Table of Contents
5
PART I
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
ELECTRAMECCANICA VEHICLES CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenue
$
104,002
$
1,546,715
$
608,429
$
2,585,358
Cost of revenue
1,305,998
3,430,603
1,713,648
6,372,739
Gross loss
(1,201,996)
(1,883,888)
(1,105,219)
(3,787,381)
Operating expenses
General and administrative expenses
8,122,861
9,057,196
17,001,832
17,790,774
Research and development expenses
3,651,072
5,614,265
6,234,775
10,285,365
Sales and marketing expenses
552,496
3,105,470
2,891,796
6,108,325
Total operating expenses
12,326,429
17,776,931
26,128,403
34,184,464
Operating loss
(13,528,425)
(19,660,819)
(27,233,622)
(37,971,845)
Other non-operating income (expense)
Interest income
1,358,179
241,421
2,797,017
327,666
Changes in fair value of derivative liabilities
—
68,473
—
190,898
Other income (expense), net
(1,469,007)
(28,761)
(1,493,417)
13,648
Gain on settlement of legal liabilities
858,366
—
858,366
—
Foreign exchange loss
(86,098)
(149,958)
(106,963)
(55,618)
Loss before taxes
(12,866,985)
(19,529,644)
(25,178,619)
(37,495,251)
Current income tax expense
1,000
847
1,000
847
Net loss
$
(12,867,985)
$
(19,530,491)
$
(25,179,619)
$
(37,496,098)
Other comprehensive income (loss)
Foreign currency translation adjustments
(28,301)
12,195
9,006
6,345
Comprehensive loss
$
(12,896,286)
$
(19,518,296)
$
(25,170,613)
$
(37,489,753)
Loss per share - basic and diluted
$
(0.10)
$
(0.16)
$
(0.21)
$
(0.32)
Weighted average number of shares outstanding - basic and
diluted
119,287,917
118,612,731
119,287,917
118,532,693
The accompanying notes are an integral part of these condensed consolidated financial statements.
