Quarterly report pursuant to Section 13 or 15(d)

Gain from Insurance recovery

v3.21.2
Gain from Insurance recovery
6 Months Ended
Jun. 30, 2021
Gain From Insurance Recovery  
Gain from Insurance recovery

12. 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, of which $428,865 were recorded as prepaid expenses and other current assets which the Company received subsequent to June 30, 2021.