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| | | | F-1 | | |
| | |
Nine Months Ended September 30,
|
| |
Years Ended December 31,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018(1)
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
General and administrative expenses
|
| | | | 3,278,784 | | | | | | 391,832 | | | | | | 618,608 | | | | | | 1,650 | | |
Loss from operations
|
| | | $ | (3,278,784) | | | | | $ | (391,832) | | | | | $ | (618,608) | | | | | $ | (1,650) | | |
Other income – interest earned on marketable securities held in Trust Account
|
| | | | 1,059,500 | | | | | | 3,420,486 | | | | | | 4,547,860 | | | | | | — | | |
(Loss) income before provision for income taxes
|
| | | $ | (2,219,284) | | | | | $ | 3,028,654 | | | | | $ | 3,929,252 | | | | | $ | (1,650) | | |
Provision for income taxes
|
| | | | (191,000) | | | | | | (686,813) | | | | | | (913,051) | | | | | | — | | |
Net income (loss)
|
| | | $ | (2,410,284) | | | | | $ | 2,341,841 | | | | | $ | 3,016,201 | | | | | $ | (1,650) | | |
Weighted average shares outstanding of Class A
redeemable common stock |
| | | | 28,000,000 | | | | | | 27,800,000 | | | | | | 27,860,927 | | | | | | — | | |
Basic net income per share, Class A
|
| | | $ | 0.03 | | | | | $ | 0.09 | | | | | $ | 0.12 | | | | | $ | — | | |
Weighted average shares outstanding of Class A
redeemable common stock, diluted |
| | | | 33,487,561 | | | | | | 28,000,000 | | | | | | 27,860,927 | | | | | | — | | |
Diluted net income per share, Class A
|
| | | $ | 0.02 | | | | | $ | 0.00 | | | | | $ | 0.12 | | | | | $ | 0.00 | | |
Weighted average shares outstanding of Class B
non-redeemable common stock |
| | | | 7,000,000 | | | | | | 7,000,000 | | | | | | 7,000,000 | | | | | | 6,250,000 | | |
Basic and diluted net loss per share, Class B
|
| | | $ | (0.45) | | | | | $ | (0.03) | | | | | $ | (0.06) | | | | | $ | (0.00) | | |
| | |
As of September 30,
2020 |
| |
As of December 31,
|
| ||||||||||||
| | |
2019
|
| |
2018(1)
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 68,875 | | | | | $ | 1,070,048 | | | | | $ | 20,000 | | |
Total assets
|
| | | | 284,305,113 | | | | | | 284,801,982 | | | | | | 120,000 | | |
Total liabilities
|
| | | | 12,003,182 | | | | | | 10,089,767 | | | | | | 96,650 | | |
Total stockholders’ equity and Class A common shares subject to possible redemptions
|
| | | | 272,301,931 | | | | | | 274,712,215 | | | | | | 23,350 | | |
| | |
For the Nine
Months Ended September 30, 2020 |
| |
For the
Period from April 30, 2019 to September 30, 2019 |
| |
For the
Period from April 30, 2019 to December 31, 2019 |
| |||||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Selling and administrative expenses
|
| | | | 17,981,322 | | | | | | 96,865 | | | | | | 4,525,745 | | |
Research and development expenses
|
| | | | 45,946,433 | | | | | | 258,096 | | | | | | 5,864,769 | | |
Total operating expenses
|
| | | | 63,927,755 | | | | | | 354,961 | | | | | | 10,390,514 | | |
Gain on sale of assets
|
| | | | 2,345,996 | | | | | | — | | | | | | — | | |
Loss from operations
|
| | | | (61,581,759) | | | | | | (354,961) | | | | | | (10,390,514) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Other income
|
| | | | 163,402 | | | | | | (10,658) | | | | | | — | | |
Interest expense
|
| | | | (901,273) | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (62,319,630 ) | | | | | $ | (365,619) | | | | |
$
|
(10,390,514)
|
| |
Net loss attributable to common shareholders
|
| | | $ | (62,319,630 ) | | | | | $ | (365,619) | | | | |
$
|
(10,390,514)
|
| |
Weighted average number of common shares outstanding
|
| | | | 1,297,767 | | | | | | 500,000 | | | | | | 1,064,150 | | |
Loss per share attributable to common shareholders –
Basic and Diluted |
| | | $ | (48.02) | | | | | $ | (0.73) | | | | | $ | (9.76) | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Total assets
|
| | | $ | 57,373,309 | | | | | $ | 33,546,046 | | |
Total liabilities
|
| | | | 102,717,527 | | | | | | 24,989,747 | | |
Total stockholders’ (deficit) equity
|
| | | | (45,344,218) | | | | | | 8,556,299 | | |
|
Total shares transferred, inclusive of rollover options
|
| | | | 78,867,815 | | |
|
Value per share(1)
|
| | | | 10.00 | | |
|
Total Share Consideration(2)
|
| | | $ | 788,678,150 | | |
| | |
Shares Outstanding
|
| |
%
|
| ||||||
Legacy Lordstown Stockholders
|
| | | | 75,918 | | | | | | 46.1% | | |
Convertible Promissory Notes
|
| | | | 4,032 | | | | | | 2.4% | | |
Total Lordstown Merger Shares
|
| | | | 79,950 | | | | | | 48.5% | | |
DiamondPeak Public Shares
|
| | | | 27,999 | | | | | | 17.0% | | |
DiamondPeak Founder Shares
|
| | | | 7,000 | | | | | | 4.2% | | |
Total DiamondPeak Shares
|
| | | | 34,999 | | | | | | 21.2% | | |
GM PIPE Investment
|
| | | | 7,500 | | | | | | 4.5% | | |
PIPE Investment
|
| | | | 42,500 | | | | | | 25.8% | | |
Total PIPE Investment
|
| | | | 50,000 | | | | | | 30.3% | | |
Pro Forma Class A Common Stock
|
| | | | 164,949 | | | | | | 100.0% | | |
| | |
As of September 30, 2020
|
| | | | | | | | | | | | | |
As of
September 30, 2020 |
| ||||||||||||
| | |
Lordstown
(Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 19,577 | | | | | $ | 69 | | | | |
$
|
20,045
|
| | | |
|
A
|
| | | |
$
|
695,998
|
| |
| | | | | | | | | | | | | | | | | 283,998 | | | | |
|
B
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | 425,000 | | | | |
|
C
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (2,000) | | | | |
|
D
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (48,040) | | | | |
|
E
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | 2,099 | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (4,750) | | | | |
|
G
|
| | | | | | | |
Accounts receivable
|
| | | | 20 | | | | | | | | | | | | | | | | | | | | | | | | 20 | | |
Prepaid income taxes
|
| | | | | | | | | | 175 | | | | | | | | | | | | | | | | | | 175 | | |
Prepaid expenses and other current assets
|
| | | | 4,794 | | | | | | 53 | | | | | | 4,750 | | | | |
|
G
|
| | | | | 9,597 | | |
Total current assets
|
| | | | 24,391 | | | | | | 297 | | | | | | 681,102 | | | | | | | | | | | | 705,790 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and investments held in Trust Account
|
| | | | | | | | | | 284,008 | | | | | | (283,998) | | | | |
|
B
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (10) | | | | |
|
H
|
| | | | | | | |
Property, plant and equipment
|
| | | | 21,741 | | | | | | — | | | | | | 23,438 | | | | |
|
A
|
| | | | | 45,179 | | |
Intangible assets
|
| | | | 11,111 | | | | | | — | | | | | | — | | | | | | | | | | | | 11,111 | | |
Restricted cash
|
| | | | 130 | | | | | | | | | | | | | | | | | | | | | | | | 130 | | |
Total non-current assets
|
| | | | 32,982 | | | | | | 284,008 | | | | | | (260,570) | | | | | | | | | | | | 56,420 | | |
TOTAL ASSETS
|
| | | | 57,373 | | | | | | 284,305 | | | | | | 420,532 | | | | | | | | | | | | 762,210 | | |
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 22,388 | | | | | | 63 | | | | | | | | | | | | | | | | | | 22,451 | | |
Due to related party
|
| | | | 5,938 | | | | | | | | | | | | (5,938) | | | | |
|
A
|
| | | | | — | | |
Related party notes payable
|
| | | | 63,480 | | | | | | | | | | | | (25,579) | | | | |
|
A
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | 2,099 | | | | |
|
F
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (40,000) | | | | |
|
J
|
| | | | | | | |
Accrued and other current liabilities
|
| | | | 9,896 | | | | | | 2,140 | | | | | | (10,235) | | | | |
|
E
|
| | | | | 1,677 | | |
| | | | | | | | | | | | | | | | | 195 | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (319) | | | | |
|
J
|
| | | | | | | |
Total current liabilities
|
| | | | 101,702 | | | | | | 2,203 | | | | | | (79,777) | | | | | | | | | | | | 24,128 | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes Payable
|
| | | | 1,015 | | | | | | | | | | | | | | | | | | | | | | | | 1,015 | | |
Deferred underwriting commissions
|
| | | | | | | | | | 9,800 | | | | | | (9,800) | | | | |
|
D
|
| | | | | — | | |
Total non-current liabilities
|
| | | | 1,015 | | | | | | 9,800 | | | | | | (9,800) | | | | | | | | | | | | 1,015 | | |
Total liabilities
|
| | | | 102,717 | | | | | | 12,003 | | | | | | (89,577) | | | | | | | | | | | | 25,143 | | |
|
| | |
As of September 30, 2020
|
| | | | | | | | | | | | | |
As of
September 30, 2020 |
| ||||||||||||
| | |
Lordstown
(Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Commitment and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Temporary equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock subject to possible redemption
|
| | | | | | | | | | 267,302 | | | | | | (10) | | | | |
|
H
|
| | | | | — | | |
| | | | | | | | | | | | | | | | | (267,292) | | | | |
|
K
|
| | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Class A common stock
|
| | | | — | | | | | | — | | | | | | 4 | | | | |
|
C
|
| | | | | 16 | | |
| | | | | | | | | | | | | | | | | 3 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 8 | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | |
|
M
|
| | | | | | | |
Class B common stock
|
| | | | — | | | | | | 1 | | | | | | (1) | | | | |
|
M
|
| | | | | | | |
Additional paid-in capital
|
| | | | 27,366 | | | | | | 4,395 | | | | | | 75,000 | | | | |
|
A
|
| | | | | 822,339 | | |
| | | | | | | | | | | | | | | | | 424,996 | | | | |
|
C
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 7,800 | | | | |
|
D
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (36,507) | | | | |
|
E
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 40,319 | | | | |
|
J
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 267,289 | | | | |
|
K
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (8) | | | | |
|
L
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 604 | | | | |
|
N
|
| | | | | | | |
| | | | | | | | | | | | | | | | | 11,085 | | | | |
|
O
|
| | | | | | | |
Retained earnings (deficit)
|
| | | | (72,710) | | | | | | 604 | | | | | | (1,298) | | | | |
|
E
|
| | | | | (85,288) | | |
| | | | | | | | | | | | | | | | | (195) | | | | |
|
I
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (604) | | | | |
|
N
|
| | | | | | | |
| | | | | | | | | | | | | | | | | (11,085) | | | | |
|
O
|
| | | | | | | |
Total stockholders’ equity (deficit)
|
| | | | (45,344) | | | | | | 5,000 | | | | | | 777,411 | | | | | | | | | | | | 737,067 | | |
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT
|
| | | | 57,373 | | | | | | 284,305 | | | | | | 420,532 | | | | | | | | | | | | 762,210 | | |
|
| | |
For the Nine Months Ended
September 30, 2020 |
| | | | | | | | | | | | | |
For the
Nine Months Ended September 30, 2020 |
| ||||||||||||
| | |
Lordstown
(Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, administrative and other
|
| | | | 17,981 | | | | | | 3,279 | | | | | | (90) | | | | |
|
AA
|
| | | | | 10,935 | | |
| | | | | | | | | | | | | | | | | (10,235) | | | | |
|
BB
|
| | | | | | | |
Research and development
|
| | | | 45,946 | | | | | | — | | | | | | — | | | | | | | | | | | | 45,946 | | |
Total operating costs and expenses
|
| | | | 63,927 | | | | | | 3,279 | | | | | | (10,325) | | | | | | | | | | | | 56,811 | | |
Gain on sale of assets
|
| | | | 2,346 | | | | | | | | | | | | | | | | | | | | | | | | 2,346 | | |
Loss from operations
|
| | | | (61,581) | | | | | | (3,279) | | | | | | 10,325 | | | | | | | | | | | | (54,535) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other income (expense)
|
| | | | 163 | | | | | | | | | | | | | | | | | | | | | | | | 163 | | |
Interest expense
|
| | | | (901) | | | | | | | | | | | | 582 | | | | |
|
CC
|
| | | | | (319) | | |
Other income – Interest income on Trust Account
|
| | | | | | | | | | 1,060 | | | | | | (1,060) | | | | |
|
DD
|
| | | | | — | | |
Total other income (expense)
|
| | | | (738) | | | | | | 1,060 | | | | | | (478) | | | | | | | | | | | | (156) | | |
Net income (loss) before income tax
provision |
| | | | (62,319) | | | | | | (2,219) | | | | | | 9,847 | | | | | | | | | | | | (54,691) | | |
Income tax provision
|
| | | | — | | | | | | 191 | | | | | | (191) | | | | |
|
EE
|
| | | | | — | | |
Net income (loss)
|
| | | | (62,319) | | | | | | (2,410) | | | | | | 10,038 | | | | | | | | | | | | (54,691) | | |
Weighted Common shares outstanding – Class A
|
| | | | | | | | | | 28,000,000 | | | | | | | | | | | | | | | | | | 164,948,923 | | |
Basic net income (loss) per share – Class A
|
| | | | | | | | | $ | 0.03 | | | | | $ | | | | | | | | | | | $ | (0.33) | | | |
Weighted Common shares outstanding – Class B
|
| | | | | | | | | | 7,000,000 | | | | | | | | | | | | | | | | | | — | | |
Basic and diluted net income (loss) per share –
Class B |
| | | | | | | | | $ | (0.45) | | | | | $ | | | | | | | | | | | $ | — | | |
| | |
For the Year Ended
December 31, 2019 |
| | | | | | | | | | | | | |
For the Year
Ended December 31, 2019 |
| ||||||||||||
| | |
Lordstown
(Historical) |
| |
DiamondPeak
(Historical) |
| |
Pro Forma
Adjustments |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | — | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 4,526 | | | | | | 619 | | | | | | (100) | | | | |
|
AA
|
| | | | | 5,045 | | |
Research and development
|
| | | | 5,865 | | | | | | — | | | | | | — | | | | | | | | | | | | 5,865 | | |
Total operating costs and expenses
|
| | | | 10,391 | | | | | | 619 | | | | | | (100) | | | | | | | | | | | | 10,910 | | |
Loss from operations
|
| | | | (10,391) | | | | | | (619) | | | | | | 100 | | | | | | | | | | | | (10,910) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other income – Interest income on Trust Account
|
| | | | | | | | | | 4,548 | | | | | | (4,548) | | | | |
|
DD
|
| | | | | — | | |
Total other income (expense)
|
| | | | — | | | | | | 4,548 | | | | | | (4,548) | | | | | | | | | | | | — | | |
Net income (loss) before income tax provision
|
| | | | (10,391) | | | | | | 3,929 | | | | | | (4,448) | | | | | | | | | | | | (10,910) | | |
Income tax provision
|
| | | | — | | | | | | 913 | | | | | | (913) | | | | |
|
EE
|
| | | | | — | | |
Net income (loss)
|
| | | | (10,391) | | | | | | 3,016 | | | | | | (3,535) | | | | | | | | | | | | (10,910) | | |
Weighted Common shares outstanding –
Class A |
| | | | | | | | | | 27,860,927 | | | | | | | | | | | | | | | | | | 164,948,923 | | |
Basic and diluted net income (loss) per share – Class A
|
| | | | | | | | | $ | 0.12 | | | | | | | | | | | | | | | | | $ | (0.07) | | |
Weighted Common shares outstanding –
Class B |
| | | | | | | | | | 7,000,000 | | | | | | | | | | | | | | | | | | — | | |
Basic and diluted net loss per share – Class B
|
| | | | | | | | | $ | (0.06) | | | | | | | | | | | | | | | | | $ | — | | |
(in thousands, except per share data)
|
| |
For the Nine Months
Ended September 30, 2020 |
| |
For the Year
Ended December 31, 2019 |
| ||||||
Pro forma net loss
|
| | | | (54,691) | | | | | | (10,910) | | |
Weighted average shares outstanding of Class A common stock
|
| | | | 164,948,923 | | | | | | 164,948,923 | | |
Net loss per share (Basic and Diluted) attributable to Class A common
stockholders(1) |
| | | $ | (0.33) | | | | | $ | (0.07) | | |
| | |
Nine Months Ended
September 30, 2020 |
| |
April 30, 2019 Through
September 30, 2019 |
| ||||||
Net sales
|
| | | $ | — | | | | | $ | — | | |
Operating expenses: | | | | | | | | | | | | | |
Selling and administrative expenses
|
| | | | 17,981,322 | | | | | | 96,865 | | |
Research and development expenses
|
| | | | 45,946,433 | | | | | | 258,096 | | |
Total operating expenses
|
| | | | 63,927,755 | | | | | | 354,961 | | |
Gain on sale of assets
|
| | | | 2,345,996 | | | | | | — | | |
Loss from operations
|
| | | | (61,581,759) | | | | | | (354,961) | | |
Other income (expense)
|
| | | | 163,402 | | | | | | (10,658) | | |
Interest expense
|
| | | | (901,273) | | | | | | — | | |
Loss before income taxes
|
| | | | (62,319,630) | | | | | | (365,619) | | |
Income tax expense
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (62,319,630) | | | | | $ | (365,619) | | |
| | |
Three Months Ended
September 30, 2020 |
| |
Three Months Ended
September 30, 2019 |
| ||||||
Net sales
|
| | | $ | — | | | | | $ | — | | |
Operating expenses: | | | | | | | | | | | | | |
Selling and adminstrative expenses
|
| | | | 12,032,463 | | | | | | 96,865 | | |
Research and development expenses
|
| | | | 29,966,350 | | | | | | 258,096 | | |
Total operating expenses
|
| | | | 41,998,813 | | | | | | 354,961 | | |
Loss from operations
|
| | | | (41,799,621) | | | | | | (354,961) | | |
Other income (expense)
|
| | | | 57,683 | | | | | | (10,658) | | |
Interest expense
|
| | | | (557,290) | | | | | | — | | |
Loss before income taxes
|
| | | | (42,498,420) | | | | | | (365,619) | | |
Income tax expense
|
| | | | — | | | | | | — | | |
Net loss
|
| | | | (42,498,420) | | | | | $ | (365,619) | | |
| | |
Nine Months Ended
September 30, 2020 |
| |
For the Period April 30, 2019
to September 30, 2019 |
| ||||||
Net cash used by operating activities
|
| | | $ | (35,597,886) | | | | | $ | (70,619) | | |
Net cash provided by investing activities
|
| | | $ | 2,395,996 | | | | | $ | — | | |
Net cash provided by financing activities
|
| | | $ | 50,749,256 | | | | | $ | 396,000 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 years |
| |||||||||||||||
Contractual Obligations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Related party notes payable
|
| | | $ | 63,480,577 | | | | | $ | 63,480,577 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
PPP Loan
|
| | | $ | 1,014,652 | | | | | $ | 635,985 | | | | | $ | 378,667 | | | | | $ | — | | | | | $ | — | | |
Operating leases
|
| | | $ | 428,292 | | | | | $ | 428,292 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Total
|
| | | $ | 64,923,521 | | | | | $ | 64,544,854 | | | | | $ | 378,667 | | | | | $ | — | | | | | $ | — | | |