Deposits and Other Current Assets

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deposits and other current assets consist of the following (dollars in thousands):


Deposits:	March 31, 2023		December 31, 2022
Deposits for research and development, prototype and production parts, and other	$	52,436	$	23,617
Deposits for goods and services yet to be received (“Future Work”)	2,969		3,187
Total deposits	$	55,405	$	26,804

Other current assets:
Prepaid expenses	$	9,121	$	14,437
Inventory	4,049		3,598
Other current assets	1,547		3,052
Total other current assets	$	14,717	$	21,087

During the three months ended March 31, 2023, the Company made deposits for research and developments (“R&D”) services, prototype parts, and other with its vendors, which support the Company’s ongoing R&D efforts and operations. The Company expenses deposits as the services are provided and prototype parts are received. In addition, during the three months ended March 31, 2023, the Company made deposits for inventory and property and equipment items which are classified out of Deposits upon receipt of title.

In July 2022, the Company entered into an annual insurance policy for its directors and officers (“D&O Policy”), which required it to make a prepayment in the amount of $21,732, of which $5,433 was amortized to General and administrative expenses in the unaudited Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for three months ended March 31, 2023.