XML 39 R11.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Deposits and Other Current Assets
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deposits and Other Current Assets Deposits and Other Current Assets
Deposits and other current assets consists of the following as of December 31 (dollars in thousands):
(in thousands)20232022
Deposits
Deposits for research and development, prototype and production parts, and other$28,609 $40,879 
Deposits for goods and services yet to be received (“Future Work”)2,773 3,187 
Total deposits$31,382 $44,066 
Other current assets20232022
Prepaid expenses$13,309 $14,437 
Other current assets8,412 $3,052 
Total other current assets$21,721 $17,489 

Deposits for R&D, prototype and production parts, and other are recognized and reported as R&D expenses in the Consolidated Statement of Operations and Comprehensive Loss when services are provided or as prototype parts are received. In addition, during the years ended December 31, 2023 and 2022, the Company made deposits for inventory and property and equipment items which are classified out of Deposits upon receipt of title.
Prepaid expenses primarily consist of software subscriptions and insurance, and Other current assets includes certain deferred expenses. As of December 31, 2023 and 2022, Other current assets also includes an insurance receivable relating to a legal settlement with a corresponding liability recognized in Accrued expenses and other current liabilities.