0001213900-20-014656.txt : 20200611 0001213900-20-014656.hdr.sgml : 20200611 20200611063342 ACCESSION NUMBER: 0001213900-20-014656 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200611 DATE AS OF CHANGE: 20200611 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: 20956157 BUSINESS ADDRESS: STREET 1: 2034 WEST 2ND AVENUE CITY: EUGENE STATE: OR ZIP: 97402 BUSINESS PHONE: 541-683-6293 MAIL ADDRESS: STREET 1: 2034 WEST 2ND AVENUE CITY: EUGENE STATE: OR ZIP: 97402 10-Q 1 f10q0320_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: March 31, 2020

☐ 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.)

2034 West 2^nd Avenue, Eugene, OR 97402

(Address of principal executive offices and zip code)

(541) 683-6293

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common stock, no par value		FUV		Nasdaq Capital Market

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 file 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 every Interactive Data File required to be submitted 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 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 ☒	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 June 10, 2020, there were approximately 24,485,391 shares of the registrant’s common stock issued and outstanding.

Arcimoto, Inc.

FORM 10-Q

For the Quarterly Period Ended March 31, 2020

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	1

Item 1.	Financial Statements (Unaudited)	1
	Condensed Balance Sheets as of March 31, 2020 and December 31, 2019	1
	Condensed Statements of Operations for the Three Months ended March 31, 2020 and 2019	2
	Condensed Statement of Stockholders’ Equity for the Three Months ended March 31, 2020 and 2019	3
	Condensed Statements of Cash Flows for the Three Months ended March 31, 2020 and 2019	4
	Condensed Notes to Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
Item 4.	Controls and Procedures	23

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25

	SIGNATURES	26

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

ARCIMOTO, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

	March 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	1,889,717		$	5,832,489
Accounts receivable, net		16,225			244,450
Inventory		5,195,539			3,734,488
Prepaid inventory		1,124,190			1,194,695
Other current assets		617,537			665,079
Total current assets		8,843,208			11,671,201

Property and equipment, net		4,723,986			4,732,544
Security deposits		89,088			41,988

Total assets	$	13,656,282		$	16,445,733

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Current liabilities:
Accounts payable	$	1,026,198		$	339,835
Accrued liabilities		765,658			816,013
Customer deposits		648,424			793,524
Current portion of capital lease obligations		454,711			433,967
Convertible notes payable, related parties		1,150,907			1,150,907
Convertible notes payable, net of discount		841,305			837,557
Notes payable, net of discount		3,014,591			3,032,438
Current portion of warranty reserve		84,344			90,000
Current portion of deferred revenue		19,500			31,174
Total current liabilities		8,005,638			7,525,415

Warranty reserve		71,530			45,000
Long-term capital lease obligations, net of current portion		1,120,596			1,179,700
Long-term deferred revenue		85,500			85,500
Total long-term liabilities		1,277,626			1,310,200

Total liabilities		9,283,264			8,835,615

Commitments and contingencies (Note 11)

Stockholders’ equity:
Series A-1 preferred stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.		-			-
Class C Preferred Stock, no par value, 2,000,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.		-			-
Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		-			-
Common stock, no par value, 60,000,000 authorized, 24,469,138 and 24,436,389 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.		43,626,238			43,573,529
Additional paid-in capital		2,649,716			2,344,751
Accumulated deficit		(41,902,936	)		(38,308,162	)
Total stockholders’ equity		4,373,018			7,610,118

Total liabilities and stockholders’ equity	$	13,656,282		$	16,445,733

See accompanying notes to condensed financial statements.

ARCIMOTO, INC.

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31,
	2020			2019
Revenue
Product sales	$	598,035		$	-
Other revenue		18,760			2,645
Total revenues		616,795			2,645
Cost of goods sold		1,689,518			1,467
Gross profit (loss)		(1,072,723	)		1,178

Operating expenses
Research and development		448,974			1,060,016
Sales and marketing		336,898			245,382
General and administrative		1,496,845			1,571,308
Total operating expenses		2,282,717			2,876,706

Loss from operations		(3,355,440	)		(2,875,528	)

Other expense (income)
Interest expense		246,834			193,273
Other income, net		(7,500	)		(408	)

Net loss	$	(3,594,774	)	$	(3,068,393	)

Weighted-average common shares outstanding - basic and diluted		24,480,445			15,423,999
Net loss per common share - basic and diluted	$	(0.15	)	$	(0.20	)

See accompanying notes to condensed financial statements.

ARCIMOTO, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

	Series A-1 Preferred Stock				Class C Preferred Stock				Common Stock					Additional					Total
	Number of Shares		Amount		Number of Shares		Amount		Number of Shares		Amount			Paid-In Capital		Accumulated Deficit			Stockholders’ Equity

Balance at December 31, 2018		-	$	-		2,000,000	$	-		15,032,341	$	30,102,738		$	930,869	$	(22,966,473	)	$	8,067,134

Issuance of common stock for cash		-		-		-		-		1,088,333		4,264,999			-		-			4,264,999
Exercise of stock options		-		-		-		-		1,613		5,000			-		-			5,000
Offering costs		-		-		-		-		-		(255,202	)		-		-			(255,202	)
Stock options exercised - cashless		-		-		-		-		53,513		-			-		-			-
Warrants exercised – cashless		-		-		-		-		164,578		-			-		-			-
Stock-based compensation		-		-		-		-		-		-			96,450		-			96,450
Net loss		-		-		-		-		-		-			-		(3,068,393	)		(3,068,393	)
Balance at March 31, 2019		-	$	-		2,000,000	$	-		16,340,378	$	34,117,535		$	1,027,319	$	(26,034,866	)	$	9,109,988

Balance at December 31, 2019		-	$	-		-	$	-		24,436,389	$	43,573,529		$	2,344,751	$	(38,308,162	)	$	7,610,118

Issuance of common stock for accounts payable		-		-		-		-		32,749		56,328			-		-			56,328
Offering costs		-		-		-		-		-		(3,619	)		-		-			(3,619	)
Stock-based compensation		-		-		-		-		-		-			304,965		-			304,965
Net loss		-		-		-		-		-		-			-		(3,594,774	)		(3,594,774	)
Balance at March 31, 2020		-	$	-		-	$	-		24,469,138	$	43,626,238		$	2,649,716		(41,902,936	)	$	4,373,018

ARCIMOTO, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
	2020			2019
OPERATING ACTIVITIES
Net loss	$	(3,594,774	)	$	(3,068,393	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		207,551			171,387
Amortization of debt discount		153,748			80,731
Stock-based compensation		304,965			96,450
Changes in operating assets and liabilities:
Accounts receivable		228,225			(4,167	)
Inventory		(1,461,051	)		(861,717	)
Prepaid inventory		70,505			-
Other current assets		47,542			(492,056	)
Accounts payable		742,691			(320,236	)
Accrued liabilities		(50,355	)		15,992
Customer deposits		(145,100	)		422,200
Warranty reserve		20,874			-
Deferred revenue		(11,674	)		-
Net cash used in operating activities		(3,486,853	)		(3,959,809	)

INVESTING ACTIVITIES
Purchases of property and equipment		(129,253	)		(23,828	)
Proceeds from sale of property and equipment		-			41,680
Security deposits		(47,100	)		-
Net cash (used in) provided by investing activities		(176,353	)		17,852

FINANCING ACTIVITIES
Proceeds from sale of common stock		-			4,264,999
Proceeds from the exercise of stock options		-			5,000
Payment of offering costs		(3,619	)		(255,202	)
Payment of capital lease obligations		(108,100	)		(92,665	)
Repayment of notes payable		(167,847	)		-
Net cash (used in) provided by financing activities		(279,566	)		3,922,132

Net cash decrease for period		(3,942,772	)		(19,825	)
Cash at beginning of period		5,832,489			4,903,019
Cash at end of period	$	1,889,717		$	4,883,194

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	42,015		$	36,984
Cash paid during the period for income taxes	$	-		$	150

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Portion of equipment acquired through capital leases	$	69,740		$	88,850
Stock issued for payment of accounts payable	$	56,328		$	-
Equipment purchases in accounts payable	$	-		$	4,200

See accompanying notes to condensed financial statements.

ARCIMOTO, INC.

CONDENSED 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 later 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 11 years, the Company has developed a revolutionary new vehicle platform designed around the needs of everyday drivers. Its main product is the Fun Utility Vehicle® (“FUV”), the first real, affordable, and fossil-free alternative for the vast majority of daily trips. Compared to the average car, the FUV has dropped 2/3 of the weight and 2/3 of the footprint, in order to bring the joy of ultra-efficient, pure electric driving to the masses.

Risks and Uncertainties

The Company currently has limited production and distribution capabilities. Facilities to manufacture vehicles at limited scale are substantially complete. We started retail production at one FUV per build day and ramped to two per build day in the first quarter of 2020, prior to the COVID-19 production shutdown. Arcimoto also does not have a history of higher-scale production and may encounter delays, flaws, inability to raise sufficient capital, or inefficiencies in the manufacturing process, which may prevent or delay achieving higher-scale production within the anticipated timeline.

Part of the Company’s strategy is to use vehicle rentals to generate a positive cash flow from customer test drive activities. As with any strategy, there is the risk that the rental business will not be successful.

As of March 31, 2020, the Company has $5,195,539 in inventory and another $1,124,190 in prepaid inventory not received yet. Certain inventory components are included in prepaid inventory that have long lead times requiring payment in advance.

The Company plans to incur substantial additional expenses marketing its current and future products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. The Company’s marketing and sales efforts may be unable to compete successfully against these companies.

Further, the Company’s business and operations are sensitive to general governmental policy, business and economic conditions in the United States and worldwide. A host of factors beyond the Company’s control could cause fluctuations in these conditions. Other developments, including but not limited to economic recessions, import tariffs, trends in vehicle 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’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 products.

On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate it have had, and are expected to continue to have, an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, to date, the Company announced on March 19, 2020, that it was temporarily suspending all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company’s recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown. We expect to retain the furloughed workers after production has resumed. As a result of the shut-down, the first quarter 2020 revenue activities were negatively impacted, and the second quarter 2020 may be negatively impacted based on the length and severity of the pandemic. With some suppliers not currently producing, once the temporary suspension of production is over, we anticipate minimal shortages depending on when suppliers restart production and how fast the Company can ramp up production. This makes it reasonably possible that we are vulnerable to the risk of a near-term severe impact.

Additionally, it is reasonably possible that estimates made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions, including the timing and need to raise additional working and operating capital, and the Company’s ability to repay debt coming due in June, August, and September 2020. We have applied for Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loans (“EIDL”) through the Small Business Administration (“SBA”) that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020. See Note 12, Subsequent Events, for an update on the receipt of the PPP Loan.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 2: GOING CONCERN

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. The Company has experienced recurring operating losses and negative operating cash flows since inception.

The Company has not achieved 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 debt and equity securities. The Company will require additional funding to continue to operate in the normal course of business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

Although the Company’s objective is to increase its revenues from the sales of its products 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 will need to raise additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. Funds on hand and any follow-on capital, will be used to invest in our business to expand sales and marketing efforts, including Company-owned and franchise-rental operations and the system to support them, enhance our current product lines by continuing research and development (“R&D”) to enhance and reduce the cost of the FUV and to bring future variants to retail production, continue to build out and optimize our production facility, debt repayment, 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 (the “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 March 31, 2020, and the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. Results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. 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, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2020.

Basis of Presentation

The accounting and reporting policies of the Company conform with GAAP.

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. Significant estimates include those related to the warranty reserve, the net realizable value of inventory, and reserves on inventory.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Fair Value Measurements

The Company’s financial instruments consist primarily of cash, convertible notes, debt, and capital lease obligations. 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 March 31, 2020 and December 31, 2019, the Company did not have any level 2 or level 3 instruments.

Inventory

Inventory is stated at the lower of cost (using the first-in, first-out method (“FIFO”)) or market value. Inventories consist of purchased electric motors, electrical storage and transmission equipment, and component parts.

	March 31,		December 31,
	2020		2019
Raw materials and component parts	$	4,968,045	$	3,650,466
Work-in-progress		-		25,340
Finished goods		227,494		58,682
Total	$	5,195,539	$	3,734,488

The Company is required to remit prepayments for purchases of its inventories acquired from overseas vendors. The Company has suffered losses as a result of vendor breaches.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Customer Deposits

Non-refundable customer deposits are comingled with operating funds. Refundable customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the deposit is applied to a non-refundable vehicle order, the vehicle manufacturing process is completed, the vehicle is picked up by or delivered to the customer and the appropriate revenue recognition criteria have been met per our policy below.

Deferred Revenue

Deferred revenues represent cash collected in advance of the revenues being earned for deliverables to FUV customers, distributor licensing arrangements and franchise fees.

Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This generally occurs when products are picked up by the customer or a common carrier or, when the FUV is shipped in a Company owned vehicle, when delivery is completed, in accordance with the sales agreement or purchase order, which is when control of the vehicle passes to the customer. The Company’s shipping terms are generally F.O.B. shipping point, where title is transferred, and revenue is recognized when the products are shipped to or picked up by customers. Revenues related to distributor licensing arrangements are generally recognized over the term of the agreement, except for specific products and services specified as part of the agreement, for which revenue may be accelerated based on when the earnings process is complete.

Distributor and Franchise fee revenue is recognized over the term of the agreements which is generally 10 years for franchises and four years for distributors. We have determined that any services provided to our franchise partners are not distinct from the franchise rights granted in the franchise agreement and they are combined into a single performance obligation.

Research and Development

Costs relating to research and development (“R&D”) are expensed as incurred.

Net Earnings or Loss per Share

The Company’s computation of earnings (loss) 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., 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 common stock warrants and common stock options outstanding were anti-dilutive.

At March 31, 2020 and 2019, the Company excluded the outstanding Employee Equity Plans (“EEP”) and other securities summarized below, which entitled 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.

	March 31, 2020		March 31, 2019
Class C preferred stock		-		2,000,000
Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock		431,746		847,378
Underwriters and investors warrants issued outside of an EEP		-		103,162
Total		431,746		2,950,540

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Recent Accounting Pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financial statements properly reflect the change.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) which supersedes ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all the leases with terms greater than 12 months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years beginning after December 15, 2020 for private companies and emerging growth companies, and interim periods within those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, 2021. We will adopt this new standard on January 1, 2022. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” that allows entities to apply the provisions of the new standard at the effective date, as opposed to the earliest period presented under the modified retrospective transition approach and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.

Adoption of Recent Accounting Pronouncements

In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company’s financial statements.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 4: Concentrations

Payables

As of March 31, 2020, and December 31, 2019, the Company had one significant vendor that accounted for more than 10% of the Company’s payables balances. As of March 31, 2020, this vendor accounted for 13% of payable balances. The loss of this vendor would not have a significant impact on the Company’s operations.

Purchases/Inventory

As of March 31, 2020, and December 31, 2019, the Company had two significant vendors that accounted for more than 10% of the Company’s inventory balances. As of March 31, 2020 these vendors accounted for 19% and 32% of inventory balances. As of December 31, 2019, these vendors accounted for 17% and 23% of inventory balances. The loss of these vendors would not have a significant impact on the Company’s operations.

NOTE 5: PROPERTY AND EQUIPMENT

As of March 31, 2020 and December 31, 2019, our property and equipment consisted of the following:

	March 31, 2020			December 31, 2019
Computer equipment and software	$	77,583		$	77,583
Furniture and fixtures		46,839			46,839
Machinery and equipment		4,955,167			4,699,383
Leasehold improvements		774,046			774,046
Fixed assets in process		208,208			264,999
		6,061,843			5,862,850
Less: accumulated depreciation		(1,337,857	)		(1,130,306	)
Total	$	4,723,986		$	4,732,544

Fixed assets in process is comprised primarily of leasehold improvements, tooling and equipment related to the manufacturing of our vehicles. Completed assets are transferred to their respective asset class and depreciation begins when the asset is ready for its intended use.

Depreciation expense was approximately $207,500 and $171,000 during the three months ended March 31, 2020 and 2019, respectively.

NOTE 6: CAPITAL LEASE OBLIGATIONS

As of March 31, 2020, the Company has financed a total of approximately $2,321,000 of its capital equipment purchases with monthly payments ranging from $362 to $8,582, repayment terms ranging from 48 to 60 months, and effective interest rates ranging from 4.52% to 9.90%. Total monthly capital lease payments as of March 31, 2020 are $47,267. These lease obligations mature ranging from December 2021 through December 2024 and are secured by approximately $2,903,000 in underlying assets which have approximately $516,000 in accumulated depreciation as of March 31, 2020. The balance of capital lease obligations was approximately $1,575,000 and $1,614,000 as of March 31, 2020 and December 31, 2019, respectively.

NOTE 7: NOTES PAYABLE

On December 27, 2018, the Company entered into a Subscription Agreement (the “Subscription Agreement”) with FOD Capital, LLC, a Florida limited liability company (the “Investor”), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the “Shares”), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the “Warrant”), and (iii) a senior secured note in the principal amount of $3,000,000 (the “Note”). See Note 8 for additional details. On September 12, 2019, the Company issued an additional $500,000 note (“additional Note”) to the Investor, net of $15,000 discount. The additional Note principal plus accrued interest is convertible into the Company’s common stock at a conversion price per share of $4.25. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $12,953. The discount amortized for the three-month period ended March 31, 2020 was $3,750. There was no such interest expense for the three-month period ended March 31, 2019.

During July 2019, the Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962.

During October 2019, the Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2,664.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Between July 11, 2019 and July 15, 2019, the Company entered into subscription agreements (each a “Subscription Agreement” and, collectively, the “Subscription Agreements”), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a “Note” and, collectively, the “Notes”). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the “Maturity Date”): in (a) cash, (b) the Company’s common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company’s common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder. On August 14, 2019, the $600,000 in principal and accrued interest of $48,972 on the Notes were exchanged into $648,972 in principal amount of convertible promissory notes (“New Notes”). The principal amount of the New Notes is due and payable on the one- year anniversary of the date of the New Notes in (a) cash or (b) the Company’s common stock at a price of $4.25 per share, at the election of the holder of the New Notes. Interest on the New Notes accrues at an annual rate of 10%, compounded monthly. Between August 14, 2019 and September 27, 2019, the Company issued additional notes with the New Notes terms in the original principal amount of $1,350,000, which includes the previously mentioned convertible note, of which $800,000 was to related parties. The Company may prepay the indebtedness at any time. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $51,978.

NOTE 8: STOCKHOLDERS’ EQUITY

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 and 2,000,000 are designated as Class C Preferred Stock.

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 was 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. The Series A-1 Preferred Stock was converted to common stock in July 2017, prior to the Regulation A offering and listing.

As a result of the share exchange agreement described below, the Company issued 2,000,000 shares of Class C Preferred Stock on November 15, 2018 in the exchange noted below. These 2,000,000 shares of Class C Preferred Stock were exchanged back to an equal number of shares of common stock on May 13, 2019, upon the filing of an amendment to the Company’s Second Amended and Restated Articles of Incorporation that increased the number of authorized shares of common stock.

Except as otherwise required by law or expressly provided in the Company’s Second Amended and Restated Articles of Incorporation, as amended, each share of Class C Preferred Stock has one vote for the election of directors and on all matters submitted to a vote of shareholders of the Company. The Company is not obligated to redeem or repurchase any shares of Class C Preferred Stock. Shares of Class C Preferred Stock are not otherwise entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions.

Common Stock

At the May 11, 2019 annual meeting of shareholders (the “2019 Annual Meeting”), the shareholders approved an increase in the number of authorized common shares from 20,000,000 to 60,000,000, which also triggered the automatic conversion of the 2,000,000 shares of Class C Preferred Stock to common stock described above.

The Company has reserved a total of 3,379,335 shares of its common stock pursuant to the equity incentive plans (see Note 9). The Company has 3,305,520 and 3,293,135 stock units, options and warrants outstanding under these plans as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, the Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.

Common Stock Issued for Compensation

During the three months ended March 31, 2020, the Company issued 32,749 common shares for services with a fair value of $56,328. The shares were valued based on the stock price at the time of the grant when the performance commitment was complete.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Exercise of Stock Options and Warrants

On March 28, 2019, 1,613 employee options were exercised at a price per share of $3.10 for total proceeds to the Company of $5,000. No employee options were exercised for cash during the three months ended March 31, 2020.

During the three months ended March 31, 2019, a total of 117,192 employee options, with exercise prices ranging from $2.0605 to $3.10 per share were exercised in cashless transactions at market prices ranging from $2.864 to $5.212 per share, which was based on the average of the Company’s daily closing prices surrounding the transaction dates amounting to the issuance of a total of 53,513 shares of the Company’s common stock. No employee options were exercised in cashless transactions during the three months ended March 31, 2020.

During the three months ended March 31, 2019, a total of 200,000 employee warrants, 30,000 with an exercise price of $0.50 per share and 170,000 with an exercise price of $0.9375 per share were exercised in cashless transactions at a market price of $5.212 per share, which was based on the average of the Company’s daily closing prices surrounding the transaction dates amounting to the issuance of a total of 164,578 shares of the Company’s common stock. No employee warrants were exercised during the three months ended March 31, 2020.

Private Offering of Common Stock

During January and February 2019, the Company entered into Subscription Agreements with four independent investors, pursuant to which the Company issued to the investors a total of 288,333 shares of its common stock, no par value per share, at a purchase price of $3.00 per share, pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Private Offering of Common Stock, Warrant and Note

The Shares were issued for an aggregate purchase price of $1,500,000. In connection with the Share issuance, the Company granted the Investor with franchise rights for the lower Florida Keys, subject to the terms contained in the Company’s standard franchise agreement.

The Warrant has a three-year term. The Company reserved 942,857 shares of common stock for issuance pursuant to the potential exercise of the Warrant and, so long as the Warrant remains outstanding, the Company will keep reserved for issuance under the Warrant that number of shares of Common Stock at least equal to the maximum number of shares of common stock as shall be necessary to satisfy the Company’s obligation to issue shares of common stock under the Warrant then outstanding (without regard to any limitations on exercise). The warrant was valued based on the Black-Scholes option pricing model using similar inputs to those described in Note 9, other than the contractual life which was based on the term of the warrant. The relative fair value of the warrant in relation to the debt and equity component of the Transaction was $111,374.

The Note is secured by a perfected first secured lien on all of the Company’s assets except for equipment assets securing existing or future leases. Interest will accrue at 10% per annum and will be paid at maturity or payoff of the Note, with a minimum of one year of interest paid at such time. The original maturity date of the Note was December 27, 2019 and, on this date, was extended for an additional six months upon payment of $300,000 to the Investor by the Company. In connection with the Note, the Company entered into a Security Agreement, an Intellectual Property Security Agreement and a Collateral Assignment of Lease Agreement, each dated as of December 27, 2018 (collectively, the “Collateral Documents”). The short-term note was recorded with a discount of $322,942 which was amortized as interest expense over the Note’s original twelve-month term. The discount was recognized in its entirety in 2019. The discount was based on the allocation of costs and warrants associated with the Transaction. The $300,000 extension fee was recorded as a discount to the note and is being amortized over the six-month extension period. $150,000 was amortized during the three-month period ended March 31, 2020, and $150,000 is remaining to be amortized at March 31, 2020.

On September 12, 2019, the Company entered into an Amended and Restated Subscription Agreement (the “Restated Subscription Agreement”) with the Investor, which amended and restated the Subscription Agreement.

Pursuant to the Restated Subscription Agreement and in addition to the issuances under the Subscription Agreement, the Company issued to the Investor a convertible note in the principal amount of $500,000 (the “Convertible Note”) for an additional purchase price of $500,000. The Convertible Note matures on September 12, 2020, provided, that the Convertible Note may convert into the Company’s common stock at any time at the option of the Investor at a rate of $4.25 per share. In connection with the Restated Subscription Agreement, the Company also granted the Investor franchise rights for the Florida Keys, subject to certain modifications to the terms of the Company’s standard franchise agreement including, but not limited to, a right of first refusal for any Company rental franchise in the South Beach Region of Miami Beach, Florida.

The Convertible Note is secured by a perfected first secured lien on all of our assets except those in capital leases described above. In connection with the Subscription Agreement, the Company entered into the Collateral Documents, each of which apply to the Convertible Note pursuant to the Restated Subscription Agreement.

The Convertible Note is included in the New Convertible Notes discussed in Note 7.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 9: STOCK-BASED PAYMENTS

The Company grants common stock, common stock units, and common stock purchase options and warrants pursuant to the 2018 Omnibus Stock Incentive Plan (“2018 Plan”), Amended and Restated 2015 Stock Incentive Plan (“2015 Plan”) and the Second Amended and Restated 2012 Employee Stock Benefit Plan (“2012 Plan”).

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. 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. The Company recognizes stock option forfeitures as they occur as there is insufficient historical data to accurately determine future forfeiture rates.

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 uses 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.

The Company uses the following inputs when valuing stock-based awards. The expected life of employee stock options was estimated using the “simplified method,” as the Company has insufficient historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual maturity since they are vested when issued. For stock price volatility, the Company uses public company comparables as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option at the grant-date.

Stock-based compensation, including stock-options, warrants and stock issued for compensation and services is included in the statements of operations as follows:

	Three Months Ended March 31,
	2020		2019
Research and development	$	53,700	$	21,008
Cost of goods sold		66,224		-
Sales and marketing		21,157		13,744
General and administrative		163,884		61,698
Total	$	304,965	$	96,450

2018 Omnibus Stock Incentive Plan

The 2018 Plan authorizing 1,000,000 shares was approved by the Board of Directors and then the Company’s shareholders at the Company’s 2018 annual meeting of shareholders held on June 9, 2018. At the 2019 Annual Meeting, the shareholders approved an additional 1,000,000 shares of common stock to be issued under the 2018 Plan. The 2018 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of equity awards, including, but not limited to, options that are incentive stock options or NQSOs and restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. As of March 31, 2020, the Company had a remaining reserve of 60,437 shares of common stock under the 2018 Plan. Awards that are forfeited generally become available for grant under the 2018 Plan. On April 20, 2020, the board of directors approved an increase from 2,000,000 to 4,000,000 shares, subject to shareholder approval.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Employee stock-based compensation expense under the 2018 Plan included in operating expenses for the three months ended March 31, 2020 and 2019 was $167,905 and $69,304, respectively.

Total compensation cost related to non-vested awards issued under the 2018 Plan not yet recognized as of March 31, 2020 was approximately $1,416,697 and will be recognized on a straight-line basis through December 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.

On January 6, 2020, the board of directors approved a director deferred compensation plan under the 2018 Plan. The deferred compensation plan calls for stock units to be held on account for each director and issued 90 days after separation from service as a director. For the three months ended March 31, 2020, a total of 75,257 stock units with a value of $99,735, based on the closing price on the last day of the quarter, were reserved and expensed. 28,673 of the stock units were valued with a price per share of $1.61 based on the closing stock price on the last trading day of the fourth quarter of 2019, and were recorded as a $46,163 expense on January 6, 2020 because the plan was adopted by the Board of Directors retroactively to the fourth quarter 2019. 46,584 of the stock units were valued with a price per share of $1.15 based on the closing stock price on the last trading day of the first quarter of 2020, and were recorded as a $53,572 expense on March 31, 2020. See Note 12, Subsequent Events, for the exchange of these stock units for common shares.

On February 12, 2020, 32,749 shares with a total value of $56,328 were issued from the 2018 Plan at the closing price on that day of $1.72 per share in payment of services provided.

2015 Stock Incentive Plan

The 2015 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of options that are incentive stock options or NQSOs and/or the grant of restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. One million shares of common stock were authorized for issuance under the 2015 Plan. Awards that are forfeited generally become available for grant under the 2015 Plan. As of March 31, 2020, 801,342 shares of common stock were reserved for issuance pursuant to stock options that are outstanding and 13,377 shares remain available for issuance pursuant to future awards that might be made under the 2015 Plan.

There were no grants made under the 2015 Plan during the three months ended March 31, 2020 or 2019.

Employee stock-based compensation expense included in operating expenses for the three months ended March 31, 2020 and 2019 related to the 2015 Plan was $37,325 and $27,146, respectively.

Total compensation cost related to non-vested awards not yet recognized as of March 31, 2020 was $184,838 and will be recognized on a straight-line basis through April 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.

2012 Employee Stock Benefit Plan

The 2012 Plan provides the Company the ability to grant to directors, employees, consultants, advisors or independent contractors shares of common stock of the Company through the grant of warrants and/or the grant of common stock. The Company originally reserved 1,000,000 shares of common stock for issuance under the 2012 Plan. Awards that are forfeited generally become available for grant under the 2012 Plan. As of March 31, 2020, 658,317 shares of common stock were reserved for issuance pursuant to warrants that are issued and outstanding under the 2012 Plan and 1 share remains available for issuance pursuant to future awards that might be made under the 2012 Plan. Warrants expire 10 to 15 years from the grant date and were vested when issued.

NOTE 10: CUSTOMER DEPOSITS

The Company has received customer deposits ranging from $100 to $10,100 per vehicle for Retail Series production vehicles and $42,000 per vehicle for Signature Series vehicles for purposes of securing a vehicle production slot. As of March 31, 2020 and December 31, 2019, the Company’s balance of deposits received was approximately $648,000 and $794,000, respectively. As of March 31, 2020 and December 31, 2019, $376,424 and $374,524, respectively, of these deposits were refundable upon demand. Deposits are included in current liabilities in the accompanying balance sheets. 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. Customer deposits from related parties total $5,700 and $11,200 as of March 31, 2020 and December 31, 2019, respectively.

ARCIMOTO, INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 11: COMMITMENTS AND CONTINGENCIES

Litigation

On March 11, 2018, the Company was served with a lawsuit entitled John R Switzer vs W.R. Hambrecht & Co. LLC et al., Case Number: CGC-18-564904, filed in San Francisco County Superior Court in the State of California. In this action, the Company was named as a defendant along with five individuals who were directors and/or executive officers at the time of the completion of the Company’s Regulation A offering on September 21, 2017. The action was styled as a putative class action, alleged on behalf of all those who purchased the Company’s common stock in its Regulation A offering. The plaintiff alleged violations of Section 12(a)(2) and Section 15 of the Securities Act, and is seeking damages in an unspecified amount to be proven at trial. In addition, on March 28, 2018, the Company was served with another lawsuit entitled Jay Mendelson v. Arcimoto, Inc. et al., Case Number CGC-18-565324, filed in San Francisco County Superior Court in the State of California. In that action, which was styled as a putative class action, the Company was also named as a defendant along with the same individuals who were directors and/or executive officers at the time of the completion of our Regulation A offering on September 21, 2017. The allegations and claims made in the Mendelson action were substantially similar to those of the Switzer action and the plaintiff was also seeking damages in an unspecified amount to be proven at trial. The two actions were consolidated into a single lawsuit on May 28, 2018. The Company believes that the consolidated lawsuit was without merit and vigorously defended itself against these claims in court. On July 30, 2018, counsel for the Company filed a demurrer to the consolidated complaint, seeking its dismissal. By Order dated September 19, 2018, the San Francisco Court sustained in part and denied in part the demurrer. On September 28, 2018, plaintiffs in that case filed a First Amended Consolidated Complaint. The Company denied the substantive claims and allegations made in that amended pleading and continued to assert a vigorous defense. On January 25, 2019, the parties reached a settlement agreement in the consolidated cases, subject to court approval. The parties to the lawsuit have filed a motion with the court seeking approval of the settlement agreement. On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. By its terms, the settlement agreement resolves this litigation in its entirety.

On March 6, 2020, the Company filed a complaint (“the Complaint”) against Ayro, Inc. (“Ayro”), accusing Ayro of patent infringement in Federal District Court for the Western District of Texas, Waco Division (Case No. 6:20-cv-00176-ADA) (“the Ayro Litigation”). In the Complaint, Arcimoto alleges that Ayro’s 311 two-seater electric vehicles infringe U.S. Patent 8,985,255 (the “255 Patent”). The Complaint asks for monetary damages and enhanced damages due to willful infringement of the 255 Patent by Ayro. On March 27, 2020, Ayro answered the Complaint, denying liability and asserting counterclaims of noninfringement and patent invalidity. The Court had a telephonic Scheduling Conference on April 29, 2020 and set the Markman Hearing for October 15, 2020. The Court has yet to set a trial date.

NOTE 12: SUBSEQUENT EVENTS

On April 24, 2020, the Company issued 5,546 shares to a former director previously reserved as director deferred compensation under the 2018 Plan.

On April 27, 2020, the Company granted 29,666 non-qualified stock options under the 2018 Plan. These options had an exercise price of $2.54 per share based on that day’s closing price of Arcimoto common stock and were vested on issuance. The total grant date fair value of these options was $44,956.

See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2018 Plan:

	April 27, 2020
Annual dividend yield		-
Expected life (years)		6.0
Risk-free interest rate		0.49	%
Expected volatility		67.4	%

On April 28, 2020, the Company was told that it was approved for a PPP loan in the amount of $1,068,686. The loan was funded on May 6, 2020.

On April 29, 2020, the Company issued 10,707 unregistered restricted common shares at a price of $2.335 based on the previous day’s closing price of the Company’s common stock in payment for materials by a vendor.

On May 5, 2020, the Company granted 13,000 qualified employee stock options under the 2015 Plan and 32,000 qualified employee stock options under the 2018 Plan. These options had an exercise price of $2.19 based on the previous day’s closing price of Arcimoto common stock. The options vest on the Company’s standard three-year vesting schedule. The total grant date fair value of these options was $17,358 and $42,728 for the 2015 Plan and 2018 Plan, respectively.

See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2015 and 2018 Plan:

	May 5, 2020
Annual dividend yield		-
Expected life (years)		6.0
Risk-free interest rate		0.45	%
Expected volatility		69.4	%

On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. See “Litigation” under Note 11.

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:

	●	our ability to identify financing sources to fund our capital expenditure requirements and continue operations until sufficient cash flow can be generated from operations;

	●	our ability to effectively execute our business plan and growth strategy;

	●	unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility, including the current temporary closure of our facility due to COVID-19;

	●	our dependence on our suppliers, whose ability to supply us may be negatively impacted by the measures being implemented to address COVID-19;

	●	the volatility of our stock price;

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

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

	●	changes in U.S. and foreign trade policy, including the imposition of tariffs and the resulting consequences;

	●	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 design, produce and market our vehicles within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item;

	●	our inexperience to date in manufacturing vehicles at the high volumes that we anticipate;

	●	our reliance on key personnel;

	●	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, if any, on terms favorable to our company;

	●	the number of reservations and cancellations for our vehicles 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 and any additional distribution strategies we may deem appropriate;

	●	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 or losses;

	●	interest rates and the credit markets;

	●	our ability to maintain our NASDAQ Capital Market listing;

	●	costs and risks associated with litigation; 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 potential 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.

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 months ended March 31, 2020 and 2019 should be read together with our unaudited condensed financial statements and related notes included elsewhere in this report and in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2020. 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, including those set forth above. 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

Arcimoto’s mission is to catalyze the shift to a sustainable transportation system. Since our incorporation, we have been engaged primarily in the design, development and manufacture of ultra-efficient three-wheeled electric vehicles. Arcimoto was formed on November 21, 2007 as WTP Incorporated, an Oregon corporation, and later changed its name to Arcimoto, Inc. We design, develop, manufacture, sell, and rent through franchised locations ultra-efficient fully electric vehicles.

2019 was a watershed year for the Company, which saw us complete compliance testing required to produce and sell retail vehicles, outfit the scalable, automated, vertically-integrated Arcimoto Manufacturing Plant for retail production; begin retail production of the Fun Utility Vehicle (FUV); develop our post-production programs including service, support, recall and supplier quality management; and sign, open, and deliver first vehicles to our first rental franchisee in Key West, Florida. We also expanded our product portfolio offering with the announcement of the Rapid Responder and Deliverator platform concepts targeted at fleet verticals.

Retail production began on September 19, 2019. In total, Arcimoto produced 57 model year 2019 FUVs, 46 of which were delivered to customers by December 31, 2019. To date, Arcimoto has built more than 100 production vehicles.

In mid-March 2020, the Company suspended production operations in response to the COVID-19 pandemic, following the launch of production pilots of the Rapid Responder and Deliverator product lines. The Company’s focus is now squarely on volume production planning, in order to push to sustainable profitability and meet the demands posed by the thousands of preorders still in our queue, as well as those we generate by the pilots of our fleet offerings in the field. The Company has applied for Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loans (“EIDL”) through the Small Business Administration (“SBA”) that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020, and is currently preparing an application for the Advanced Technology Vehicle Manufacturing Loan Program to execute our growth strategy.

To execute our growth strategy, we will require significant additional funds.

Thesis

Arcimoto develops and manufactures products tuned for the utility needs of everyday driving. By doing so, we aim to deliver meaningfully more efficient solutions to the market, at a fraction of the total cost of ownership of today’s cars. Current automotive platforms are inefficient by design. Cars can weigh upwards of 4,000 lbs., take up an average of almost 100 square feet of space on the road and when parked, and are way overcapacity for the vast majority of daily transportation tasks – those involving one or two people, traveling a relatively short distance, with a relatively small volume of items.

Platform and Technologies

Arcimoto spent its first decade developing and refining eight generations of a new three-wheeled electric vehicle platform, a light-footprint, nimble reverse-trike architecture that features a low center of gravity for stability on the road, dual-motor front wheel drive for enhanced traction, can park three to a space while carrying two large adults comfortably, and is more efficient, by an order of magnitude, than today’s gas-powered cars.

Products

Arcimoto is currently developing three vehicle products based on the Arcimoto Platform. While intended to serve very different market segments, an estimated 90% of the constituent parts are the same between our three initial products.

Fun Utility Vehicle^® (FUV^®)

Arcimoto’s flagship product is the Fun Utility Vehicle. The FUV delivers a thrilling ride experience, exceptional maneuverability, comfort for two passengers with cargo, highly-efficient parking (three FUVs to a single parking space), and ultra-efficient operation, all at an affordable price. Over time, we anticipate offering the FUV with several option packages to meet the needs of a variety of customers. As of March 31, 2020, we had 4,285 FUV pre-orders with small refundable deposits, representing an increase of 402, or 10%, from the 3,883 pre-orders as of March 31, 2019.

Arcimoto’s first entry into the market is the Evergreen Edition FUV. We are leading with a consumer product, because we are a consumer-first brand. We believe individuals should be able to choose more efficient, more affordable, and lighter-footprint mobility solutions, so that more of us can participate in the transition to a sustainable transportation future. As of March 31, 2020, we delivered 73 Evergreen Edition FUVs to retail customers.

Rapid Responder™

The Rapid Responder was announced on February 15, 2019. The pure-electric Rapid Responder is developed on the Arcimoto platform, and designed for specialized emergency, security and law enforcement services at a fraction of the cost and environmental impact of traditional combustion vehicles. The Rapid Responder aims to deliver first responders to incidents more quickly and affordably than traditional emergency response vehicles.

Initially targeting the more than 50,000 fire stations across the United States that use traditional fire engines and large automobiles to respond to calls, Arcimoto plans to market the Rapid Responder as a solution for campus security and law enforcement applications as well.

Arcimoto’s test of the Rapid Responder in a pilot program with the City of Eugene, the Eugene-Springfield Fire Department, is ongoing and the second vehicle is expected to be delivered soon with a single seat for more cargo capacity. We are targeting delivery of the first production Rapid Responders in 2020.

Deliverator™

Development of the Deliverator was officially announced on March 19, 2019 with the reveal of the first Deliverator prototype.

The Deliverator is a pure electric, last-mile delivery solution designed to more quickly, efficiently, and affordably get goods where they need to go. We plan for the Deliverator to be customizable to carry a wide array of products, from pizza, groceries and cold goods to the 65 billion parcels delivered worldwide annually.

A 60-day pilot program with a major national retail grocer is anticipated to start in the second quarter of 2020. We are targeting delivery of the first production Deliverators in 2020.

Management Opportunities, Challenges and Risks

Demand, Production and Capital

Demand for the Retail Series Arcimoto FUV has continued to increase. As of March 31, 2020, we had 4,285 FUV pre-orders with small refundable deposits, representing an increase of 88, or approximately 2%, from the 4,197 pre-orders as of December 31, 2019.

We began taking $5,000 non-refundable reservations for the Fun Utility Vehicle in the first quarter of 2019. We had a single trim option, starting at a price point of $19,900. We secured non-refundable reservations for the first 100 FUVs in anticipation of initial retail production and delivery. In the last week of September 2019, we delivered the first two (2) Evergreen Edition FUVs. In total, Arcimoto produced 57 model year 2019 FUVs, 46 of which were delivered to customers by December 31, 2019. An additional 27 model year 2019 and 2020 FUVs were delivered to customers during the three months ended March 31, 2020.

In the third quarter of 2019, we completed vehicle testing. Arcimoto tested to verify robustness of its vehicle design, to demonstrate compliance with all Federal Motor Vehicle Safety Standards required for motorcycles, and to demonstrate proper function of voluntarily-added equipment such as the FUV’s 3+3 seat belts. Following completion of compliance testing we initiated the sales process with our first customers. As sales are completed pre-order and reservation fees are applied to the purchase price and balances due are collected on delivery.

With FUV production currently suspended, we are focusing on pilot programs for the Rapid Responder and Deliverator, performing value engineering and planning for volume manufacture to achieve sustainable profitability, applying to the Federal Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program (“ATVMLP”) to finance high volume production (10,000+ units/year), engaging sales efforts focused on fleet deployments, and expanding our service network.

Trends in Cash Flow, Capital Expenditures and Operating Expenses

In 2019, Arcimoto generated cash flow from retail production vehicle sales for the first time. Cash inflow from vehicle sales has been substantially reduced following the suspension of production due to the COVID-19 pandemic.

Our capital expenditures for low volume production are substantially complete, with minimal (approximately $1,200,000) capital costs in our 2020 plan for tooling, quality test equipment, leasehold improvements, service and delivery vehicles. Capital expenditures have been put on hold until the COVID-19 pandemic has mitigated and production has resumed. The Company is preparing an approximate $40,000,000 ATVMLP application to finance high volume production.

Operating expenses decreased by approximately 21%, or $594,000, for the three months ended March 31, 2020, as compared to the three months ended March 31, 2019. This decrease was due to transferring approximately $1,218,000 in overhead to Cost of Goods Sold now that the Company is in production and these functions are no longer performing R&D. The overall decrease was driven by employment growth associated with the transformation of Arcimoto from a private research and development (“R&D”) operation into a public manufacturing company. The number of employees increased by approximately 24%, from 89 as of March 31, 2019 to 110 employees as of March 31, 2020. In December 2017, we moved into an approximately 32,000 square foot facility from our previous 5,000 square foot facility. In June 2018, we added 5,291 square feet of manufacturing and office space, and in October 2018, re-negotiated the lease for this space. From December 2019 to March 2020 we added another approximately 21,600 square feet of manufacturing and office space. As a result, we incurred costs associated with equipping the employees, implementing systems, and running the larger facilities. R&D costs decreased by approximately 58%, or $611,000, during the three months ended March 31, 2020, as this was the majority of the overhead moved to Cost of Goods Sold. Work was focused on developing hard doors for the FUV, the Deliverator, and Emergency Responder. Sales and marketing costs increased by approximately 37%, or $92,000. Approximately 61%, or $56,000, of the increase was for developing the franchise rental business, the reminder of the increase was due to increased marketing activities and salaries associated with retail sales. General and administrative cost increased mainly due to growth in headcount.

New Accounting Pronouncements

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 under Part I, Item 1 of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K filed with the SEC on April 14, 2020.

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. See Note 3 to our Financial Statements under Part I, Item I of this Quarterly Report on Form 10-Q.

Results of Operations

Three months ended March 31, 2020 versus three months ended March 31, 2019

Revenues

We had approximately $617,000 in revenue, comprising of approximately $598,000 in revenue from the sales of our vehicles, and approximately $19,000 in revenue from merchandise and outside metal fabrication during the three months ended March 31, 2020. We had approximately $2,600 in revenue from merchandise, and outside metal fabrication during the three months ended March 31, 2019.

Cost of Goods Sold

We had approximately $1,690,000 in Cost of Goods Sold (“COGS”), comprising approximately $1,218,000 in overhead and underutilized factory capacity, $650,000 in FUV parts from the sale of our vehicles, approximately $29,000 in warranty reserves and approximately $17,000 in COGS from merchandise and outside metal fabrication during the three months ended March 31, 2020. This was offset by an approximately $225,000 reduction in COGS due to an adjustment to inventory for loss, obsolescence, purchase price variance and scrap. We had $1,467 in COGS from merchandise, and outside metal fabrication during the three months ended March 31, 2019.

Operating Expenses

Research and Development Expenses

Research and development (“R&D”) expenses consist primarily of personnel costs for our pre-production manufacturing, engineering and research teams, external lab testing costs, and prototyping materials expense, as discussed above. R&D expenses for the three months ended March 31, 2020 and 2019 were approximately $449,000 and $1,060,000, respectively. The primary reason for the decrease in R&D expenses of $611,000, or -58%, resulted from a decrease in engineering salaries and benefits, as direct and indirect labor allocated to COGS, of approximately $588,000, which consisted of a $620,000 decrease in cash compensation offset by an increase of $33,000 in non-cash compensation, a decrease in materials and testing of approximately $22,000, and an increase in tools and equipment expense of approximately $34,000. There was an approximately $36,000 decrease in computer, licenses and subscriptions expense. The major R&D projects during the three months ended March 31, 2020 were the development of hard doors for the FUV, the Deliverator and Emergency Responder.

Sales and Marketing Expenses

Sales and marketing (“S&M”) expenses for the three months ended March 31, 2020 and 2019 were approximately $337,000 and $245,000, respectively. The primary reasons for the increase in sales and marketing expenses during the three months ended March 31, 2020 of approximately $92,000, or 37%, as compared to the prior period was a $56,000 increase in rental franchise development expenses, a $20,000 increase in public relations and marketing expense, a $9,000 increase in cash compensation and a $7,000 increase in non-cash compensation.

General and Administrative Expenses

General and administrative (“G&A”) expenses consist primarily of personnel and facilities costs related to executives, finance, human resources, information technology, as well as legal fees for professional and contract services. G&A expenses for the three months ended March 31, 2020 were approximately $1,497,000 as compared to approximately $1,571,000 for the same period last year, representing a decrease of approximately $74,000, or -5%. The primary reasons for the decrease in the current period was due to an approximately $9,000 decrease in employee and facilities related expense, $102,000 of which was an increase in non-cash compensation which was offset by an approximate $212,000 overhead allocation to COGS, and an approximately $36,000 increase in depreciation expense. These increases were offset by an approximately $36,000 decrease in expenses associated with being a publicly traded corporation (investor relations, insurance, and professional fees), an approximately $63,000 decrease in lobbying expense, and a $4,000 decrease in bank fees.

Interest Expense

Interest expense for the three months ended March 31, 2020 was approximately $247,000, as compared to $193,000 during the three months ended March 31, 2019. Approximately $53,000 of the increase in interest expense was for our convertible notes.

Liquidity and Capital Resources

As of March 31, 2020, we had approximately $1,890,000 in cash and cash equivalents, representing a decrease in cash and cash equivalents of approximately $3,943,000 from December 31, 2019. We anticipate that our current sources of liquidity, including cash and cash equivalents, together with our current projections of cash flow from operating activities, will provide us with liquidity into the second quarter of 2020. We need to successfully raise funds in the short-term, however, this is 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 could vary based on a number of factors, including our ongoing liquidity needs, our current capitalization, as well as access to current and future sources of liquidity.

Cash Flows from Operating Activities

Our cash flows from operating activities are significantly affected by our cash outflows to support the growth of our business in areas such as R&D, sales and marketing and G&A expenses. Our operating cash flows are also affected by our working capital needs to support personnel related expenditures, accounts payable, inventory purchases and other current assets and liabilities.

During the three months ended March 31, 2020, cash used in operating activities was approximately $3,487,000, which was primarily the result of our net loss incurred of approximately $3,595,000, a decrease in accrued liabilities of approximately $50,000, a decrease in customer deposits of approximately $145,000, and an increase in inventories of approximately $1,461,000 related to materials for our electric vehicles. These increases in cash outflows were partially offset by stock-based compensation of approximately $305,000, depreciation expense of approximately $208,000, amortization of capital debt of approximately $154,000, decrease in accounts receivable of approximately $228,000, decrease of prepaid inventory of approximately $71,000, increase in accounts payable of approximately $743,000, increase in warranty accrual of approximately $21,000, and decrease in other current assets of approximately $48,000.

Cash Flows from Investing Activities

Cash flows from investing activities primarily relates to the capital expenditures to support our growth in operations, including investments in manufacturing equipment and tooling. During the three months ended March 31, 2020, the Company paid approximately $70,000 for manufacturing equipment and fixed asset purchases, $59,000 for FUVs placed into service for sales and marketing, and approximately $47,000 for security deposits.

During the three months ended March 31, 2019, the Company received approximately $18,000, net of financing in a sale lease back, for manufacturing equipment and tooling. No FUVs were placed into company service or included in our rental fleet.

Cash Flows from Financing Activities

During the three months ended March 31, 2020, net cash used in financing activities was approximately $280,000, compared to net cash provided of $3,922,000 during the three months ended March 31, 2019. Cash flows used in financing activities during the three months ended March 31, 2020 comprised of payments on capital lease obligations amounting to approximately $108,000, offering costs of approximately $3,600, and repayments of notes payable of approximately $168,000.

During the three months ended March 31, 2019, net cash provided by financing activities was approximately $3,922,000. Cash flows used in financing activities during the three months ended March 31, 2019 mainly comprised of payments on capital lease obligations amounting to approximately $93,000, offering costs of approximately $271,000 offset by a $16,000 credit to legal fees previously recorded in offering cost, and proceeds from the issuance of our common stock in a registered public offering of $3,400,000 and in a private offering of approximately $865,000.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Because we are allowed to comply with the disclosure obligations applicable to a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act, with respect to this Quarterly Report on Form 10-Q, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

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 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. Management uses the criteria in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (2013) to evaluate internal disclosure controls and procedures.

Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

(b) Changes in Internal Control Over Financial Reporting

There has not been any material change in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) or Rule 15d-15(f)) during the period ended March 31, 2020, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we might become involved in lawsuits, claims, investigations, proceedings, and threats of litigation relating to intellectual property, commercial arrangements and other matters arising in the ordinary course of our business. For information on our litigation matters, see “Litigation” under Note 11 of the Notes to Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference herein.

Item 1A. Risk Factors.

There have been no material changes to the disclosures relating to this item from those set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.

EXHIBIT INDEX

Exhibit		Incorporated by Reference (Unless Otherwise Indicated)
Number	Exhibit Description	Form	File No.	Exhibit	Filing Date
3.1(a)	Second Amended and Restated Articles of Incorporation	10-K	001-38213	3.1(a)	March 29, 2019
3.1(b)	Articles of Amendment to Second Amended and Restated Articles of Incorporation of Arcimoto, Inc	10-K	001-38213	3.1(b)	March 29, 2019
3.2	Second Amended and Restated Bylaws of Arcimoto, Inc	1-A	024-10710	2.2	August 8, 2017
10.1	Agreement, dated as of February 4, 2020, by and among Arcimoto, Inc., Brickell Financial Services-Motor Club, Inc. (d/b/a Road America Motor Club) and Road America Motor Club, Inc.	8-K	001-38213	10.1	February 6, 2020
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

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: June 11, 2020	By:	/s/ Douglas M. Campoli
		Douglas M. Campoli
		Principal Financial and Chief Accounting Officer

EX-31.1 2 f10q0320ex31-1_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: June 11, 2020	By:	/s/ Mark Frohnmayer
		Mark Frohnmayer
		President and Chief Executive Officer

EX-31.2 3 f10q0320ex31-2_arcimotoinc.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Douglas M. 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)

(b)

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

(c)

(d)

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)

(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: June 11, 2020	By:	/s/ Douglas M. Campoli
		Douglas M. Campoli
		Chief Financial Officer

EX-32.1 4 f10q0320ex32-1_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. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Mark Frohnmayer, President and Chief Executive Officer of Arcimoto, Inc. (the “registrant”), and Douglas M. 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 March 31, 2020, 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: June 11, 2020	By:	/s/ Mark Frohnmayer
		Mark Frohnmayer
		President and Chief Executive Officer

		/s/ Douglas M. Campoli
		Douglas M. Campoli
		Chief Financial Officer

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NOTE 2: GOING CONCERN   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. The Company has experienced recurring operating losses and negative operating cash flows since inception.   The Company has not achieved 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 debt and equity securities. The Company will require additional funding to continue to operate in the normal course of business. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern.   Although the Company's objective is to increase its revenues from the sales of its products 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 will need to raise additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. Funds on hand and any follow-on capital, will be used to invest in our business to expand sales and marketing efforts, including Company-owned and franchise-rental operations and the system to support them, enhance our current product lines by continuing research and development ("R&D") to enhance and reduce the cost of the FUV and to bring future variants to retail production, continue to build out and optimize our production facility, debt repayment, 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.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Computer equipment and software</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,583</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,839</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,955,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,699,383</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fixed assets in process</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">208,208</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">264,999</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,061,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,337,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,130,306</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,723,986</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,732,544</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

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(i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note").

The Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962.

The Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2.664.

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NOTE 5: PROPERTY AND EQUIPMENT   As of March 31, 2020 and December 31, 2019, our property and equipment consisted of the following:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Computer equipment and software</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,583</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,839</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Machinery and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,955,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,699,383</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,046</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">774,046</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Fixed assets in process</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">208,208</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">264,999</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,061,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862,850</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,337,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,130,306</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,723,986</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,732,544</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   Fixed assets in process is comprised primarily of leasehold improvements, tooling and equipment related to the manufacturing of our vehicles. Completed assets are transferred to their respective asset class and depreciation begins when the asset is ready for its intended use.   Depreciation expense was approximately $207,500 and $171,000 during the three months ended March 31, 2020 and 2019, respectively.

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 (the "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 March 31, 2020, and the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. Results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. 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, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on April 14, 2020.

Basis of Presentation   The accounting and reporting policies of the Company conform with GAAP.

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. Significant estimates include those related to the warranty reserve, the net realizable value of inventory, and reserves on inventory.

Fair Value Measurements   The Company's financial instruments consist primarily of cash, convertible notes, debt, and capital lease obligations. 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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 24px; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 24px; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">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</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   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 March 31, 2020 and December 31, 2019, the Company did not have any level 2 or level 3 instruments.

Inventory   Inventory is stated at the lower of cost (using the first-in, first-out method ("FIFO")) or market value. Inventories consist of purchased electric motors, electrical storage and transmission equipment, and component parts.   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials and component parts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,968,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,650,466</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">227,494</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,682</td><td style="padding-bottom: 1.5pt; text-align: left"> </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"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,195,539</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,734,488</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   The Company is required to remit prepayments for purchases of its inventories acquired from overseas vendors. The Company has suffered losses as a result of vendor breaches.

Customer Deposits   Non-refundable customer deposits are comingled with operating funds. Refundable customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the deposit is applied to a non-refundable vehicle order, the vehicle manufacturing process is completed, the vehicle is picked up by or delivered to the customer and the appropriate revenue recognition criteria have been met per our policy below.

Deferred Revenue   Deferred revenues represent cash collected in advance of the revenues being earned for deliverables to FUV customers, distributor licensing arrangements and franchise fees.

Revenue Recognition   The Company recognizes revenue when the earnings process is complete. This generally occurs when products are picked up by the customer or a common carrier or, when the FUV is shipped in a Company owned vehicle, when delivery is completed, in accordance with the sales agreement or purchase order, which is when control of the vehicle passes to the customer. The Company's shipping terms are generally F.O.B. shipping point, where title is transferred, and revenue is recognized when the products are shipped to or picked up by customers. Revenues related to distributor licensing arrangements are generally recognized over the term of the agreement, except for specific products and services specified as part of the agreement, for which revenue may be accelerated based on when the earnings process is complete.   Distributor and Franchise fee revenue is recognized over the term of the agreements which is generally 10 years for franchises and four years for distributors. We have determined that any services provided to our franchise partners are not distinct from the franchise rights granted in the franchise agreement and they are combined into a single performance obligation.

Research and Development   Costs relating to research and development ("R&D") are expensed as incurred.

Adoption of Recent Accounting Pronouncements   In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.    In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

The Company entered into subscription agreements (each a "Subscription Agreement" and, collectively, the "Subscription Agreements"), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a "Note" and, collectively, the "Notes"). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the "Maturity Date"): in (a) cash, (b) the Company's common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company's common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder.

See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2018 Plan:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">April 27, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Annual dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; text-align: justify">Expected life (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67.4</td><td style="text-align: left">%</td></tr> </table>   See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2015 and 2018 Plan:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">May 5, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Annual dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; text-align: justify">Expected life (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.45</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69.4</td><td style="text-align: left">%</td></tr></table>

P6Y0M0D P6Y0M0D 0.0049 0.0045 0.674 0.694

The Company issued 5,546 shares to a former Director previously reserved as Director deferred compensation under the 2018 Plan.

29666 13000 32000 2.54 2.19

44956

17358

42728

1068686

10707

1124190 The Company announced on March 19, 2020, that it will temporarily suspend all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company's recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown. 1 2 3

0.10

This vendor accounted for 13% of payable balances.

These vendors accounted for 19% and 32% of inventory balances.

These vendors accounted for 17% and 23% of inventory balances.

NOTE 6: CAPITAL LEASE OBLIGATIONS   As of March 31, 2020, the Company has financed a total of approximately $2,321,000 of its capital equipment purchases with monthly payments ranging from $362 to $8,582, repayment terms ranging from 48 to 60 months, and effective interest rates ranging from 4.52% to 9.90%. Total monthly capital lease payments as of March 31, 2020 are $47,267. These lease obligations mature ranging from December 2021 through December 2024 and are secured by approximately $2,903,000 in underlying assets which have approximately $516,000 in accumulated depreciation as of March 31, 2020. The balance of capital lease obligations was approximately $1,575,000 and $1,614,000 as of March 31, 2020 and December 31, 2019, respectively. 2321000 362 8582

P48M

P60M

0.0452 0.0990 These lease obligations mature ranging from December 2021 through December 2024.

1614000

1575000

2903000

516000

47267

2000000 1500000 1500000 2000000

4.25

3379335 3305520 3293135

15000000

117192

1613

5000 200000 30000 170000

0.50

0.9375

P5Y6M0D

2000000

2608261

32749

56328

The Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share, at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). The Shares, Warrant and Note were purchased together by the Investor for an aggregate amount of $4.5 million but were issued separately (collectively, the "Transaction").

1500000

P3Y

0.10

2019-12-27

2020-09-12

111374

322942

300000 300000

5.212

2.0605

3.10

2.864

5.212

The Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.

942857

NOTE 10: CUSTOMER DEPOSITS   The Company has received customer deposits ranging from $100 to $10,100 per vehicle for Retail Series production vehicles and $42,000 per vehicle for Signature Series vehicles for purposes of securing a vehicle production slot. As of March 31, 2020 and December 31, 2019, the Company's balance of deposits received was approximately $648,000 and $794,000, respectively. As of March 31, 2020 and December 31, 2019, $376,424 and $374,524, respectively, of these deposits were refundable upon demand. Deposits are included in current liabilities in the accompanying balance sheets. 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. Customer deposits from related parties total $5,700 and $11,200 as of March 31, 2020 and December 31, 2019, respectively.

100

10100

42000

374524

376424

11200 5700

2000000

15032341

24469138

2000000

16340378

24436389

4264999 4264999 1088333

5000

1613

3619

255202

53513 164578

304965

96450

-3594774

-3068393

12953

51978

3750 150000 1.72 24485391

46584

28673

1.61

1.15

53572

46163

-0.15

-0.20

24480445

15423999

7500

408

246834

193273

-3355440

-2875528

2282717

2876706

1496845

1571308

336898

245382

448974

1060016

-1072723

1178

1689518

1467

616795

2645

18760 2645 598035 4200 56328 69740 88850

150

42015

36984

4903019

5832489

4883194

1889717

-3942772

-19825

-279566

3922132

167847

108100

92665

3619

255202

5000

4264999

-176353

17852

47100

41680

129253

23828

-3486853

-3959809

-11674

20874

-145100

422200

-50355

15992

742691

-320236

-47542

492056

-70505

1461051

861717

-228225

4167

153748

80731

207551

171387

-3594774

-3068393

NOTE 1: NATURE OF OPERATIONS   Arcimoto, Inc. (the "Company") was originally formed on November 21, 2007 as WTP Incorporated, an Oregon Corporation, and later 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 11 years, the Company has developed a revolutionary new vehicle platform designed around the needs of everyday drivers. Its main product is the Fun Utility Vehicle® ("FUV"), the first real, affordable, and fossil-free alternative for the vast majority of daily trips. Compared to the average car, the FUV has dropped 2/3 of the weight and 2/3 of the footprint, in order to bring the joy of ultra-efficient, pure electric driving to the masses.   Risks and Uncertainties   The Company currently has limited production and distribution capabilities. Facilities to manufacture vehicles at limited scale are substantially complete. We started retail production at one FUV per build day and ramped to two per build day in the first quarter of 2020, prior to the COVID-19 production shutdown. Arcimoto also does not have a history of higher-scale production and may encounter delays, flaws, inability to raise sufficient capital, or inefficiencies in the manufacturing process, which may prevent or delay achieving higher-scale production within the anticipated timeline.   Part of the Company's strategy is to use vehicle rentals to generate a positive cash flow from customer test drive activities. As with any strategy, there is the risk that the rental business will not be successful.   As of March 31, 2020, the Company has $5,195,539 in inventory and another $1,124,190 in prepaid inventory not received yet. Certain inventory components are included in prepaid inventory that have long lead times requiring payment in advance.   The Company plans to incur substantial additional expenses marketing its current and future products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. The Company's marketing and sales efforts may be unable to compete successfully against these companies.   Further, the Company's business and operations are sensitive to general governmental policy, business and economic conditions in the United States and worldwide. A host of factors beyond the Company's control could cause fluctuations in these conditions. Other developments, including but not limited to economic recessions, import tariffs, trends in vehicle 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'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 products.   On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a "Public Health Emergency of International Concern" and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate it have had, and are expected to continue to have, an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, to date, the Company announced on March 19, 2020, that it was temporarily suspending all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company's recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown. We expect to retain the furloughed workers after production has resumed. As a result of the shut-down, the first quarter 2020 revenue activities were negatively impacted, and the second quarter 2020 may be negatively impacted based on the length and severity of the pandemic. With some suppliers not currently producing, once the temporary suspension of production is over, we anticipate minimal shortages depending on when suppliers restart production and how fast the Company can ramp up production. This makes it reasonably possible that we are vulnerable to the risk of a near-term severe impact.   Additionally, it is reasonably possible that estimates made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions, including the timing and need to raise additional working and operating capital, and the Company's ability to repay debt coming due in June, August, and September 2020. We have applied for Paycheck Protection Program ("PPP") and Economic Injury Disaster Loans ("EIDL") through the Small Business Administration ("SBA") that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020. See Note 12, Subsequent Events, for an update on the receipt of the PPP Loan.

Recent Accounting Pronouncements   The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change.   In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02") which supersedes ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all the leases with terms greater than 12 months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years beginning after December 15, 2020 for private companies and emerging growth companies, and interim periods within those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, 2021. We will adopt this new standard on January 1, 2022. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" that allows entities to apply the provisions of the new standard at the effective date, as opposed to the earliest period presented under the modified retrospective transition approach and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.

NOTE 4: Concentrations   Payables   As of March 31, 2020, and December 31, 2019, the Company had one significant vendor that accounted for more than 10% of the Company's payables balances. As of March 31, 2020, this vendor accounted for 13% of payable balances. The loss of this vendor would not have a significant impact on the Company's operations.   Purchases/Inventory   As of March 31, 2020, and December 31, 2019, the Company had two significant vendors that accounted for more than 10% of the Company's inventory balances. As of March 31, 2020 these vendors accounted for 19% and 32% of inventory balances. As of December 31, 2019, these vendors accounted for 17% and 23% of inventory balances. The loss of these vendors would not have a significant impact on the Company's operations.

NOTE 8: STOCKHOLDERS' EQUITY   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 and 2,000,000 are designated as Class C Preferred Stock.   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 was 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. The Series A-1 Preferred Stock was converted to common stock in July 2017, prior to the Regulation A offering and listing.   As a result of the share exchange agreement described below, the Company issued 2,000,000 shares of Class C Preferred Stock on November 15, 2018 in the exchange noted below. These 2,000,000 shares of Class C Preferred Stock were exchanged back to an equal number of shares of common stock on May 13, 2019, upon the filing of an amendment to the Company's Second Amended and Restated Articles of Incorporation that increased the number of authorized shares of common stock.   Except as otherwise required by law or expressly provided in the Company's Second Amended and Restated Articles of Incorporation, as amended, each share of Class C Preferred Stock has one vote for the election of directors and on all matters submitted to a vote of shareholders of the Company. The Company is not obligated to redeem or repurchase any shares of Class C Preferred Stock. Shares of Class C Preferred Stock are not otherwise entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions.   Common Stock   At the May 11, 2019 annual meeting of shareholders (the "2019 Annual Meeting"), the shareholders approved an increase in the number of authorized common shares from 20,000,000 to 60,000,000, which also triggered the automatic conversion of the 2,000,000 shares of Class C Preferred Stock to common stock described above.   The Company has reserved a total of 3,379,335 shares of its common stock pursuant to the equity incentive plans (see Note 9). The Company has 3,305,520 and 3,293,135 stock units, options and warrants outstanding under these plans as of March 31, 2020 and December 31, 2019, respectively.   As of March 31, 2020, the Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.   Common Stock Issued for Compensation   During the three months ended March 31, 2020, the Company issued 32,749 common shares for services with a fair value of $56,328. The shares were valued based on the stock price at the time of the grant when the performance commitment was complete.   Exercise of Stock Options and Warrants   On March 28, 2019, 1,613 employee options were exercised at a price per share of $3.10 for total proceeds to the Company of $5,000. No employee options were exercised for cash during the three months ended March 31, 2020.   During the three months ended March 31, 2019, a total of 117,192 employee options, with exercise prices ranging from $2.0605 to $3.10 per share were exercised in cashless transactions at market prices ranging from $2.864 to $5.212 per share, which was based on the average of the Company's daily closing prices surrounding the transaction dates amounting to the issuance of a total of 53,513 shares of the Company's common stock. No employee options were exercised in cashless transactions during the three months ended March 31, 2020.     During the three months ended March 31, 2019, a total of 200,000 employee warrants, 30,000 with an exercise price of $0.50 per share and 170,000 with an exercise price of $0.9375 per share were exercised in cashless transactions at a market price of $5.212 per share, which was based on the average of the Company's daily closing prices surrounding the transaction dates amounting to the issuance of a total of 164,578 shares of the Company's common stock. No employee warrants were exercised during the three months ended March 31, 2020.    Private Offering of Common Stock   During January and February 2019, the Company entered into Subscription Agreements with four independent investors, pursuant to which the Company issued to the investors a total of 288,333 shares of its common stock, no par value per share, at a purchase price of $3.00 per share, pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").   Private Offering of Common Stock, Warrant and Note   On December 27, 2018, the Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share, at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). The Shares, Warrant and Note were purchased together by the Investor for an aggregate amount of $4.5 million but were issued separately (collectively, the "Transaction").   The Shares were issued for an aggregate purchase price of $1,500,000. In connection with the Share issuance, the Company granted the Investor with franchise rights for the lower Florida Keys, subject to the terms contained in the Company's standard franchise agreement.   The Warrant has a three-year term. The Company reserved 942,857 shares of common stock for issuance pursuant to the potential exercise of the Warrant and, so long as the Warrant remains outstanding, the Company will keep reserved for issuance under the Warrant that number of shares of Common Stock at least equal to the maximum number of shares of common stock as shall be necessary to satisfy the Company's obligation to issue shares of common stock under the Warrant then outstanding (without regard to any limitations on exercise). The warrant was valued based on the Black-Scholes option pricing model using similar inputs to those described in Note 9, other than the contractual life which was based on the term of the warrant.  The relative fair value of the warrant in relation to the debt and equity component of the Transaction was $111,374.   The Note is secured by a perfected first secured lien on all of the Company's assets except for equipment assets securing existing or future leases. Interest will accrue at 10% per annum and will be paid at maturity or payoff of the Note, with a minimum of one year of interest paid at such time. The original maturity date of the Note was December 27, 2019 and, on this date, was extended for an additional six months upon payment of $300,000 to the Investor by the Company. In connection with the Note, the Company entered into a Security Agreement, an Intellectual Property Security Agreement and a Collateral Assignment of Lease Agreement, each dated as of December 27, 2018 (collectively, the "Collateral Documents"). The short-term note was recorded with a discount of $322,942 which was amortized as interest expense over the Note's original twelve-month term. The discount was recognized in its entirety in 2019. The discount was based on the allocation of costs and warrants associated with the Transaction. The $300,000 extension fee was recorded as a discount to the note and is being amortized over the six-month extension period. $150,000 was amortized during the three-month period ended March 31, 2020, and $150,000 is remaining to be amortized at March 31, 2020.   On September 12, 2019, the Company entered into an Amended and Restated Subscription Agreement (the "Restated Subscription Agreement") with the Investor, which amended and restated the Subscription Agreement.   Pursuant to the Restated Subscription Agreement and in addition to the issuances under the Subscription Agreement, the Company issued to the Investor a convertible note in the principal amount of $500,000 (the "Convertible Note") for an additional purchase price of $500,000. The Convertible Note matures on September 12, 2020, provided, that the Convertible Note may convert into the Company's common stock at any time at the option of the Investor at a rate of $4.25 per share. In connection with the Restated Subscription Agreement, the Company also granted the Investor franchise rights for the Florida Keys, subject to certain modifications to the terms of the Company's standard franchise agreement including, but not limited to, a right of first refusal for any Company rental franchise in the South Beach Region of Miami Beach, Florida.   The Convertible Note is secured by a perfected first secured lien on all of our assets except those in capital leases described above. In connection with the Subscription Agreement, the Company entered into the Collateral Documents, each of which apply to the Convertible Note pursuant to the Restated Subscription Agreement.   The Convertible Note is included in the New Convertible Notes discussed in Note 7.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">53,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,008</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost of goods sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Sales and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,744</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">General and administrative</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">163,884</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">61,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">304,965</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">96,450</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

NOTE 12: SUBSEQUENT EVENTS  On April 24, 2020, the Company issued 5,546 shares to a former director previously reserved as director deferred compensation under the 2018 Plan.  On April 27, 2020, the Company granted 29,666 non-qualified stock options under the 2018 Plan.  These options had an exercise price of $2.54 per share based on that day's closing price of Arcimoto common stock and were vested on issuance.  The total grant date fair value of these options was $44,956.  See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2018 Plan:  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">April 27, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Annual dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; text-align: justify">Expected life (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.49</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67.4</td><td style="text-align: left">%</td></tr> </table>   On April 28, 2020, the Company was told that it was approved for a PPP loan in the amount of $1,068,686. The loan was funded on May 6, 2020.  On April 29, 2020, the Company issued 10,707 unregistered restricted common shares at a price of $2.335 based on the previous day's closing price of the Company's common stock in payment for materials by a vendor. On May 5, 2020, the Company granted 13,000 qualified employee stock options under the 2015 Plan and 32,000 qualified employee stock options under the 2018 Plan. These options had an exercise price of $2.19 based on the previous day's closing price of Arcimoto common stock. The options vest on the Company's standard three-year vesting schedule.  The total grant date fair value of these options was $17,358 and $42,728 for the 2015 Plan and 2018 Plan, respectively.  See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2015 and 2018 Plan:  <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">May 5, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Annual dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 88%; text-align: justify">Expected life (years)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.45</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69.4</td><td style="text-align: left">%</td></tr> </table>   On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. See "Litigation" under Note 11.

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 (the "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 March 31, 2020, and the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. Results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. 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, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on April 14, 2020.   Basis of Presentation   The accounting and reporting policies of the Company conform with GAAP.   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. Significant estimates include those related to the warranty reserve, the net realizable value of inventory, and reserves on inventory.    Fair Value Measurements   The Company's financial instruments consist primarily of cash, convertible notes, debt, and capital lease obligations. 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:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 24px; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 24px; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">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</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">●</td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table>   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 March 31, 2020 and December 31, 2019, the Company did not have any level 2 or level 3 instruments.   Inventory   Inventory is stated at the lower of cost (using the first-in, first-out method ("FIFO")) or market value. Inventories consist of purchased electric motors, electrical storage and transmission equipment, and component parts.   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials and component parts</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,968,045</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,650,466</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work-in-progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">227,494</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,682</td><td style="padding-bottom: 1.5pt; text-align: left"> </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"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,195,539</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,734,488</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   The Company is required to remit prepayments for purchases of its inventories acquired from overseas vendors. The Company has suffered losses as a result of vendor breaches.    Customer Deposits   Non-refundable customer deposits are comingled with operating funds. Refundable customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the deposit is applied to a non-refundable vehicle order, the vehicle manufacturing process is completed, the vehicle is picked up by or delivered to the customer and the appropriate revenue recognition criteria have been met per our policy below.   Deferred Revenue   Deferred revenues represent cash collected in advance of the revenues being earned for deliverables to FUV customers, distributor licensing arrangements and franchise fees.   Revenue Recognition   The Company recognizes revenue when the earnings process is complete. This generally occurs when products are picked up by the customer or a common carrier or, when the FUV is shipped in a Company owned vehicle, when delivery is completed, in accordance with the sales agreement or purchase order, which is when control of the vehicle passes to the customer. The Company's shipping terms are generally F.O.B. shipping point, where title is transferred, and revenue is recognized when the products are shipped to or picked up by customers. Revenues related to distributor licensing arrangements are generally recognized over the term of the agreement, except for specific products and services specified as part of the agreement, for which revenue may be accelerated based on when the earnings process is complete.   Distributor and Franchise fee revenue is recognized over the term of the agreements which is generally 10 years for franchises and four years for distributors. We have determined that any services provided to our franchise partners are not distinct from the franchise rights granted in the franchise agreement and they are combined into a single performance obligation.   Research and Development   Costs relating to research and development ("R&D") are expensed as incurred.   Net Earnings or Loss per Share   The Company's computation of earnings (loss) 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., 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 common stock warrants and common stock options outstanding were anti-dilutive.   At March 31, 2020 and 2019, the Company excluded the outstanding Employee Equity Plans ("EEP") and other securities summarized below, which entitled 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.    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Class C preferred stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,000,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,378</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Underwriters and investors warrants issued outside of an EEP</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">103,162</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">431,746</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,950,540</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>     Recent Accounting Pronouncements   The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change.   In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02") which supersedes ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all the leases with terms greater than 12 months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years beginning after December 15, 2020 for private companies and emerging growth companies, and interim periods within those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, 2021. We will adopt this new standard on January 1, 2022. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" that allows entities to apply the provisions of the new standard at the effective date, as opposed to the earliest period presented under the modified retrospective transition approach and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.   Adoption of Recent Accounting Pronouncements   In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.    In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Class C preferred stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,000,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,378</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Underwriters and investors warrants issued outside of an EEP</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">103,162</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">431,746</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,950,540</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>

NOTE 7: NOTES PAYABLE    On December 27, 2018, the Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). See Note 8 for additional details. On September 12, 2019, the Company issued an additional $500,000 note ("additional Note") to the Investor, net of $15,000 discount. The additional Note principal plus accrued interest is convertible into the Company's common stock at a conversion price per share of $4.25. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $12,953. The discount amortized for the three-month period ended March 31, 2020 was $3,750. There was no such interest expense for the three-month period ended March 31, 2019.   During July 2019, the Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962.   During October 2019, the Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2,664.   Between July 11, 2019 and July 15, 2019, the Company entered into subscription agreements (each a "Subscription Agreement" and, collectively, the "Subscription Agreements"), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a "Note" and, collectively, the "Notes"). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the "Maturity Date"): in (a) cash, (b) the Company's common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company's common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder. On August 14, 2019, the $600,000 in principal and accrued interest of $48,972 on the Notes were exchanged into $648,972 in principal amount of convertible promissory notes ("New Notes"). The principal amount of the New Notes is due and payable on the one- year anniversary of the date of the New Notes in (a) cash or (b) the Company's common stock at a price of $4.25 per share, at the election of the holder of the New Notes. Interest on the New Notes accrues at an annual rate of 10%, compounded monthly. Between August 14, 2019 and September 27, 2019, the Company issued additional notes with the New Notes terms in the original principal amount of $1,350,000, which includes the previously mentioned convertible note, of which $800,000 was to related parties. The Company may prepay the indebtedness at any time. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $51,978.

Net Earnings or Loss per Share   The Company's computation of earnings (loss) 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., 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 common stock warrants and common stock options outstanding were anti-dilutive.   At March 31, 2020 and 2019, the Company excluded the outstanding Employee Equity Plans ("EEP") and other securities summarized below, which entitled 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.    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Class C preferred stock</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,000,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">431,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,378</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Underwriters and investors warrants issued outside of an EEP</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">103,162</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">431,746</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,950,540</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr></table>

NOTE 11: COMMITMENTS AND CONTINGENCIES   Litigation  On March 11, 2018, the Company was served with a lawsuit entitled John R Switzer vs W.R. Hambrecht & Co. LLC et al., Case Number: CGC-18-564904, filed in San Francisco County Superior Court in the State of California. In this action, the Company was named as a defendant along with five individuals who were directors and/or executive officers at the time of the completion of the Company's Regulation A offering on September 21, 2017. The action was styled as a putative class action, alleged on behalf of all those who purchased the Company's common stock in its Regulation A offering. The plaintiff alleged violations of Section 12(a)(2) and Section 15 of the Securities Act, and is seeking damages in an unspecified amount to be proven at trial. In addition, on March 28, 2018, the Company was served with another lawsuit entitled Jay Mendelson v. Arcimoto, Inc. et al., Case Number CGC-18-565324, filed in San Francisco County Superior Court in the State of California. In that action, which was styled as a putative class action, the Company was also named as a defendant along with the same individuals who were directors and/or executive officers at the time of the completion of our Regulation A offering on September 21, 2017. The allegations and claims made in the Mendelson action were substantially similar to those of the Switzer action and the plaintiff was also seeking damages in an unspecified amount to be proven at trial. The two actions were consolidated into a single lawsuit on May 28, 2018. The Company believes that the consolidated lawsuit was without merit and vigorously defended itself against these claims in court. On July 30, 2018, counsel for the Company filed a demurrer to the consolidated complaint, seeking its dismissal. By Order dated September 19, 2018, the San Francisco Court sustained in part and denied in part the demurrer. On September 28, 2018, plaintiffs in that case filed a First Amended Consolidated Complaint. The Company denied the substantive claims and allegations made in that amended pleading and continued to assert a vigorous defense. On January 25, 2019, the parties reached a settlement agreement in the consolidated cases, subject to court approval. The parties to the lawsuit have filed a motion with the court seeking approval of the settlement agreement. On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. By its terms, the settlement agreement resolves this litigation in its entirety.  On March 6, 2020, the Company filed a complaint ("the Complaint") against Ayro, Inc. ("Ayro"), accusing Ayro of patent infringement in Federal District Court for the Western District of Texas, Waco Division (Case No. 6:20-cv-00176-ADA) ("the Ayro Litigation"). In the Complaint, Arcimoto alleges that Ayro's 311 two-seater electric vehicles infringe U.S. Patent 8,985,255 (the "255 Patent"). The Complaint asks for monetary damages and enhanced damages due to willful infringement of the 255 Patent by Ayro. On March 27, 2020, Ayro answered the Complaint, denying liability and asserting counterclaims of noninfringement and patent invalidity. The Court had a telephonic Scheduling

NOTE 9: STOCK-BASED PAYMENTS   The Company grants common stock, common stock units, and common stock purchase options and warrants pursuant to the 2018 Omnibus Stock Incentive Plan ("2018 Plan"), Amended and Restated 2015 Stock Incentive Plan ("2015 Plan") and the Second Amended and Restated 2012 Employee Stock Benefit Plan ("2012 Plan").   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. 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. The Company recognizes stock option forfeitures as they occur as there is insufficient historical data to accurately determine future forfeiture rates.   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 uses 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.   The Company uses the following inputs when valuing stock-based awards. The expected life of employee stock options was estimated using the "simplified method," as the Company has insufficient historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual maturity since they are vested when issued. For stock price volatility, the Company uses public company comparables as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option at the grant-date.   Stock-based compensation, including stock-options, warrants and stock issued for compensation and services is included in the statements of operations as follows:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Research and development</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">53,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,008</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Cost of goods sold</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Sales and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,744</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">General and administrative</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">163,884</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">61,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">304,965</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">96,450</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>   2018 Omnibus Stock Incentive Plan   The 2018 Plan authorizing 1,000,000 shares was approved by the Board of Directors and then the Company's shareholders at the Company's 2018 annual meeting of shareholders held on June 9, 2018. At the 2019 Annual Meeting, the shareholders approved an additional 1,000,000 shares of common stock to be issued under the 2018 Plan. The 2018 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of equity awards, including, but not limited to, options that are incentive stock options or NQSOs and restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. As of March 31, 2020, the Company had a remaining reserve of 60,437 shares of common stock under the 2018 Plan. Awards that are forfeited generally become available for grant under the 2018 Plan. On April 20, 2020, the board of directors approved an increase from 2,000,000 to 4,000,000 shares, subject to shareholder approval.   Employee stock-based compensation expense under the 2018 Plan included in operating expenses for the three months ended March 31, 2020 and 2019 was $167,905 and $69,304, respectively.   Total compensation cost related to non-vested awards issued under the 2018 Plan not yet recognized as of March 31, 2020 was approximately $1,416,697 and will be recognized on a straight-line basis through December 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.   On January 6, 2020, the board of directors approved a director deferred compensation plan under the 2018 Plan. The deferred compensation plan calls for stock units to be held on account for each director and issued 90 days after separation from service as a director. For the three months ended March 31, 2020, a total of 75,257 stock units with a value of $99,735, based on the closing price on the last day of the quarter, were reserved and expensed. 28,673 of the stock units were valued with a price per share of $1.61 based on the closing stock price on the last trading day of the fourth quarter of 2019, and were recorded as a $46,163 expense on January 6, 2020 because the plan was adopted by the Board of Directors retroactively to the fourth quarter 2019. 46,584 of the stock units were valued with a price per share of $1.15 based on the closing stock price on the last trading day of the first quarter of 2020, and were recorded as a $53,572 expense on March 31, 2020. See Note 12, Subsequent Events, for the exchange of these stock units for common shares.   On February 12, 2020, 32,749 shares with a total value of $56,328 were issued from the 2018 Plan at the closing price on that day of $1.72 per share in payment of services provided.   2015 Stock Incentive Plan   The 2015 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of options that are incentive stock options or NQSOs and/or the grant of restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. One million shares of common stock were authorized for issuance under the 2015 Plan. Awards that are forfeited generally become available for grant under the 2015 Plan. As of March 31, 2020, 801,342 shares of common stock were reserved for issuance pursuant to stock options that are outstanding and 13,377 shares remain available for issuance pursuant to future awards that might be made under the 2015 Plan.   There were no grants made under the 2015 Plan during the three months ended March 31, 2020 or 2019.   Employee stock-based compensation expense included in operating expenses for the three months ended March 31, 2020 and 2019 related to the 2015 Plan was $37,325 and $27,146, respectively.   Total compensation cost related to non-vested awards not yet recognized as of March 31, 2020 was $184,838 and will be recognized on a straight-line basis through April 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.   2012 Employee Stock Benefit Plan   The 2012 Plan provides the Company the ability to grant to directors, employees, consultants, advisors or independent contractors shares of common stock of the Company through the grant of warrants and/or the grant of common stock. The Company originally reserved 1,000,000 shares of common stock for issuance under the 2012 Plan. Awards that are forfeited generally become available for grant under the 2012 Plan. As of March 31, 2020, 658,317 shares of common stock were reserved for issuance pursuant to warrants that are issued and outstanding under the 2012 Plan and 1 share remains available for issuance pursuant to future awards that might be made under the 2012 Plan. Warrants expire 10 to 15 years from the grant date and were vested when issued.

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Going Concern	3 Months Ended
Mar. 31, 2020
Going Concern [Abstract]
GOING CONCERN	NOTE 2: GOING CONCERN 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. The Company has experienced recurring operating losses and negative operating cash flows since inception. The Company has not achieved 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 debt and equity securities. The Company will require additional funding to continue to operate in the normal course of business. Accordingly, there is substantial doubt about the Company's ability to continue as a going concern. Although the Company's objective is to increase its revenues from the sales of its products 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 will need to raise additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. Funds on hand and any follow-on capital, will be used to invest in our business to expand sales and marketing efforts, including Company-owned and franchise-rental operations and the system to support them, enhance our current product lines by continuing research and development ("R&D") to enhance and reduce the cost of the FUV and to bring future variants to retail production, continue to build out and optimize our production facility, debt repayment, 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.

Going Concern

3 Months Ended

Mar. 31, 2020

Going Concern [Abstract]

GOING CONCERN

NOTE 2: GOING CONCERN

Although the Company's objective is to increase its revenues from the sales of its products 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 will need to raise additional capital in order to fund its operations, which it intends to obtain through debt and/or equity offerings. Funds on hand and any follow-on capital, will be used to invest in our business to expand sales and marketing efforts, including Company-owned and franchise-rental operations and the system to support them, enhance our current product lines by continuing research and development ("R&D") to enhance and reduce the cost of the FUV and to bring future variants to retail production, continue to build out and optimize our production facility, debt repayment, 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 12 R4.htm IDEA: XBRL DOCUMENT

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Product sales	$ 598,035
Other revenue	18,760	2,645
Total revenues	616,795	2,645
Cost of goods sold	1,689,518	1,467
Gross profit (loss)	(1,072,723)	1,178
Operating expenses
Research and development	448,974	1,060,016
Sales and marketing	336,898	245,382
General and administrative	1,496,845	1,571,308
Total operating expenses	2,282,717	2,876,706
Loss from operations	(3,355,440)	(2,875,528)
Other expense (income)
Interest expense	246,834	193,273
Other income, net	(7,500)	(408)
Net loss	$ (3,594,774)	$ (3,068,393)
Weighted-average common shares outstanding - basic and diluted	24,480,445	15,423,999
Net loss per common share - basic and diluted	$ (0.15)	$ (0.20)

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Subsequent Events (Details) - Subsequent Events [Member] - $ / shares
1 Months Ended

May 05, 2020

Apr. 27, 2020

Annual dividend yield

Expected life (years) 6 years 6 years

Risk-free interest rate 0.45% 0.49%

Expected volatility 69.40% 67.40%

X

- Definition
Annual dividend yield.
+ References
No definition available.
+ Details

Name: fuv_FairValueAnnualDividendYield

Namespace Prefix: fuv_

Data Type: num:perShareItemType

Balance Type: na

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Stockholders' Equity (Details) - USD ($)
1 Months Ended 3 Months Ended

May 13, 2019

May 11, 2019

Dec. 27, 2018

Nov. 15, 2018

Sep. 12, 2019

Mar. 28, 2019

Feb. 28, 2019

Jan. 31, 2019

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Sep. 27, 2019

Aug. 14, 2019

Jul. 15, 2019

Stockholders' Equity (Textual)

Preferred stock, shares authorized 1,500,000 1,500,000

Preferred stock, par value

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, shares authorized 60,000,000 60,000,000

Warrant expiration period 5 years 6 months

Restricted common shares fair value $ 56,328

Description of subscription agreement The Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share, at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). The Shares, Warrant and Note were purchased together by the Investor for an aggregate amount of $4.5 million but were issued separately (collectively, the "Transaction").

Purchase price of shares $ 1,500,000

Warrant term 3 years

Accrued interest 10.00%

Note matures Dec. 27, 2019

Fair value of warrants $ 111,374

Original issue discount 322,942

Extension fee $ 300,000 300,000

Face Amount $ 500,000 $ 1,350,000 $ 600,000 $ 600,000

Remaining discount $ 150,000

Services [Member]

Stockholders' Equity (Textual)

Issue of restricted common shares 32,749

Share Exchange Agreement [Member]

Stockholders' Equity (Textual)

Issuance of common stock shares 2,000,000 2,000,000

Subscription Agreement [Member]

Stockholders' Equity (Textual)

Issue of public offering common stock shares 288,333 288,333

Exercised at a price per share $ 3.00 $ 3.00

Subscription Agreement [Member] | Convertible Note [Member]

Stockholders' Equity (Textual)

Common stock, par value $ 4.25

Note matures Sep. 12, 2020

Face Amount $ 500,000

Employee Options [Member]

Stockholders' Equity (Textual)

Employee options exercised 1,613

Exercised at a price per share $ 3.10

Total proceeds stock option amount $ 5,000

Common Stock [Member]

Stockholders' Equity (Textual)

Reserved common stock pursuant to the equity incentive plans 3,379,335

Stock options and warrants outstanding 3,305,520 3,293,135

Employee options exercised 117,192

Employee warrants 200,000

Warrant exercise price $ 0.50

Issuance of shares 164,578

Additional issuance of warrants 2,608,261

Issue of restricted common shares 32,749

Restricted common shares fair value $ 56,328

Description of reserved an additional warrants The Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.

Common Stock [Member] | Subscription Agreement [Member]

Stockholders' Equity (Textual)

Common stock for delivery under the plan 942,857

Common Stock [Member] | Employee Options [Member]

Stockholders' Equity (Textual)

Issuance of shares 53,513

Common Stock [Member] | Minimum [Member]

Stockholders' Equity (Textual)

Market price, per share $ 2.0605

Common Stock [Member] | Maximum [Member]

Stockholders' Equity (Textual)

Market price, per share $ 3.10

Common Stock One [Member]

Stockholders' Equity (Textual)

Employee warrants 30,000

Warrant exercise price $ 0.50

Common Stock One [Member] | Minimum [Member]

Stockholders' Equity (Textual)

Market price, per share 2.864

Common Stock One [Member] | Maximum [Member]

Stockholders' Equity (Textual)

Market price, per share $ 5.212

Common Stock Two [Member]

Stockholders' Equity (Textual)

Employee warrants 170,000

Warrant exercise price $ 0.9375

Market price, per share $ 5.212

Series A-1 Preferred Stock

Stockholders' Equity (Textual)

Preferred stock, shares authorized 1,500,000 1,500,000

Preferred stock, shares designated 1,500,000 1,500,000

Preferred stock, par value

Preferred stock, shares issued

Preferred stock, shares outstanding

Conversion provisions upon an initial public offering $ 15,000,000

Issue of restricted common shares

Restricted common shares fair value

Class C Preferred Stock

Stockholders' Equity (Textual)

Preferred stock, shares authorized 2,000,000 2,000,000

Preferred stock, shares designated 2,000,000 2,000,000

Preferred stock, par value

Preferred stock, shares issued

Preferred stock, shares outstanding

Issue of restricted common shares

Restricted common shares fair value

Class C Preferred Stock | Common Stock [Member]

Stockholders' Equity (Textual)

Conversion of common stock shares 2,000,000

Class C Preferred Stock | Common Stock [Member] | Minimum [Member]

Stockholders' Equity (Textual)

Common stock, shares authorized 20,000,000

Class C Preferred Stock | Common Stock [Member] | Maximum [Member]

Stockholders' Equity (Textual)

Common stock, shares authorized 60,000,000

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Summary of Significant Accounting Policies (Policies)
3 Months Ended

Mar. 31, 2020

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 (the "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 March 31, 2020, and the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. Results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. 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, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on April 14, 2020.

Basis of Presentation
Basis of Presentation

The accounting and reporting policies of the Company conform with GAAP.

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. Significant estimates include those related to the warranty reserve, the net realizable value of inventory, and reserves on inventory.

Fair Value Measurements
Fair Value Measurements

The Company's financial instruments consist primarily of cash, convertible notes, debt, and capital lease obligations. 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 March 31, 2020 and December 31, 2019, the Company did not have any level 2 or level 3 instruments.

Inventory
Inventory

Inventory is stated at the lower of cost (using the first-in, first-out method ("FIFO")) or market value. Inventories consist of purchased electric motors, electrical storage and transmission equipment, and component parts.

March 31, December 31,

2020 2019

Raw materials and component parts $ 4,968,045 $ 3,650,466

Work-in-progress - 25,340

Finished goods 227,494 58,682

Total $ 5,195,539 $ 3,734,488

The Company is required to remit prepayments for purchases of its inventories acquired from overseas vendors. The Company has suffered losses as a result of vendor breaches.

Customer Deposits
Customer Deposits

Non-refundable customer deposits are comingled with operating funds. Refundable customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the deposit is applied to a non-refundable vehicle order, the vehicle manufacturing process is completed, the vehicle is picked up by or delivered to the customer and the appropriate revenue recognition criteria have been met per our policy below.

Deferred Revenue
Deferred Revenue

Deferred revenues represent cash collected in advance of the revenues being earned for deliverables to FUV customers, distributor licensing arrangements and franchise fees.

Revenue Recognition
Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This generally occurs when products are picked up by the customer or a common carrier or, when the FUV is shipped in a Company owned vehicle, when delivery is completed, in accordance with the sales agreement or purchase order, which is when control of the vehicle passes to the customer. The Company's shipping terms are generally F.O.B. shipping point, where title is transferred, and revenue is recognized when the products are shipped to or picked up by customers. Revenues related to distributor licensing arrangements are generally recognized over the term of the agreement, except for specific products and services specified as part of the agreement, for which revenue may be accelerated based on when the earnings process is complete.

Distributor and Franchise fee revenue is recognized over the term of the agreements which is generally 10 years for franchises and four years for distributors. We have determined that any services provided to our franchise partners are not distinct from the franchise rights granted in the franchise agreement and they are combined into a single performance obligation.

Research and Development
Research and Development

Costs relating to research and development ("R&D") are expensed as incurred.

Net Earnings or Loss per Share
Net Earnings or Loss per Share

The Company's computation of earnings (loss) 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., 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 common stock warrants and common stock options outstanding were anti-dilutive.

At March 31, 2020 and 2019, the Company excluded the outstanding Employee Equity Plans ("EEP") and other securities summarized below, which entitled 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.



March 31,
2020 March 31,
2019

Class C preferred stock - 2,000,000

Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock 431,746 847,378

Underwriters and investors warrants issued outside of an EEP - 103,162

Total 431,746 2,950,540

Recent Accounting Pronouncements
Recent Accounting Pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02") which supersedes ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all the leases with terms greater than 12 months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years beginning after December 15, 2020 for private companies and emerging growth companies, and interim periods within those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, 2021. We will adopt this new standard on January 1, 2022. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" that allows entities to apply the provisions of the new standard at the effective date, as opposed to the earliest period presented under the modified retrospective transition approach and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.

Adoption of Recent Accounting Pronouncements
Adoption of Recent Accounting Pronouncements

In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

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Property and Equipment
3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT
NOTE 5: PROPERTY AND EQUIPMENT

As of March 31, 2020 and December 31, 2019, our property and equipment consisted of the following:

March 31,
2020 December 31,
2019

Computer equipment and software $ 77,583 $ 77,583

Furniture and fixtures 46,839 46,839

Machinery and equipment 4,955,167 4,699,383

Leasehold improvements 774,046 774,046

Fixed assets in process 208,208 264,999

6,061,843 5,862,850

Less: accumulated depreciation (1,337,857 ) (1,130,306 )

Total $ 4,723,986 $ 4,732,544

Fixed assets in process is comprised primarily of leasehold improvements, tooling and equipment related to the manufacturing of our vehicles. Completed assets are transferred to their respective asset class and depreciation begins when the asset is ready for its intended use.

Depreciation expense was approximately $207,500 and $171,000 during the three months ended March 31, 2020 and 2019, respectively.

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Stock-Based Payments
3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED PAYMENTS
NOTE 9: STOCK-BASED PAYMENTS

The Company grants common stock, common stock units, and common stock purchase options and warrants pursuant to the 2018 Omnibus Stock Incentive Plan ("2018 Plan"), Amended and Restated 2015 Stock Incentive Plan ("2015 Plan") and the Second Amended and Restated 2012 Employee Stock Benefit Plan ("2012 Plan").

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. 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. The Company recognizes stock option forfeitures as they occur as there is insufficient historical data to accurately determine future forfeiture rates.

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Stock-based compensation, including stock-options, warrants and stock issued for compensation and services is included in the statements of operations as follows:

Three Months Ended
March 31,

2020 2019

Research and development $ 53,700 $ 21,008

Cost of goods sold 66,224 -

Sales and marketing 21,157 13,744

General and administrative 163,884 61,698

Total $ 304,965 $ 96,450

2018 Omnibus Stock Incentive Plan

The 2018 Plan authorizing 1,000,000 shares was approved by the Board of Directors and then the Company's shareholders at the Company's 2018 annual meeting of shareholders held on June 9, 2018. At the 2019 Annual Meeting, the shareholders approved an additional 1,000,000 shares of common stock to be issued under the 2018 Plan. The 2018 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of equity awards, including, but not limited to, options that are incentive stock options or NQSOs and restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. As of March 31, 2020, the Company had a remaining reserve of 60,437 shares of common stock under the 2018 Plan. Awards that are forfeited generally become available for grant under the 2018 Plan. On April 20, 2020, the board of directors approved an increase from 2,000,000 to 4,000,000 shares, subject to shareholder approval.

Employee stock-based compensation expense under the 2018 Plan included in operating expenses for the three months ended March 31, 2020 and 2019 was $167,905 and $69,304, respectively.

Total compensation cost related to non-vested awards issued under the 2018 Plan not yet recognized as of March 31, 2020 was approximately $1,416,697 and will be recognized on a straight-line basis through December 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.

On January 6, 2020, the board of directors approved a director deferred compensation plan under the 2018 Plan. The deferred compensation plan calls for stock units to be held on account for each director and issued 90 days after separation from service as a director. For the three months ended March 31, 2020, a total of 75,257 stock units with a value of $99,735, based on the closing price on the last day of the quarter, were reserved and expensed. 28,673 of the stock units were valued with a price per share of $1.61 based on the closing stock price on the last trading day of the fourth quarter of 2019, and were recorded as a $46,163 expense on January 6, 2020 because the plan was adopted by the Board of Directors retroactively to the fourth quarter 2019. 46,584 of the stock units were valued with a price per share of $1.15 based on the closing stock price on the last trading day of the first quarter of 2020, and were recorded as a $53,572 expense on March 31, 2020. See Note 12, Subsequent Events, for the exchange of these stock units for common shares.

On February 12, 2020, 32,749 shares with a total value of $56,328 were issued from the 2018 Plan at the closing price on that day of $1.72 per share in payment of services provided.

2015 Stock Incentive Plan

The 2015 Plan provides the Company the ability to grant to employees, directors, consultants or advisors shares of common stock of the Company through the grant of options that are incentive stock options or NQSOs and/or the grant of restricted stock, provided that only employees are entitled to receive incentive stock options in accordance with IRS guidelines. One million shares of common stock were authorized for issuance under the 2015 Plan. Awards that are forfeited generally become available for grant under the 2015 Plan. As of March 31, 2020, 801,342 shares of common stock were reserved for issuance pursuant to stock options that are outstanding and 13,377 shares remain available for issuance pursuant to future awards that might be made under the 2015 Plan.

There were no grants made under the 2015 Plan during the three months ended March 31, 2020 or 2019.

Employee stock-based compensation expense included in operating expenses for the three months ended March 31, 2020 and 2019 related to the 2015 Plan was $37,325 and $27,146, respectively.

Total compensation cost related to non-vested awards not yet recognized as of March 31, 2020 was $184,838 and will be recognized on a straight-line basis through April 2022 based on the respective vesting periods. The amount of future stock option compensation expense could be affected by any future option grants or forfeitures.

2012 Employee Stock Benefit Plan

The 2012 Plan provides the Company the ability to grant to directors, employees, consultants, advisors or independent contractors shares of common stock of the Company through the grant of warrants and/or the grant of common stock. The Company originally reserved 1,000,000 shares of common stock for issuance under the 2012 Plan. Awards that are forfeited generally become available for grant under the 2012 Plan. As of March 31, 2020, 658,317 shares of common stock were reserved for issuance pursuant to warrants that are issued and outstanding under the 2012 Plan and 1 share remains available for issuance pursuant to future awards that might be made under the 2012 Plan. Warrants expire 10 to 15 years from the grant date and were vested when issued.

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Subsequent Events (Tables)
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Mar. 31, 2020

Subsequent Events [Abstract]

Schedule of range of variables used in assessing the fair value
See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2018 Plan:

April 27,
2020

Annual dividend yield -

Expected life (years) 6.0

Risk-free interest rate 0.49 %

Expected volatility 67.4 %

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May 5,
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Expected life (years) 6.0

Risk-free interest rate 0.45 %

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Dec. 31, 2019

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3 Months Ended

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Jun. 10, 2020

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Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)

Series A-1 Preferred Stock

Class C Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Deficit

Total

Balance at Dec. 31, 2018 $ 30,102,738 $ 930,869 $ (22,966,473) $ 8,067,134

Balance, shares at Dec. 31, 2018 2,000,000 15,032,341

Issuance of common stock for cash $ 4,264,999 4,264,999

Issuance of common stock for cash, shares 1,088,333

Exercise of stock options $ 5,000 5,000

Exercise of stock options, shares 1,613

Offering costs $ (255,202) (255,202)

Stock options exercised - cashless

Stock options exercised - cashless, shares 53,513

Warrants exercised - cashless

Warrants exercised - cashless, shares 164,578

Stock-based compensation 96,450 96,450

Net loss (3,068,393) (3,068,393)

Balance at Mar. 31, 2019 $ 34,117,535 1,027,319 (26,034,866) 9,109,988

Balance, shares at Mar. 31, 2019 2,000,000 16,340,378

Balance at Dec. 31, 2019 $ 43,573,529 2,344,751 (38,308,162) 7,610,118

Balance, shares at Dec. 31, 2019 24,436,389

Issuance of common stock for accounts payable $ 56,328 56,328

Issuance of common stock for accounts payable, shares 32,749

Offering costs $ (3,619) (3,619)

Stock-based compensation 304,965 304,965

Net loss (3,594,774) (3,594,774)

Balance at Mar. 31, 2020 $ 43,626,238 $ 2,649,716 $ (41,902,936) $ 4,373,018

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Summary of Significant Accounting Policies
3 Months Ended

Mar. 31, 2020

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 (the "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 March 31, 2020, and the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. Results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. 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, 2019 included in the Company's Annual Report on Form 10-K filed with the SEC on April 14, 2020.

Basis of Presentation

The accounting and reporting policies of the Company conform with GAAP.

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. Significant estimates include those related to the warranty reserve, the net realizable value of inventory, and reserves on inventory.



Fair Value Measurements

The Company's financial instruments consist primarily of cash, convertible notes, debt, and capital lease obligations. 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 March 31, 2020 and December 31, 2019, the Company did not have any level 2 or level 3 instruments.

Inventory

Inventory is stated at the lower of cost (using the first-in, first-out method ("FIFO")) or market value. Inventories consist of purchased electric motors, electrical storage and transmission equipment, and component parts.

March 31, December 31,

2020 2019

Raw materials and component parts $ 4,968,045 $ 3,650,466

Work-in-progress - 25,340

Finished goods 227,494 58,682

Total $ 5,195,539 $ 3,734,488

The Company is required to remit prepayments for purchases of its inventories acquired from overseas vendors. The Company has suffered losses as a result of vendor breaches.



Customer Deposits

Non-refundable customer deposits are comingled with operating funds. Refundable customer deposits are generally held in a separate deposit account. Revenue is not recognized on customer deposits until the deposit is applied to a non-refundable vehicle order, the vehicle manufacturing process is completed, the vehicle is picked up by or delivered to the customer and the appropriate revenue recognition criteria have been met per our policy below.

Deferred Revenue

Deferred revenues represent cash collected in advance of the revenues being earned for deliverables to FUV customers, distributor licensing arrangements and franchise fees.

Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This generally occurs when products are picked up by the customer or a common carrier or, when the FUV is shipped in a Company owned vehicle, when delivery is completed, in accordance with the sales agreement or purchase order, which is when control of the vehicle passes to the customer. The Company's shipping terms are generally F.O.B. shipping point, where title is transferred, and revenue is recognized when the products are shipped to or picked up by customers. Revenues related to distributor licensing arrangements are generally recognized over the term of the agreement, except for specific products and services specified as part of the agreement, for which revenue may be accelerated based on when the earnings process is complete.

Distributor and Franchise fee revenue is recognized over the term of the agreements which is generally 10 years for franchises and four years for distributors. We have determined that any services provided to our franchise partners are not distinct from the franchise rights granted in the franchise agreement and they are combined into a single performance obligation.

Research and Development

Costs relating to research and development ("R&D") are expensed as incurred.

Net Earnings or Loss per Share

The Company's computation of earnings (loss) 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., 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 common stock warrants and common stock options outstanding were anti-dilutive.

At March 31, 2020 and 2019, the Company excluded the outstanding Employee Equity Plans ("EEP") and other securities summarized below, which entitled 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.



March 31,
2020 March 31,
2019

Class C preferred stock - 2,000,000

Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock 431,746 847,378

Underwriters and investors warrants issued outside of an EEP - 103,162

Total 431,746 2,950,540



Recent Accounting Pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02") which supersedes ASC Topic 840, Leases. ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability on their balance sheets for all the leases with terms greater than 12 months. Based on certain criteria, leases will be classified as either financing or operating, with classification affecting the pattern of expense recognition in the income statement. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. In November 2019, the FASB delayed the effective date for Topic 842 to fiscal years beginning after December 15, 2020 for private companies and emerging growth companies, and interim periods within those years, with early adoption permitted. In June 2020, the FASB issued ASU No 2020-05 that further delayed the effective date of Topic 842 to fiscal years beginning after December 15, 2021. We will adopt this new standard on January 1, 2022. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. In July 2018, the FASB issued ASU No. 2018-11, "Leases (Topic 842): Targeted Improvements" that allows entities to apply the provisions of the new standard at the effective date, as opposed to the earliest period presented under the modified retrospective transition approach and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The modified retrospective approach includes a number of optional practical expedients primarily focused on leases that commenced before the effective date of Topic 842, including continuing to account for leases that commence before the effective date in accordance with previous guidance, unless the lease is modified. The Company currently expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon its adoption of Topic 842, which will increase the total assets and total liabilities that the Company reports relative to such amounts prior to adoption.

Adoption of Recent Accounting Pronouncements

In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 removes certain disclosures, modifies others and introduces additional disclosure requirements for entities. The amendments in ASU 2018-13 for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the new standard on January 1, 2020. The adoption did not have a material impact on the Company's financial statements.

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Subsequent Events (Details Textual) - Subsequent Events [Member] - USD ($)
1 Months Ended

Apr. 29, 2020

Apr. 24, 2020

May 05, 2020

Apr. 28, 2020

Apr. 27, 2020

Subsequent Events (Textual)

Non-qualified stock options shares granted 29,666

Exercise price $ 2.19 $ 2.54

Fair value $ 44,956

PPP loan $ 1,068,686

Issued unregistered restricted common shares 10,707

Issued unregistered restricted common price per share $ 2.335

2015 Plan [Member]

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Non-qualified stock options shares granted 13,000

Fair value $ 17,358

2018 Plan [Member]

Subsequent Events (Textual)

Non-qualified stock options shares granted 32,000

Fair value $ 42,728

Former Director [Member]

Subsequent Events (Textual)

Subsequent events, description The Company issued 5,546 shares to a former Director previously reserved as Director deferred compensation under the 2018 Plan.

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Stock-Based Payments (Details) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Stock-based compensation $ 304,965 $ 96,450

Research and development [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Stock-based compensation 53,700 21,008

Cost of goods sold [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Stock-based compensation 66,224

Sales and marketing [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Stock-based compensation 21,157 13,744

General and administrative [Member]

Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]

Stock-based compensation $ 163,884 $ 61,698

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Concentrations
3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

CONCENTRATIONS
NOTE 4: Concentrations

Payables

As of March 31, 2020, and December 31, 2019, the Company had one significant vendor that accounted for more than 10% of the Company's payables balances. As of March 31, 2020, this vendor accounted for 13% of payable balances. The loss of this vendor would not have a significant impact on the Company's operations.

Purchases/Inventory

As of March 31, 2020, and December 31, 2019, the Company had two significant vendors that accounted for more than 10% of the Company's inventory balances. As of March 31, 2020 these vendors accounted for 19% and 32% of inventory balances. As of December 31, 2019, these vendors accounted for 17% and 23% of inventory balances. The loss of these vendors would not have a significant impact on the Company's operations.

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Stockholders' Equity
3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY
NOTE 8: STOCKHOLDERS' EQUITY

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 and 2,000,000 are designated as Class C Preferred Stock.

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 was 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. The Series A-1 Preferred Stock was converted to common stock in July 2017, prior to the Regulation A offering and listing.

As a result of the share exchange agreement described below, the Company issued 2,000,000 shares of Class C Preferred Stock on November 15, 2018 in the exchange noted below. These 2,000,000 shares of Class C Preferred Stock were exchanged back to an equal number of shares of common stock on May 13, 2019, upon the filing of an amendment to the Company's Second Amended and Restated Articles of Incorporation that increased the number of authorized shares of common stock.

Except as otherwise required by law or expressly provided in the Company's Second Amended and Restated Articles of Incorporation, as amended, each share of Class C Preferred Stock has one vote for the election of directors and on all matters submitted to a vote of shareholders of the Company. The Company is not obligated to redeem or repurchase any shares of Class C Preferred Stock. Shares of Class C Preferred Stock are not otherwise entitled to any redemption rights, or mandatory sinking fund or analogous fund provisions.

Common Stock

At the May 11, 2019 annual meeting of shareholders (the "2019 Annual Meeting"), the shareholders approved an increase in the number of authorized common shares from 20,000,000 to 60,000,000, which also triggered the automatic conversion of the 2,000,000 shares of Class C Preferred Stock to common stock described above.

The Company has reserved a total of 3,379,335 shares of its common stock pursuant to the equity incentive plans (see Note 9). The Company has 3,305,520 and 3,293,135 stock units, options and warrants outstanding under these plans as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, the Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.

Common Stock Issued for Compensation

During the three months ended March 31, 2020, the Company issued 32,749 common shares for services with a fair value of $56,328. The shares were valued based on the stock price at the time of the grant when the performance commitment was complete.

Exercise of Stock Options and Warrants

On March 28, 2019, 1,613 employee options were exercised at a price per share of $3.10 for total proceeds to the Company of $5,000. No employee options were exercised for cash during the three months ended March 31, 2020.

During the three months ended March 31, 2019, a total of 117,192 employee options, with exercise prices ranging from $2.0605 to $3.10 per share were exercised in cashless transactions at market prices ranging from $2.864 to $5.212 per share, which was based on the average of the Company's daily closing prices surrounding the transaction dates amounting to the issuance of a total of 53,513 shares of the Company's common stock. No employee options were exercised in cashless transactions during the three months ended March 31, 2020.

During the three months ended March 31, 2019, a total of 200,000 employee warrants, 30,000 with an exercise price of $0.50 per share and 170,000 with an exercise price of $0.9375 per share were exercised in cashless transactions at a market price of $5.212 per share, which was based on the average of the Company's daily closing prices surrounding the transaction dates amounting to the issuance of a total of 164,578 shares of the Company's common stock. No employee warrants were exercised during the three months ended March 31, 2020.



Private Offering of Common Stock

During January and February 2019, the Company entered into Subscription Agreements with four independent investors, pursuant to which the Company issued to the investors a total of 288,333 shares of its common stock, no par value per share, at a purchase price of $3.00 per share, pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").

Private Offering of Common Stock, Warrant and Note

On December 27, 2018, the Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share, at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). The Shares, Warrant and Note were purchased together by the Investor for an aggregate amount of $4.5 million but were issued separately (collectively, the "Transaction").

The Shares were issued for an aggregate purchase price of $1,500,000. In connection with the Share issuance, the Company granted the Investor with franchise rights for the lower Florida Keys, subject to the terms contained in the Company's standard franchise agreement.

The Warrant has a three-year term. The Company reserved 942,857 shares of common stock for issuance pursuant to the potential exercise of the Warrant and, so long as the Warrant remains outstanding, the Company will keep reserved for issuance under the Warrant that number of shares of Common Stock at least equal to the maximum number of shares of common stock as shall be necessary to satisfy the Company's obligation to issue shares of common stock under the Warrant then outstanding (without regard to any limitations on exercise). The warrant was valued based on the Black-Scholes option pricing model using similar inputs to those described in Note 9, other than the contractual life which was based on the term of the warrant. The relative fair value of the warrant in relation to the debt and equity component of the Transaction was $111,374.

The Note is secured by a perfected first secured lien on all of the Company's assets except for equipment assets securing existing or future leases. Interest will accrue at 10% per annum and will be paid at maturity or payoff of the Note, with a minimum of one year of interest paid at such time. The original maturity date of the Note was December 27, 2019 and, on this date, was extended for an additional six months upon payment of $300,000 to the Investor by the Company. In connection with the Note, the Company entered into a Security Agreement, an Intellectual Property Security Agreement and a Collateral Assignment of Lease Agreement, each dated as of December 27, 2018 (collectively, the "Collateral Documents"). The short-term note was recorded with a discount of $322,942 which was amortized as interest expense over the Note's original twelve-month term. The discount was recognized in its entirety in 2019. The discount was based on the allocation of costs and warrants associated with the Transaction. The $300,000 extension fee was recorded as a discount to the note and is being amortized over the six-month extension period. $150,000 was amortized during the three-month period ended March 31, 2020, and $150,000 is remaining to be amortized at March 31, 2020.

On September 12, 2019, the Company entered into an Amended and Restated Subscription Agreement (the "Restated Subscription Agreement") with the Investor, which amended and restated the Subscription Agreement.

Pursuant to the Restated Subscription Agreement and in addition to the issuances under the Subscription Agreement, the Company issued to the Investor a convertible note in the principal amount of $500,000 (the "Convertible Note") for an additional purchase price of $500,000. The Convertible Note matures on September 12, 2020, provided, that the Convertible Note may convert into the Company's common stock at any time at the option of the Investor at a rate of $4.25 per share. In connection with the Restated Subscription Agreement, the Company also granted the Investor franchise rights for the Florida Keys, subject to certain modifications to the terms of the Company's standard franchise agreement including, but not limited to, a right of first refusal for any Company rental franchise in the South Beach Region of Miami Beach, Florida.

The Convertible Note is secured by a perfected first secured lien on all of our assets except those in capital leases described above. In connection with the Subscription Agreement, the Company entered into the Collateral Documents, each of which apply to the Convertible Note pursuant to the Restated Subscription Agreement.

The Convertible Note is included in the New Convertible Notes discussed in Note 7.

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Subsequent Events
3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS
NOTE 12: SUBSEQUENT EVENTS

On April 24, 2020, the Company issued 5,546 shares to a former director previously reserved as director deferred compensation under the 2018 Plan.

On April 27, 2020, the Company granted 29,666 non-qualified stock options under the 2018 Plan. These options had an exercise price of $2.54 per share based on that day's closing price of Arcimoto common stock and were vested on issuance. The total grant date fair value of these options was $44,956.

See below for the range of variables used in assessing the fair value at the grant date for the options issued under the 2018 Plan:

April 27,
2020

Annual dividend yield -

Expected life (years) 6.0

Risk-free interest rate 0.49 %

Expected volatility 67.4 %

On April 28, 2020, the Company was told that it was approved for a PPP loan in the amount of $1,068,686. The loan was funded on May 6, 2020.

On April 29, 2020, the Company issued 10,707 unregistered restricted common shares at a price of $2.335 based on the previous day's closing price of the Company's common stock in payment for materials by a vendor.

On May 5, 2020, the Company granted 13,000 qualified employee stock options under the 2015 Plan and 32,000 qualified employee stock options under the 2018 Plan. These options had an exercise price of $2.19 based on the previous day's closing price of Arcimoto common stock. The options vest on the Company's standard three-year vesting schedule. The total grant date fair value of these options was $17,358 and $42,728 for the 2015 Plan and 2018 Plan, respectively.

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May 5,
2020

Annual dividend yield -

Expected life (years) 6.0

Risk-free interest rate 0.45 %

Expected volatility 69.4 %

On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. See "Litigation" under Note 11.

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Property and Equipment (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Property, Plant and Equipment [Line Items]

Total property and equipment $ 6,061,843 $ 5,862,850

Less: accumulated depreciation (1,337,857) (1,130,306)

Total 4,723,986 4,732,544

Computer equipment and software [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment 77,583 77,583

Furniture and fixtures [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment 46,839 46,839

Machinery and equipment [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment 4,955,167 4,699,383

Leasehold improvements [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment 774,046 774,046

Fixed assets in process [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment $ 208,208 $ 264,999

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Summary of Significant Accounting Policies (Tables)
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of inventory

March 31, December 31,

2020 2019

Raw materials and component parts $ 4,968,045 $ 3,650,466

Work-in-progress - 25,340

Finished goods 227,494 58,682

Total $ 5,195,539 $ 3,734,488

Schedule of earnings per share anti-dilutive

March 31,
2020 March 31,
2019

Class C preferred stock - 2,000,000

Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock 431,746 847,378

Underwriters and investors warrants issued outside of an EEP - 103,162

Total 431,746 2,950,540

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Nature of Operations (Details) - USD ($)
1 Months Ended

Mar. 19, 2020

Mar. 31, 2020

Dec. 31, 2019

Nature of Operations (Textual)

Inventory $ 5,195,539 $ 3,734,488

Prepaid inventory not received $ 1,124,190

Coronavirus, description The Company announced on March 19, 2020, that it will temporarily suspend all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company's recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown.

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Condensed Balance Sheets (Parenthetical) - $ / shares

Mar. 31, 2020

Dec. 31, 2019

Preferred stock, par value

Preferred stock, shares authorized 1,500,000 1,500,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Common stock, par value

Common stock, shares authorized 60,000,000 60,000,000

Common stock, shares issued 24,469,138 24,436,389

Common stock, shares outstanding 24,469,138 24,436,389

Series A-1 preferred stock

Preferred stock, par value

Preferred stock, shares authorized 1,500,000 1,500,000

Preferred stock, shares issued

Preferred stock, shares outstanding

Class C Preferred Stock

Preferred stock, par value

Preferred stock, shares authorized 2,000,000 2,000,000

Preferred stock, shares issued

Preferred stock, shares outstanding

X

- Definition
Face amount per share of no-par value common stock.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockNoParValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
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Nature of Operations
3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [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 later 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 11 years, the Company has developed a revolutionary new vehicle platform designed around the needs of everyday drivers. Its main product is the Fun Utility Vehicle® ("FUV"), the first real, affordable, and fossil-free alternative for the vast majority of daily trips. Compared to the average car, the FUV has dropped 2/3 of the weight and 2/3 of the footprint, in order to bring the joy of ultra-efficient, pure electric driving to the masses.

Risks and Uncertainties

The Company currently has limited production and distribution capabilities. Facilities to manufacture vehicles at limited scale are substantially complete. We started retail production at one FUV per build day and ramped to two per build day in the first quarter of 2020, prior to the COVID-19 production shutdown. Arcimoto also does not have a history of higher-scale production and may encounter delays, flaws, inability to raise sufficient capital, or inefficiencies in the manufacturing process, which may prevent or delay achieving higher-scale production within the anticipated timeline.

Part of the Company's strategy is to use vehicle rentals to generate a positive cash flow from customer test drive activities. As with any strategy, there is the risk that the rental business will not be successful.

As of March 31, 2020, the Company has $5,195,539 in inventory and another $1,124,190 in prepaid inventory not received yet. Certain inventory components are included in prepaid inventory that have long lead times requiring payment in advance.

The Company plans to incur substantial additional expenses marketing its current and future products and services. In addition, the Company will compete with companies that currently have extensive and well-funded marketing and sales operations. The Company's marketing and sales efforts may be unable to compete successfully against these companies.

Further, the Company's business and operations are sensitive to general governmental policy, business and economic conditions in the United States and worldwide. A host of factors beyond the Company's control could cause fluctuations in these conditions. Other developments, including but not limited to economic recessions, import tariffs, trends in vehicle 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'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 products.

On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a "Public Health Emergency of International Concern" and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of COVID-19 include restrictions on travel, quarantines in certain areas, and forced closures for certain types of public places and businesses. COVID-19 and actions taken to mitigate it have had, and are expected to continue to have, an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company operates. While it is unknown how long these conditions will last and what the complete financial effect will be to the Company, to date, the Company announced on March 19, 2020, that it was temporarily suspending all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company's recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown. We expect to retain the furloughed workers after production has resumed. As a result of the shut-down, the first quarter 2020 revenue activities were negatively impacted, and the second quarter 2020 may be negatively impacted based on the length and severity of the pandemic. With some suppliers not currently producing, once the temporary suspension of production is over, we anticipate minimal shortages depending on when suppliers restart production and how fast the Company can ramp up production. This makes it reasonably possible that we are vulnerable to the risk of a near-term severe impact.

Additionally, it is reasonably possible that estimates made in the financial statements have been, or will be, materially and adversely impacted in the near term as a result of these conditions, including the timing and need to raise additional working and operating capital, and the Company's ability to repay debt coming due in June, August, and September 2020. We have applied for Paycheck Protection Program ("PPP") and Economic Injury Disaster Loans ("EIDL") through the Small Business Administration ("SBA") that were made available under the CARES Act passed by Congress in response to the COVID-19 pandemic at the end of March 2020. See Note 12, Subsequent Events, for an update on the receipt of the PPP Loan.

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Capital Lease Obligations
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

CAPITAL LEASE OBLIGATIONS
NOTE 6: CAPITAL LEASE OBLIGATIONS

As of March 31, 2020, the Company has financed a total of approximately $2,321,000 of its capital equipment purchases with monthly payments ranging from $362 to $8,582, repayment terms ranging from 48 to 60 months, and effective interest rates ranging from 4.52% to 9.90%. Total monthly capital lease payments as of March 31, 2020 are $47,267. These lease obligations mature ranging from December 2021 through December 2024 and are secured by approximately $2,903,000 in underlying assets which have approximately $516,000 in accumulated depreciation as of March 31, 2020. The balance of capital lease obligations was approximately $1,575,000 and $1,614,000 as of March 31, 2020 and December 31, 2019, respectively.

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Customer Deposits
3 Months Ended

Mar. 31, 2020

Other Liabilities Disclosure [Abstract]

CUSTOMER DEPOSITS
NOTE 10: CUSTOMER DEPOSITS

The Company has received customer deposits ranging from $100 to $10,100 per vehicle for Retail Series production vehicles and $42,000 per vehicle for Signature Series vehicles for purposes of securing a vehicle production slot. As of March 31, 2020 and December 31, 2019, the Company's balance of deposits received was approximately $648,000 and $794,000, respectively. As of March 31, 2020 and December 31, 2019, $376,424 and $374,524, respectively, of these deposits were refundable upon demand. Deposits are included in current liabilities in the accompanying balance sheets. 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. Customer deposits from related parties total $5,700 and $11,200 as of March 31, 2020 and December 31, 2019, respectively.

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Customer Deposits (Details) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Customer Deposits (Textual)

Deposits received $ 648,424 $ 793,524

Refundable deposits amount 376,424 374,524

Customer deposits from related parties 5,700 $ 11,200

Retail Series Production Vehicles [Member] | Minimum [Member]

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Customer deposits per order 100

Retail Series Production Vehicles [Member] | Maximum [Member]

Customer Deposits (Textual)

Customer deposits per order 10,100

Signature Series Vehicles [Member]

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Customer deposits per order $ 42,000

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Notes Payable (Details) - USD ($)
1 Months Ended 3 Months Ended

Oct. 31, 2019

Aug. 14, 2019

Jul. 31, 2019

Jul. 15, 2019

Dec. 27, 2018

Mar. 31, 2020

Dec. 31, 2019

Sep. 27, 2019

Sep. 12, 2019

Notes Payable (Textual)

Description of note convertible The Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2.664. The Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962. (i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note").

Face Amount $ 600,000 $ 600,000 $ 1,350,000 $ 500,000

Price per share $ 4.25 $ 4.25 $ 3.00 $ 4.25

Descriptions of subscription agreement The Company entered into subscription agreements (each a "Subscription Agreement" and, collectively, the "Subscription Agreements"), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a "Note" and, collectively, the "Notes"). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the "Maturity Date"): in (a) cash, (b) the Company's common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company's common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder.

Accrued interest $ 48,972

Convertible promissory notes $ 648,972 $ 841,305 $ 837,557

Unamortized discount 6,760 $ 15,000

Annual rate of notes payable 10.00%

Notes payable to related parties $ 800,000

Accrued interest expense excluding discount amortization 12,953

Discount amortization 3,750

Subscription Agreement [Member]

Notes Payable (Textual)

Accrued interest expense excluding discount amortization $ 51,978

Warrant [Member]

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Price per share $ 3.50

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Condensed Balance Sheets (Unaudited) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents $ 1,889,717 $ 5,832,489

Accounts receivable, net 16,225 244,450

Inventory 5,195,539 3,734,488

Prepaid inventory 1,124,190 1,194,695

Other current assets 617,537 665,079

Total current assets 8,843,208 11,671,201

Property and equipment, net 4,723,986 4,732,544

Security deposits 89,088 41,988

Total assets 13,656,282 16,445,733

Current liabilities:

Accounts payable 1,026,198 339,835

Accrued liabilities 765,658 816,013

Customer deposits 648,424 793,524

Current portion of capital lease obligations 454,711 433,967

Convertible notes payable, related parties 1,150,907 1,150,907

Convertible notes payable, net of discount 841,305 837,557

Notes payable, net of discount 3,014,591 3,032,438

Current portion of warranty reserve 84,344 90,000

Current portion of deferred revenue 19,500 31,174

Total current liabilities 8,005,638 7,525,415

Warranty reserve 71,530 45,000

Long-term capital lease obligations, net of current portion 1,120,596 1,179,700

Long-term deferred revenue 85,500 85,500

Total long-term liabilities 1,277,626 1,310,200

Total liabilities 9,283,264 8,835,615

Commitments and contingencies (Note 11)

Stockholders' equity:

Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

Common stock, no par value, 60,000,000 authorized, 24,469,138 and 24,436,389 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively. 43,626,238 43,573,529

Additional paid-in capital 2,649,716 2,344,751

Accumulated deficit (41,902,936) (38,308,162)

Total stockholders' equity 4,373,018 7,610,118

Total liabilities and stockholders' equity 13,656,282 16,445,733

Series A-1 preferred stock

Stockholders' equity:

Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

Total stockholders' equity

Class C Preferred Stock

Stockholders' equity:

Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively

Total stockholders' equity

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XML 46 R6.htm IDEA: XBRL DOCUMENT v3.20.1

Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

OPERATING ACTIVITIES

Net loss $ (3,594,774) $ (3,068,393)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 207,551 171,387

Amortization of debt discount 153,748 80,731

Stock-based compensation 304,965 96,450

Changes in operating assets and liabilities:

Accounts receivable 228,225 (4,167)

Inventory (1,461,051) (861,717)

Prepaid inventory 70,505

Other current assets 47,542 (492,056)

Accounts payable 742,691 (320,236)

Accrued liabilities (50,355) 15,992

Customer deposits (145,100) 422,200

Warranty reserve 20,874

Deferred revenue (11,674)

Net cash used in operating activities (3,486,853) (3,959,809)

INVESTING ACTIVITIES

Purchases of property and equipment (129,253) (23,828)

Proceeds from sale of property and equipment 41,680

Security deposits (47,100)

Net cash (used in) provided by investing activities (176,353) 17,852

FINANCING ACTIVITIES

Proceeds from sale of common stock 4,264,999

Proceeds from the exercise of stock options 5,000

Payment of offering costs (3,619) (255,202)

Payment of capital lease obligations (108,100) (92,665)

Repayment of notes payable (167,847)

Net cash (used in) provided by financing activities (279,566) 3,922,132

Net cash decrease for period (3,942,772) (19,825)

Cash at beginning of period 5,832,489 4,903,019

Cash at end of period 1,889,717 4,883,194

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for interest 42,015 36,984

Cash paid during the period for income taxes 150

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Portion of equipment acquired through capital leases 69,740 88,850

Stock issued for payment of accounts payable 56,328

Equipment purchases in accounts payable $ 4,200

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Notes Payable
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

NOTES PAYABLE
NOTE 7: NOTES PAYABLE



On December 27, 2018, the Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). See Note 8 for additional details. On September 12, 2019, the Company issued an additional $500,000 note ("additional Note") to the Investor, net of $15,000 discount. The additional Note principal plus accrued interest is convertible into the Company's common stock at a conversion price per share of $4.25. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $12,953. The discount amortized for the three-month period ended March 31, 2020 was $3,750. There was no such interest expense for the three-month period ended March 31, 2019.

During July 2019, the Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962.

During October 2019, the Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2,664.

Between July 11, 2019 and July 15, 2019, the Company entered into subscription agreements (each a "Subscription Agreement" and, collectively, the "Subscription Agreements"), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a "Note" and, collectively, the "Notes"). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the "Maturity Date"): in (a) cash, (b) the Company's common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company's common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder. On August 14, 2019, the $600,000 in principal and accrued interest of $48,972 on the Notes were exchanged into $648,972 in principal amount of convertible promissory notes ("New Notes"). The principal amount of the New Notes is due and payable on the one- year anniversary of the date of the New Notes in (a) cash or (b) the Company's common stock at a price of $4.25 per share, at the election of the holder of the New Notes. Interest on the New Notes accrues at an annual rate of 10%, compounded monthly. Between August 14, 2019 and September 27, 2019, the Company issued additional notes with the New Notes terms in the original principal amount of $1,350,000, which includes the previously mentioned convertible note, of which $800,000 was to related parties. The Company may prepay the indebtedness at any time. The unamortized discount as of March 31, 2020 was $6,760. Accrued interest expense excluding the discount amortization for the three-month period ended March 31, 2020 was $51,978.

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Commitments and Contingencies
3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES
NOTE 11: COMMITMENTS AND CONTINGENCIES

Litigation

On March 11, 2018, the Company was served with a lawsuit entitled John R Switzer vs W.R. Hambrecht & Co. LLC et al., Case Number: CGC-18-564904, filed in San Francisco County Superior Court in the State of California. In this action, the Company was named as a defendant along with five individuals who were directors and/or executive officers at the time of the completion of the Company's Regulation A offering on September 21, 2017. The action was styled as a putative class action, alleged on behalf of all those who purchased the Company's common stock in its Regulation A offering. The plaintiff alleged violations of Section 12(a)(2) and Section 15 of the Securities Act, and is seeking damages in an unspecified amount to be proven at trial. In addition, on March 28, 2018, the Company was served with another lawsuit entitled Jay Mendelson v. Arcimoto, Inc. et al., Case Number CGC-18-565324, filed in San Francisco County Superior Court in the State of California. In that action, which was styled as a putative class action, the Company was also named as a defendant along with the same individuals who were directors and/or executive officers at the time of the completion of our Regulation A offering on September 21, 2017. The allegations and claims made in the Mendelson action were substantially similar to those of the Switzer action and the plaintiff was also seeking damages in an unspecified amount to be proven at trial. The two actions were consolidated into a single lawsuit on May 28, 2018. The Company believes that the consolidated lawsuit was without merit and vigorously defended itself against these claims in court. On July 30, 2018, counsel for the Company filed a demurrer to the consolidated complaint, seeking its dismissal. By Order dated September 19, 2018, the San Francisco Court sustained in part and denied in part the demurrer. On September 28, 2018, plaintiffs in that case filed a First Amended Consolidated Complaint. The Company denied the substantive claims and allegations made in that amended pleading and continued to assert a vigorous defense. On January 25, 2019, the parties reached a settlement agreement in the consolidated cases, subject to court approval. The parties to the lawsuit have filed a motion with the court seeking approval of the settlement agreement. On June 5, 2020, the Court signed the Order Granting Final Approval of Class Action Settlement. By its terms, the settlement agreement resolves this litigation in its entirety.

On March 6, 2020, the Company filed a complaint ("the Complaint") against Ayro, Inc. ("Ayro"), accusing Ayro of patent infringement in Federal District Court for the Western District of Texas, Waco Division (Case No. 6:20-cv-00176-ADA) ("the Ayro Litigation"). In the Complaint, Arcimoto alleges that Ayro's 311 two-seater electric vehicles infringe U.S. Patent 8,985,255 (the "255 Patent"). The Complaint asks for monetary damages and enhanced damages due to willful infringement of the 255 Patent by Ayro. On March 27, 2020, Ayro answered the Complaint, denying liability and asserting counterclaims of noninfringement and patent invalidity. The Court had a telephonic Scheduling

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Stock-Based Payments (Details Textual) - USD ($)
3 Months Ended 12 Months Ended

Apr. 21, 2020

Mar. 31, 2020

May 12, 2019

Mar. 31, 2019

Dec. 31, 2019

Feb. 12, 2019

Stock-Based Payments (Textual)

Stock-based compensation $ 304,965 $ 96,450

Stock units 46,584 28,673

Stock price $ 1.15 $ 1.61

Expenses $ 53,572

2018 Omnibus Stock Incentive Plan [Member]

Stock-Based Payments (Textual)

Remaining reserve of shares of common stock under plan 60,437

Stock-based compensation $ 167,905 69,304

Options authorized 1,000,000

Options issued 75,257

Strike price $ 1.72

Compensation cost related to non-vested awards issued $ 1,416,697

Additional shares of common stock 1,000,000 32,749

Fair value of options $ 99,735 $ 56,328

2015 Stock Incentive Plan [Member]

Stock-Based Payments (Textual)

Total compensation cost related to non-vested awards $ 184,838

Total shares issued 801,342

Options issued 13,377

Employee stock-based compensation expense $ 37,325 $ 27,146

2012 Employee Stock Benefit Plan [Member]

Stock-Based Payments (Textual)

Warrants issued and outstanding, shares of company common stock 658,316

Warrant issued 1

Total shares issued 1,000,000

2012 Employee Stock Benefit Plan [Member] | Minimum [Member]

Stock-Based Payments (Textual)

Warrants expire term 10 years

2012 Employee Stock Benefit Plan [Member] | Maximum [Member]

Stock-Based Payments (Textual)

Warrants expire term 15 years

Subsequent Events [Member] | 2018 Omnibus Stock Incentive Plan [Member] | Minimum [Member]

Stock-Based Payments (Textual)

Additional shares of common stock 2,000,000

Subsequent Events [Member] | 2018 Omnibus Stock Incentive Plan [Member] | Maximum [Member]

Stock-Based Payments (Textual)

Additional shares of common stock 4,000,000

Board of Directors [Member]

Stock-Based Payments (Textual)

Expenses $ 46,163

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Capital Lease Obligations (Details) - USD ($)
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Capital Lease Obligations (Textual)

Purchase of capital equipment $ 2,321,000

Lease obligations maturity, description These lease obligations mature ranging from December 2021 through December 2024.

Capital lease obligations $ 1,575,000 $ 1,614,000

Underlying assets 2,903,000

Accumulated depreciation 516,000

Capital lease payments 47,267

Minimum [Member]

Capital Lease Obligations (Textual)

Purchase of capital equipment $ 362

Repayment financial term 48 months

Effective interest rates 4.52%

Maximum [Member]

Capital Lease Obligations (Textual)

Purchase of capital equipment $ 8,582

Repayment financial term 60 months

Effective interest rates 9.90%

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Furniture and fixtures 46,839 46,839

Machinery and equipment 4,955,167 4,699,383

Leasehold improvements 774,046 774,046

Fixed assets in process 208,208 264,999

6,061,843 5,862,850

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Mar. 31, 2020

Dec. 31, 2019

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Raw materials and component parts $ 4,968,045 $ 3,650,466

Work-in-progress 25,340

Finished goods 227,494 58,682

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Property and Equipment (Details Textual) - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Property and Equipment (Textual)

Depreciation expense $ 207,500 $ 171,000

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Subsequent Events (Details) - Subsequent Events [Member] - $ / shares		1 Months Ended
	May 05, 2020	Apr. 27, 2020
Annual dividend yield
Expected life (years)	6 years	6 years
Risk-free interest rate	0.45%	0.49%
Expected volatility	69.40%	67.40%

Stockholders' Equity (Details) - USD ($)					1 Months Ended				3 Months Ended
Stockholders' Equity (Details) - USD ($)	May 13, 2019	May 11, 2019	Dec. 27, 2018	Nov. 15, 2018	Sep. 12, 2019	Mar. 28, 2019	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Sep. 27, 2019	Aug. 14, 2019	Jul. 15, 2019
Stockholders' Equity (Textual)
Preferred stock, shares authorized									1,500,000		1,500,000
Preferred stock, par value
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized									60,000,000		60,000,000
Warrant expiration period									5 years 6 months
Restricted common shares fair value									$ 56,328
Description of subscription agreement			The Company entered into a Subscription Agreement (the "Subscription Agreement") with FOD Capital, LLC, a Florida limited liability company (the "Investor"), pursuant to which the Company issued to the Investor (i) 500,000 shares of its common stock, no par value per share, at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note"). The Shares, Warrant and Note were purchased together by the Investor for an aggregate amount of $4.5 million but were issued separately (collectively, the "Transaction").
Purchase price of shares			$ 1,500,000
Warrant term			3 years
Accrued interest			10.00%
Note matures			Dec. 27, 2019
Fair value of warrants			$ 111,374
Original issue discount									322,942
Extension fee			$ 300,000						300,000
Face Amount					$ 500,000							$ 1,350,000	$ 600,000	$ 600,000
Remaining discount									$ 150,000
Services [Member]
Stockholders' Equity (Textual)
Issue of restricted common shares									32,749
Share Exchange Agreement [Member]
Stockholders' Equity (Textual)
Issuance of common stock shares	2,000,000			2,000,000
Subscription Agreement [Member]
Stockholders' Equity (Textual)
Issue of public offering common stock shares							288,333	288,333
Exercised at a price per share							$ 3.00	$ 3.00
Subscription Agreement [Member] \| Convertible Note [Member]
Stockholders' Equity (Textual)
Common stock, par value					$ 4.25
Note matures					Sep. 12, 2020
Face Amount					$ 500,000
Employee Options [Member]
Stockholders' Equity (Textual)
Employee options exercised						1,613
Exercised at a price per share						$ 3.10
Total proceeds stock option amount						$ 5,000
Common Stock [Member]
Stockholders' Equity (Textual)
Reserved common stock pursuant to the equity incentive plans									3,379,335
Stock options and warrants outstanding									3,305,520		3,293,135
Employee options exercised										117,192
Employee warrants										200,000
Warrant exercise price										$ 0.50
Issuance of shares										164,578
Additional issuance of warrants									2,608,261
Issue of restricted common shares									32,749
Restricted common shares fair value									$ 56,328
Description of reserved an additional warrants									The Company has reserved an additional 2,608,261 shares of its common stock for warrants and convertible notes pursuant to the Subscription Agreement discussed above.
Common Stock [Member] \| Subscription Agreement [Member]
Stockholders' Equity (Textual)
Common stock for delivery under the plan									942,857
Common Stock [Member] \| Employee Options [Member]
Stockholders' Equity (Textual)
Issuance of shares										53,513
Common Stock [Member] \| Minimum [Member]
Stockholders' Equity (Textual)
Market price, per share										$ 2.0605
Common Stock [Member] \| Maximum [Member]
Stockholders' Equity (Textual)
Market price, per share										$ 3.10
Common Stock One [Member]
Stockholders' Equity (Textual)
Employee warrants										30,000
Warrant exercise price										$ 0.50
Common Stock One [Member] \| Minimum [Member]
Stockholders' Equity (Textual)
Market price, per share										2.864
Common Stock One [Member] \| Maximum [Member]
Stockholders' Equity (Textual)
Market price, per share										$ 5.212
Common Stock Two [Member]
Stockholders' Equity (Textual)
Employee warrants										170,000
Warrant exercise price										$ 0.9375
Market price, per share										$ 5.212
Series A-1 Preferred Stock
Stockholders' Equity (Textual)
Preferred stock, shares authorized									1,500,000		1,500,000
Preferred stock, shares designated									1,500,000		1,500,000
Preferred stock, par value
Preferred stock, shares issued
Preferred stock, shares outstanding
Conversion provisions upon an initial public offering									$ 15,000,000
Issue of restricted common shares
Restricted common shares fair value
Class C Preferred Stock
Stockholders' Equity (Textual)
Preferred stock, shares authorized									2,000,000		2,000,000
Preferred stock, shares designated									2,000,000		2,000,000
Preferred stock, par value
Preferred stock, shares issued
Preferred stock, shares outstanding
Issue of restricted common shares
Restricted common shares fair value
Class C Preferred Stock \| Common Stock [Member]
Stockholders' Equity (Textual)
Conversion of common stock shares		2,000,000
Class C Preferred Stock \| Common Stock [Member] \| Minimum [Member]
Stockholders' Equity (Textual)
Common stock, shares authorized		20,000,000
Class C Preferred Stock \| Common Stock [Member] \| Maximum [Member]
Stockholders' Equity (Textual)
Common stock, shares authorized		60,000,000

Concentrations (Details) - Vendor	3 Months Ended	12 Months Ended
Concentrations (Details) - Vendor	Mar. 31, 2020	Dec. 31, 2019
Payables [Member]
Concentrations (Textual)
Number of vendor	1
Concentration risk percentage	10.00%	10.00%
Concentration risk, description	This vendor accounted for 13% of payable balances.
Purchases/Inventory [Member]
Concentrations (Textual)
Number of vendor	2	3
Concentration risk percentage	10.00%	10.00%
Concentration risk, description	These vendors accounted for 19% and 32% of inventory balances.	These vendors accounted for 17% and 23% of inventory balances.

Summary of Significant Accounting Policies (Details 1) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Significant Accounting Policies [Line Items]
Total	431,746	2,950,540
Underwriters and investors warrants issued outside of an EEP [Member]
Summary of Significant Accounting Policies [Line Items]
Total		103,162
Options and other instruments under the 2012, 2015 and 2018 Plans to purchase common stock [Member]
Summary of Significant Accounting Policies [Line Items]
Total	431,746	847,378
Class C preferred stock [Member]
Summary of Significant Accounting Policies [Line Items]
Total		2,000,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Jun. 10, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Arcimoto Inc
Entity Central Index Key	0001558583
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Current reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity shell Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		24,485,391
Entity File Number	001-38213
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	OR

Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Class C Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018		$ 30,102,738	$ 930,869	$ (22,966,473)	$ 8,067,134
Balance, shares at Dec. 31, 2018	2,000,000	15,032,341
Issuance of common stock for cash		$ 4,264,999			4,264,999
Issuance of common stock for cash, shares		1,088,333
Exercise of stock options		$ 5,000			5,000
Exercise of stock options, shares		1,613
Offering costs		$ (255,202)			(255,202)
Stock options exercised - cashless
Stock options exercised - cashless, shares		53,513
Warrants exercised - cashless
Warrants exercised - cashless, shares		164,578
Stock-based compensation			96,450		96,450
Net loss				(3,068,393)	(3,068,393)
Balance at Mar. 31, 2019		$ 34,117,535	1,027,319	(26,034,866)	9,109,988
Balance, shares at Mar. 31, 2019	2,000,000	16,340,378
Balance at Dec. 31, 2019		$ 43,573,529	2,344,751	(38,308,162)	7,610,118
Balance, shares at Dec. 31, 2019		24,436,389
Issuance of common stock for accounts payable		$ 56,328			56,328
Issuance of common stock for accounts payable, shares		32,749
Offering costs		$ (3,619)			(3,619)
Stock-based compensation			304,965		304,965
Net loss				(3,594,774)	(3,594,774)
Balance at Mar. 31, 2020		$ 43,626,238	$ 2,649,716	$ (41,902,936)	$ 4,373,018
Balance, shares at Mar. 31, 2020		24,469,138

Subsequent Events (Details Textual) - Subsequent Events [Member] - USD ($)	1 Months Ended
	Apr. 29, 2020	Apr. 24, 2020	May 05, 2020	Apr. 28, 2020	Apr. 27, 2020
Subsequent Events (Textual)
Non-qualified stock options shares granted					29,666
Exercise price			$ 2.19		$ 2.54
Fair value					$ 44,956
PPP loan				$ 1,068,686
Issued unregistered restricted common shares	10,707
Issued unregistered restricted common price per share	$ 2.335
2015 Plan [Member]
Subsequent Events (Textual)
Non-qualified stock options shares granted			13,000
Fair value			$ 17,358
2018 Plan [Member]
Subsequent Events (Textual)
Non-qualified stock options shares granted			32,000
Fair value			$ 42,728
Former Director [Member]
Subsequent Events (Textual)
Subsequent events, description		The Company issued 5,546 shares to a former Director previously reserved as Director deferred compensation under the 2018 Plan.

Stock-Based Payments (Details) - USD ($)	3 Months Ended
Stock-Based Payments (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 304,965	$ 96,450
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	53,700	21,008
Cost of goods sold [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	66,224
Sales and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	21,157	13,744
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 163,884	$ 61,698

Property and Equipment (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,061,843	$ 5,862,850
Less: accumulated depreciation	(1,337,857)	(1,130,306)
Total	4,723,986	4,732,544
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	77,583	77,583
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	46,839	46,839
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	4,955,167	4,699,383
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	774,046	774,046
Fixed assets in process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 208,208	$ 264,999

Nature of Operations (Details) - USD ($)	1 Months Ended
Nature of Operations (Details) - USD ($)	Mar. 19, 2020	Mar. 31, 2020	Dec. 31, 2019
Nature of Operations (Textual)
Inventory		$ 5,195,539	$ 3,734,488
Prepaid inventory not received		$ 1,124,190
Coronavirus, description	The Company announced on March 19, 2020, that it will temporarily suspend all production of the Fun Utility Vehicle at its U.S. factory located in Eugene, Oregon in response to the rapidly evolving COVID-19 pandemic. The date to restart production will evolve with the COVID-19 pandemic. The Company will maintain a work-from-home staff to push forward critical operations, including compliance and reporting, research and development, customer service, and deployment of the Company's recently-launched Rapid Responder and Deliverator pilot vehicles to key potential fleet operators. As part of this suspension of production, the Company furloughed approximately 67% of its workforce with the remaining individuals continuing to work full or part time, which will result in meaningful cost reductions during the period of shutdown.

Customer Deposits (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Customer Deposits (Textual)
Deposits received	$ 648,424	$ 793,524
Refundable deposits amount	376,424	374,524
Customer deposits from related parties	5,700	$ 11,200
Retail Series Production Vehicles [Member] \| Minimum [Member]
Customer Deposits (Textual)
Customer deposits per order	100
Retail Series 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

Notes Payable (Details) - USD ($)					1 Months Ended	3 Months Ended
Notes Payable (Details) - USD ($)	Oct. 31, 2019	Aug. 14, 2019	Jul. 31, 2019	Jul. 15, 2019	Dec. 27, 2018	Mar. 31, 2020	Dec. 31, 2019	Sep. 27, 2019	Sep. 12, 2019
Notes Payable (Textual)
Description of note convertible	The Company financed $320,467 in insurance payments after a $80,117 down payment at an annual interest rate of 4.95% and monthly payments of $36,346 for nine months. Interest expense for the three-month period ended March 31, 2020 was $2.664.		The Company financed $182,430 in insurance payments after a $45,608 down payment at an annual interest rate of 6.25% and monthly payments of $20,802 for nine months. Interest expense for the three-month period ended March 31, 2020 was $962.		(i) 500,000 shares of its common stock, no par value per share at a purchase price of $3.00 per share (the "Shares"), (ii) a warrant to purchase up to 942,857 shares of common stock at $3.50 per share (the "Warrant"), and (iii) a senior secured note in the principal amount of $3,000,000 (the "Note").
Face Amount		$ 600,000		$ 600,000				$ 1,350,000	$ 500,000
Price per share		$ 4.25		$ 4.25	$ 3.00				$ 4.25
Descriptions of subscription agreement				The Company entered into subscription agreements (each a "Subscription Agreement" and, collectively, the "Subscription Agreements"), pursuant to which the Company issued notes in original principal amount of $600,000 (U.S.) (each a "Note" and, collectively, the "Notes"). Of the $600,000 Notes issued $325,000 were to related parties. The principal amount due under each Note was due and payable on the two-month anniversary of the date of each Note (the "Maturity Date"): in (a) cash, (b) the Company's common stock (valued at a price of $4.25 per share) or (c) in the event the Company issues convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by such third parties; in each case at the election of the holder of the Note. Each Note also bore interest, payable at the Maturity Date, equal to $100,000 multiplied by the remainder of (i) the amount of the Note divided by (ii) $600,000. Interest was payable on each Note in: (a) the Company's common stock (valued at $4.25 per share) or (b) in the event the Company issued convertible promissory notes to third parties before the Maturity Date, in a convertible promissory note on the same terms as purchased by the third parties; in each case at the election of the holder.
Accrued interest		$ 48,972
Convertible promissory notes		$ 648,972				$ 841,305	$ 837,557
Unamortized discount						6,760			$ 15,000
Annual rate of notes payable		10.00%
Notes payable to related parties								$ 800,000
Accrued interest expense excluding discount amortization						12,953
Discount amortization						3,750
Subscription Agreement [Member]
Notes Payable (Textual)
Accrued interest expense excluding discount amortization						$ 51,978
Warrant [Member]
Notes Payable (Textual)
Price per share					$ 3.50

Condensed Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,889,717	$ 5,832,489
Accounts receivable, net	16,225	244,450
Inventory	5,195,539	3,734,488
Prepaid inventory	1,124,190	1,194,695
Other current assets	617,537	665,079
Total current assets	8,843,208	11,671,201
Property and equipment, net	4,723,986	4,732,544
Security deposits	89,088	41,988
Total assets	13,656,282	16,445,733
Current liabilities:
Accounts payable	1,026,198	339,835
Accrued liabilities	765,658	816,013
Customer deposits	648,424	793,524
Current portion of capital lease obligations	454,711	433,967
Convertible notes payable, related parties	1,150,907	1,150,907
Convertible notes payable, net of discount	841,305	837,557
Notes payable, net of discount	3,014,591	3,032,438
Current portion of warranty reserve	84,344	90,000
Current portion of deferred revenue	19,500	31,174
Total current liabilities	8,005,638	7,525,415
Warranty reserve	71,530	45,000
Long-term capital lease obligations, net of current portion	1,120,596	1,179,700
Long-term deferred revenue	85,500	85,500
Total long-term liabilities	1,277,626	1,310,200
Total liabilities	9,283,264	8,835,615
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Common stock, no par value, 60,000,000 authorized, 24,469,138 and 24,436,389 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	43,626,238	43,573,529
Additional paid-in capital	2,649,716	2,344,751
Accumulated deficit	(41,902,936)	(38,308,162)
Total stockholders' equity	4,373,018	7,610,118
Total liabilities and stockholders' equity	13,656,282	16,445,733
Series A-1 preferred stock
Stockholders' equity:
Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Total stockholders' equity
Class C Preferred Stock
Stockholders' equity:
Preferred Stock, no par value, 1,500,000 authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Total stockholders' equity

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net loss	$ (3,594,774)	$ (3,068,393)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	207,551	171,387
Amortization of debt discount	153,748	80,731
Stock-based compensation	304,965	96,450
Changes in operating assets and liabilities:
Accounts receivable	228,225	(4,167)
Inventory	(1,461,051)	(861,717)
Prepaid inventory	70,505
Other current assets	47,542	(492,056)
Accounts payable	742,691	(320,236)
Accrued liabilities	(50,355)	15,992
Customer deposits	(145,100)	422,200
Warranty reserve	20,874
Deferred revenue	(11,674)
Net cash used in operating activities	(3,486,853)	(3,959,809)
INVESTING ACTIVITIES
Purchases of property and equipment	(129,253)	(23,828)
Proceeds from sale of property and equipment		41,680
Security deposits	(47,100)
Net cash (used in) provided by investing activities	(176,353)	17,852
FINANCING ACTIVITIES
Proceeds from sale of common stock		4,264,999
Proceeds from the exercise of stock options		5,000
Payment of offering costs	(3,619)	(255,202)
Payment of capital lease obligations	(108,100)	(92,665)
Repayment of notes payable	(167,847)
Net cash (used in) provided by financing activities	(279,566)	3,922,132
Net cash decrease for period	(3,942,772)	(19,825)
Cash at beginning of period	5,832,489	4,903,019
Cash at end of period	1,889,717	4,883,194
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	42,015	36,984
Cash paid during the period for income taxes		150
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Portion of equipment acquired through capital leases	69,740	88,850
Stock issued for payment of accounts payable	56,328
Equipment purchases in accounts payable		$ 4,200

Stock-Based Payments (Details Textual) - USD ($)		3 Months Ended			12 Months Ended
Stock-Based Payments (Details Textual) - USD ($)	Apr. 21, 2020	Mar. 31, 2020	May 12, 2019	Mar. 31, 2019	Dec. 31, 2019	Feb. 12, 2019
Stock-Based Payments (Textual)
Stock-based compensation		$ 304,965		$ 96,450
Stock units		46,584			28,673
Stock price		$ 1.15			$ 1.61
Expenses		$ 53,572
2018 Omnibus Stock Incentive Plan [Member]
Stock-Based Payments (Textual)
Remaining reserve of shares of common stock under plan		60,437
Stock-based compensation		$ 167,905		69,304
Options authorized		1,000,000
Options issued		75,257
Strike price						$ 1.72
Compensation cost related to non-vested awards issued		$ 1,416,697
Additional shares of common stock		1,000,000	32,749
Fair value of options		$ 99,735				$ 56,328
2015 Stock Incentive Plan [Member]
Stock-Based Payments (Textual)
Total compensation cost related to non-vested awards		$ 184,838
Total shares issued		801,342
Options issued		13,377
Employee stock-based compensation expense		$ 37,325		$ 27,146
2012 Employee Stock Benefit Plan [Member]
Stock-Based Payments (Textual)
Warrants issued and outstanding, shares of company common stock		658,316
Warrant issued		1
Total shares issued		1,000,000
2012 Employee Stock Benefit Plan [Member] \| Minimum [Member]
Stock-Based Payments (Textual)
Warrants expire term		10 years
2012 Employee Stock Benefit Plan [Member] \| Maximum [Member]
Stock-Based Payments (Textual)
Warrants expire term		15 years
Subsequent Events [Member] \| 2018 Omnibus Stock Incentive Plan [Member] \| Minimum [Member]
Stock-Based Payments (Textual)
Additional shares of common stock	2,000,000
Subsequent Events [Member] \| 2018 Omnibus Stock Incentive Plan [Member] \| Maximum [Member]
Stock-Based Payments (Textual)
Additional shares of common stock	4,000,000
Board of Directors [Member]
Stock-Based Payments (Textual)
Expenses					$ 46,163

Capital Lease Obligations (Details) - USD ($)	3 Months Ended
Capital Lease Obligations (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Capital Lease Obligations (Textual)
Purchase of capital equipment	$ 2,321,000
Lease obligations maturity, description	These lease obligations mature ranging from December 2021 through December 2024.
Capital lease obligations	$ 1,575,000	$ 1,614,000
Underlying assets	2,903,000
Accumulated depreciation	516,000
Capital lease payments	47,267
Minimum [Member]
Capital Lease Obligations (Textual)
Purchase of capital equipment	$ 362
Repayment financial term	48 months
Effective interest rates	4.52%
Maximum [Member]
Capital Lease Obligations (Textual)
Purchase of capital equipment	$ 8,582
Repayment financial term	60 months
Effective interest rates	9.90%

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Raw materials and component parts	$ 4,968,045	$ 3,650,466
Work-in-progress		25,340
Finished goods	227,494	58,682
Total inventory	$ 5,195,539	$ 3,734,488

Property and Equipment (Details Textual) - USD ($)	3 Months Ended
Property and Equipment (Details Textual) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Property and Equipment (Textual)
Depreciation expense	$ 207,500	$ 171,000