Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

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v3.19.3
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9 Months Ended
Sep. 30, 2019
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15.Segmented information

The Company operates in two reportable business segments in Canada.

The two reportable business segments offer different products, require different production processes, and are based on how the financial information is produced internally for the purposes of making operating decisions. The following summary describes the operations of each of the Company’s reportable business segments:

·

Electric Vehicles – development and manufacture of electric vehicles for mass markets, and

·

Custom build vehicles – development and manufacture of high-end custom-built vehicles.

Sales between segments are accounted for at prices that approximate fair value. No business segments have been aggregated to form the above reportable business segments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

 

Three Months Ended September 30, 2018

 

 

 

 

 

Custom Built

 

 

 

 

Custom Built

 

    

Electric Vehicles

    

Vehicles

    

Electric Vehicles

    

Vehicles

Revenue

 

$

 —

 

$

200,068

 

$

 —

 

$

189,902

Gross profit

 

 

 —

 

 

65,598

 

 

 —

 

 

49,807

Operating expenses

 

 

7,742,592

 

 

128,115

 

 

3,863,883

 

 

111,364

Other items

 

 

(2,475,303)

 

 

10,709

 

 

(1,038,235)

 

 

3,115

Deferred income tax recovery

 

 

 —

 

 

(6,894)

 

 

 —

 

 

 —

Net loss

 

 

5,287,289

 

 

66,332

 

 

2,825,648

 

 

64,672

FX translation

 

 

14,257

 

 

 

 

 

 

 

 

 

Comprehensive loss

 

 

5,281,546

 

 

66,332

 

 

2,825,648

 

 

64,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30, 2019

 

Nine months ended September 30, 2018

 

 

 

 

 

Custom Built

 

 

 

 

Custom Built

 

    

Electric Vehicles

    

Vehicles

    

Electric Vehicles

    

Vehicles

Revenue

 

$

 —

 

$

461,334

 

$

 —

 

$

635,401

Gross profit

 

 

 —

 

 

64,060

 

 

 —

 

 

199,987

Operating expenses

 

 

18,753,216

 

 

32,037,600

 

 

11,992,137

 

 

283,310

Other items

 

 

3,713,023

 

 

13,498

 

 

(4,183,985)

 

 

19,034

Current income tax

 

 

2,140

 

 

 —

 

 

 —

 

 

 —

Deferred income tax recovery

 

 

 —

 

 

(56,069)

 

 

 —

 

 

 —

Net loss

 

 

22,468,379

 

 

213,745

 

 

7,808,152

 

 

102,357

FX translation

 

 

(10,330)

 

 

 —

 

 

 —

 

 

 —

Comprehensive loss

 

 

22,458,049

 

 

213,745

 

 

7,808,152

 

 

102,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

December 31, 2018

 

 

 

 

 

Custom Built

 

 

 

 

Custom Built

 

 

Electric Vehicles

    

Vehicles

    

Electric Vehicles

    

Vehicles

Inventory

 

$

638,458

 

$

226,358

 

$

189,182

 

$

231,555

Plant and equipment

 

 

9,751,991

 

 

420,996

 

 

5,299,857

 

 

23,909