Electrameccanica Vehicles Corp (SOLO)

[dcvancity]

Lots of interesting stuff in the latest financials:

The highlight for me is the ever diminishing amount of customer deposits on hand. The dollar value of deposits on hand dropped by more than $100K from Sep 30.

Here are the reported values being held for the past year:

12/31/2018 303,076
9/30/2018 408,912
6/30/2018 410,774
3/31/2018 407,844

This would suggest that More than $100K of deposits were refunded in the last quarter, with no material sales being made!!!!!

But wait, they seem to have quietly restated the deposits on hand. Previous to this year end report, it looks like they had been including "Construction contract liability" in with Customer Deposits. This meant they had been overstating the amount of contract deposits on hand by $80K-$90K until now.

The Statement of Cash flows seemingly tell the full story. This shows that Customer Deposits decreased by $44,288

This is probably 40 or so people getting their Tofino deposits back.

But the trend definitely shows that they are gaining ZERO traction with selling Solo's.

Lot's more fun stuff in the MD&A.