Lordstown Motors Corporation announced on Monday it is still working against another extended deadline to complete a deal with Taiwanese company Foxconn EV Technology.

Even if that deal is closed, Lordstown Motors isn't free from its financial challenges.

Information released as part of LMC's first-quarter financial results, said the two companies are working to complete an agreement whereby Foxconn will buy the former GM Assembly plant where Lordstown Motors plans to produce the all-electric Endurance pickup truck.

Under an asset purchase agreement, Foxconn Ohio would purchase the Lordstown facility for $230 million and reimburse Lordstown Motors for operating and expansion costs incurred since last September.

Efforts to begin production of the Endurance have faced a rocky road over the past year since the resignation of former LMC CEO Steve Burns in the wake of a report that the company made misstatements about the demand for trucks, and the viability of the truck's technology and LMC's production timeline.

LMC, which has been working to raise needed capital, has received $250 million in down payments from Foxconn since November.  

Under the terms of the agreement, Lordstown Motors could be required to pay the money back to Foxconn if the deal isn't completed by May 18th, one day before shareholders are scheduled to meet. That deadline had been set for this coming Saturday but has since been extended.

In its quarterly report, LMC reported cash and cash equivalents of approximately $203.6 million and an accumulated deficit of $634.4 million on March 31, 2022, and a net loss of $89.6 million for the three months ended March 31, 2022.

LMC says its ability to continue as a going concern is dependent on our ability to complete the Foxconn Transactions and to do so in a timely manner, raise substantial additional capital, complete the development of the Endurance, obtain regulatory approval, begin commercial production and launch the sale of the Endurance.

The company reported that its current level of cash and cash equivalents are not sufficient to execute its 2022 business plan and achieve scaled production of the Endurance, due to the capital required to complete testing and validation, purchase the raw materials and vehicle components for saleable vehicles, invest in the hard tooling to lower our bill of materials cost and fund future engineering and corporate expenditures.

"These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated financial statements", according to an SEC filing.

LMC says it still hopes to build a limited number of pre-production vehicles (PPVs) in the first half of 2022 for testing, certification, validation, regulatory approvals and to demonstrate the capabilities of the Endurance to potential customers.

During a Monday conference call, Lordstown officials said they expect to have an Endurance ready for sale by the end of this year.

"Absent any material delays, we believe that we have sufficient funds to close the Foxconn Transactions", according to the filing. "If the closing occurs, we will receive the final proceeds and retain the down payments as contemplated by the APA."

However, Lordstown Motors says it will be required to raise additional capital in order to execute its business plan and achieve production targets for Endurance in 2022 and beyond.

The proceeds contemplated in the Asset Purchase Agreement will not be enough for those purposes, according to LMC.

Meanwhile, another company that plans to use space at the former GM plant says plans are on track to make electric vehicles there.

Henrik Fisker, Chairman and Chief Executive Officer of Fisker, last week updated efforts to develop the PEAR in Lordstown, saying there are more than 2,500 reservations for the EV.

PEAR is an acronym for Personal Electric Automotive Revolution.

PEAR design concept has been signed off and consists of at least three derivatives to be able to reach 1 million units a year by 2027, according to the California-based company.