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ARCIMOTO INC: Needs More Funding to Remain as a Going Concern

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Arcimoto, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $3,594,774 on $616,795 of total revenues for the three months ended March 31, 2020, compared to a net loss of $3,068,393 on $2,645 of total revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $13,656,282, total liabilities of $9,283,264, and $4,373,018 in total stockholders’ equity.

The Company has not achieved positive earnings and operating cash flows to enable the Company to finance its operations internally. Funding for the business to date has come primarily through the issuance of debt and equity securities. The Company will require additional funding to continue to operate in the normal course of business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

A copy of the Form 10-Q is available at:

https://is.gd/HedZHW

Arcimoto, Inc. designs, develops, manufactures, and sells three-wheeled electric vehicles. The company was formerly known as WTP Inc and changed its name to Arcimoto, Inc., in December 2011. Arcimoto, Inc., was founded in 2007 and is headquartered in Eugene, Oregon.

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