable to related parties and accrued interest converted to common stock 156,166  
Notes payable and accrued interest converted to common stock $ 316,701  
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Operations
9 Months Ended
Sep. 30, 2017
Nature of Operations [Abstract]  
NATURE OF OPERATIONS

NOTE 1: NATURE OF OPERATIONS

 

Arcimoto, Inc. (the “Company”) was originally formed on November 21, 2007 as WTP Incorporated, an Oregon Corporation, and on December 29, 2011, changed its name to Arcimoto, Inc. The Company was founded in order to build products that catalyze the shift to a sustainable transportation system. The first step in this shift has been developing an affordable, daily utility, pure electric vehicle. Over the past ten years, the Company has worked towards developing a new vehicle platform designed around the needs of everyday drivers. Its main product is the SRK®, the first real fossil-free alternative for the vast majority of daily trips. Compared to the average car, we believe the SRK has dropped 3/4 of the weight and 2/3 of the footprint in order to bring the joy of affordable, ultra-efficient, pure electric driving to the masses.

XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Management's Plans
9 Months Ended
Sep. 30, 2017
Management's Plans [Abstract]  
MANAGEMENT'S PLANS

NOTE 2: MANAGEMENT’S PLANS

 

The accompanying financial statements have been prepared on a basis that the Company is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, the Company has experienced recurring operating losses and negative operating cash flows since inception.

 

To date, the Company has not generated revenues from product sales to achieve positive earnings and operating cash flows to enable the Company to finance its operations internally. Funding for the business to date has come primarily through the issuance of equity securities.

 

Although the Company’s objective is to increase its revenues from the sales of its products within the next few years sufficient to generate positive operating and cash flow levels, there can be no assurance that the Company will be successful in this regard. The Company estimates it will need to raise approximately $10 million in additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. The Company intends to use the proceeds from any such offerings, including its Regulation A Offering (see Note 8) to fund the Company through the end of 2018. Funds on hand and any follow-on capital, if needed, will be used to invest in its business to expand sales and marketing efforts, enhance its current product by continuing research and development to bring the SRK to retail production, to build out a leased production facility, and fund operations until positive cash flow is achieved. The need for additional capital may be adversely impacted by uncertain market conditions or approval by regulatory bodies.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Unaudited Interim Financial Information

 

The accompanying unaudited 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-Q promulgated by the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and disclosures required by GAAP for complete financial statement presentation. In the opinion of management, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2017, and the results of its operations and its cash flows for the nine-months ended September 30, 2017 and 2016. Results for the nine-months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Statement on Form 1-A (File No. 024-10710), filed with the SEC on September 18, 2017, as amended (“Form 1-A”).

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities 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.

 

Fair Value Measurements

 

The Company’s financial instruments consist primarily of cash and notes payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The three-level hierarchy for fair value measurements is defined as follows:

 

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;

 

Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and

 

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the accompanying financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. As of September 30, 2017 and December 31, 2016, the Company did not have any level 2 or level 3 instruments.

 

Risks and Uncertainties

 

The Company expects to commence revenue generating activities later this year, with its first delivery of the SRK Fun Utility Vehicle (“FUV®”) expected in November 2017.  The Company’s business and operations are sensitive to general business and economic conditions in the United States and worldwide along with governmental policy decisions. Several factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments may also include: economic recessions, trends in car manufacturing, consumer taste, availability of inventory, and changes in government policy related to cars and motorcycles could have a material adverse effect on the Company’s financial condition and the results of its operations.

 

The Company currently has limited sales and marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses when it begins marketing of its products and services. Developing a marketing and sales force is also time consuming and could delay launch of the Company’s products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies.

 

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products and services may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and services and enhance our current products and services on a timely and cost-effective basis. Further, the Company's products and services must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products and services or enhanced versions of existing products and services. Also, the Company may not be able to adapt new or enhanced products and services to emerging industry standards, and the Company's new products and services may not be favorably received. In addition, we may not have the capital resources to further the development of existing and/or new ones.

 

Cash and Cash Equivalents

 

The Company considers deposits that can be redeemed on demand and investments that have original maturities of less than three months, when purchased, to be cash equivalents. As of September 30, 2017, Company’s cash and cash equivalents were deposited in two financial institutions and as of December 31, 2016, the Company’s cash and cash equivalents were deposited in one financial institution, which at times during both periods exceeded the federally insured limits.

 

Customer Deposits

 

Customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the vehicle is shipped to the customer.

 

Offering Costs

 

The Company accounts for offering costs in accordance with FASB ASC 340, “Other Assets and Costs.” Prior to the completion of an equity offering, offering costs will be capitalized as deferred offering costs on the balance sheet. The deferred offering costs will be charged to stockholders’ equity (deficit) upon the completion of an equity offering or to expense if the offering is not completed. As of December 31, 2016, $40,000 offering costs were capitalized. As of September 30, 2017, all deferred offering costs were charged to stockholders’ equity upon the initial close of the Regulation A offering (see Note 5). As of September 30, 2017, offering costs charged to stockholders’ equity were $1,299,021 which includes the offering cost for the Regulation A Offering through the nine-months ended September 30, 2017.

 

Grant Revenue

 

Revenue from grant revenue is recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. Grant revenue of $0 and $40,580 for the three and nine-month periods ended September 30, 2017, respectively, and $0 for the three and nine-month periods ended September 30, 2016, are recorded as grant revenue in the accompanying financial statements. Grant revenue makes up 100% of revenue in each period. Management believes the loss of such revenues will not have a material effect on the Company’s operations.

 

Inventories

 

Inventories are stated at the lower of cost (using the first-in, first-out method, “FIFO”) or market. Inventories consist of purchased electric motors, electrical storage and transmission equipment and component parts. Inventories consist almost entirely of raw materials and component parts as of September 30, 2017 and December 31, 2016. Work-in-progress as of September 30, 2017 was not significant.

 

Net Earnings or Loss per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (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., Series A-1 Preferred Stock, 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.

 

Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all Series A-1 Preferred Stock, common stock warrants and common stock options outstanding were anti-dilutive.

  

As of the periods ended September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    September 30,
2017
    September 30,
2016
 
Warrants to purchase common stock     973,004       980,004  
Stock options to purchase common stock     742,700       267,700  
Total     1,715,704       1,247,704  

 

Recent Accounting Pronouncements

 

In July 2017, the FASB issued ASU-No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.” The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements and disclosures.

 

In May 2017, FASB issued ASU-2017-09, “Compensation-Stock Compensation (Topic 718)–Modification Accounting” to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU-2017-09 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable
9 Months Ended
Sep. 30, 2017
Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 4: NOTES PAYABLE

 

Notes payable and accrued interest as of September 30, 2017 and December 31, 2016 are as follows:

 

    Principal     Accrued Interest  
    September 30,
2017
    December 31, 2016     September 30,
2017
    December 31, 2016  
Business Development Loan   $ -     $ 250,000     $       -     $ -  
Convertible Notes Payable     -       275,000       -       3,322  
Convertible Notes Payable to Related Parties     -       50,000       -       384  
Note Payable to Related Party     5,000       -       -       -  
    $ 5,000     $ 575,000     $ -     $ 3,706  

 

On December 4, 2015, the Company entered into a $250,000 loan agreement with the City of Eugene Business Development Fund; however, the funds for the loan were not received until April 1, 2016, and accordingly no debt was owed as of December 31, 2015. This loan was secured by substantially all assets of the Company and had an interest rate of 5% per annum. Interest only payments were due monthly from the date of disbursement. The entire unpaid principal balance of the loan, plus accrued interest, was due and payable upon the earlier of closing of a Regulation A offering or October 1, 2017. The note was repaid on September 21, 2017 in full, after the initial closing of the Regulation A Offering.

 

Through September 30, 2017 and the year ended December 31, 2016, the Company issued a series of convertible notes with original principal balances of $200,000 and $325,000, respectively, all with the same terms as disclosed below. Of these notes $100,000 and $50,000, respectively, were issued to related parties. The notes and all accrued interest were due on March 31, 2018. The notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $5.00 per share or 90% of the active selling price of the Series A-1 Preferred Stock at the time of conversion. Notes totaling $450,000, of which $150,000 were to related parties, with accrued interest thereon of approximately $23,000 were converted to 80,832 shares of common stock on August 31, 2017, at a price of $5.85 per share, which represented 90% of the $6.50 per share price in the Regulation A Offering. Notes totaling $75,000 were repaid in cash along with accrued interest thereon of $354, during the nine-months ended September 30, 2017.

 

During September 2017, the Company issued two convertible notes to related parties in the total principal amount of $70,000. The notes and all accrued interest were due on March 31, 2018. These notes were secured by substantially all assets of the Company and had a stated interest rate of 6% per annum. The notes were convertible on demand at the greater of $6.50 per share of common stock or 90% of the active selling price of the common stock at the time of conversion. The notes principal balance of $70,000 and accrued interest of $232 was repaid in cash on September 29, 2017.

 

On September 11, 2017, the Company borrowed $5,000 from a related party. No security was issued for the loan. The loan was meant to be a short-term advance and due on demand. The loan was repaid on October 26, 2017 and there is no interest associated with this advance.

 

None of the above convertible notes contained a beneficial conversion feature due to the conversion price of the notes being at or above the fair value of the Series A-1 Preferred Stock or common stock, as applicable, on the issuance date.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Deficit)
9 Months Ended
Sep. 30, 2017
Stockholders' Equity (Deficit) [Abstract]  
STOCKHOLDERS' EQUITY (DEFICIT)

NOTE 5: STOCKHOLDERS’ EQUITY (DEFICIT)

 

Stock-Split

 

On July 21, 2017, the Company’s board of directors and a majority of its common stockholders voted to enact a two-for-one common stock split and increase the authorized common shares to 20,000,000. On July 25, 2017, a majority of the Series A-1 Preferred stockholders voted to convert all shares of 1,434,891 Series A-1 Preferred Stock to 2,869,782 common shares. The July 21, 2017, two-for-one common stock split resulted in a conversion rate of two shares of common stock for each share of Series A-1 Preferred Stock. In accordance with SEC reporting guidelines, the retrospective application of the stock split has been applied to historical financial information, and the Series A-1 Preferred to common stock conversion was reflected in the accompanying financial statements as if it occurred as of December 31, 2016.

 

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 Preferred Stock. As of September 30, 2017 and December 31, 2016, there were no shares of Series A-1 Preferred Stock issued and outstanding.

 

The Series A-1 Preferred Stock is convertible at any time after issuance at the option of the holder into shares of common stock at the original issue price of the Series A-1 Preferred Stock. The Series A-1 Preferred Stock is also subject to mandatory conversion provisions upon an initial public offering raising $15 million or more and is not redeemable. To prevent dilution, the conversion price of the Series A-1 Preferred Stock is to be adjusted for any issuance of securities, excluding exempt securities, which change the number of shares of common stock outstanding. The Series A-1 Preferred Stockholders are entitled to equal voting rights to common stockholders on an as-converted basis and receive preference to the common stockholders upon liquidation. During the first two quarters of 2017, 245,100 shares of Series A-1 Preferred Stock were sold for cash proceeds of $1,225,500 in a Regulation D offering. Of these shares, 12,000 were issued to a related party. The Series A-1 Preferred Stock was converted to common stock as noted above.

 

Common Stock

 

The Company is authorized to issue 20,000,000 shares of common stock, no par value, as of September 30, 2017 and December 31, 2016.

 

During September 2017, the Company issued 2,936,757 shares of common stock in the Regulation A Offering at a public offering price of $6.50 per share. The Company received net proceeds of $18,031,525 in this closing after deducting underwriter commissions of $1,049,395 and escrow closing fees of $8,000. See Note 8 for fees paid to the underwriter in the Regulation A Offering.

 

The Company has reserved a total of 2,000,000 shares of its common stock pursuant to equity incentive plans (see Note 6). The Company has 1,715,704 and 1,247,704 stock options and warrants outstanding as of September 30, 2017 and December 31, 2016, respectively.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Payments
9 Months Ended
Sep. 30, 2017
Share-Based Payments [Abstract]  
SHARE-BASED PAYMENTS

NOTE 6: SHARE-BASED PAYMENTS

 

2015 Stock Incentive Plan

 

On March 1, 2017, pursuant to the Company’s Amended and Restated 2015 Stock Incentive Plan, the Compensation Committee of the Company’s board of directors authorized the grant of 430,000 employee incentive stock options (“ESOPs”) at a strike price of $2.50 per share, 20,000 employee stock options at a strike price of $2.75 per share and 25,000 non-qualified stock options (“NQSOs”) at a strike price of $2.50 per share.

 

The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award.

 

Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including the fair value of the Company’s common stock, and for stock options, the expected life of the option, and expected stock price volatility. The Company used the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. See below for the weighted average variables used in assessing the fair value at the grant date of March 1, 2017:

 

    March 1,
2017
 
Annual dividend yield     -  
Expected life (years)     6.21  
Risk-free interest rate     2.16 %
Expected volatility     21.33 %

 

The total grant date fair value of employee incentive stock options issued during the nine-month period ended September 30, 2017 was $290,040. Employee stock-based compensation expense related to stock options included in general and administrative expenses for the three and nine-month periods ended September 30 was $36,294 and $94,487 in 2017 and $12,160 and $36,215 in 2016, respectively.

 

As of September 30, 2017, 138,573 employee stock options were vested and 7,500 stock options previously issued to employees were forfeited.

 

Grants to non-employees are expensed at the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached and (ii) the date at which the counterparty’s performance is complete. For the NQSOs issued in 2017, performance was completed on the date of issue. The fair value of non-employee awards was $0, and $22,445 for the three and nine-month periods ended September 30, 2017, respectively and $0 for the three and nine-months ended September 30, 2016, which is included in general and administrative expenses in the accompanying statements of operations.

 

2012 Employee Stock Benefit Plan

 

On May 1, 2017, the Company issued 8,000 warrants to a lobbying contractor with a strike price of $2.50 per share and a five-year life. The Black-Scholes variables used in assessing the fair value at the grant date were an expected life of 5 years, risk free interest rate of 1.84% and expected volatility of 21.34% resulting in a value of $0.57 per warrant. The total value of $4,550 was recorded as lobbying expense. On September 20, 2017, 15,000 warrants issued to employees under the Company’s Second Amended and Restated Stock Benefit Plan were exercised in a cashless transaction resulting in the issuance of 13,846 shares of Company common stock. As of September 30, 2017, the Company had warrants outstanding under its Seconded Amended and Restated 2012 Employee Stock Benefit Plan, exercisable immediately, for approximately 973,000 shares of Company common stock.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Customer Deposits
9 Months Ended
Sep. 30, 2017
Customer Deposits [Abstract]  
CUSTOMER DEPOSITS

NOTE 7: CUSTOMER DEPOSITS

 

The Company has received customer deposits ranging from $100 to $10,100 per order for retail production vehicles and $42,000 per order for signature series vehicles for purposes of securing their vehicle production slot. As of September 30, 2017 and December 31, 2016, the Company’s balance of refundable deposits received was $451,767 and $386,035, respectively, which are refundable upon demand. Refundable deposits are included in current liabilities in the accompanying balance sheets. Production of retail vehicles is expected to begin in the first half of 2018; production of signature series vehicles has begun and the first delivery is scheduled for November 2017. When a customer's order is ready to enter the production process, the customer is notified that if they would like to proceed with the purchase of a vehicle, their deposit will no longer be refundable and any additional deposit required must be paid prior to the start of the manufacturing process.  If the customer elects to proceed with their order, their deposit becomes no longer refundable. Customer deposits from related parties total $43,700 as of September 30, 2017 and December 31, 2016.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 8: COMMITMENTS AND CONTINGENCIES

 

On September 3, 2017, the Company entered into a Triple Net Lease for an approximately 30,000 square foot commercial industrial office and manufacturing space in Eugene, Oregon. The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two. See the following table for future minimum rent payments by year.

 

Years ending December 31:

 

2017   $ 50,000  
2018   $ 150,000  
2019   $ 150,000  
2020   $ 150,000  
2021   $ 25,001  
Total   $ 525,001  

 

Total rent expense for the nine-month periods ended September 30, 2017 and 2016, was $50,678 and $44,805, respectively.

 

Underwriter Agreement

 

In connection with its offering of common stock under Regulation A of the Securities Act (the “Regulation A Offering”), the Company agreed to issue the underwriter in the Regulation A Offering warrants, to purchase a number of shares of the common stock equal to 5.0% of the total shares of common stock sold in any closing of the Regulation A Offering, excluding shares purchased by investors sourced via alternative funding platforms (the “Underwriter Warrants”). The Underwriter Warrants are exercisable commencing on the Qualification Date (as such term is defined in the Underwriter Warrants) and have a term of five years. The Underwriter Warrants are not redeemable by the Company. The exercise price for the Underwriter Warrants will be the amount that is 15% greater than the offering price, or $7.475. In the fourth quarter of 2017, the Company granted 122,238 Underwriter Warrants earned in connection with the Regulation A Offering.

  

Litigation

 

The Company is involved in claims and litigation from time to time in the normal course of business. At September 30, 2017, Company management believes there are no pending matters that are expected to have a material adverse effect on the business of the Company, their financial condition, results of operations or cash flows.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 9: SUBSEQUENT EVENTS

 

Common Stock

 

On October 4, 2017, the Company issued 4,000 shares of common stock to a vendor in payment of video production services.

 

On October 17, 2017, the Company issued 8,900 shares of common stock in a subsequent close of the Regulation A offering at a public offering price of $6.50 per share. The Company received net proceeds of $56,115 in this closing after deducting underwriting commissions of $1,735. See Note 8 for fees paid to the underwriter in the Regulation A Offering.

 

See also Note 8 for additional subsequent events.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]  
Unaudited Interim Financial Information

Unaudited Interim Financial Information

 

The accompanying unaudited 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-Q promulgated by the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and disclosures required by GAAP for complete financial statement presentation. In the opinion of management, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of September 30, 2017, and the results of its operations and its cash flows for the nine-months ended September 30, 2017 and 2016. Results for the nine-months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2016 included in the Company’s Post-Qualification Offering Statement on Form 1-A (File No. 024-10710), filed with the SEC on September 18, 2017, as amended (“Form 1-A”).

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities 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.

Fair Value Measurements

Fair Value Measurements

 

The Company’s financial instruments consist primarily of cash and notes payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The standard provides a consistent definition of fair value which focuses on an exit price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

The standard also prioritizes, within the measurement of fair value, the use of market-based information over entity specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date.

 

The three-level hierarchy for fair value measurements is defined as follows:

 

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;

 

Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly including inputs in markets that are not considered to be active; and

 

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the accompanying financial statements for current assets and current liabilities approximate the fair value because of the immediate or short-term maturities of the financial instruments. As of September 30, 2017 and December 31, 2016, the Company did not have any level 2 or level 3 instruments.

Risks and Uncertainties

Risks and Uncertainties

 

The Company expects to commence revenue generating activities later this year, with its first delivery of the SRK Fun Utility Vehicle (“FUV®”) expected in November 2017.  The Company’s business and operations are sensitive to general business and economic conditions in the United States and worldwide along with governmental policy decisions. Several factors beyond the Company’s control could cause fluctuations in these conditions. Adverse developments may also include: economic recessions, trends in car manufacturing, consumer taste, availability of inventory, and changes in government policy related to cars and motorcycles could have a material adverse effect on the Company’s financial condition and the results of its operations.

 

The Company currently has limited sales and marketing and/or distribution capabilities. The Company has limited experience in developing, training or managing a sales force and will incur substantial additional expenses when it begins marketing of its products and services. Developing a marketing and sales force is also time consuming and could delay launch of the Company’s products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. Our marketing and sales efforts may be unable to compete successfully against these companies.

 

The Company's industry is characterized by rapid changes in technology and customer demands. As a result, the Company's products and services may quickly become obsolete and unmarketable. The Company's future success will depend on its ability to adapt to technological advances, anticipate customer demands, develop new products and services and enhance our current products and services on a timely and cost-effective basis. Further, the Company's products and services must remain competitive with those of other companies with substantially greater resources. The Company may experience technical or other difficulties that could delay or prevent the development, introduction or marketing of new products and services or enhanced versions of existing products and services. Also, the Company may not be able to adapt new or enhanced products and services to emerging industry standards, and the Company's new products and services may not be favorably received. In addition, we may not have the capital resources to further the development of existing and/or new ones.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers deposits that can be redeemed on demand and investments that have original maturities of less than three months, when purchased, to be cash equivalents. As of September 30, 2017, Company’s cash and cash equivalents were deposited in two financial institutions and as of December 31, 2016, the Company’s cash and cash equivalents were deposited in one financial institution, which at times during both periods exceeded the federally insured limits.

Customer Deposits

Customer Deposits

 

Customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the vehicle is shipped to the customer.

Offering Costs

Offering Costs

 

The Company accounts for offering costs in accordance with FASB ASC 340, “Other Assets and Costs.” Prior to the completion of an equity offering, offering costs will be capitalized as deferred offering costs on the balance sheet. The deferred offering costs will be charged to stockholders’ equity (deficit) upon the completion of an equity offering or to expense if the offering is not completed. As of December 31, 2016, $40,000 offering costs were capitalized. As of September 30, 2017, all deferred offering costs were charged to stockholders’ equity upon the initial close of the Regulation A offering (see Note 5). As of September 30, 2017, offering costs charged to stockholders’ equity were $1,299,021 which includes the offering cost for the Regulation A Offering through the nine-months ended September 30, 2017.

Grant Revenue

Grant Revenue

 

Revenue from grant revenue is recognized in the period during which the conditions under the grant have been met and the Company has made payment for the related expense. Grant revenue of $0 and $40,580 for the three and nine-month periods ended September 30, 2017, respectively, and $0 for the three and nine-month periods ended September 30, 2016, are recorded as grant revenue in the accompanying financial statements. Grant revenue makes up 100% of revenue in each period. Management believes the loss of such revenues will not have a material effect on the Company’s operations.

Inventories

Inventories

 

Inventories are stated at the lower of cost (using the first-in, first-out method, “FIFO”) or market. Inventories consist of purchased electric motors, electrical storage and transmission equipment and component parts. Inventories consist almost entirely of raw materials and component parts as of September 30, 2017 and December 31, 2016. Work-in-progress as of September 30, 2017 was not significant.

Net Earnings or Loss per Share

Net Earnings or Loss per Share

 

The Company’s computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (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., Series A-1 Preferred Stock, 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.

 

Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share is the same for all periods presented because all Series A-1 Preferred Stock, common stock warrants and common stock options outstanding were anti-dilutive.

  

As of the periods ended September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

    September 30,
2017
    September 30,
2016
 
Warrants to purchase common stock     973,004       980,004  
Stock options to purchase common stock     742,700       267,700  
Total     1,715,704       1,247,704
Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In July 2017, the FASB issued ASU-No. 2017-11, I “Accounting for Certain Financial Instruments With Down Round Features” and II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception.” The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the financial statements and disclosures.

 

In May 2017, FASB issued ASU-2017-09, “Compensation-Stock Compensation (Topic 718)–Modification Accounting” to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this ASU are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU-2017-09 on the Company’s financial statements.

 

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]  
Summary of outstanding securities excluded from calculation of earnings per share

At period end September 30, 2017 and 2016, the Company excluded the outstanding securities summarized below, which entitle the holders thereof to ultimately acquire shares of common stock, from its calculation of earnings per share, as their effect would have been anti-dilutive.

 

  September 30, 2017  September 30, 2016 
Warrants to purchase common stock  973,004   980,004 
Stock options to purchase common stock  742,700   267,700 
Total  1,715,704   1,247,704
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2017
Notes Payable [Abstract]  
Schedule of notes payable
    Principal     Accrued Interest  
    September 30,
2017
    December 31, 2016     September 30,
2017
    December 31, 2016  
Business Development Loan   $ -     $ 250,000     $       -     $ -  
Convertible Notes Payable     -       275,000       -       3,322  
Convertible Notes Payable to Related Parties     -       50,000       -       384  
Note Payable to Related Party     5,000       -       -       -  
    $ 5,000     $ 575,000     $ -     $ 3,706
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Payments (Tables)
9 Months Ended
Sep. 30, 2017
Share-Based Payments [Abstract]  
Schedule of weighted average variables

Weighted average variables used in assessing the fair value at the grant date of March 1, 2017:

 

  March 1, 2017 
Annual dividend yield  - 
Expected life (years)  6.21 
Risk-free interest rate  2.16%
Expected volatility  21.33%
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies [Abstract]  
Schedule of future minimum rent payments by year

The following table for future minimum rent payments by year.

 

Years ending December 31:

 

2017 $50,000 
2018 $150,000 
2019 $150,000 
2020 $150,000 
2021 $25,001 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Management's Plans (Details)
$ in Millions
9 Months Ended
Sep. 30, 2017
USD ($)
Management's Plans (Textual)  
Additional capital $ 10
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details) - shares
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Summary of Significant Accounting Policies [Line Items]    
Antidilutive securities to purchase common stock 1,715,704 1,247,704
Warrants to purchase common stock [Member]    
Summary of Significant Accounting Policies [Line Items]    
Antidilutive securities to purchase common stock 973,004 980,004
Stock options to purchase common stock [Member]    
Summary of Significant Accounting Policies [Line Items]    
Antidilutive securities to purchase common stock 742,700 267,700
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details Textual) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Summary of Significant Accounting Policies (Textual)          
Grant revenue $ 40,580  
Offering costs         $ 40,000
Percentage of grants revenue     100.00%    
Regulation A [Member]          
Summary of Significant Accounting Policies (Textual)          
Offering costs $ 1,299,021   $ 1,299,021    
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Schedule of notes payable    
Business Development Loan $ 250,000
Convertible Notes Payable 275,000
Convertible Notes Payable to Related Parties 50,000
Note Payable to Related Party 5,000
Notes payable 5,000 575,000
Accrued Interest [Member]    
Schedule of notes payable    
Business Development Loan
Convertible Notes Payable 3,322
Convertible Notes Payable to Related Parties 384
Note Payable to Related Party
Notes payable $ 3,706
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Notes Payable (Details Textual) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Dec. 04, 2015
Aug. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Sep. 11, 2017
Notes Payable (Textual)          
Convertible notes payable     $ 75,000    
Loan agreement [Member]          
Notes Payable (Textual)          
Principal amount $ 250,000        
Interest rate 5.00%        
Maturity date Oct. 01, 2017        
Convertible notes payable [Member]          
Notes Payable (Textual)          
Principal amount         $ 5,000
Interest rate     6.00% 6.00%  
Maturity date     Mar. 31, 2018 Mar. 31, 2018  
Issued a series of convertible notes with original principal balances     $ 200,000 $ 325,000  
Related parties   $ 150,000 $ 100,000 $ 50,000  
Price per share   $ 5.85 $ 5.00 $ 5.00  
Percentage of selling price   90.00% 90.00% 90.00%  
Convertible notes payable   $ 450,000      
Converted to shares of common stock   $ 23,000      
Converted to shares of common stock, shares   80,832      
Accrued interest     $ 354    
Two convertible notes [Member]          
Notes Payable (Textual)          
Principal amount     $ 70,000    
Interest rate     6.00%    
Maturity date     Mar. 31, 2018    
Price per share     $ 6.50    
Percentage of selling price     90.00%    
Converted to shares of common stock     $ 70,000    
Accrued interest     $ 232    
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Stockholders' Equity (Deficit) (Details) - USD ($)
6 Months Ended 9 Months Ended
Jul. 25, 2017
Jul. 21, 2017
Jun. 30, 2017
Sep. 30, 2017
Dec. 31, 2016
Stockholders' Equity (Deficit) (Textual)          
Preferred stock, shares authorized       1,500,000 1,500,000
Preferred stock, shares issued       0 0
Preferred stock, shares outstanding       0 0
Common stock authorized, shares       20,000,000 20,000,000
Common stock, par value       $ 0 $ 0
Regulation A [Member]          
Stockholders' Equity (Deficit) (Textual)          
Common shares issued       2,936,757  
Common shares issued, value       $ 18,031,525  
Public offering price per share       $ 6.50  
Underwriters commissions       $ 1,049,395  
Escrow closing fees       $ 8,000  
Common Stock [Member]          
Stockholders' Equity (Deficit) (Textual)          
Common stock authorized, shares   20,000,000      
Stock split   Two-for-one      
Reserved common stock pursuant to the Equity Incentive Plans       2,000,000 2,000,000
Stock options and warrants outstanding post-split       1,715,704 1,247,704
Preferred Stock [Member]          
Stockholders' Equity (Deficit) (Textual)          
Conversion provisions upon an initial public offering       $ 15,000,000  
Sale of preferred stock, shares     245,100    
Sale of preferred stock cash proceeds     $ 1,225,500    
Stock split   Two-for-one      
Preferred stock conversion, description
A majority of the Series A-1 Preferred stockholders voted to convert all shares of 1,434,891 Series A-1 Preferred Stock to 2,869,782 common shares.
       
Preferred Stock [Member] | Series A-1 Preferred Stock [Member]          
Stockholders' Equity (Deficit) (Textual)          
Preferred stock, shares authorized       5,000,000  
Preferred stock, shares designated       1,500,000  
Preferred stock, no par value        
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Preferred Stock [Member] | Related party [Member]          
Stockholders' Equity (Deficit) (Textual)          
Sale of preferred stock, shares       10,000  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Payments (Details)
Mar. 01, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Annual dividend yield
Expected life (years) 6 years 2 months 16 days
Risk-free interest rate 2.16%
Expected volatility 21.33%
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Share-Based Payments (Details Textual) - USD ($)
3 Months Ended 5 Months Ended 9 Months Ended
May 01, 2017
Mar. 01, 2017
Sep. 30, 2017
Sep. 30, 2016
Sep. 20, 2017
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Share-Based Payments (Textual)                
Stock-based compensation           $ 121,482 $ 36,215  
Fair value of non-employee awards     $ 0     $ 22,445    
Expected life   6 years 2 months 16 days            
Risk-free interest rate   2.16%            
Expected volatility   21.33%            
NQSO [Member]                
Share-Based Payments (Textual)                
Employee stock options shares   25,000            
Strike price   $ 2.50            
2015 Stock Incentive Plan [Member]                
Share-Based Payments (Textual)                
Number of shares, forfeited or expired           7,500    
Total grant date fair value of employee incentive stock options issued           $ 290,040    
Stock-based compensation     $ 36,294 $ 12,160   $ 94,487 $ 36,215  
Stock options vested     138,573     138,573    
Employee stock options shares   20,000            
Strike price   $ 2.75            
2015 Stock Incentive Plan [Member] | Board of Directors [Member]                
Share-Based Payments (Textual)                
Strike price   $ 2.50            
Employee incentive stock options, granted   430,000            
2012 Employee Stock Benefit Plan[Member]                
Share-Based Payments (Textual)                
Lobbying expense $ 4,550              
Warrants outstanding, shares of company common stock 8,000   973,000     973,000   980,004
Strike price $ 2.50              
Stock options vested term 5 years              
Warrants exercised cashless transaction         15,000      
Common shares issued         13,846      
Expected life 5 years              
Risk-free interest rate 1.84%              
Expected volatility 21.34%              
Value per warrant $ 0.57              
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Customer Deposits (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Customer Deposits (Textual)    
Refundable deposits received $ 451,767 $ 386,035
Customer deposits from related parties 43,700 $ 43,700
Retail production vehicles [Member] | Minimum [Member]    
Customer Deposits (Textual)    
Customer deposits per order 100  
Retail production vehicles [Member] | Maximum [Member]    
Customer Deposits (Textual)    
Customer deposits per order 10,100  
Signature series vehicles [Member]    
Customer Deposits (Textual)    
Customer deposits per order $ 42,000  
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details) - Commercial Industrial Office Lease [Member]
Sep. 30, 2017
USD ($)
Years ending December 31:  
2017 $ 50,000
2018 150,000
2019 150,000
2020 150,000
2021 $ 25,001
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Textual)
9 Months Ended
Sep. 03, 2017
USD ($)
Sep. 30, 2017
USD ($)
shares
Sep. 30, 2016
USD ($)
Sep. 03, 2016
ft²
Commitments and Contingencies (Textual)        
Office lease | ft²       30,000
Base rental rate payments terms Rent was $25,000 for the first month      
Rent expense | $ $ 12,500 $ 50,678 $ 44,805  
Lease, description The lease began on October 1, 2017 and will terminate on March 31, 2021. Rent was $25,000 for the first month, then is $12,500 per month for months two through forty-one, and one dollar for month forty-two.    
Underwriters agreements, description   The exercise price for the Underwriter Warrants will be the amount that is 15% greater than the offering price, or $7.475.    
Underwriters warrants issued | shares   122,238    
Underwriter's warrants are exercisable term   5 years    
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details) - USD ($)
1 Months Ended 9 Months Ended
Oct. 17, 2017
Oct. 04, 2017
Sep. 30, 2017
Dec. 31, 2016
Subsequent Events (Textual)        
Offering costs       $ 40,000
Common Stock [Member] | Subsequent Event [Member]        
Subsequent Events (Textual)        
Common shares issued   4,000    
Regulation A [Member]        
Subsequent Events (Textual)        
Net proceeds     $ 18,031,525  
Common shares issued     2,936,757  
Underwriters commissions     $ 1,049,395  
Public offering price per share     $ 6.50  
Regulation A [Member] | Subsequent Event [Member]        
Subsequent Events (Textual)        
Net proceeds $ 56,115      
Regulation A [Member] | Common Stock [Member] | Subsequent Event [Member]        
Subsequent Events (Textual)        
Common shares issued 8,900      
Underwriters commissions $ 1,735      
Public offering price per share $ 6.50      
EXCEL 42 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 44 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 46 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 65 161 1 false 21 0 false 5 false false R1.htm 001 - Document - Document and Entity Information Sheet http://arcimoto.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 002 - Statement - Balance Sheets (Unaudited) Sheet http://arcimoto.com/role/BalanceSheetsUnaudited Balance Sheets (Unaudited) Statements 2 false false R3.htm 003 - Statement - Balance Sheets (Parenthetical) (Unaudited) Sheet http://arcimoto.com/role/BalanceSheetsParentheticalUnaudited Balance Sheets (Parenthetical) (Unaudited) Statements 3 false false R4.htm 004 - Statement - Statements of Operations (Unaudited) Sheet http://arcimoto.com/role/StatementsOfOperationsUnaudited Statements of Operations (Unaudited) Statements 4 false false R5.htm 005 - Statement - Statements of Cash Flows (Unaudited) Sheet http://arcimoto.com/role/StatementsOfCashFlowsUnaudited Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 006 - Disclosure - Nature of Operations Sheet http://arcimoto.com/role/NatureOfOperations Nature of Operations Notes 6 false false R7.htm 007 - Disclosure - Management's Plans Sheet http://arcimoto.com/role/ManagementsPlans Management's Plans Notes 7 false false R8.htm 008 - Disclosure - Summary of Significant Accounting Policies Sheet http://arcimoto.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 8 false false R9.htm 009 - Disclosure - Notes Payable Notes http://arcimoto.com/role/NotesPayable Notes Payable Notes 9 false false R10.htm 010 - Disclosure - Stockholders' Equity (Deficit) Sheet http://arcimoto.com/role/StockholdersEquityDeficit Stockholders' Equity (Deficit) Notes 10 false false R11.htm 011 - Disclosure - Share-Based Payments Sheet http://arcimoto.com/role/ShareBasedPayments Share-Based Payments Notes 11 false false R12.htm 012 - Disclosure - Customer Deposits Sheet http://arcimoto.com/role/CustomerDeposits Customer Deposits Notes 12 false false R13.htm 013 - Disclosure - Commitments and Contingencies Sheet http://arcimoto.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 13 false false R14.htm 014 - Disclosure - Subsequent Events Sheet http://arcimoto.com/role/SubsequentEvents Subsequent Events Notes 14 false false R15.htm 015 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://arcimoto.com/role/Summaryofsignificantaccountingpoliciespolicies Summary of Significant Accounting Policies (Policies) Policies http://arcimoto.com/role/SummaryOfSignificantAccountingPolicies 15 false false R16.htm 016 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://arcimoto.com/role/Summaryofsignificantaccountingpoliciestables Summary of Significant Accounting Policies (Tables) Tables http://arcimoto.com/role/SummaryOfSignificantAccountingPolicies 16 false false R17.htm 017 - Disclosure - Notes Payable (Tables) Notes http://arcimoto.com/role/NotesPayableTables Notes Payable (Tables) Tables http://arcimoto.com/role/NotesPayable 17 false false R18.htm 018 - Disclosure - Share-Based Payments (Tables) Sheet http://arcimoto.com/role/ShareBasedPaymentsTables Share-Based Payments (Tables) Tables http://arcimoto.com/role/ShareBasedPayments 18 false false R19.htm 019 - Disclosure - Commitments and Contingencies (Tables) Sheet http://arcimoto.com/role/CommitmentsandContingenciesTables Commitments and Contingencies (Tables) Tables http://arcimoto.com/role/CommitmentsAndContingencies 19 false false R20.htm 020 - Disclosure - Management's Plans (Details) Sheet http://arcimoto.com/role/ManagementsPlansDetails Management's Plans (Details) Details http://arcimoto.com/role/ManagementsPlans 20 false false R21.htm 021 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://arcimoto.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://arcimoto.com/role/Summaryofsignificantaccountingpoliciestables 21 false false R22.htm 022 - Disclosure - Summary of Significant Accounting Policies (Details Textual) Sheet http://arcimoto.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextual Summary of Significant Accounting Policies (Details Textual) Details http://arcimoto.com/role/Summaryofsignificantaccountingpoliciestables 22 false false R23.htm 023 - Disclosure - Notes Payable (Details) Notes http://arcimoto.com/role/NotesPayableDetails Notes Payable (Details) Details http://arcimoto.com/role/NotesPayableTables 23 false false R24.htm 024 - Disclosure - Notes Payable (Details Textual) Notes http://arcimoto.com/role/NotesPayableDetailsTextual Notes Payable (Details Textual) Details http://arcimoto.com/role/NotesPayableTables 24 false false R25.htm 025 - Disclosure - Stockholders' Equity (Deficit) (Details) Sheet http://arcimoto.com/role/StockholdersEquityDeficitDetails Stockholders' Equity (Deficit) (Details) Details http://arcimoto.com/role/StockholdersEquityDeficit 25 false false R26.htm 026 - Disclosure - Share-Based Payments (Details) Sheet http://arcimoto.com/role/Sharebasedpaymentsdetails Share-Based Payments (Details) Details http://arcimoto.com/role/ShareBasedPaymentsTables 26 false false R27.htm 027 - Disclosure - Share-Based Payments (Details Textual) Sheet http://arcimoto.com/role/ShareBasedPaymentsDetailsTextual Share-Based Payments (Details Textual) Details http://arcimoto.com/role/ShareBasedPaymentsTables 27 false false R28.htm 028 - Disclosure - Customer Deposits (Details) Sheet http://arcimoto.com/role/CustomerDepositsDetails Customer Deposits (Details) Details http://arcimoto.com/role/CustomerDeposits 28 false false R29.htm 029 - Disclosure - Commitments and Contingencies (Details) Sheet http://arcimoto.com/role/CommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://arcimoto.com/role/CommitmentsandContingenciesTables 29 false false R30.htm 030 - Disclosure - Commitments and Contingencies (Details Textual) Sheet http://arcimoto.com/role/CommitmentsAndContingenciesDetailsTextual Commitments and Contingencies (Details Textual) Details http://arcimoto.com/role/CommitmentsandContingenciesTables 30 false false R31.htm 031 - Disclosure - Subsequent Events (Details) Sheet http://arcimoto.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://arcimoto.com/role/SubsequentEvents 31 false false All Reports Book All Reports fuv-20170930.xml fuv-20170930.xsd fuv-20170930_cal.xml fuv-20170930_def.xml fuv-20170930_lab.xml fuv-20170930_pre.xml http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/dei/2014-01-31 true true ZIP 48 0001213900-17-012365-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-17-012365-xbrl.zip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end