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NOTE 1 — DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONSDescription of BusinessLordstown Motors Corp., a Delaware corporation (“Lordstown” or the “Company”) , is an automotive company with the goal of becoming an original equipment manufacturer (OEM) of electrically powered pickup trucks and vehicles for fleet customers in pursuit of accelerating the sustainable future and setting new standards in the industry. The Company is in its initial design and testing phase related to its production of the Endurance pickup truck and has yet to bring a completed product to market.Business Combination and Basis of PresentationThe accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiary. All intercompany accounts and transactions are eliminated upon consolidation. Certain amounts in the prior years’ balance sheet, consolidated statements of changes in stockholders’ equity and statements of cash flows and have been reclassified to conform to the current year presentation.On October 23, 2020 (the “Closing Date”), Diamond Peak Holdings Corp. (“Diamond Peak”), consummated the transactions contemplated by the agreement and plan of merger (the “Merger Agreement”), dated August 1, 2020, among Diamond Peak, Lordstown EV Corporation (formerly known as Lordstown Motors Corp.), a Delaware corporation (“Legacy LMC”), and DPL Merger Sub Corp., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), pursuant to which Merger Sub merged with and into Legacy LMC with Legacy LMC surviving the merger (the “Merger”) and, together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”). On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Diamond Peak changed its name to Lordstown Motors Corp (the “Company”) and Legacy LMC became a wholly owned subsidiary of Diamond Peak.Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each issued and outstanding share of common stock, par value $0.0001 per share, of Legacy LMC (“Legacy LMC Common Stock”) was converted into 55.8817 shares (the “Exchange Ratio”) of Class A common stock, par value $0.0001 per share, of the Company (“Class A common Stock”), resulting in an aggregate of 75,918,063 shares of Class A Common Stock to be issued to Legacy LMC stockholders. At the Effective Time, each outstanding option to purchase Legacy LMC Common Stock (“Legacy LMC Options”), whether vested or unvested, was automatically converted into an option to purchase a number of shares of Class A Common Stock equal to the product of (x) the number of shares of Legacy LMC Common Stock subject to such Legacy LMC Option and (y) the Exchange Ratio, at an exercise price per share equal to (A) the exercise price per share of Legacy LMC Common Stock of such Legacy LMC Option immediately prior to the Effective Time divided by (B) the Exchange Ratio.Pursuant to the Company’s Amended and Restated Certificate of Incorporation, as in effect prior to the Closing, each outstanding share of Diamond Peak’s Class B common stock, par value $0.0001 per share, was automatically converted into one share of the Company’s Class A Common Stock, resulting in an issuance of 7 million shares of Class A common stock in the aggregate.In connection with the Closing, the Company (a) issued and sold an aggregate of 50 million shares of Class A Common Stock for $10.00 per share at an aggregate purchase price of $500 million pursuant to previously announced subscription agreements with certain investors (the “PIPE Investors”), (b) issued an aggregate of approximately 4 million shares of Class A Common Stock to holders of $40 million in aggregate principal amount plus accrued interest, upon automatic conversion of Legacy LMC convertible promissory notes into Class A Common Stock at a conversion price of $10.00 per share (the “Note Conversions”), and (c) issued warrants to purchase 1.6 million shares of Class A Common Stock (“BGL Warrants”) a purchase price of $10.00 per share to a third party. Additionally the Company assumed 9.3 million “Public Warrants” and 5.1 million “Private Warrants” both of which were originally issued by Diamond Peak with an exercise price of $11.50. In December 2020, 2.7 million of the Public Warrants were exercised which resulted in $30.7 million in proceeds. In January 2021, a significant portion of the remaining Public Warrants and 0.6 million of the Private Warrants were exercised upon payment of the cash exercise price, which resulted in cash proceeds of $82.0 million. Pursuant to the Business Combination, the merger between a Diamond Peak and Legacy LMC was accounted for as a reverse recapitalization in accordance with U.S. GAAP (the “Reverse Recapitalization”). Under this method of accounting, Legacy LMC was deemed to be the accounting acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy LMC issuing stock for the net assets of Diamond Peak, accompanied by a recapitalization. The net assets of Diamond Peak are stated at historical cost, with no goodwill or other intangible assets recorded. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy LMC. The shares and corresponding capital amounts and earnings per share available for common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination.As part of the Business Combination, we recorded $745.5 million in equity for the recapitalization, net of transaction costs. The Company received cash proceeds of $671.8 million as a result of the Business Combination which was net of the settlement of the Convertible Note and the Note Payable as described in Note 5, the amount in Due to related party as described in Note 8, property purchased through equity as described in Note 4, and other transaction costs.

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NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESUse of Estimates in Financial Statement PreparationThe preparation of ﬁnancial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.Cash and cash equivalentsCash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company presents cash and cash equivalents within Cash and cash equivalents on the Balance Sheet. The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk.Property, plant and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Determination of useful lives and depreciation will begin once the assets are ready for their intended use.Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repair expenditures are expensed as incurred, while major improvements that increase functionality of the asset are capitalized and depreciated ratably to expense over the identified useful life. Further, interest on any debt financing arrangement is capitalized to the purchased property, plant, and equipment if the requirements for capitalization are met.Long-lived assets, such as property, plant, and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group.Intangible assets other than goodwillIntangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights connected with the electric pickup truck and other electric vehicle technology owned by Workhorse and contributed in exchange for equity in the Company. Determination of useful lives will be over the period of economic benefit and the related amortization will begin once the intangible assets are placed in use.The intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired when the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value. Research and development costsThe Company expenses research and development costs as they are incurred. Research and development costs consist primarily of personnel costs for engineering and research, prototyping costs, and contract and professional services.Stock-based compensationThe Company has adopted ASC 718, Accounting for Stock-Based Compensation (ASC 718), which establishes a fair value-based method of accounting for stock-based compensation plans. In accordance with ASC 718, the cost of stock-based awards issued to employees and non-employees over the awards' vest period is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, expected option life and risk-free interest rate. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 – Compensation – Stock Compensation (Topic 718), the Company has elected to account for forfeitures as they occur.Income taxesIncome taxes are recorded in accordance with ASC 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets.The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.Recent accounting pronouncementsIn June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 extends the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 amendments are effective for the Company beginning January 1, 2020 and interim periods within fiscal years beginning after December 15, 2020. The Company adopted this guidance in 2020 but determined that there was no material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for the Company beginning after December 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.

Use of Estimates in Financial Statement PreparationThe preparation of ﬁnancial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and cash equivalentsCash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. The Company presents cash and cash equivalents within Cash and cash equivalents on the Balance Sheet. The Company maintains its cash in bank deposit accounts which, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk.

Property, plant and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Determination of useful lives and depreciation will begin once the assets are ready for their intended use.Upon retirement or sale, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Maintenance and repair expenditures are expensed as incurred, while major improvements that increase functionality of the asset are capitalized and depreciated ratably to expense over the identified useful life. Further, interest on any debt financing arrangement is capitalized to the purchased property, plant, and equipment if the requirements for capitalization are met.Long-lived assets, such as property, plant, and equipment are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group.

Intangible assets other than goodwillIntangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights connected with the electric pickup truck and other electric vehicle technology owned by Workhorse and contributed in exchange for equity in the Company. Determination of useful lives will be over the period of economic benefit and the related amortization will begin once the intangible assets are placed in use.The intangible assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Upon indications of impairment, assets and liabilities are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The asset group would be considered impaired when the estimated future net undiscounted cash flows generated by the asset group are less than its carrying value. Impairment losses are measured by comparing the estimated fair value of the asset group to its carrying value.

Research and development costsThe Company expenses research and development costs as they are incurred. Research and development costs consist primarily of personnel costs for engineering and research, prototyping costs, and contract and professional services.

Stock-based compensationThe Company has adopted ASC 718, Accounting for Stock-Based Compensation (ASC 718), which establishes a fair value-based method of accounting for stock-based compensation plans. In accordance with ASC 718, the cost of stock-based awards issued to employees and non-employees over the awards' vest period is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, expected option life and risk-free interest rate. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 – Compensation – Stock Compensation (Topic 718), the Company has elected to account for forfeitures as they occur.

Income taxesIncome taxes are recorded in accordance with ASC 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets.The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

Recent accounting pronouncementsIn June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 extends the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 amendments are effective for the Company beginning January 1, 2020 and interim periods within fiscal years beginning after December 15, 2020. The Company adopted this guidance in 2020 but determined that there was no material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, and has subsequently issued several supplemental and/or clarifying ASUs (collectively ASC 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for the Company beginning after December 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements.

NOTE 3 — FAIR VALUE MEASUREMENTSThe Company follows the accounting guidance in ASC 820 for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes when inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Cash and cash equivalents are measured at fair value on a recurring basis and are considered Level I in nature for both 2020 and 2019.

NOTE 4 — PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment, net, consisted of the following at December 31:(in thousands)<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100.42%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.97%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Property, Plant & Equipment</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Land</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">326</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Buildings</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">6,223</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Machinery and equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">38,443</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Vehicles</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">142</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Construction in progress</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">56,529</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">20,276</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">101,663</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;">20,276</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Less: Accumulated depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Total</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">101,663</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">20,276</td></tr></table>Construction in progress is primarily comprised of retooling and construction at the Company's facility in Lordstown, Ohio to ready the plant to begin manufacturing of the electric vehicles. The Company is currently reengineering its production process, bringing acquired assets up to the level needed for production and evaluating assets that will be necessary in the production of the Endurance pickup truck. Completed assets will be transferred to their respective asset classes and depreciation will begin when an asset is ready for its intended use. As of December 31, 2020, manufacturing has not begun and thus no depreciation was recognized in 2020 or 2019.Property, plant and equipment consist of an idle assembly and manufacturing plant in Lordstown, Ohio. The facility is fully equipped with the tooling necessary to begin production of the Endurance pickup truck along with all personal property, purchased from GM in November 2019 for $20 million. In early 2019, GM made the decision to halt manufacturing on its Chevrolet Cruze sedan which was manufactured at its Lordstown plant. The plant remained closed with no production until GM and the Company were able to agree on the terms of the asset purchase, which resulted in a purchase price significantly lower than the fair market value of the assets acquired. The plant was acquired in exchange for a Note Payable (refer to Note 5 below). This note was satisfied with equity at the consummation of the Business Combination.The cost of property, plant and equipment includes the value of the note payable, along with any directly attributable costs of bringing the asset to its working condition and location for intended use, including direct acquisition costs and capitalized interest. During 2020, we recognized an additional $23.2 million of property that was exchanged for common stock as part of the Business Combination.The Company recorded $1.0 million and $0.1 million of capitalized interest during the year ended December 31, 2020 and during the period from April 30, 2019 to December 31, 2019, respectively, as the facility assets underwent activities necessary to bring them to their intended use. Beginning April 1, 2020, activity on the facility stopped due to the shutdown caused by the COVID-19 pandemic. As these activities were no longer ongoing, interest capitalization on the Note Payable was suspended. Therefore, interest from April 1, 2020 through the date of the Business Combination was expensed as incurred. Refer to Note 5 for further details on the Related party notes payable. During 2020, the Company received $2.4 million in connection with the sale of equipment it determined was not necessary for production. As the equipment was acquired for consideration below fair value in November 2019 as described above, the Company recorded a gain on sale of the asset for $2.3 million. Additionally, the Company purchased property from GM for $1.2 million which was recorded to CIP.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100.42%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:34.97%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Property, Plant & Equipment</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Land</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">326</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Buildings</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">6,223</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Machinery and equipment</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">38,443</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Vehicles</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">142</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Construction in progress</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">56,529</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">20,276</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;margin:0pt;padding:0pt;">101,663</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;margin:0pt;padding:0pt;">20,276</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Less: Accumulated depreciation</td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.02%;margin:0pt;padding:0pt;">Total</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">101,663</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.26%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">20,276</td></tr></table>

326000

6223000

38443000

142000

56529000

20276000

101663000

20276000

101663000

20276000

20000000

23200000

1000000.0

100000

2400000

2300000

1200000

NOTE 5 — RELATED PARTY NOTES PAYABLEOn May 28, 2020, the Company entered into a Convertible Promissory Note (the “Convertible Note”) with GM that provides a financing to the Company of up to $10 million secured by the Company’s property, plant and equipment and intangible assets. Pursuant to the terms of the Convertible Note, the Company had the ability to periodically draw down on the Convertible note to meet its working capital needs. The balance of this note was converted to equity at closing of the Business Combination described in Note 1.On November 7, 2019, the Company entered into an Asset Transfer Agreement, Operating Agreement and separate Mortgage Agreement (collectively, the “Agreements”) with GM. Pursuant to the Agreements, the Company issued GM a Note Payable in the principal amount of $20 million, secured by the property, plant and equipment described in Note 2. The Company imputed interest of 5% on the Note Payable until February 1, 2020 when the stated interest rate of 7% began per the terms of the Agreement. Interest for the years ended December 31, 2020 and 2019 totaled $1.0 million and $0.1 million, respectively, which was capitalized as part of PP&E as described in Note 4. This note was converted to equity during the Business Combination described in Note 1. The outstanding balance as of December 31, 2019 was $20.1 million.

10000000

20000000

0.05

0.07

1000000.0

100000

20100000

NOTE 6 — INTANGIBLES OTHER THAN GOODWILLIntangible assets include patents, copyrights, trade secrets, know-how, software, and all other intellectual property and proprietary rights (collectively referred to as “Licensed Technology”) connected with the electric pickup truck and other electric vehicle technology. The Licensed Technology was previously owned by Workhorse and contributed in exchange for common shares in the Company, which was valued at $11.1 million. The Company will amortize the acquired intangible when placed in use over 3 years which was the determined period of derived economic benefit.

11100000

NOTE 7 — NOTE PAYABLEOn April 17, 2020, LMC entered into a Promissory Note with The Huntington National Bank, which provides for a loan in the amount of $1 million (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments are deferred for six months after the date of disbursement. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The Paycheck Protection Program provides that the PPP Loan may be partially or wholly forgiven if the funds are used for certain qualifying expenses as described in the CARES Act. During the quarter ended September 30, 2020, the Company entered into a “Placement Agency Agreement” with Maxim Group, LLC (“Maxim”). Pursuant to the terms of the agreement, the Company issued “Convertible Promissory Notes” to a series of investors for proceeds worth $37.8 million net of transaction costs. In connection with the Closing described in Note 1, the Company issued an aggregate of approximately 4 million shares of Class A Common Stock in exchange for the Convertible Promissory Notes which we reflected as a noncash transaction on the statement of cash flow.

1000000

37800000

4000000

NOTE 8 — DUE TO RELATED PARTYIn conjunction with the Operating Agreement prescribed in Note 5, the Company was required to reimburse GM for expenditures related to general plant maintenance and compliance associated with the Lordstown facility. The Company recorded expenses of $2.6 million during the period from April 30, 2019 to December 31, 2019, which is reflected in the balance sheet as of December 31, 2019 in Due to related party. We recorded expenses of $3.3 million during the year ended December 31, 2020. These amounts were converted to equity as part of the business combination. All expenses were recorded to the Selling and administrative expenses line item on the Statements of Operations. As of December 31, 2020, GM was no longer a holder of 5% or more of our Class A common stock and therefore was no longer determined to be a related party.

2600000

3300000

NOTE 9 — STOCK-BASED COMPENSATIONLegacy LMC’s 2019 Stock Option Plan (the “2019 Plan”) provides for the grant of incentive stock options (“ISO”) or non-qualified stock options (“NQSO) to purchase Legacy LMC common stock to officers, employees, directors, and consultants of Legacy LMC. Each Legacy LMC option from the 2019 Plan that was outstanding immediately prior to the Business Combination, whether vested or unvested, was converted into an option under the 2020 Plan (defined below) to purchase a number of shares of common stock (each such option, an “Exchanged Option”) equal to the product (rounded down to the nearest whole number) of (i) the number of shares of Legacy LMC common stock subject to such Legacy LMC option immediately prior to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy LMC option immediately prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. Except as specifically provided in the Business Combination Agreement, following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy LMC option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the exchanged options.At the Company’s special meeting of stockholders held on October 22, 2020, the stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”). The aggregate number of additional shares authorized for issuance under the 2020 plan will not exceed 13 million. The 2020 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock appreciation rights, and performance units and performance shares intended to attract, retain, incentivize and reward employees, directors or consultants. The options are time-based and vest over the defined period in each individual grant agreement. The date at which the options are exercisable is defined in each agreement. The Board establishes the exercise price of the shares subject to an option at the time of the grant, provided, however, that (i) the exercise price of an ISO and NQSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, and (ii) the exercise price of an ISO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant. Stock options generally have a contractual life of 10 years. Options generally become exercisable between one and three years after the date of grant and expire ten years from the date of the grant.The Company recognizes compensation expense for the shares equal to the fair value of the option at the time of grant. The expense is recognized on a straight-line basis over the vesting period of the awards. The estimated fair value of each stock option grant was computed using the following weighted average assumptions:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;">For the year ended December 31, </td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;">For the period from April 30, 2019 toDecember 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;">Risk-free interest rate</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"> 1.59</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;">1.73-1.93</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td></tr><tr><td style="vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;">Expected term (life) of options (in years)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"> 10.0</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;"> 10.0</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;">Expected dividends</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td></tr><tr><td style="vertical-align:bottom;width:64.5%;margin:0pt;padding:0pt;">Expected volatility</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.76%;margin:0pt;padding:0pt;"> 50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td><td style="vertical-align:bottom;white-space:nowrap;width:15.2%;margin:0pt;padding:0pt;"> 50</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;">%</td></tr></table>The expected volatility was estimated by management based on results from public companies in the industry. The expected term of the awards granted was assumed to be the contract life of the option as determined in the specific arrangement. The risk-free rate of return was based on market yields in effect on the date of each grant for United States Treasury debt securities with a maturity equal to the expected term of the award. The expected dividends are zero as the Company has not historically paid dividends.The activities of stock options are summarized as follows, including granted, exercised and forfeited for the period from April 30, 2019 to December 31, 2020 and for the year ended December 31, 2020:(in thousands except for per option values and years)<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Weighted Average</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Weighted Average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Remaining</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Grant Date Fair</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.39%;margin:0pt;padding:0pt;">Weighted Average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Contractual</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Value per Option</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Term (Years)</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, April 30, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">4,436</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Exercised</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">(84)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Expired</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">4,352</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"> 1.79</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"> 8.9</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Granted</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">1,021</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.08</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Exercised</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Forfeited</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Expired</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, December 31, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">5,373</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.09</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.79</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9.0</td></tr></table>Total stock-based compensation expense for the year ended December 31, 2020 and for the period from April 30, 2019 to December 31, 2019 was $2.8 million and $0.3 million, respectively. As of December 31, 2020 and 2019, unrecognized compensation expense was $2.7 million and $4.4 million, respectively, for unvested options.

13000000

1 1.10

P3Y

P10Y

0.0159

0.0173

0.0193

P10Y

0.50

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Weighted Average</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Weighted Average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Remaining</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">Number of</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Grant Date Fair</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.39%;margin:0pt;padding:0pt;">Weighted Average</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;">Contractual</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Options</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Value per Option</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:14.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Exercise Price</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Term (Years)</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, April 30, 2019</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"> —</td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">4,436</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Exercised</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">(84)</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Expired</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, December 31, 2019</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">4,352</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.09</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"> 1.79</td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"> 8.9</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Granted</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;">1,021</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> 1.08</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Exercised</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Forfeited</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;margin:0pt;padding:0pt;"> — </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;margin:0pt;padding:0pt;"> </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Expired</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:41.25%;margin:0pt;padding:0pt;">Outstanding, December 31, 2020</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.24%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">5,373</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.96%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.09</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.83%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1.79</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.38%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 9.0</td></tr></table>

4436000

1.09

84000

1.09

4352000

1.09

1.79

P8Y10M24D

1021000

1.08

5373000

1.09

1.79

P9Y

2800000

300000

2700000

4400000

NOTE 10 — CAPITAL STOCK AND EARNINGS PER SHAREOur Charter provides for 312 million authorized shares of capital stock, consisting of (i) 300 million shares of Class A common stock and (ii) 12 million shares of preferred stock each with a par value of $0.0001. We had 168.0 million and 68.3 million shares of common stock issued and outstanding as of December 31, 2020 and 2019, respectively.FASB ASC Topic 260, Earnings Per Share, requires the presentation of basic and diluted earnings per share (EPS). Basic EPS is calculated based on the weighted average number of shares outstanding during the period. Dilutive EPS is calculated to include any dilutive effect of our share equivalents. For the year ended December 31, 2020 our share equivalent included 5.3 million options,1.6 million BGL Warrants, 6.6 million Public Warrants and 5.1 million Private Warrants outstanding. None of the stock options or warrants were included in the calculation of diluted EPS because we recorded a net loss for the year ended December 31, 2020 as including these instruments would be anti-dilutive.The weighted-average number of shares outstanding for basic and diluted loss per share is as follows:(in thousands)<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:62.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.85%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.66%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.78%;margin:0pt;padding:0pt;">For the period</td></tr><tr><td style="vertical-align:bottom;width:62.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.85%;margin:0pt;padding:0pt;">For the year ended</td><td style="vertical-align:bottom;white-space:nowrap;width:3.66%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:16.78%;margin:0pt;padding:0pt;">from April 30, 2019 to</td></tr><tr><td style="vertical-align:bottom;width:62.84%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:14.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2020</td><td style="vertical-align:bottom;white-space:nowrap;width:3.66%;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:16.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2019</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:62.84%;margin:0pt;padding:0pt;">Basic and diluted weighted-average shares outstanding</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.84%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.85%;margin:0pt;padding:0pt;">96,716</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.66%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:16.78%;margin:0pt;padding:0pt;">68,279</td></tr></table>

312000000

300000000

12000000

0.0001

168000000.0

68300000

5300000

1600000

6600000

5100000

96716000

68279000

NOTE 11 — INCOME TAXESThe reconciliation of the statutory federal income tax with the provision for income taxes is as follows at December 31:(in thousands except for rate)<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Federal tax benefit as statutory rates</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">(21,117)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> (21.0)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;">% </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">(2,182)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> (21.0)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;">%</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Stock based compensation</td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> 0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">21</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> 0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Other permanent differences</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">32</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">1</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">20,893</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 20.8</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,160</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 20.8</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Total tax benefit</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;">% </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;">%</td></tr></table>Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. The Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets, and accordingly, a full valuation allowance has been provided on its deferred tax assets.Components of the Company's deferred tax assets are as follows at December 31:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:17.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:17.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Deferred tax assets:</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.59%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Non-qualified stock options</td><td style="vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.59%;margin:0pt;padding:0pt;">436</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;">50</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Net operating losses</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">22,617</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,110</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Total deferred tax assets</td><td style="vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.59%;margin:0pt;padding:0pt;">23,053</td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;">2,160</td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Valuation allowance</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(23,053)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">(2,160)</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:59.42%;margin:0pt;padding:0pt;">Total deferred tax assets, net of valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:4.55%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.59%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> — </td><td style="vertical-align:bottom;white-space:nowrap;width:1.93%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> — </td></tr></table>At December 31, 2020 and 2019, respectively, the Company had $107.7 million and $10.0 million of federal net operating losses that carry forward indefinitely. No federal income taxes were paid during 2020 or 2019.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:16.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2020</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2019</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Federal tax benefit as statutory rates</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">(21,117)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> (21.0)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;">% </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">(2,182)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> (21.0)</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;">%</td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Stock based compensation</td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">192</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> 0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">21</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> 0.2</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Other permanent differences</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;margin:0pt;padding:0pt;">32</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;margin:0pt;padding:0pt;">1</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Change in valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.35%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">20,893</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 20.8</td><td style="vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2,160</td><td style="vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 20.8</td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:36.37%;margin:0pt;padding:0pt;">Total tax benefit</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.22%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:5.92%;margin:0pt;padding:0pt;">% </td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.19%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.04%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.77%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;">%</td></tr></table>

-21117000

0.210

-2182000

0.210

192000

0.002

21000

0.002

32000 1000

20893000

0.208

2160000

0.208

436000

50000

22617000

2110000

23053000

2160000

23053000

2160000

107700000

10000000.0

NOTE 12 — COMMITMENTS AND CONTIGENCIESThe Company is subject to various pending and threatened legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Our provisions are based on historical experience, current information and legal advice, and they may be adjusted in the future based on new developments. Estimating probable losses requires the analysis of multiple forecasted factors that often depend on judgments and potential actions by third parties.On October 30, 2020, the Company, was named as defendants in a lawsuit filed by Karma Automotive LLC (“Karma”) in the United States District Court for the Central District of California. These claims are made in connection with consideration by us of a venture with Karma regarding Karma’s development of an infotainment system for the Endurance and assert that the Company unlawfully poached key Karma employees and misappropriated Karma’s trade secrets and other confidential information. Karma is seeking injunctive relief and various types of damages. The Company is continuing to evaluate the matters asserted in the lawsuit but intend to vigorously defend against these claims and believes it has strong defenses to the claims and the damages demanded. Although it is not possible to predict with certainty the ultimate outcome or cost of these matters, the Company believes they will not have a material adverse effect on our consolidated financial statementsExcept as described above, the Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time however, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

NOTE 13 — RELATED PARTY TRANSACTIONSOn November 7, 2019, the Company entered into an Asset Transfer Agreement, inclusive of an Operating Agreement, along with a separate Mortgage Agreement (collectively, the “Agreements”) with GM. Pursuant to the Agreements, the Company issued GM a Note Payable in the principal amount of $20.0 million, secured by the real property described in Note 4. Refer to Note 5 for further details on the related party Note Payable.On May 28, 2020, the Company entered into a Convertible Promissory Note with GM that provides a financing option to the Company of up to $10.0 million. Refer to Note 5 for further details on the Note.In August 2020, we entered into an emissions credit agreement with GM pursuant to which, and subject to the terms of which, during the first three annual production/model years wherein we produce vehicles at least ten months out of the production/model year, the counterparty will have the option to purchase such emissions credits as well as emissions credits from any other U.S. state, country or jurisdiction generated by vehicles produced by us not otherwise required by us to comply with emissions laws and regulations at a purchase price equal to 75% of the fair market value of such credits. While we expect that our first three annual production/model years for the purpose of this agreement will be 2022, 2023 and 2024, it is possible that this agreement could extend beyond these model years if we do not achieve ten or more months of production during those annual production/model years.As of December 31, 2020, GM was no longer a holder of 5% or more of our Class A common stock and therefore was no longer determined to be a related party.On November 7, 2019, the Company entered into a transaction with Workhorse Group Inc., for the purpose of obtaining certain intellectual property. In connection with granting this license, Workhorse Group received 10% of the outstanding Legacy Lordstown common stock and was entitled to royalties of 1% of the gross sales price of the first 200,000 vehicle sales. In November 2020, we pre-paid a royalty payment to Workhorse Group in the amount of $4.75 million. The upfront royalty payment represents an advance on royalties due on 1% of the gross sales price of the first 200,000 vehicles sold, but only to the extent that the aggregate amount of such royalty fees exceeds the amount paid upfront. As of December 31, 2020, the royalties are recorded as prepaid expenses and will be amortized as a percent of each vehicle sold.

20000000.0

10000000.0

P10M 0.75 0.10 0.01 200000

4750000

0.01 200000

NOTE 14 — LEASE COMMITMENTSThe Company leases certain facilities. Minimum annual rental commitments at December 31, 2020 under the operating leases are as follows: (in thousands)<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:66.21%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:26.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Leases</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">2021</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;">892</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">2022</td><td style="vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;">919</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">2023</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;">942</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;">956</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">2025</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:24.3%;margin:0pt;padding:0pt;">974</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:24.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">1,003</td><td style="vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:66.21%;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:4.2%;margin:0pt;padding:0pt;"></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:24.3%;border-bottom:3px double #000000;margin:0pt;padding:0pt;">5,686</td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.63%;margin:0pt;padding:0pt;"></td></tr></table>

892000

919000

942000

956000

974000

1003000

5686000