Annual report pursuant to Section 13 and 15(d)

Gain from Insurance recovery

Gain from Insurance recovery
12 Months Ended
Dec. 31, 2022
Gain From Insurance Recovery  
Gain from Insurance recovery

14. Gain from Insurance recovery


During May 2021, the Company experienced a thermal event on the electric boat prototype rendering it unusable for further testing. Additionally, the Company experienced a building fire in one of the outer storage buildings resulting in the need for demolition. This had no impact on production as this was an extra storage building not necessary for business operations. The Company recorded a loss on disposal of asset from fire of $249,499 and gain from insurance recovery of $434,724, during the year ended December 31, 2021.