0001584547 true --03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

Commission File Number 001-39476

GreenPower Motor Company Inc.

(Translation of registrant's name into English)

#240 - 209 Carrall Street, Vancouver, British Columbia V6B 2J2

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]


EXPLANATORY NOTE 

This 6-k is being filed to include Amendment No. 1 to the Financial Statements for the three months ended June 30, 2024 which was filed with the Securities and Exchange Commission on August 14, 2024, is being filed for the purpose of adding Exhibit 101 and to furnish the Interactive Data File (as defined in Rule 11 of Regulation S-T) as Exhibit 101 in accordance with Rule 405 of Regulation S-T.

Except as described above, no changes have been made to the Original Financial Statements for the three months ended June 30, 2024, and this Amendment does not amend, update or change any other items or disclosures in the Original Financial Statements for the three months ended June 30, 2024. Further this Amendment does not reflect subsequent events occurring after the filing date of the Original Financial Statements for the three months ended June 30, 2024 or modify or update in any way disclosures in the Original Financial Statements for the three months ended June 30, 2024.

SUBMITTED HEREWITH

EXHIBITS 99.1, 101 AND 104 INCLUDED WITH THIS REPORT ARE HEREBY INCORPORATED BY REFERENCE TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-3, AS AMENDED (NO. 333-276209) AND FORM S-8 (NO. 333-261422), TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED.

99.1

Financial Statements for June 30, 2024

   
101

Interactive Data File

   

101.INS*

Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
   
101.SCH* Inline XBRL Taxonomy Extension Schema Document
 

 

101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document
   
101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document
   
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document
   
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document
   
104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GreenPower Motors Inc.

/s/ Michael Sieffert

 

Michael Sieffert, Chief Financial Officer

Date:  August 16, 2024


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GREENPOWER MOTOR COMPANY INC.

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

 

For the Three Months Ended June 30, 2024 and June 30, 2023

(Expressed in US dollars)

(Unaudited)

 

 

 


GREENPOWER MOTOR COMPANY INC.

Consolidated Condensed Interim Financial Statements
(Expressed in US Dollars)
(Unaudited)


 

June 30, 2024

Unaudited Consolidated Condensed Interim Statements of Financial Position 3
   
Unaudited Consolidated Condensed Interim Statements of Operations and Comprehensive Loss 4
   
Unaudited Consolidated Condensed Interim Statements of Changes in Equity 5
   
Unaudited Consolidated Condensed Interim Statements of Cash Flows 6
   
Notes to the Unaudited Consolidated Condensed Interim Financial Statements 7 - 21
 
GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Financial Position
As at June 30, 2024 and March 31, 2024
(Expressed in US Dollars)
(Unaudited)
 
      June 30, 2024     March 31, 2024  
Assets            
Current            
  Cash (Note 3) $ 528,281   $ 1,150,891  
  Accounts receivable, net of allowances (Note 4)   1,874,534     2,831,942  
  Current portion of finance lease receivables (Note 5)   47,501     111,529  
  Inventory (Note 6)   33,725,550     32,010,631  
  Prepaids and deposits   558,884     748,362  
      36,734,750     36,853,355  
Non-current            
  Finance lease receivables (Note 5)   126,954     1,046,855  
  Right of use assets (Note 7)   3,932,239     4,124,563  
  Property and equipment (Note 8)   2,250,703     2,763,525  
  Restricted deposit (Note 9)   419,872     414,985  
  Other assets   1     1  
    $ 43,464,519   $ 45,203,284  
               
Liabilities            
Current            
  Line of credit (Note 10) $ 7,676,178   $ 7,463,206  
  Term loan facility (Note 11)   3,030,874     2,267,897  
  Accounts payable and accrued liabilities (Note 16)   3,343,764     2,977,251  
  Current portion of deferred revenue (Note 14)   7,364,402     7,066,145  
  Current portion of lease liabilities (Note 7)   533,520     630,207  
  Current portion of warranty liability (Note 18)   730,884     750,806  
  Current portion of contingent liability (Note 19)   136,078     136,078  
      22,815,700     21,291,590  
Non-current            
  Deferred revenue (Note 14)   2,876,240     2,876,240  
  Lease liabilities (Note 7)   3,927,778     4,006,004  
  Contingent liability (Note 19)   1,255,668     1,255,668  
  Loans payable to related parties (Note 16)   2,416,794     2,432,180  
  Other liabilities   23,557     25,699  
  Warranty liability (Note 18)   1,548,735     1,749,084  
      34,864,472     33,636,465  
             
Equity            
  Share capital (Note 12)   78,088,667     76,393,993  
  Reserves   14,812,053     14,305,642  
  Accumulated other comprehensive loss   (23,001 )   (111,896 )
  Accumulated deficit   (84,277,672 )   (79,020,920 )
      8,600,047     11,566,819  
    $ 43,464,519   $ 45,203,284  
               
Nature and Continuance of Operations and Going Concern - Note 1            
 
Approved on behalf of the Board on August 12, 2024
     
/s/ Fraser Atkinson   /s/ Mark Achtemichuk
Director   Director

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 3 of 21


GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Operations and Comprehensive Loss
For the Three Months Ended June 30, 2024 and 2023
(Expressed in US Dollars)
(Unaudited)
 
    June 30,     June 30,  
    2024     2023  
             
Revenue $ 2,997,058   $ 17,581,008  
Cost of Sales (Note 6)   2,775,194     14,790,232  
Gross Profit   221,864     2,790,776  
             
Sales, general and administrative costs            
Salaries and administration (Note 15)   2,142,864     1,842,826  
Depreciation (Notes 7 and 8)   457,758     442,767  
Product development costs   227,283     812,899  
Office expense   276,548     366,656  
Insurance   478,742     420,181  
Professional fees   363,441     324,150  
Sales and marketing   593,604     136,683  
Share-based payments (Notes 12 and 15)   408,005     713,227  
Transportation costs   49,174     53,064  
Travel, accomodation, meals and entertainment   121,543     205,728  
Allowance for credit losses (Note 4)   7,970     9  
Total sales, general and administrative costs   5,126,932     5,318,190  
             
Loss from operations before interest, accretion and foreign exchange   (4,905,068 )   (2,527,414 )
             
Interest and accretion   (522,753 )   (277,951 )
Foreign exchange (loss) / gain   39,173     (6,491 )
             
Loss for the period   (5,388,648 )   (2,811,856 )
             
Other comprehensive income / (loss)            
Cumulative translation reserve   88,895     23,923  
             
Total comprehensive loss for the period $ (5,299,753 ) $ (2,787,933 )
             
Loss per common share, basic and diluted $ (0.21 ) $ (0.11 )
Weighted average number of common shares outstanding, basic and diluted   25,848,305     24,902,192  

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 4 of 21


GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Changes in Equity
For the Three Months ended June 30, 2024 and 2023
(Expressed in US Dollars)
(Unaudited)
 
    Share Capital                          
    Number of                 Accumulated other     Accumulated        
    Common shares     Amount     Reserves     comprehensive loss     Deficit     Total  
Balance, March 31, 2023   24,716,628   $ 75,528,238   $ 13,066,183   $ (141,443 ) $ (60,790,972 ) $ 27,662,006  
                                     
Shares issued for cash   188,819     520,892     -     -     -     520,892  
                                     
Share issuance costs   -     (14,904 )   -     -     -     (14,904 )
                                     
Shares issued for exercise of options   42,858     193,392     (82,272 )   -     -     111,120  
                                     
Fair value of stock options forfeited   -     -     (48,040 )   -     48,040     -  
                                     
Share based payments   -     -     713,227     -     -     713,227  
                                     
Cumulative translation reserve   -     -     -     23,923     -     23,923  
                                     
Net loss for the period   -     -     -     -     (2,811,856 )   (2,811,856 )
                                     
Balance, June 30, 2023   24,948,305   $ 76,227,618   $ 13,649,098   $ (117,520 ) $ (63,554,788 ) $ 26,204,408  
                                     
Balance, March 31, 2024   24,991,162   $ 76,393,993   $ 14,305,642   $ (111,896 ) $ (79,020,920 ) $ 11,566,819  
                                     
Shares issued in unit transaction   1,500,000     2,047,500     -     -     -     2,047,500  
                                     
Share issuance costs   -     (352,826 )   -     -     -     (352,826 )
                                     
Warrants issued in unit transaction   -     -     278,250     -     -     278,250  
                                     
Warrant issuance costs   -     -     (47,948 )   -     -     (47,948 )
                                     
Fair value of stock options forfeited   -     -     (131,896 )   -     131,896     -  
                                     
Share based payments   -     -     408,005     -     -     408,005  
                                     
Cumulative translation reserve   -     -     -     88,895     -     88,895  
                                     
Net loss for the period   -     -     -     -     (5,388,648 )   (5,388,648 )
                                     
Balance, June 30, 2024   26,491,162   $ 78,088,667   $ 14,812,053   $ (23,001 ) $ (84,277,672 ) $ 8,600,047  

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 5 of 21


GREENPOWER MOTOR COMPANY INC.
Consolidated Condensed Interim Statements of Cash Flows
For the Three Months Ended June 30, 2024 and 2023
(Unaudited)
 
    June 30     June 30  
    2024     2023  
             
Cash flows from (used in) operating activities            
  Loss for the period $ (5,388,648 ) $ (2,811,856 )
  Items not affecting cash            
     Allowance (recovery) for credit losses   7,970     9  
     Depreciation   457,758     442,767  
     Share-based payments   408,005     713,227  
     Accretion and accrued interest   260,130     132,933  
     Foreign exchange loss / (gain)   (39,173 )   6,491  
Cash flow used in operating activities before changes in non-cash items   (4,293,958 )   (1,516,429 )
             
  Changes in non-cash items:            
     Accounts receivable   975,124     2,270,872  
     Inventory   (542,755 )   8,424,952  
     Prepaids and deposits   189,478     (443,458 )
     Promissory note receivable   -     13,994  
     Finance lease receivables   12,703     48,785  
     Accounts payable and accrued liabilities   353,985     (3,032,210 )
     Deferred revenue   223,806     1,435,495  
     Warranty liability   (130,271 )   556,023  
    (3,211,888 )   7,758,024  
             
Cash flows from (used in) investing activities            
  Purchase of property and equipment   (45,892 )   (31,902 )
    (45,892 )   (31,902 )
             
Cash flows from (used in) financing activities            
  Repayment of loans from related parties   -     (354,099 )
  Proceeds from (repayment of) line of credit   212,972     (6,449,305 )
  Proceeds from term loan facility   762,977        
  Payments on lease liabilities   (261,355 )   (272,919 )
  Cash used for restricted deposit   -     (400,000 )
  Repayment of other liabilities   (2,122 )   (2,141 )
  Proceeds from issuance of common shares and warrants   2,325,750     520,892  
  Equity offering costs   (400,774 )   (14,904 )
  Proceeds from exercise of stock options   -     111,120  
    2,637,448     (6,861,356 )
             
Foreign exchange on cash   (2,278 )   (12,526 )
             
Net (decrease) increase in cash   (622,610 )   852,240  
Cash, beginning of period   1,150,891     600,402  
Cash, end of period $ 528,281   $ 1,452,642  

(The accompanying notes are an integral part of these consolidated condensed interim financial statements)

Page 6 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

1. Nature and Continuance of Operations and Going Concern

GreenPower Motor Company Inc. ("GreenPower" or the "Company") was incorporated in the Province of British Columbia on September 18, 2007. The Company is a manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The corporate office is located at Suite 240 - 209 Carrall St., Vancouver, Canada.

These consolidated condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with our audited financial statements for the year ended March 31, 2024.

The Company’s continuing operations are dependent upon its ability to raise capital and generate cash flows. As at June 30, 2024, the Company had a cash balance of $528,281, working capital, defined as current assets less current liabilities, of $13,919,050 accumulated deficit of $(84,277,672) and shareholder’s equity of $8,600,047. These consolidated condensed interim financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company’s ability to continue as a going concern. Management plans to address this material uncertainty by selling vehicles in inventory, collecting accounts receivable, utilizing the Company’s operating line of credit and revolving term loan facility and by seeking potential new sources of financing.

These consolidated condensed interim financial statements were approved by the Company's Audit Committee, as delegated by the Board of Directors, on August 12, 2024.

 

2. Material Accounting Policies

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2024, except for the following which either did not apply to the prior year or are amendments which apply for the current fiscal year.

 

Page 7 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

2. Material Accounting Policies (Continued)

Adoption of accounting standards

Certain new accounting standards have been published by the IASB that are effective for annual reporting periods beginning on or after January 1, 2024, as follows:

 

  IAS 1 - Presentation of Financial Statements

  IAS 7 - Statement of Cash Flows

  IFRS 7 - Financial Instruments

  IFRS 16 - Leases (liability in a sale leaseback)

Amendments to these standards did not cause a change to the Company's financial statements.

 

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2025. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

 

3.   Cash

As at June 30, 2024 the Company has a cash balance of $528,281 (March 31, 2024 - $1,150,891) which is on deposit at major financial institutions in North America. The Company has no cash equivalents as at June 30, 2024 or at March 31, 2024.

 

4. Accounts Receivable

The Company has evaluated the carrying value of accounts receivable as at June 30, 2024 in accordance with IFRS 9 and has determined that an allowance against accounts receivable of $1,263,899 (March 31, 2024 - $1,319,873) is warranted.

 

5. Finance Lease Receivable

Greenpower's wholly owned subsidiaries San Joaquin Valley Equipment Leasing Inc. and 0939181 BC Ltd. lease vehicles to several customers, and as at June 30, 2024, the Company had a total of 3 (March 31, 2024 - 8) vehicles on lease that were determined to be finance leases and the Company had a total of 3 (March 31, 2024 - 4) vehicles on lease that were determined to be operating leases. Between March 31, 2024 and June 30, 2024, 5 vehicles previously under finance lease and 1 vehicle previously on operating lease were repossessed, and the finance leases were de-recognized, and the vehicles were transferred to inventory.

Page 8 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

5. Finance Lease Receivables (Continued)

As at June 30, 2024, the remaining payments to be received on Finance Lease Receivables are as follows:

    30-Jun-24  
Year 1 $ 54,598  
Year 2   71,413  
Year 3   37,200  
Year 4   37,200  
Year 5   18,602  
less: amount representing interest income   (44,558 )
Finance Lease Receivable $ 174,455  
Current Portion of Finance Lease Receivable $ 47,501  
Long Term Portion of Finance Lease Receivable $ 126,954  

 

6. Inventory

The following is a listing of inventory as at June 30, 2024 and March 31, 2024:

    June 30, 2024     March 31, 2024  
             
Parts $ 4,365,675   $ 3,855,668  
Work in Process   15,970,562     14,341,949  
Finished Goods   13,389,313     13,813,014  
             
Total $ 33,725,550   $ 32,010,631  

The Company’s finished goods inventory is primarily comprised of EV Stars, EV Star Cab and Chassis, BEAST Type D school buses, and Nano BEAST Type A school buses. During the three months ended June 30, 2024, $2,556,085 of inventory was included in cost of sales (June 30, 2023 - $14,198,268).

 

Page 9 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

7. Right of Use Assets and Lease Liabilities

The Company has recorded Right of Use Assets and Lease Liabilities in its consolidated statement of financial position for lease agreements that the Company has entered into that expire in more than one year at the inception of the leases. These leases have a carrying value at June 30, 2024 of $3,932,239 (March 31, 2024 - $4,124,563). Rental payments on the Right of Use Assets are discounted using an 8.0% rate of interest and capitalized on the Consolidated Statement of Financial Position as Lease Liabilities. The value of the Right of Use Assets is determined at lease inception and include the capitalized lease liabilities, incorporate upfront costs incurred and incentives received, and the value is depreciated over the term of the lease. For the three months ended June 30, 2024 the Company incurred interest expense of $86,483 (2023 - $98,183) on the Lease Liabilities, recognized depreciation expense of $192,324 (2023 - $201,694) on the Right of Use Assets and made total rental payments of $261,355 (2023 - $272,919).

GreenPower entered into a Contract of Lease-Purchase with the South Charleston Development Authority for a property located in South Charleston, West Virginia during the year ended March 31, 2023. The terms of the lease required no cash up front and monthly lease payments that start May 1, 2023. GreenPower is eligible for up to $1,300,000 forgiveness on the lease, calculated on a pro-rata basis for the employment up to 200 employees by December 31, 2024. GreenPower is also eligible for additional forgiveness of $500,000 for every 100 employees above the first 200. Title to the property will be transferred to GreenPower once total lease payments and the amount of the forgiveness reach $6.7 million. The lease liability recorded for this lease has not been reduced to reflect contingently forgivable amounts due to the uncertainty of the attainment of employment levels required to realize these lease liability reduction benefits.

The following table summarizes changes in Right of Use Assets between March 31, 2024 and June 30, 2024:

Right of Use Assets, March 31, 2024 $ 4,124,563  
Depreciation   (192,324 )
       
Right of Use Assets, June 30, 2024 $ 3,932,239  

The following table summarizes changes in Right of Use Assets between March 31, 2023 and March 31, 2024:

Right of Use Assets, March 31, 2023 $ 4,845,738  
Depreciation   (785,306 )
Transfer to deposit   (5,000 )
Additions during the period   69,131  
       
Right of Use Assets, March 31, 2024 $ 4,124,563  

 

Page 10 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

7. Right of use assets and lease liabilities (continued)

The following table shows the remaining undiscounted payments on lease liabilities, interest on lease liabilities and the carrying value of lease liabilities as at June 30, 2024.

1 year $ 850,141  
thereafter $ 5,401,652  
less amount representing interest expense $ (1,790,495 )
Lease liability $ 4,461,298  
Current Portion of Lease Liabilities $ 533,520  
Long Term Portion of Lease Liabilities $ 3,927,778  

 

8. Property and Equipment

The following is a summary of changes in Property and Equipment for the three months ended June 30, 2024:

Property and Equipment, March 31, 2024 $ 2,763,525  
plus: purchases   45,892  
less: transferred to inventory   (290,938 )
less: depreciation   (265,434 )
plus: foreign exchange translation   (2,342 )
Property and Equipment, June 30, 2024 $ 2,250,703  

The following is a summary of changes in Property and Equipment for the twelve months ended March 31, 2024:

Property and Equipment, March 31, 2023 $ 2,604,791  
plus: purchases   361,533  
plus: transfers from inventory   874,278  
less: depreciation   (1,073,152 )
plus: foreign exchange translation   (3,925 )
Property and Equipment, March 31, 2024 $ 2,763,525  

 

9. Restricted deposit

The Company has pledged a $400,000 term deposit as security for an irrevocable standby letter of credit issued by a commercial bank to an insurance company that is providing the Company with a surety bond to support the Company's importation of goods to the United States. The term deposit has a term of one year, a maturity date of June 23, 2025, and earns interest at a fixed rate of 3.0%. The surety bond was issued on June 28, 2023, has a term of one year and is automatically renewable for successive one-year terms unless cancelled by the bank with 45 days' notice or cancelled by the surety bond provider. The Company expects that the restricted deposit will be held as security for the standby letter of credit for a period of greater than one year.

 

Page 11 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

10. Line of Credit

The Company's primary bank account denominated in US dollars is linked to its Line of Credit such that funds deposited to the bank account reduce the outstanding balance on the Line of Credit. As at June 30, 2024 the Company's Line of Credit had a credit limit of up to $8,000,000 (March 31, 2024 - $8,000,000). The Line of Credit bears interest at the bank's US Base Rate (June 30, 2024 - 9.0%, March 31, 2024 - 9.0%) plus a margin of 2.0%.

The Line of Credit is secured by a general floating charge on the Company's assets and the assets of one of its subsidiaries, and one of the Company's subsidiaries has provided a corporate guarantee. Two directors of the Company have provided personal guarantees for a total of $5,020,000. The Line of Credit contains customary business covenants such as maintenance of security, maintenance of corporate existence, and other covenants typical for a corporate operating line of credit, and the Line of Credit has one financial covenant, to maintain a current ratio greater than 1.2:1, for which the Company is in compliance as at June 30, 2024 and March 31, 2024. In addition, the availability of the credit limit over $5,000,000 is subject to margin requirements of a percentage of finished goods inventory and accounts receivable. As of June 30, 2024 the Company had a drawn balance of $7,676,178 (March 31, 2024 - $7,463,206) on the Line of Credit.

Subsequent to the end of the quarter, on July 25, 2024, GreenPower signed a term sheet pursuant to which the lender will reduce the credit limit on the Company's Line of Credit to up to $7,400,000, with further reductions of $200,000 per month until the credit limit reaches $6,000,000 on January 25, 2025. In addition, the line of credit margin will increase from 2.0% to 2.25%.

 

11. Term loan facility

During February 2024, the Company entered into a $5,000,000 revolving loan facility (the "Loan") with Export Development Canada ("EDC"). The Loan is used to finance working capital investments to deliver all-electric vehicles to customers under purchase orders approved by EDC. The Loan allows advances over a 24-month period, has a term of 36 months, and bears interest at a floating rate of US Prime + 5% per annum. The Company has granted EDC a first and second ranking security interest over property of the Company and certain subsidiaries, and the Company and certain subsidiaries have provided Guarantees to EDC. The Company and FWP Holdings LLC, a company that is beneficially owned and controlled by the CEO and Chairman of the Company, entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from FWP Holdings LLC would be subordinate to the lender's security interests and that no payment will be made on the loans from FWP Holdings LLC before the full repayment of the term loan facility (Note 16).

The term loan facility has two financial covenants. The first covenant is reported quarterly, and is to maintain a current ratio, defined as current assets over current liabilities, of greater than 1.2 to 1.0. The Company is in compliance with this covenant as at June 30, 2024. The second covenant commences at the 2026 fiscal year end, will be reported quarterly, and is to maintain a debt service coverage ratio of 1.25 to 1.0. The debt service coverage ratio is defined as EBITDA for the trailing four quarters, divided by the sum of debt payments, capital lease payments, and interest expense, each for the trailing four quarters.

As at June 30, 2024 the balance outstanding on the term loan facility, including fees and accrued interest, was $3,030,874 (March 31, 2024 -$2,267,897).

 

Page 12 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

12. Share Capital

Authorized

Unlimited number of common shares without par value

Unlimited number of preferred shares without par value

Issued

During the three months ended June 30, 2024, the Company issued a total of 1,500,000 common shares in an underwritten Unit offering (the "Unit Offering") comprised of 1,500,000 common shares and warrants to purchase 1,575,000 common shares for gross proceeds of $2,325,750 before deducting underwriting discounts and offering expenses. The warrants have an exercise price of $1.82 per share and expire three years from the date of issuance. None of the warrants have been cancelled, forfeited or exercised as of June 30, 2024. The Company incurred approximately $400,774 in professional fees and other direct expenses in connection with the Unit Offering, which was included in share issuance costs for the three months ended June 30, 2024. The Company determined that the fair value of warrants issued in the Unit Offering was $278,250, and this amount, net of allocated professional fees of $48,040 was booked to reserves, with the remainder booked to share capital in the Company's statement of financial position. During the year ended March 31, 2024, the Company issued a total of 274,534 common shares, including 188,819 shares issued under the At the Market Offering (the "ATM"), and 85,715 shares from the exercise of options.

At the Market Offering

In September 2022, the Company filed a prospectus supplement to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time to time, sell common shares of the Company for aggregate gross proceeds of up to US$20,000,000. The base shelf prospectus was filed in October 2021 and was effective for a period of 25 months until November 2023. The Company filed a new base shelf prospectus in January 2024.

The sale of common shares under the prospectus supplement was made through ATM distributions on the NASDAQ stock exchange. During the year ended March 31, 2024, the Company sold 188,819 common shares under the ATM program for gross proceeds of $520,892 before transaction fees. The ATM expired in November 2023 due to the expiry of the base shelf prospectus.

The Company incurred approximately $14,904 in professional fees and other direct expenses in connection with the ATM, which was included in share issuance costs for the year ended March 31, 2024.

 

Page 13 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

13. Stock Options

The Company has two incentive stock option plans whereby it grants options to directors, officers, employees, and consultants of the Company, the 2023 Equity Incentive Plan (the "2023 Plan") which was adopted in order to grant awards to people in the United States, and the 2022 Equity Incentive Plan (the "2022 Plan").

2023 Plan

Effective February 21, 2023, GreenPower adopted the 2023 Plan which was approved by shareholders at our AGM on March 28, 2023 in order to grant stock options or non-stock option awards to people in the United States. Under the 2023 Plan GreenPower can issue stock options that are considered incentive stock options, which are stock options that qualify for certain favorable tax treatment under U.S. tax laws. Nonqualified stock options are stock options that are not incentive stock options. Non-stock option awards mean a right granted to an award recipient under the 2023 Plan, which may include the grant of stock appreciation rights, restricted awards or other equity-based awards.

2022 Plan

Effective April 19, 2022 GreenPower adopted the 2022 Equity Incentive Plan (the "2022 Plan"), which was further ratified and re-approved by shareholders at our AGM on March 27, 2024, and which replaced the 2019 Plan. Under the 2022 Plan the Company can grant equity-based incentive awards in the form of stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs") and deferred share units ("DSUs"). RSU's, DSU's and PSU's are collectively referred to as "Performance Based Awards". The 2022 Plan is a Rolling Plan for Options and a fixed-plan for Performance-Based Awards such that the aggregate number of Shares that: (i) may be issued upon the exercise or settlement of Options granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements), shall not exceed 10% of the Company's issued and outstanding Shares from time to time, and (ii) may be issued in respect of Performance-Based Awards granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements) shall not exceed 2,499,116. No performance-based awards have been issued as at June 30, 2024 or June 30, 2022. The 2022 Plan is considered an "evergreen" plan, since Options which have been exercised, cancelled, terminated, surrendered, forfeited or expired without being exercised shall be available for subsequent grants under the 2022 Plan and the number of awards available to grant increases as the number of issued and outstanding Shares increases.

Stock Option Plans from Prior Periods

On May 14, 2019, the Company replaced the 2016 Plan with a Rolling Stock Option Plan (the "2019 Plan"). Under the terms of the 2019 Plan, the aggregate number of Options that can be granted under the 2019 Plan cannot exceed ten (10%) of the total number of issued and outstanding Shares, calculated on a non-diluted basis. The exercise price of options granted under the 2019 Plan may not be less than the minimum prevailing price permitted by the TSXV policies with a maximum term of 10 years. On March 9, 2016, the shareholders approved the previous stock option plan which initially allowed for the issuance of up to 1,491,541 shares and which was subsequently further increased to allow up to 2,129,999 shares to be issued under the plan (the "2016 Plan").

Page 14 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

13. Stock options (continued)

The Company had the following incentive stock options granted under the 2022 Plan, the 2019 Plan, and 2016 Plan that are issued and outstanding as at June 30, 2024:

      Exercise     Balance                 Forfeited     Balance  
Expiry Date     Price     March 31, 2024     Granted     Exercised     or Expired     June 30, 2024  
January 30, 2025 CDN $ 2.59     238,212     -     -     (3,571 )   234,641  
February 11, 2025 CDN $ 8.32     50,000     -     -     -     50,000  
July 3, 2025 CDN $ 4.90     14,999     -     -     (3,571 )   11,428  
November 19, 2025 US $ 20.00     300,000     -     -     -     300,000  
December 4, 2025 US $ 20.00     20,000     -     -     -     20,000  
May 18, 2026 CDN $ 19.62     63,700     -     -     (8,500 )   55,200  
December 10, 2026 CDN $ 16.45     523,250     -     -     (23,750 )   499,500  
July 4, 2027 CDN $ 4.25     15,000     -     -     -     15,000  
November 2, 2027 US $ 2.46     10,000     -     -     -     10,000  
February 14, 2028 CDN $ 3.80     632,500     -     -     (20,000 )   612,500  
March 27, 2029 CDN $ 2.72     605,000     -     -     (10,000 )   595,000  
June 28, 2029 CDN $ 1.40     -     20,000     -     -     20,000  
Total outstanding           2,472,661     20,000     -     (69,392 )   2,423,269  
Total exercisable           1,711,798                       1,711,798  
Weighted Average                                      
Exercise Price (CDN$)         $ 9.62   $ -   $ -   $ 9.91   $ 9.58  
Weighted Average Remaining Life           3.2 years                       3.0 years  

As at June 30, 2024, there were 225,847 stock options available for issuance under the 2023 Plan and 2022 Plan, and 2,499,116 performance based awards available for issuance under the 2023 Plan and the 2022 Plan. During the three months ended June 30, 2024:

 the Company granted 20,000 stock options with a 5 year term and an exercise price of CDN$1.40 per share.

 69,392 stock options exercisable at a weighted average share price of CDN$9.91 were forfeited.

 During the three months ended June 30, 2024, the Company incurred share-based compensation expense with a measured fair value of $408,005 (June 30, 2023 - $713,227). The fair value of the options granted and vested were recorded as share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Profit and Loss.

Subsequent to the end of the quarter, between July 8, 2024 and August 12, 2024, 85,536 stock options exercisable at a weighted average exercise price of CAD$10.55 per share were forfeited.

 

Page 15 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

14. Deferred Revenue

The Company recorded Deferred Revenue of $10,240,642 for deposits received from customers for the sale of all-electric vehicles and parts which were not delivered as at June 30, 2024 (March 31, 2024 - $9,942,385).

    Three months ended,     Twelve months ended,  
    June 30, 2024     March 31, 2024  
Deferred Revenue, beginning of period $ 9,942,385   $ 9,998,609  
Additions to deferred revenue during the period   310,996     4,361,857  
Deposits returned   (3,000 )   (234,415 )
Revenue recognized from deferred revenue during the period   (9,739 )   (4,183,666 )
Deferred Revenue, end of period $ 10,240,642   $ 9,942,385  
             
Current portion $ 7,364,402   $ 7,066,145  
Long term portion   2,876,240     2,876,240  
  $ 10,240,642   $ 9,942,385  

 

15. Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, promissory note receivable, finance lease receivables, restricted deposit, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, other liabilities and lease liabilities.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices that are observable for the asset or liabilities either directly or indirectly; and

Level 3: Inputs that are not based on observable market data

The fair value of the Company's financial instruments approximates their carrying value, unless otherwise noted.

The Company has exposure to the following financial instrument-related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, finance lease receivable and restricted deposit. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

The Company's cash is comprised of cash bank balances. The Company's restricted deposit is an interest-bearing term deposit. Both cash and the restricted deposit are held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal credit risk on these assets. The Company assesses the credit risk of its accounts receivable and finance lease receivables at each reporting period end and on an annual basis. As at June 30, 2024, three customers (March 31, 2024 - two ) had accounts receivable balances that were more than 10% of the company's total accounts receivable balance, and collectively these customers represented 47% (March 31, 2024 - 30%) of the Company's accounts receivable, net of allowances balance. As at June 30, 2024, the Company recorded an allowance for doubtful accounts of $1,263,899 against its accounts receivable (March 31, 2024 - $1,319,873)

Page 16 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

15. Financial Instruments (continued)

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's $8 million operating line of credit and on the Company's term loan facility. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern (Note 1). The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its Line of Credit (Note 10) and its term loan facility (Note 11). The Company is exposed to foreign exchange risk as it conducts business in both the United States and Canada. Management monitors its foreign currency balances, but the Company does not engage in any hedging activities to reduce its foreign currency risk.

At June 30, 2024, the Company was exposed to currency risk through the following financial assets and liabilities in Canadian Dollars:

Cash $ 284,746  
Accounts Receivable $ 8,879  
Prepaids and deposits $ 10,988  
Finance Lease Receivable $ 60,889  
Accounts Payable and Accrued Liabilities $ 359,579  
Related Party Loan $ 3,670,000  

The CDN/USD exchange rate as at June 30, 2024 was $0.7306 (March 31, 2024 - $0.7380). Based on the net exposure and assuming all other variables remain constant, a 10% change in the appreciation or depreciation of the Canadian dollar relative to the US dollar would result in a change of approximately $321,105 to net income/(loss).

 

Page 17 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

16. Related Party Transactions

A summary of compensation and other amounts paid to directors, officers and key management personnel is as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
             
Salaries and Benefits (1) $ 138,730   $ 113,235  
Consulting fees (2)   141,250     85,000  
Non-cash Options Vested (3)   291,914     451,692  
Total $ 571,894   $ 649,927  

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

2) Consulting fees included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss are paid to the Chairman and CEO for management consulting services, as well as Director's Fees paid to GreenPower's four independent directors.

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

Accounts payable and accrued liabilities at June 30, 2024 included $178,923 (March 31, 2024 - $105,676) owed to officers, directors, and companies controlled by officers and directors, and shareholders, which is non-interest bearing, unsecured and has no fixed terms of repayment.

As at June 30, 2024 the Company has loans totaling CAD$3,670,000 (March 31, 2024 - CAD$3,670,000) from FWP Holdings LLC, a company that is beneficially owned by the CEO and Chairman of the Company. The loans bear interest at 12.0% per annum plus such additional bonus interest, if any, as may be agreed to and approved by GreenPower's Board of Directors at a later date.

The loans from FWP Holdings LLC matured on March 31, 2023, however the CAD $3,670,000 principal balance remains outstanding as at June 30, 2024. The Company and FWP Holdings LLC entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from FWP Holdings LLC would be subordinate to the lender's security interests and that no payment will be made on the loans from FWP Holdings LLC before the full repayment of the term loan facility (Note 11). As a result, loans from related parties are considered non-current liabilities, and this change is considered a substantial modification pursuant to IFRS 9, which resulted in the recognition of a non-cash gain of $306,288 during the year ended March 31, 2024. During the three months ended June 30, 2024, $80,241 of interest was expensed on related party loans (June 30, 2023 - $82,515). The Company has agreed to grant the lender a general security assignment on the assets of GreenPower Motor Company Inc., which will be subordinated to any security assignment of senior lenders.

Page 18 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

16. Related Party Transactions (continued)

A director of the Company, David Richardson, and the Company's CEO and Chairman Fraser Atkinson, have each provided personal guarantees of $2,510,000, or $5,020,000 in total to support the Company's $8 million operating line of credit (Note 10).

Subsequent to the end of the quarter the Company received loans totaling $250,000 from Koko Financial Services Inc. ("Koko") and CAD$675,000 from 0851433 B.C. Ltd. ("0851433"). Both Koko, a shareholder of the Company, and 0851433 are companies that are beneficially owned by the CEO and Chairman of GreenPower.

 

17. Segmented information and supplemental cash flow disclosure

The Company operates in one reportable operating segment, being the manufacture and distribution of all-electric medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The Company's revenues allocated by geography for the three months ended June 30, 2024 and 2023 are as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
United States of America $ 2,594,560   $ 17,307,675  
Canada   402,498     273,333  
             
Total $ 2,997,058   $ 17,581,008  

As at June 30, 2024 and March 31, 2024, over 90% of the Company's property and equipment are located in the United States.

The Company's cash payments of interest and taxes during the three months ended June 30, 2024 and 2023 are as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
Interest paid $ 262,623   $ 145,408  
Taxes paid $ -   $ -  

 

Page 19 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

18. Warranty Liability

The Company generally provides its customers with a base warranty on its vehicles including those covering brake systems, lower-level components, fleet defect provisions and battery-related components. The majority of warranties cover periods of five years, with some variation depending on the contract. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. This assessment relies on estimates and assumptions about expenditures on future warranty claims.

Actual warranty disbursements are inherently uncertain, and differences may impact cash expenditures on these claims. It is expected that the Company will incur approximately $743,230 in warranty costs within the next twelve months, with disbursements for the remaining warranty liability incurred after this date. An accrual for expected future warranty expenditures is recognized in the period when the revenue is recognized from the associated vehicle sale and is expensed in Product Development Costs in the Company's Sales, general and administrative costs.

The following table summarizes changes in the warranty liability over the three months ended June 30, 2024 and the year ended March 31, 2024:

    3 months ended     Year ended  
    June 30, 2024     March 31, 2024  
             
Opening balance $ 2,499,890   $ 2,077,750  
Warranty additions   159,813     1,343,838  
Warranty disbursements   (380,027 )   (774,174 )
Warranty expiry   -     (147,108 )
Foreign exchange translation   (57 )   (416 )
Total $ 2,279,619   $ 2,499,890  
             
Current portion $ 730,884   $ 750,806  
Long term portion   1,548,735     1,749,084  
Total $ 2,279,619   $ 2,499,890  

 

19. Contingent Liability

On July 7, 2022 GreenPower entered into an asset purchase agreement with Lion Truck Body Inc., a truck body manufacturer located in Torrance, CA, under which Greenpower purchased all of the assets of the business through its wholly owned subsidiary, Lion Truck Body Incorporated.

The acquisition included that GreenPower would assume a term loan from the seller subject to the seller obtaining the required consents to allow for the assumption. The term loan had a principal outstanding of approximately of approximately $1.5 million as at July 7, 2022, an interest rate of 3.75%, a maturity in May 2050, and fixed monthly payments. As at June 30, 2024 and March 31, 2024 the seller has not provided the Company with any evidence that he has obtained the required consents for the Company to assume the loan and there is significant uncertainty

Page 20 of 21


GREENPOWER MOTOR COMPANY INC.

Notes to the Unaudited Consolidated Condensed Interim Financial Statements
For the Three Months Ended June 30, 2024 and 2023

(Expressed in US Dollars)
(Unaudited – Prepared by Management)

19. Contingent Liability (continued)

over whether the seller will obtain these consents. In accordance with IAS 37, as at June 30, 2024 and March 31, 2024, amounts representing the term loan have been recognized as a contingent liability on the Company's Consolidated Statement of Financial Position.

 

20. Litigation and Legal Matters

The Company filed a civil claim against the prior CEO and Director of the Company in the Province of British Columbia in 2019, and the prior CEO and Director of the Company has filed a response with a counterclaim for wrongful dismissal in the Province of British Columbia. The prior CEO and Director of the Company also filed a similar claim in the state of California in regards to this matter, and this claim has been stayed pending the outcome of the claim in British Columbia. There has not been a resolution on the British Columbia claim or counterclaim, or the California claim as at June 30, 2024.

In addition, a company owned and controlled by a former employee who provided services to a subsidiary company of GreenPower until August 2013 filed a claim for breach of confidence against GreenPower in July 2020, and this claim has not been resolved as at June 30, 2024.

During April 2023 the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary, and this matter has not been resolved as at June 30, 2024. The Company has not booked a provision for the claims or the counterclaim as it does not believe there is a remote or estimable material financial impact as at June 30, 2024.

 

21. Subsequent Events

Subsequent to the end of the quarter the Company received loans totaling $250,000 from Koko Financial Services Inc. ("Koko") and CAD$675,000 from 0851433 B.C. Ltd. ("0851433"). Both Koko, a shareholder of the Company, and 0851433 are companies that are beneficially owned by the CEO and Chairman of GreenPower (Note 16).

Between July 8, 2024 and August 12, 2024, 85,536 stock options exercisable at a weighted average exercise price of CAD$10.55 per share were forfeited (Note 13).

On July 25, 2024, GreenPower signed a term sheet pursuant to which the lender will reduce the credit limit on the Company's Line of Credit to up to $7,400,000, with further reductions of $200,000 per month until the credit limit reaches $6,000,000 on January 25, 2025. In addition, the line of credit margin will increase from 2.0% to 2.25% (Note 10).

Page 21 of 21


v3.24.2.u1
Document and Entity Information
3 Months Ended
Jun. 30, 2024
Document Information [Line Items]  
Entity Registrant Name GreenPower Motor Company Inc.
Entity Central Index Key 0001584547
Amendment Flag true
Amendment Description This 6-k is being filed to include Amendment No. 1 to the Financial Statements for the three months ended June 30, 2024 which was filed with the Securities and Exchange Commission on August 14, 2024, is being filed for the purpose of adding Exhibit 101 and to furnish the Interactive Data File (as defined in Rule 11 of Regulation S-T) as Exhibit 101 in accordance with Rule 405 of Regulation S-T.Except as described above, no changes have been made to the Original Financial Statements for the three months ended June 30, 2024, and this Amendment does not amend, update or change any other items or disclosures in the Original Financial Statements for the three months ended June 30, 2024. Further this Amendment does not reflect subsequent events occurring after the filing date of the Original Financial Statements for the three months ended June 30, 2024 or modify or update in any way disclosures in the Original Financial Statements for the three months ended June 30, 2024.
Current Fiscal Year End Date --03-31
Document Type 6-K/A
Document Period End Date Jun. 30, 2024
Entity File Number 001-39476
v3.24.2.u1
Consolidated Condensed Interim Statements of Financial Position - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Current    
Cash $ 528,281 $ 1,150,891
Accounts receivable, net of allowances 1,874,534 2,831,942
Current portion of finance lease receivables 47,501 111,529
Inventory 33,725,550 32,010,631
Prepaids and deposits 558,884 748,362
Total current assets 36,734,750 36,853,355
Non-current    
Finance lease receivables 126,954 1,046,855
Right of use assets 3,932,239 4,124,563
Property and equipment 2,250,703 2,763,525
Restricted deposit 419,872 414,985
Other assets 1 1
Total assets 43,464,519 45,203,284
Current    
Line of credit 7,676,178 7,463,206
Term loan facility 3,030,874 2,267,897
Accounts payable and accrued liabilities 3,343,764 2,977,251
Current portion of deferred revenue 7,364,402 7,066,145
Current portion of lease liabilities 533,520 630,207
Current portion of warranty liability 730,884 750,806
Current portion of contingent liability 136,078 136,078
Total current liabilities 22,815,700 21,291,590
Non-current    
Deferred revenue 2,876,240 2,876,240
Lease liabilities 3,927,778 4,006,004
Contingent liability 1,255,668 1,255,668
Loans payable to related parties 2,416,794 2,432,180
Other liabilities 23,557 25,699
Warranty liability 1,548,735 1,749,084
Total liabilities 34,864,472 33,636,465
Equity    
Share capital 78,088,667 76,393,993
Reserves 14,812,053 14,305,642
Accumulated other comprehensive loss (23,001) (111,896)
Accumulated deficit (84,277,672) (79,020,920)
Total equity 8,600,047 11,566,819
Total liabilities and equity $ 43,464,519 $ 45,203,284
v3.24.2.u1
Consolidated Condensed Interim Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Statement Abstract    
Revenue $ 2,997,058 $ 17,581,008
Cost of Sales 2,775,194 14,790,232
Gross Profit 221,864 2,790,776
Sales, general and administrative costs    
Salaries and administration 2,142,864 1,842,826
Depreciation 457,758 442,767
Product development costs 227,283 812,899
Office expense 276,548 366,656
Insurance 478,742 420,181
Professional fees 363,441 324,150
Sales and marketing 593,604 136,683
Share-based payments 408,005 713,227
Transportation costs 49,174 53,064
Travel, accomodation, meals and entertainment 121,543 205,728
Allowance for credit losses 7,970 9
Total sales, general and administrative costs 5,126,932 5,318,190
Loss from operations before interest, accretion and foreign exchange (4,905,068) (2,527,414)
Interest and accretion (522,753) (277,951)
Foreign exchange (loss) / gain 39,173 (6,491)
Loss for the period (5,388,648) (2,811,856)
Other comprehensive income / (loss)    
Cumulative translation reserve 88,895 23,923
Total comprehensive loss for the period $ (5,299,753) $ (2,787,933)
Loss per common share, basic $ (0.21) $ (0.11)
Loss per common share, diluted $ (0.21) $ (0.11)
Weighted average number of common shares outstanding, basic 25,848,305 24,902,192
Weighted average number of common shares outstanding, diluted 25,848,305 24,902,192
v3.24.2.u1
Consolidated Condensed Interim Statements of Changes in Equity - USD ($)
Share Capital [Member]
Reserves [Member]
Accumulated other comprehensive income (loss) [Member]
Accumulated Deficit [Member]
Total
Balance at Mar. 31, 2023 $ 75,528,238 $ 13,066,183 $ (141,443) $ (60,790,972) $ 27,662,006
Balance (shares) at Mar. 31, 2023 24,716,628        
Shares issued for cash $ 520,892       520,892
Shares issued for cash (shares) 188,819        
Share issuance costs $ (14,904)       (14,904)
Shares issued for exercise of options $ 193,392 (82,272)     111,120
Shares issued for exercise of options (shares) 42,858        
Fair value of stock options forfeited   (48,040)   48,040  
Share based payments   713,227     713,227
Cumulative translation reserve     23,923   23,923
Net loss for the year       (2,811,856) (2,811,856)
Balance at Jun. 30, 2023 $ 76,227,618 13,649,098 (117,520) (63,554,788) 26,204,408
Balance (shares) at Jun. 30, 2023 24,948,305        
Balance at Mar. 31, 2024 $ 76,393,993 14,305,642 (111,896) (79,020,920) 11,566,819
Balance (shares) at Mar. 31, 2024 24,991,162        
Shares issued in unit transaction $ 2,047,500       2,047,500
Shares issued in unit transaction (shares) 1,500,000        
Share issuance costs $ (352,826)       (352,826)
Warrants issued in unit transaction   278,250     278,250
Warrant issuance costs   (47,948)     (47,948)
Fair value of stock options forfeited   (131,896)   131,896  
Share based payments   408,005     408,005
Cumulative translation reserve     88,895   88,895
Net loss for the year       (5,388,648) (5,388,648)
Balance at Jun. 30, 2024 $ 78,088,667 $ 14,812,053 $ (23,001) $ (84,277,672) $ 8,600,047
Balance (shares) at Jun. 30, 2024 26,491,162        
v3.24.2.u1
Consolidated Condensed Interim Statements of Cash Flows - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from (used in) operating activities    
Loss for the period $ (5,388,648) $ (2,811,856)
Items not affecting cash    
Allowance (recovery) for credit losses 7,970 9
Depreciation 457,758 442,767
Share-based payments 408,005 713,227
Accretion and accrued interest 260,130 132,933
Foreign exchange loss / (gain) (39,173) 6,491
Cash flow used in operating activities before changes in non-cash items (4,293,958) (1,516,429)
Changes in non-cash items:    
Accounts receivable 975,124 2,270,872
Inventory (542,755) 8,424,952
Prepaids and deposits 189,478 (443,458)
Promissory note receivable 0 13,994
Finance lease receivables 12,703 48,785
Accounts payable and accrued liabilities 353,985 (3,032,210)
Deferred revenue 223,806 1,435,495
Warranty liability (130,271) 556,023
Total cash flows from (used in) operating activities (3,211,888) 7,758,024
Cash flows from (used in) investing activities    
Purchase of property and equipment (45,892) (31,902)
Total cash flows from (used in) investing activities (45,892) (31,902)
Cash flows from (used in) financing activities    
Repayment of loans from related parties 0 (354,099)
Proceeds from (repayment of) line of credit 212,972 (6,449,305)
Proceeds from term loan facility 762,977  
Payments on lease liabilities (261,355) (272,919)
Cash used for restricted deposit 0 (400,000)
Repayment of other liabilities (2,122) (2,141)
Proceeds from issuance of common shares and warrants 2,325,750 520,892
Equity offering costs (400,774) (14,904)
Proceeds from exercise of stock options 0 111,120
Total cash flows from (used in) financing activities 2,637,448 (6,861,356)
Foreign exchange on cash (2,278) (12,526)
Net (decrease) increase in cash (622,610) 852,240
Cash, beginning of period 1,150,891 600,402
Cash, end of period $ 528,281 $ 1,452,642
v3.24.2.u1
Nature and Continuance of Operations and Going Concern
3 Months Ended
Jun. 30, 2024
Nature And Continuance Of Operations And Going Concern [Abstract]  
Nature and Continuance of Operations and Going Concern [Text Block]

1. Nature and Continuance of Operations and Going Concern

GreenPower Motor Company Inc. ("GreenPower" or the "Company") was incorporated in the Province of British Columbia on September 18, 2007. The Company is a manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The corporate office is located at Suite 240 - 209 Carrall St., Vancouver, Canada.

These consolidated condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the IASB. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with our audited financial statements for the year ended March 31, 2024.

The Company’s continuing operations are dependent upon its ability to raise capital and generate cash flows. As at June 30, 2024, the Company had a cash balance of $528,281, working capital, defined as current assets less current liabilities, of $13,919,050 accumulated deficit of $(84,277,672) and shareholder’s equity of $8,600,047. These consolidated condensed interim financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company’s ability to continue as a going concern. Management plans to address this material uncertainty by selling vehicles in inventory, collecting accounts receivable, utilizing the Company’s operating line of credit and revolving term loan facility and by seeking potential new sources of financing.

These consolidated condensed interim financial statements were approved by the Company's Audit Committee, as delegated by the Board of Directors, on August 12, 2024.

v3.24.2.u1
Material Accounting Policies
3 Months Ended
Jun. 30, 2024
Disclosure Of Detailed Information About Significant Accounting Policies [Abstract]  
Material Accounting Policies [Text Block]

2. Material Accounting Policies

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2024, except for the following which either did not apply to the prior year or are amendments which apply for the current fiscal year.

 

Adoption of accounting standards

Certain new accounting standards have been published by the IASB that are effective for annual reporting periods beginning on or after January 1, 2024, as follows:

 

  IAS 1 - Presentation of Financial Statements

  IAS 7 - Statement of Cash Flows

  IFRS 7 - Financial Instruments

  IFRS 16 - Leases (liability in a sale leaseback)

Amendments to these standards did not cause a change to the Company's financial statements.

 

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2025. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

v3.24.2.u1
Cash
3 Months Ended
Jun. 30, 2024
Cash And Cash Equivalents Abstract  
Cash [Text Block]

3.   Cash

As at June 30, 2024 the Company has a cash balance of $528,281 (March 31, 2024 - $1,150,891) which is on deposit at major financial institutions in North America. The Company has no cash equivalents as at June 30, 2024 or at March 31, 2024.

v3.24.2.u1
Accounts Receivable
3 Months Ended
Jun. 30, 2024
Accounts Receivable [Abstract]  
Accounts Receivable [Text Block]

4. Accounts Receivable

The Company has evaluated the carrying value of accounts receivable as at June 30, 2024 in accordance with IFRS 9 and has determined that an allowance against accounts receivable of $1,263,899 (March 31, 2024 - $1,319,873) is warranted.

v3.24.2.u1
Finance Lease Receivables
3 Months Ended
Jun. 30, 2024
Disclosure of Finance Lease Receivables [Abstract]  
Finance Lease Receivables [Text Block]

5. Finance Lease Receivable

Greenpower's wholly owned subsidiaries San Joaquin Valley Equipment Leasing Inc. and 0939181 BC Ltd. lease vehicles to several customers, and as at June 30, 2024, the Company had a total of 3 (March 31, 2024 - 8) vehicles on lease that were determined to be finance leases and the Company had a total of 3 (March 31, 2024 - 4) vehicles on lease that were determined to be operating leases. Between March 31, 2024 and June 30, 2024, 5 vehicles previously under finance lease and 1 vehicle previously on operating lease were repossessed, and the finance leases were de-recognized, and the vehicles were transferred to inventory.

As at June 30, 2024, the remaining payments to be received on Finance Lease Receivables are as follows:

    30-Jun-24  
Year 1 $ 54,598  
Year 2   71,413  
Year 3   37,200  
Year 4   37,200  
Year 5   18,602  
less: amount representing interest income   (44,558 )
Finance Lease Receivable $ 174,455  
Current Portion of Finance Lease Receivable $ 47,501  
Long Term Portion of Finance Lease Receivable $ 126,954  
v3.24.2.u1
Inventory
3 Months Ended
Jun. 30, 2024
Classes of current inventories [abstract]  
Inventory [Text Block]

6. Inventory

The following is a listing of inventory as at June 30, 2024 and March 31, 2024:

    June 30, 2024     March 31, 2024  
             
Parts $ 4,365,675   $ 3,855,668  
Work in Process   15,970,562     14,341,949  
Finished Goods   13,389,313     13,813,014  
             
Total $ 33,725,550   $ 32,010,631  

The Company’s finished goods inventory is primarily comprised of EV Stars, EV Star Cab and Chassis, BEAST Type D school buses, and Nano BEAST Type A school buses. During the three months ended June 30, 2024, $2,556,085 of inventory was included in cost of sales (June 30, 2023 - $14,198,268).

v3.24.2.u1
Right of Use Assets and Lease Liabilities
3 Months Ended
Jun. 30, 2024
Disclosure of Right of Use Assets and Lease Liabilities [Abstract]  
Right of Use Assets and Lease Liabilities [Text Block]

7. Right of Use Assets and Lease Liabilities

The Company has recorded Right of Use Assets and Lease Liabilities in its consolidated statement of financial position for lease agreements that the Company has entered into that expire in more than one year at the inception of the leases. These leases have a carrying value at June 30, 2024 of $3,932,239 (March 31, 2024 - $4,124,563). Rental payments on the Right of Use Assets are discounted using an 8.0% rate of interest and capitalized on the Consolidated Statement of Financial Position as Lease Liabilities. The value of the Right of Use Assets is determined at lease inception and include the capitalized lease liabilities, incorporate upfront costs incurred and incentives received, and the value is depreciated over the term of the lease. For the three months ended June 30, 2024 the Company incurred interest expense of $86,483 (2023 - $98,183) on the Lease Liabilities, recognized depreciation expense of $192,324 (2023 - $201,694) on the Right of Use Assets and made total rental payments of $261,355 (2023 - $272,919).

GreenPower entered into a Contract of Lease-Purchase with the South Charleston Development Authority for a property located in South Charleston, West Virginia during the year ended March 31, 2023. The terms of the lease required no cash up front and monthly lease payments that start May 1, 2023. GreenPower is eligible for up to $1,300,000 forgiveness on the lease, calculated on a pro-rata basis for the employment up to 200 employees by December 31, 2024. GreenPower is also eligible for additional forgiveness of $500,000 for every 100 employees above the first 200. Title to the property will be transferred to GreenPower once total lease payments and the amount of the forgiveness reach $6.7 million. The lease liability recorded for this lease has not been reduced to reflect contingently forgivable amounts due to the uncertainty of the attainment of employment levels required to realize these lease liability reduction benefits.

The following table summarizes changes in Right of Use Assets between March 31, 2024 and June 30, 2024:

Right of Use Assets, March 31, 2024 $ 4,124,563  
Depreciation   (192,324 )
       
Right of Use Assets, June 30, 2024 $ 3,932,239  

The following table summarizes changes in Right of Use Assets between March 31, 2023 and March 31, 2024:

Right of Use Assets, March 31, 2023 $ 4,845,738  
Depreciation   (785,306 )
Transfer to deposit   (5,000 )
Additions during the period   69,131  
       
Right of Use Assets, March 31, 2024 $ 4,124,563  

 

The following table shows the remaining undiscounted payments on lease liabilities, interest on lease liabilities and the carrying value of lease liabilities as at June 30, 2024.

1 year $ 850,141  
thereafter $ 5,401,652  
less amount representing interest expense $ (1,790,495 )
Lease liability $ 4,461,298  
Current Portion of Lease Liabilities $ 533,520  
Long Term Portion of Lease Liabilities $ 3,927,778  
v3.24.2.u1
Property and Equipment
3 Months Ended
Jun. 30, 2024
Property Plant And Equipment Abstract  
Property and Equipment [Text Block]

8. Property and Equipment

The following is a summary of changes in Property and Equipment for the three months ended June 30, 2024:

Property and Equipment, March 31, 2024 $ 2,763,525  
plus: purchases   45,892  
less: transferred to inventory   (290,938 )
less: depreciation   (265,434 )
plus: foreign exchange translation   (2,342 )
Property and Equipment, June 30, 2024 $ 2,250,703  

The following is a summary of changes in Property and Equipment for the twelve months ended March 31, 2024:

Property and Equipment, March 31, 2023 $ 2,604,791  
plus: purchases   361,533  
plus: transfers from inventory   874,278  
less: depreciation   (1,073,152 )
plus: foreign exchange translation   (3,925 )
Property and Equipment, March 31, 2024 $ 2,763,525  
v3.24.2.u1
Restricted deposit
3 Months Ended
Jun. 30, 2024
Restricted Deposit [Abstract]  
Restricted deposit [Text Block]

9. Restricted deposit

The Company has pledged a $400,000 term deposit as security for an irrevocable standby letter of credit issued by a commercial bank to an insurance company that is providing the Company with a surety bond to support the Company's importation of goods to the United States. The term deposit has a term of one year, a maturity date of June 23, 2025, and earns interest at a fixed rate of 3.0%. The surety bond was issued on June 28, 2023, has a term of one year and is automatically renewable for successive one-year terms unless cancelled by the bank with 45 days' notice or cancelled by the surety bond provider. The Company expects that the restricted deposit will be held as security for the standby letter of credit for a period of greater than one year.

v3.24.2.u1
Line of Credit
3 Months Ended
Jun. 30, 2024
Line of Credit [Abstract]  
Line of Credit [Text Block]

10. Line of Credit

The Company's primary bank account denominated in US dollars is linked to its Line of Credit such that funds deposited to the bank account reduce the outstanding balance on the Line of Credit. As at June 30, 2024 the Company's Line of Credit had a credit limit of up to $8,000,000 (March 31, 2024 - $8,000,000). The Line of Credit bears interest at the bank's US Base Rate (June 30, 2024 - 9.0%, March 31, 2024 - 9.0%) plus a margin of 2.0%.

The Line of Credit is secured by a general floating charge on the Company's assets and the assets of one of its subsidiaries, and one of the Company's subsidiaries has provided a corporate guarantee. Two directors of the Company have provided personal guarantees for a total of $5,020,000. The Line of Credit contains customary business covenants such as maintenance of security, maintenance of corporate existence, and other covenants typical for a corporate operating line of credit, and the Line of Credit has one financial covenant, to maintain a current ratio greater than 1.2:1, for which the Company is in compliance as at June 30, 2024 and March 31, 2024. In addition, the availability of the credit limit over $5,000,000 is subject to margin requirements of a percentage of finished goods inventory and accounts receivable. As of June 30, 2024 the Company had a drawn balance of $7,676,178 (March 31, 2024 - $7,463,206) on the Line of Credit.

Subsequent to the end of the quarter, on July 25, 2024, GreenPower signed a term sheet pursuant to which the lender will reduce the credit limit on the Company's Line of Credit to up to $7,400,000, with further reductions of $200,000 per month until the credit limit reaches $6,000,000 on January 25, 2025. In addition, the line of credit margin will increase from 2.0% to 2.25%.

v3.24.2.u1
Term loan facility
3 Months Ended
Jun. 30, 2024
Disclosure Of Term Loan Facility [Abstract]  
Term loan facility [Text Block]

11. Term loan facility

During February 2024, the Company entered into a $5,000,000 revolving loan facility (the "Loan") with Export Development Canada ("EDC"). The Loan is used to finance working capital investments to deliver all-electric vehicles to customers under purchase orders approved by EDC. The Loan allows advances over a 24-month period, has a term of 36 months, and bears interest at a floating rate of US Prime + 5% per annum. The Company has granted EDC a first and second ranking security interest over property of the Company and certain subsidiaries, and the Company and certain subsidiaries have provided Guarantees to EDC. The Company and FWP Holdings LLC, a company that is beneficially owned and controlled by the CEO and Chairman of the Company, entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from FWP Holdings LLC would be subordinate to the lender's security interests and that no payment will be made on the loans from FWP Holdings LLC before the full repayment of the term loan facility (Note 16).

The term loan facility has two financial covenants. The first covenant is reported quarterly, and is to maintain a current ratio, defined as current assets over current liabilities, of greater than 1.2 to 1.0. The Company is in compliance with this covenant as at June 30, 2024. The second covenant commences at the 2026 fiscal year end, will be reported quarterly, and is to maintain a debt service coverage ratio of 1.25 to 1.0. The debt service coverage ratio is defined as EBITDA for the trailing four quarters, divided by the sum of debt payments, capital lease payments, and interest expense, each for the trailing four quarters.

As at June 30, 2024 the balance outstanding on the term loan facility, including fees and accrued interest, was $3,030,874 (March 31, 2024 -$2,267,897).

v3.24.2.u1
Share Capital
3 Months Ended
Jun. 30, 2024
Disclosure Of Classes Of Share Capital Abstract  
Share Capital [Text Block]

12. Share Capital

Authorized

Unlimited number of common shares without par value

Unlimited number of preferred shares without par value

Issued

During the three months ended June 30, 2024, the Company issued a total of 1,500,000 common shares in an underwritten Unit offering (the "Unit Offering") comprised of 1,500,000 common shares and warrants to purchase 1,575,000 common shares for gross proceeds of $2,325,750 before deducting underwriting discounts and offering expenses. The warrants have an exercise price of $1.82 per share and expire three years from the date of issuance. None of the warrants have been cancelled, forfeited or exercised as of June 30, 2024. The Company incurred approximately $400,774 in professional fees and other direct expenses in connection with the Unit Offering, which was included in share issuance costs for the three months ended June 30, 2024. The Company determined that the fair value of warrants issued in the Unit Offering was $278,250, and this amount, net of allocated professional fees of $48,040 was booked to reserves, with the remainder booked to share capital in the Company's statement of financial position. During the year ended March 31, 2024, the Company issued a total of 274,534 common shares, including 188,819 shares issued under the At the Market Offering (the "ATM"), and 85,715 shares from the exercise of options.

At the Market Offering

In September 2022, the Company filed a prospectus supplement to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time to time, sell common shares of the Company for aggregate gross proceeds of up to US$20,000,000. The base shelf prospectus was filed in October 2021 and was effective for a period of 25 months until November 2023. The Company filed a new base shelf prospectus in January 2024.

The sale of common shares under the prospectus supplement was made through ATM distributions on the NASDAQ stock exchange. During the year ended March 31, 2024, the Company sold 188,819 common shares under the ATM program for gross proceeds of $520,892 before transaction fees. The ATM expired in November 2023 due to the expiry of the base shelf prospectus.

The Company incurred approximately $14,904 in professional fees and other direct expenses in connection with the ATM, which was included in share issuance costs for the year ended March 31, 2024.

v3.24.2.u1
Stock Options
3 Months Ended
Jun. 30, 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement Abstract  
Stock Options [Text Block]

13. Stock Options

The Company has two incentive stock option plans whereby it grants options to directors, officers, employees, and consultants of the Company, the 2023 Equity Incentive Plan (the "2023 Plan") which was adopted in order to grant awards to people in the United States, and the 2022 Equity Incentive Plan (the "2022 Plan").

2023 Plan

Effective February 21, 2023, GreenPower adopted the 2023 Plan which was approved by shareholders at our AGM on March 28, 2023 in order to grant stock options or non-stock option awards to people in the United States. Under the 2023 Plan GreenPower can issue stock options that are considered incentive stock options, which are stock options that qualify for certain favorable tax treatment under U.S. tax laws. Nonqualified stock options are stock options that are not incentive stock options. Non-stock option awards mean a right granted to an award recipient under the 2023 Plan, which may include the grant of stock appreciation rights, restricted awards or other equity-based awards.

2022 Plan

Effective April 19, 2022 GreenPower adopted the 2022 Equity Incentive Plan (the "2022 Plan"), which was further ratified and re-approved by shareholders at our AGM on March 27, 2024, and which replaced the 2019 Plan. Under the 2022 Plan the Company can grant equity-based incentive awards in the form of stock options ("Options"), restricted share units ("RSUs"), performance share units ("PSUs") and deferred share units ("DSUs"). RSU's, DSU's and PSU's are collectively referred to as "Performance Based Awards". The 2022 Plan is a Rolling Plan for Options and a fixed-plan for Performance-Based Awards such that the aggregate number of Shares that: (i) may be issued upon the exercise or settlement of Options granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements), shall not exceed 10% of the Company's issued and outstanding Shares from time to time, and (ii) may be issued in respect of Performance-Based Awards granted under the 2022 Plan (and all of the Company's other Security-Based Compensation Arrangements) shall not exceed 2,499,116. No performance-based awards have been issued as at June 30, 2024 or June 30, 2022. The 2022 Plan is considered an "evergreen" plan, since Options which have been exercised, cancelled, terminated, surrendered, forfeited or expired without being exercised shall be available for subsequent grants under the 2022 Plan and the number of awards available to grant increases as the number of issued and outstanding Shares increases.

Stock Option Plans from Prior Periods

On May 14, 2019, the Company replaced the 2016 Plan with a Rolling Stock Option Plan (the "2019 Plan"). Under the terms of the 2019 Plan, the aggregate number of Options that can be granted under the 2019 Plan cannot exceed ten (10%) of the total number of issued and outstanding Shares, calculated on a non-diluted basis. The exercise price of options granted under the 2019 Plan may not be less than the minimum prevailing price permitted by the TSXV policies with a maximum term of 10 years. On March 9, 2016, the shareholders approved the previous stock option plan which initially allowed for the issuance of up to 1,491,541 shares and which was subsequently further increased to allow up to 2,129,999 shares to be issued under the plan (the "2016 Plan").

The Company had the following incentive stock options granted under the 2022 Plan, the 2019 Plan, and 2016 Plan that are issued and outstanding as at June 30, 2024:

      Exercise     Balance                 Forfeited     Balance  
Expiry Date     Price     March 31, 2024     Granted     Exercised     or Expired     June 30, 2024  
January 30, 2025 CDN $ 2.59     238,212     -     -     (3,571 )   234,641  
February 11, 2025 CDN $ 8.32     50,000     -     -     -     50,000  
July 3, 2025 CDN $ 4.90     14,999     -     -     (3,571 )   11,428  
November 19, 2025 US $ 20.00     300,000     -     -     -     300,000  
December 4, 2025 US $ 20.00     20,000     -     -     -     20,000  
May 18, 2026 CDN $ 19.62     63,700     -     -     (8,500 )   55,200  
December 10, 2026 CDN $ 16.45     523,250     -     -     (23,750 )   499,500  
July 4, 2027 CDN $ 4.25     15,000     -     -     -     15,000  
November 2, 2027 US $ 2.46     10,000     -     -     -     10,000  
February 14, 2028 CDN $ 3.80     632,500     -     -     (20,000 )   612,500  
March 27, 2029 CDN $ 2.72     605,000     -     -     (10,000 )   595,000  
June 28, 2029 CDN $ 1.40     -     20,000     -     -     20,000  
Total outstanding           2,472,661     20,000     -     (69,392 )   2,423,269  
Total exercisable           1,711,798                       1,711,798  
Weighted Average                                      
Exercise Price (CDN$)         $ 9.62   $ -   $ -   $ 9.91   $ 9.58  
Weighted Average Remaining Life           3.2 years                       3.0 years  

As at June 30, 2024, there were 225,847 stock options available for issuance under the 2023 Plan and 2022 Plan, and 2,499,116 performance based awards available for issuance under the 2023 Plan and the 2022 Plan. During the three months ended June 30, 2024:

 the Company granted 20,000 stock options with a 5 year term and an exercise price of CDN$1.40 per share.

 69,392 stock options exercisable at a weighted average share price of CDN$9.91 were forfeited.

 During the three months ended June 30, 2024, the Company incurred share-based compensation expense with a measured fair value of $408,005 (June 30, 2023 - $713,227). The fair value of the options granted and vested were recorded as share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Profit and Loss.

Subsequent to the end of the quarter, between July 8, 2024 and August 12, 2024, 85,536 stock options exercisable at a weighted average exercise price of CAD$10.55 per share were forfeited.

v3.24.2.u1
Deferred Revenue
3 Months Ended
Jun. 30, 2024
Accruals And Deferred Income Including Contract Liabilities Abstract  
Deferred Revenue [Text Block]

14. Deferred Revenue

The Company recorded Deferred Revenue of $10,240,642 for deposits received from customers for the sale of all-electric vehicles and parts which were not delivered as at June 30, 2024 (March 31, 2024 - $9,942,385).

    Three months ended,     Twelve months ended,  
    June 30, 2024     March 31, 2024  
Deferred Revenue, beginning of period $ 9,942,385   $ 9,998,609  
Additions to deferred revenue during the period   310,996     4,361,857  
Deposits returned   (3,000 )   (234,415 )
Revenue recognized from deferred revenue during the period   (9,739 )   (4,183,666 )
Deferred Revenue, end of period $ 10,240,642   $ 9,942,385  
             
Current portion $ 7,364,402   $ 7,066,145  
Long term portion   2,876,240     2,876,240  
  $ 10,240,642   $ 9,942,385  
v3.24.2.u1
Financial Instruments
3 Months Ended
Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]  
Financial Instruments [Text Block]

15. Financial Instruments

The Company's financial instruments consist of cash, accounts receivable, promissory note receivable, finance lease receivables, restricted deposit, line of credit, loans payable to related parties, term loan, accounts payable and accrued liabilities, other liabilities and lease liabilities.

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2: Inputs other than quoted prices that are observable for the asset or liabilities either directly or indirectly; and

Level 3: Inputs that are not based on observable market data

The fair value of the Company's financial instruments approximates their carrying value, unless otherwise noted.

The Company has exposure to the following financial instrument-related risks.

Credit risk

The Company's exposure to credit risk is on its cash, accounts receivable, finance lease receivable and restricted deposit. The maximum exposure to credit risk is their carrying amounts in the consolidated statement of Financial Position.

The Company's cash is comprised of cash bank balances. The Company's restricted deposit is an interest-bearing term deposit. Both cash and the restricted deposit are held in major financial institutions in Canada and the United States with a high credit quality and therefore the Company is exposed to minimal credit risk on these assets. The Company assesses the credit risk of its accounts receivable and finance lease receivables at each reporting period end and on an annual basis. As at June 30, 2024, three customers (March 31, 2024 - two ) had accounts receivable balances that were more than 10% of the company's total accounts receivable balance, and collectively these customers represented 47% (March 31, 2024 - 30%) of the Company's accounts receivable, net of allowances balance. As at June 30, 2024, the Company recorded an allowance for doubtful accounts of $1,263,899 against its accounts receivable (March 31, 2024 - $1,319,873)

Liquidity risk

The Company tries to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account the Company's cash balances and available liquidity on the Company's $8 million operating line of credit and on the Company's term loan facility. The Company's cash is invested in bank accounts at major financial institutions in Canada and the United States and is available on demand. The continuation of the Company as a going concern is dependent on future cash flows from operations including the successful sale and manufacture of electric vehicles to achieve a profitable level of operations and obtaining necessary financing to fund ongoing operations. The Company's ability to achieve its business objectives is subject to material uncertainty which casts substantial doubt upon the Company's ability to continue as a going concern (Note 1). The Company will continue to rely on additional financings to further its operations and meet its capital requirements.

Market risks

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange. The Company is exposed to interest rate risk with respect to its Line of Credit (Note 10) and its term loan facility (Note 11). The Company is exposed to foreign exchange risk as it conducts business in both the United States and Canada. Management monitors its foreign currency balances, but the Company does not engage in any hedging activities to reduce its foreign currency risk.

At June 30, 2024, the Company was exposed to currency risk through the following financial assets and liabilities in Canadian Dollars:

Cash $ 284,746  
Accounts Receivable $ 8,879  
Prepaids and deposits $ 10,988  
Finance Lease Receivable $ 60,889  
Accounts Payable and Accrued Liabilities $ 359,579  
Related Party Loan $ 3,670,000  

The CDN/USD exchange rate as at June 30, 2024 was $0.7306 (March 31, 2024 - $0.7380). Based on the net exposure and assuming all other variables remain constant, a 10% change in the appreciation or depreciation of the Canadian dollar relative to the US dollar would result in a change of approximately $321,105 to net income/(loss).

v3.24.2.u1
Related Party Transactions
3 Months Ended
Jun. 30, 2024
Related Party Transactions Abstract  
Related Party Transactions [Text Block]

16. Related Party Transactions

A summary of compensation and other amounts paid to directors, officers and key management personnel is as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
             
Salaries and Benefits (1) $ 138,730   $ 113,235  
Consulting fees (2)   141,250     85,000  
Non-cash Options Vested (3)   291,914     451,692  
Total $ 571,894   $ 649,927  

1) Salaries and benefits incurred with directors and officers are included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

2) Consulting fees included in Salaries and administration on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss are paid to the Chairman and CEO for management consulting services, as well as Director's Fees paid to GreenPower's four independent directors.

3) Amounts recognized for related party stock-based compensation are included in Share-based payments on the Consolidated Condensed Interim Statements of Operations and Comprehensive Loss.

Accounts payable and accrued liabilities at June 30, 2024 included $178,923 (March 31, 2024 - $105,676) owed to officers, directors, and companies controlled by officers and directors, and shareholders, which is non-interest bearing, unsecured and has no fixed terms of repayment.

As at June 30, 2024 the Company has loans totaling CAD$3,670,000 (March 31, 2024 - CAD$3,670,000) from FWP Holdings LLC, a company that is beneficially owned by the CEO and Chairman of the Company. The loans bear interest at 12.0% per annum plus such additional bonus interest, if any, as may be agreed to and approved by GreenPower's Board of Directors at a later date.

The loans from FWP Holdings LLC matured on March 31, 2023, however the CAD $3,670,000 principal balance remains outstanding as at June 30, 2024. The Company and FWP Holdings LLC entered into a postponement and subordination agreement with the term loan facility lender under which the parties agreed that the loans from FWP Holdings LLC would be subordinate to the lender's security interests and that no payment will be made on the loans from FWP Holdings LLC before the full repayment of the term loan facility (Note 11). As a result, loans from related parties are considered non-current liabilities, and this change is considered a substantial modification pursuant to IFRS 9, which resulted in the recognition of a non-cash gain of $306,288 during the year ended March 31, 2024. During the three months ended June 30, 2024, $80,241 of interest was expensed on related party loans (June 30, 2023 - $82,515). The Company has agreed to grant the lender a general security assignment on the assets of GreenPower Motor Company Inc., which will be subordinated to any security assignment of senior lenders.

A director of the Company, David Richardson, and the Company's CEO and Chairman Fraser Atkinson, have each provided personal guarantees of $2,510,000, or $5,020,000 in total to support the Company's $8 million operating line of credit (Note 10).

Subsequent to the end of the quarter the Company received loans totaling $250,000 from Koko Financial Services Inc. ("Koko") and CAD$675,000 from 0851433 B.C. Ltd. ("0851433"). Both Koko, a shareholder of the Company, and 0851433 are companies that are beneficially owned by the CEO and Chairman of GreenPower.

v3.24.2.u1
Segmented information and supplemental cash flow disclosure
3 Months Ended
Jun. 30, 2024
Disclosure Of Operating Segments Abstract  
Segmented information and supplemental cash flow disclosure [Text Block]

17. Segmented information and supplemental cash flow disclosure

The Company operates in one reportable operating segment, being the manufacture and distribution of all-electric medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector.

The Company's revenues allocated by geography for the three months ended June 30, 2024 and 2023 are as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
United States of America $ 2,594,560   $ 17,307,675  
Canada   402,498     273,333  
             
Total $ 2,997,058   $ 17,581,008  

As at June 30, 2024 and March 31, 2024, over 90% of the Company's property and equipment are located in the United States.

The Company's cash payments of interest and taxes during the three months ended June 30, 2024 and 2023 are as follows:

    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
Interest paid $ 262,623   $ 145,408  
Taxes paid $ -   $ -  
v3.24.2.u1
Warranty Liability
3 Months Ended
Jun. 30, 2024
Warranty Provision Abstract  
Warranty Liability [Text Block]

18. Warranty Liability

The Company generally provides its customers with a base warranty on its vehicles including those covering brake systems, lower-level components, fleet defect provisions and battery-related components. The majority of warranties cover periods of five years, with some variation depending on the contract. Management estimates the related provision for future warranty claims based on historical warranty claim information as well as recent trends that might suggest past cost information may differ from future claims. This assessment relies on estimates and assumptions about expenditures on future warranty claims.

Actual warranty disbursements are inherently uncertain, and differences may impact cash expenditures on these claims. It is expected that the Company will incur approximately $743,230 in warranty costs within the next twelve months, with disbursements for the remaining warranty liability incurred after this date. An accrual for expected future warranty expenditures is recognized in the period when the revenue is recognized from the associated vehicle sale and is expensed in Product Development Costs in the Company's Sales, general and administrative costs.

The following table summarizes changes in the warranty liability over the three months ended June 30, 2024 and the year ended March 31, 2024:

    3 months ended     Year ended  
    June 30, 2024     March 31, 2024  
             
Opening balance $ 2,499,890   $ 2,077,750  
Warranty additions   159,813     1,343,838  
Warranty disbursements   (380,027 )   (774,174 )
Warranty expiry   -     (147,108 )
Foreign exchange translation   (57 )   (416 )
Total $ 2,279,619   $ 2,499,890  
             
Current portion $ 730,884   $ 750,806  
Long term portion   1,548,735     1,749,084  
Total $ 2,279,619   $ 2,499,890  
v3.24.2.u1
Contingent Liability
3 Months Ended
Jun. 30, 2024
Disclosure Of Contingent Liability [Abstract]  
Contingent Liability [Text Block]

19. Contingent Liability

On July 7, 2022 GreenPower entered into an asset purchase agreement with Lion Truck Body Inc., a truck body manufacturer located in Torrance, CA, under which Greenpower purchased all of the assets of the business through its wholly owned subsidiary, Lion Truck Body Incorporated.

The acquisition included that GreenPower would assume a term loan from the seller subject to the seller obtaining the required consents to allow for the assumption. The term loan had a principal outstanding of approximately of approximately $1.5 million as at July 7, 2022, an interest rate of 3.75%, a maturity in May 2050, and fixed monthly payments. As at June 30, 2024 and March 31, 2024 the seller has not provided the Company with any evidence that he has obtained the required consents for the Company to assume the loan and there is significant uncertainty

over whether the seller will obtain these consents. In accordance with IAS 37, as at June 30, 2024 and March 31, 2024, amounts representing the term loan have been recognized as a contingent liability on the Company's Consolidated Statement of Financial Position.

v3.24.2.u1
Litigation and Legal Matters
3 Months Ended
Jun. 30, 2024
Disclosure Of Commitments And Contingent Liabilities [Abstract]  
Litigation and Legal Matters [Text Block]

20. Litigation and Legal Matters

The Company filed a civil claim against the prior CEO and Director of the Company in the Province of British Columbia in 2019, and the prior CEO and Director of the Company has filed a response with a counterclaim for wrongful dismissal in the Province of British Columbia. The prior CEO and Director of the Company also filed a similar claim in the state of California in regards to this matter, and this claim has been stayed pending the outcome of the claim in British Columbia. There has not been a resolution on the British Columbia claim or counterclaim, or the California claim as at June 30, 2024.

In addition, a company owned and controlled by a former employee who provided services to a subsidiary company of GreenPower until August 2013 filed a claim for breach of confidence against GreenPower in July 2020, and this claim has not been resolved as at June 30, 2024.

During April 2023 the Company repossessed 28 EV Stars and 10 EV Star CC's after a lease termination due to non-payment. During May 2023 this customer filed a claim in the state of California against the Company and a subsidiary, and this matter has not been resolved as at June 30, 2024. The Company has not booked a provision for the claims or the counterclaim as it does not believe there is a remote or estimable material financial impact as at June 30, 2024.

v3.24.2.u1
Subsequent Events
3 Months Ended
Jun. 30, 2024
Disclosure Of Nonadjusting Events After Reporting Period Abstract  
Subsequent Events [Text Block]

21. Subsequent Events

Subsequent to the end of the quarter the Company received loans totaling $250,000 from Koko Financial Services Inc. ("Koko") and CAD$675,000 from 0851433 B.C. Ltd. ("0851433"). Both Koko, a shareholder of the Company, and 0851433 are companies that are beneficially owned by the CEO and Chairman of GreenPower (Note 16).

Between July 8, 2024 and August 12, 2024, 85,536 stock options exercisable at a weighted average exercise price of CAD$10.55 per share were forfeited (Note 13).

On July 25, 2024, GreenPower signed a term sheet pursuant to which the lender will reduce the credit limit on the Company's Line of Credit to up to $7,400,000, with further reductions of $200,000 per month until the credit limit reaches $6,000,000 on January 25, 2025. In addition, the line of credit margin will increase from 2.0% to 2.25% (Note 10).

v3.24.2.u1
Material Accounting Policies (Policies)
3 Months Ended
Jun. 30, 2024
Disclosure Of Detailed Information About Significant Accounting Policies [Abstract]  
Basis of presentation [Policy Text Block]

Basis of presentation

GreenPower has applied the same accounting policies and methods of computation in its Consolidated Condensed Interim Financial Statements as in the annual audited financial statements for the year ended March 31, 2024, except for the following which either did not apply to the prior year or are amendments which apply for the current fiscal year.

Adoption of accounting standards [Policy Text Block]

Adoption of accounting standards

Certain new accounting standards have been published by the IASB that are effective for annual reporting periods beginning on or after January 1, 2024, as follows:

 

  IAS 1 - Presentation of Financial Statements

  IAS 7 - Statement of Cash Flows

  IFRS 7 - Financial Instruments

  IFRS 16 - Leases (liability in a sale leaseback)

Amendments to these standards did not cause a change to the Company's financial statements.

Future accounting pronouncements [Policy Text Block]

Future accounting pronouncements

Certain new accounting standards and interpretations have been published by the IASB that are mandatory for the annual period beginning April 1, 2025. The Company has reviewed new and revised accounting pronouncements that have been issued but are not yet effective. The Company has not early adopted any of these standards and is currently evaluating the impact, if any, that these standards might have on its consolidated condensed interim financial statements.

v3.24.2.u1
Finance Lease Receivables (Tables)
3 Months Ended
Jun. 30, 2024
Disclosure of Finance Lease Receivables [Abstract]  
Disclosure of payments to received on finance lease receivables [Table Text Block]
    30-Jun-24  
Year 1 $ 54,598  
Year 2   71,413  
Year 3   37,200  
Year 4   37,200  
Year 5   18,602  
less: amount representing interest income   (44,558 )
Finance Lease Receivable $ 174,455  
Current Portion of Finance Lease Receivable $ 47,501  
Long Term Portion of Finance Lease Receivable $ 126,954  
v3.24.2.u1
Inventory (Tables)
3 Months Ended
Jun. 30, 2024
Classes of current inventories [abstract]  
Disclosure of inventories [Table Text Block]
    June 30, 2024     March 31, 2024  
             
Parts $ 4,365,675   $ 3,855,668  
Work in Process   15,970,562     14,341,949  
Finished Goods   13,389,313     13,813,014  
             
Total $ 33,725,550   $ 32,010,631  
v3.24.2.u1
Right of Use Assets and Lease Liabilities (Tables)
3 Months Ended
Jun. 30, 2024
Disclosure of Right of Use Assets and Lease Liabilities [Abstract]  
Disclosure of right-of-use assets [Table Text Block]
Right of Use Assets, March 31, 2024 $ 4,124,563  
Depreciation   (192,324 )
       
Right of Use Assets, June 30, 2024 $ 3,932,239  
Right of Use Assets, March 31, 2023 $ 4,845,738  
Depreciation   (785,306 )
Transfer to deposit   (5,000 )
Additions during the period   69,131  
       
Right of Use Assets, March 31, 2024 $ 4,124,563  
Disclosure of payments on lease liabilities [Table Text Block]
1 year $ 850,141  
thereafter $ 5,401,652  
less amount representing interest expense $ (1,790,495 )
Lease liability $ 4,461,298  
Current Portion of Lease Liabilities $ 533,520  
Long Term Portion of Lease Liabilities $ 3,927,778  
v3.24.2.u1
Property and Equipment (Tables)
3 Months Ended
Jun. 30, 2024
Property Plant And Equipment Abstract  
Disclosure of property and equipment [Table Text Block]
Property and Equipment, March 31, 2024 $ 2,763,525  
plus: purchases   45,892  
less: transferred to inventory   (290,938 )
less: depreciation   (265,434 )
plus: foreign exchange translation   (2,342 )
Property and Equipment, June 30, 2024 $ 2,250,703  
Property and Equipment, March 31, 2023 $ 2,604,791  
plus: purchases   361,533  
plus: transfers from inventory   874,278  
less: depreciation   (1,073,152 )
plus: foreign exchange translation   (3,925 )
Property and Equipment, March 31, 2024 $ 2,763,525  
v3.24.2.u1
Stock Options (Tables)
3 Months Ended
Jun. 30, 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement Abstract  
Disclosure of incentive stock options granted under the plan [Table Text Block]
      Exercise     Balance                 Forfeited     Balance  
Expiry Date     Price     March 31, 2024     Granted     Exercised     or Expired     June 30, 2024  
January 30, 2025 CDN $ 2.59     238,212     -     -     (3,571 )   234,641  
February 11, 2025 CDN $ 8.32     50,000     -     -     -     50,000  
July 3, 2025 CDN $ 4.90     14,999     -     -     (3,571 )   11,428  
November 19, 2025 US $ 20.00     300,000     -     -     -     300,000  
December 4, 2025 US $ 20.00     20,000     -     -     -     20,000  
May 18, 2026 CDN $ 19.62     63,700     -     -     (8,500 )   55,200  
December 10, 2026 CDN $ 16.45     523,250     -     -     (23,750 )   499,500  
July 4, 2027 CDN $ 4.25     15,000     -     -     -     15,000  
November 2, 2027 US $ 2.46     10,000     -     -     -     10,000  
February 14, 2028 CDN $ 3.80     632,500     -     -     (20,000 )   612,500  
March 27, 2029 CDN $ 2.72     605,000     -     -     (10,000 )   595,000  
June 28, 2029 CDN $ 1.40     -     20,000     -     -     20,000  
Total outstanding           2,472,661     20,000     -     (69,392 )   2,423,269  
Total exercisable           1,711,798                       1,711,798  
Weighted Average                                      
Exercise Price (CDN$)         $ 9.62   $ -   $ -   $ 9.91   $ 9.58  
Weighted Average Remaining Life           3.2 years                       3.0 years  
v3.24.2.u1
Deferred Revenue (Tables)
3 Months Ended
Jun. 30, 2024
Accruals And Deferred Income Including Contract Liabilities Abstract  
Disclosure of deferred revenue [Table Text Block]
    Three months ended,     Twelve months ended,  
    June 30, 2024     March 31, 2024  
Deferred Revenue, beginning of period $ 9,942,385   $ 9,998,609  
Additions to deferred revenue during the period   310,996     4,361,857  
Deposits returned   (3,000 )   (234,415 )
Revenue recognized from deferred revenue during the period   (9,739 )   (4,183,666 )
Deferred Revenue, end of period $ 10,240,642   $ 9,942,385  
             
Current portion $ 7,364,402   $ 7,066,145  
Long term portion   2,876,240     2,876,240  
  $ 10,240,642   $ 9,942,385  
v3.24.2.u1
Financial Instruments (Tables)
3 Months Ended
Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of foreign currency risk [Table Text Block]
Cash $ 284,746  
Accounts Receivable $ 8,879  
Prepaids and deposits $ 10,988  
Finance Lease Receivable $ 60,889  
Accounts Payable and Accrued Liabilities $ 359,579  
Related Party Loan $ 3,670,000  
v3.24.2.u1
Related Party Transactions (Tables)
3 Months Ended
Jun. 30, 2024
Related Party Transactions Abstract  
Disclosure of transactions between related parties [Table Text Block]
    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
             
Salaries and Benefits (1) $ 138,730   $ 113,235  
Consulting fees (2)   141,250     85,000  
Non-cash Options Vested (3)   291,914     451,692  
Total $ 571,894   $ 649,927  
v3.24.2.u1
Segmented information and supplemental cash flow disclosure (Tables)
3 Months Ended
Jun. 30, 2024
Disclosure Of Operating Segments Abstract  
Disclosure of revenues allocated by geography [Table Text Block]
    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
United States of America $ 2,594,560   $ 17,307,675  
Canada   402,498     273,333  
             
Total $ 2,997,058   $ 17,581,008  
Disclosure of detailed information about cash payments of interest and taxes [Table Text Block]
    For the Three Months Ended  
    June 30, 2024     June 30, 2023  
Interest paid $ 262,623   $ 145,408  
Taxes paid $ -   $ -  
v3.24.2.u1
Warranty Liability (Tables)
3 Months Ended
Jun. 30, 2024
Warranty Provision Abstract  
Disclosure of warranty liability [Table Text Block]
    3 months ended     Year ended  
    June 30, 2024     March 31, 2024  
             
Opening balance $ 2,499,890   $ 2,077,750  
Warranty additions   159,813     1,343,838  
Warranty disbursements   (380,027 )   (774,174 )
Warranty expiry   -     (147,108 )
Foreign exchange translation   (57 )   (416 )
Total $ 2,279,619   $ 2,499,890  
             
Current portion $ 730,884   $ 750,806  
Long term portion   1,548,735     1,749,084  
Total $ 2,279,619   $ 2,499,890  
v3.24.2.u1
Nature and Continuance of Operations and Going Concern (Narrative) (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Nature And Continuance Of Operations And Going Concern [Abstract]        
Cash $ 528,281 $ 1,150,891 $ 1,452,642 $ 600,402
Working capital 13,919,050      
Accumulated deficit (84,277,672) (79,020,920)    
Shareholder's equity $ 8,600,047 $ 11,566,819 $ 26,204,408 $ 27,662,006
v3.24.2.u1
Cash (Narrative) (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Cash And Cash Equivalents Abstract        
Cash $ 528,281 $ 1,150,891 $ 1,452,642 $ 600,402
v3.24.2.u1
Accounts Receivable (Narrative) (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Disclosure of major customers [line items]    
Trade and other current receivables $ 1,263,899 $ 1,319,873
v3.24.2.u1
Finance Lease Receivables - Disclosure of payments to received on finance lease receivables (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Disclosure of maturity analysis of finance lease payments receivable [line items]    
less: amount representing interest income $ (44,558)  
Finance Lease Receivable 174,455  
Current Portion of Finance Lease Receivable 47,501 $ 111,529
Long Term Portion of Finance Lease Receivable 126,954 $ 1,046,855
Year 1 [Member]    
Disclosure of maturity analysis of finance lease payments receivable [line items]    
Payments to be received on Finance Lease Receivables 54,598  
Year 2 [Member]    
Disclosure of maturity analysis of finance lease payments receivable [line items]    
Payments to be received on Finance Lease Receivables 71,413  
Year 3 [Member]    
Disclosure of maturity analysis of finance lease payments receivable [line items]    
Payments to be received on Finance Lease Receivables 37,200  
Year 4 [Member]    
Disclosure of maturity analysis of finance lease payments receivable [line items]    
Payments to be received on Finance Lease Receivables 37,200  
Year 5 [Member]    
Disclosure of maturity analysis of finance lease payments receivable [line items]    
Payments to be received on Finance Lease Receivables $ 18,602  
v3.24.2.u1
Inventory (Narrative) (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Classes of current inventories [abstract]    
Inventory included in cost of sales $ 2,556,085 $ 14,198,268
v3.24.2.u1
Inventory - Disclosure of inventories (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Classes of current inventories [abstract]    
Parts $ 4,365,675 $ 3,855,668
Work in Progress 15,970,562 14,341,949
Finished Goods 13,389,313 13,813,014
Total $ 33,725,550 $ 32,010,631
v3.24.2.u1
Right of Use Assets and Lease Liabilities (Narrative) (Details)
3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Employees
Jun. 30, 2023
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Disclosure Of Detailed Information About Right Of Use Assets And Lease Liabilities [Line Items]        
Right of use assets carrying value $ 3,932,239   $ 4,124,563 $ 4,845,738
Discounted rate of interest 8.00%      
Interest expense incurred $ 86,483 $ 98,183    
Depreciation expense 192,324 201,694 $ 785,306  
Rental payments 261,355 $ 272,919    
South Charleston Development Authority [Member]        
Disclosure Of Detailed Information About Right Of Use Assets And Lease Liabilities [Line Items]        
Forgiveness on lease liability $ 1,300,000      
Number of employees set thereafter for eligible forgiveness | Employees 200      
Additional forgiveness on lease liability $ 500,000      
Number of employees thereafter eligible for additional forgiveness | Employees 100      
Total amount of forgiveness on lease liability $ 6,700,000      
v3.24.2.u1
Right of Use Assets and Lease Liabilities - Disclosure of right-of-use assets (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Disclosure of Right of Use Assets and Lease Liabilities [Abstract]      
Right of Use Assets $ 4,124,563 $ 4,845,738 $ 4,845,738
Depreciation (192,324) $ (201,694) (785,306)
Transfer to deposit     (5,000)
Additions during the period     69,131
Right of Use Assets $ 3,932,239   $ 4,124,563
v3.24.2.u1
Right of Use Assets and Lease Liabilities - Disclosure of payments on lease liabilities (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Disclosure of maturity analysis of operating lease payments [line items]    
less amount representing interest expense $ (1,790,495)  
Lease liability 4,461,298  
Current portion of lease liabilities 533,520 $ 630,207
Long term portion of lease liabilities 3,927,778 $ 4,006,004
Year 1 [Member]    
Disclosure of maturity analysis of operating lease payments [line items]    
Payments on Lease Liabilities 850,141  
Thereafter [Member]    
Disclosure of maturity analysis of operating lease payments [line items]    
Payments on Lease Liabilities $ 5,401,652  
v3.24.2.u1
Property and Equipment- Disclosure of property and equipment activities (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Property Plant And Equipment Abstract    
Property, plant and equipment at beginning of period $ 2,763,525 $ 2,604,791
plus: purchases 45,892 361,533
Transferred from inventory (290,938) 874,278
less: depreciation (265,434) (1,073,152)
plus: foreign exchange translation (2,342) (3,925)
Property, plant and equipment at end of period $ 2,250,703 $ 2,763,525
v3.24.2.u1
Restricted deposit (Narrative) (Details)
1 Months Ended
Jun. 23, 2023
USD ($)
Restricted Deposit [Abstract]  
Restricted deposits $ 400,000
Description of terms of deposit The term deposit has a term of one year, a maturity date of June 23, 2025, and earns interest at a fixed rate of 3.0%. The surety bond was issued on June 28, 2023, has a term of one year and is automatically renewable for successive one-year terms unless cancelled by the bank with 45 days' notice or cancelled by the surety bond provider.
Deposits interest rate percentage 3.00%
v3.24.2.u1
Line of Credit (Narrative) (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jan. 25, 2025
Jul. 25, 2024
Jul. 01, 2024
Mar. 31, 2024
Disclosure of detailed information about borrowings [line items]          
Maximum credit limit under line of credit $ 8,000,000       $ 8,000,000
Line of credit basis of interest rate The Line of Credit bears interest at the bank's US Base Rate (June 30, 2024 - 9.0%, March 31, 2024 - 9.0%) plus a margin of 2.0%.        
Personal guarantees provided by company directors $ 5,020,000        
Description of current ratio limit under line of credit 1.2:1        
Line of credit subject to margin requirement $ 5,000,000        
Line of credit, drawn balance $ 7,676,178       $ 7,463,206
Lender [Member] | Events after reporting period [Member]          
Disclosure of detailed information about borrowings [line items]          
Borrowings   $ 6,000,000 $ 7,400,000 $ 7,400,000  
Loan amount reductions per month     $ 200,000 $ 200,000  
Lender [Member] | Bottom of range [member] | Events after reporting period [Member]          
Disclosure of detailed information about borrowings [line items]          
Loan interest rate   2.00%      
Lender [Member] | Top of range [member] | Events after reporting period [Member]          
Disclosure of detailed information about borrowings [line items]          
Loan interest rate   2.25%      
v3.24.2.u1
Term loan facility (Narrative) (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Feb. 29, 2024
Term Loan Facility [Line Items]      
Current borrowings $ 3,030,874 $ 2,267,897  
Export Development Canada [Member]      
Term Loan Facility [Line Items]      
Amount of revolving loan facility     $ 5,000,000
Borrowings, interest rate     5.00%
First financial covenants [Member]      
Term Loan Facility [Line Items]      
Debt service coverage ratio 1.2 to 1.0    
Second financial covenants [Member]      
Term Loan Facility [Line Items]      
Debt service coverage ratio 1.25 to 1.0    
v3.24.2.u1
Share Capital (Narrative) (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Jun. 30, 2024
USD ($)
Share
$ / shares
shares
Jun. 30, 2023
USD ($)
Mar. 31, 2024
USD ($)
Share
shares
Reserves [Member]        
Disclosure of classes of share capital [line items]        
Warrants issued in unit offering   $ 278,250    
Fair value of stock options forfeited   $ (131,896) $ (48,040)  
Number of stock options exercised | Share   0    
Equity offering costs   $ 400,774 14,904  
Warrants issued in unit offering   278,250    
Proceeds from issuance of common shares   2,325,750 $ 520,892  
Professional fees and other direct expenses related to prospectus offering and the ATM   $ 14,904    
At the Market Offering (ATM) [Member]        
Disclosure of classes of share capital [line items]        
Total number of shares issued | shares       188,819
Number of stock options exercised | Share       85,715
Proceeds from issuance of common shares       $ 520,892
Share issuance costs related to prospectus offering and the ATM       $ 274,534
Maximum [Member]        
Disclosure of classes of share capital [line items]        
Proceeds from issuance of common shares $ 20,000,000      
Underwritten offering [Member]        
Disclosure of classes of share capital [line items]        
Total number of shares issued | shares   1,500,000    
Warrants issued to purchase common shares | shares   1,575,000    
Equity offering costs   $ 400,774    
Warrants issued in unit offering   278,250    
Proceeds from issuance of common shares   $ 2,325,750    
Exercise price of warrants issued | $ / shares   $ 1.82    
Warrants expiration term   3 years    
v3.24.2.u1
Stock Options (Narrative) (Details)
1 Months Ended 3 Months Ended
Aug. 12, 2024
Share
$ / shares
Jun. 30, 2024
Share
$ / shares
shares
Jun. 30, 2024
USD ($)
Share
Incentive_Plan
shares
Jun. 30, 2023
USD ($)
Mar. 31, 2024
Share
May 14, 2019
shares
Mar. 09, 2016
shares
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of incentive stock option plans | Incentive_Plan     2        
Number of stock options granted in share-based payment arrangement | Share     20,000        
Exercise price of stock options granted | $ / shares   $ 0          
Number of stock options exercised in share-based payment arrangement | Share     0        
Number of stock options forfeited or expired in share-based payment arrangement | Share     69,392        
Number of stock options exercisable | Share   1,711,798 1,711,798   1,711,798    
Exercise price of stock options forfeited | $ / shares   $ 9.91          
Share-based payments | $     $ 408,005 $ 713,227      
2023 Equity Incentive Plan (the "2023 Plan") [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of stock options available for issuance in share based arrangement | shares   225,847 225,847        
Number of performance based awards available for issuance in share based arrangement | shares   2,499,116 2,499,116        
2022 Equity Incentive Plan (the "2022 Plan") [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of stock options available for issuance in share based arrangement | shares   225,847 225,847        
Number of performance based awards available for issuance in share based arrangement | shares   2,499,116 2,499,116        
Rolling Stock Option Plan (the "2019 Plan") [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of common shares available for issuance in share based arrangement | shares           2,129,999  
Fixed Stock Option Plan (the "2016 Plan") [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of common shares available for issuance in share based arrangement | shares             1,491,541
Events after reporting period [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of stock options forfeited or expired in share-based payment arrangement | Share 85,536            
Exercise price of stock options forfeited | $ / shares $ 10.55            
June 28, 2029 [Member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of stock options granted in share-based payment arrangement | Share     20,000        
Description of maximum term of options granted for share-based payment arrangement     5        
Exercise price of stock options granted | $ / shares   $ 1.4          
v3.24.2.u1
Stock Options - Disclosure of incentive stock options granted under plan (Details)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Share
$ / shares
Mar. 31, 2024
Share
$ / shares
Jun. 30, 2024
Share
$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Beginning balance 2,472,661    
Granted 20,000    
Exercised 0    
Forfeited or Expired (69,392)    
Ending balance 2,423,269 2,472,661  
Total exercisable 1,711,798 1,711,798 1,711,798
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 9.62    
Weighted Average Exercise Price, Granted | $ / shares 0    
Weighted Average Exercise Price, Exercised | $ / shares 0    
Weighted Average Exercise Price, Forfeited or Expired | $ / shares 9.91    
Weighted Average Exercise Price, Ending Balance | $ / shares $ 9.58 $ 9.62  
Weighted Average Remaining Life 3 years 3 years 2 months 12 days  
January 30, 2025 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 2.59    
Beginning balance 238,212    
Granted 0    
Exercised 0    
Forfeited or Expired (3,571)    
Ending balance 234,641 238,212  
February 11, 2025 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 8.32    
Beginning balance 50,000    
Granted 0    
Exercised 0    
Forfeited or Expired 0    
Ending balance 50,000 50,000  
July 3, 2025 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 4.9    
Beginning balance 14,999    
Granted 0    
Exercised 0    
Forfeited or Expired (3,571)    
Ending balance 11,428 14,999  
November 19, 2025 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares     $ 20
Beginning balance 300,000    
Granted 0    
Exercised 0    
Forfeited or Expired 0    
Ending balance 300,000 300,000  
December 4, 2025 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares     20
Beginning balance 20,000    
Granted 0    
Exercised 0    
Forfeited or Expired 0    
Ending balance 20,000 20,000  
May 18, 2026 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 19.62    
Beginning balance 63,700    
Granted 0    
Exercised 0    
Forfeited or Expired (8,500)    
Ending balance 55,200 63,700  
December 10, 2026 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 16.45    
Beginning balance 523,250    
Granted 0    
Exercised 0    
Forfeited or Expired (23,750)    
Ending balance 499,500 523,250  
July 4, 2027 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 4.25    
Beginning balance 15,000    
Granted 0    
Exercised 0    
Forfeited or Expired 0    
Ending balance 15,000 15,000  
November 2, 2027 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares     $ 2.46
Beginning balance 10,000    
Granted 0    
Exercised 0    
Forfeited or Expired 0    
Ending balance 10,000 10,000  
February 14, 2028 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 3.8    
Beginning balance 632,500    
Granted 0    
Exercised 0    
Forfeited or Expired (20,000)    
Ending balance 612,500 632,500  
March 27, 2029 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 2.72    
Beginning balance 605,000    
Granted 0    
Exercised 0    
Forfeited or Expired (10,000)    
Ending balance 595,000 605,000  
June 28, 2029 [Member]      
Disclosure of terms and conditions of share-based payment arrangement [line items]      
Exercise Price | $ / shares $ 1.4    
Beginning balance 0    
Granted 20,000    
Exercised 0    
Forfeited or Expired 0    
Ending balance 20,000 0  
v3.24.2.u1
Deferred Revenue (Narrative) (Details) - USD ($)
Jun. 30, 2024
Mar. 31, 2024
Mar. 31, 2023
Disclosure Of Deferred Revenue [Line Items]      
Deferred revenue $ 10,240,642 $ 9,942,385 $ 9,998,609
All electric vehicles not delivered [Member]      
Disclosure Of Deferred Revenue [Line Items]      
Deferred revenue $ 10,240,642 $ 9,942,385  
v3.24.2.u1
Deferred Revenue - Disclosure of deferred revenue (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Accruals And Deferred Income Including Contract Liabilities Abstract    
Deferred Revenue, beginning of year $ 9,942,385 $ 9,998,609
Additions to deferred revenue during the year 310,996 4,361,857
Deposits returned (3,000) (234,415)
Revenue recognized from deferred revenue during the year (9,739) (4,183,666)
Current portion 7,364,402 7,066,145
Long term portion 2,876,240 2,876,240
Deferred Revenue, end of year $ 10,240,642 $ 9,942,385
v3.24.2.u1
Financial Instruments (Narrative) (Details)
3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Customers
Mar. 31, 2024
USD ($)
Customers
Jul. 07, 2022
Lion Truck Body Incorporated [Member]      
Disclosure of detailed information about financial instruments [line items]      
Interest rate per annum     3.75%
Credit risk [Member]      
Disclosure of detailed information about financial instruments [line items]      
Allowance for credit losses $ 1,263,899 $ 1,319,873  
Credit risk [Member] | Two Customers [Member]      
Disclosure of detailed information about financial instruments [line items]      
Number of customers | Customers   2  
Percentage of the entity's accounts receivable   30.00%  
Credit risk [Member] | Three Customers [Member]      
Disclosure of detailed information about financial instruments [line items]      
Number of customers | Customers 3    
Percentage of the entity's accounts receivable 47.00%    
Liquidity risk [member]      
Disclosure of detailed information about financial instruments [line items]      
Operating line of credit $ 8,000,000    
Market risk [Member]      
Disclosure of detailed information about financial instruments [line items]      
Comprehensive loss due to change in exchange rate $ 321,105    
Closing foreign exchange rate 0.7306 0.738  
Percentage of change in exchange rate 10.00%    
v3.24.2.u1
Financial Instruments - Disclosure of foreign currency risk (Details)
Jun. 30, 2024
CAD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Disclosure of detailed information about financial instruments [line items]      
Cash   $ 528,281 $ 1,150,891
Accounts Receivable   1,263,899 $ 1,319,873
Finance Lease Receivable   $ 174,455  
Currency risk [Member]      
Disclosure of detailed information about financial instruments [line items]      
Cash $ 284,746    
Accounts Receivable 8,879    
Prepaids and deposits 10,988    
Finance Lease Receivable 60,889    
Accounts Payable and Accrued Liabilities (359,579)    
Related Party Loan & Interests Payable $ (3,670,000)    
v3.24.2.u1
Related Party Transactions (Narrative) (Details)
3 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
CAD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2024
CAD ($)
Jan. 25, 2025
USD ($)
Jul. 25, 2024
USD ($)
Jul. 01, 2024
CAD ($)
Jul. 01, 2024
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
CAD ($)
Koko Financial Services Inc [Member] | Events after reporting period [Member]                    
Disclosure of transactions between related parties [line items]                    
Borrowings               $ 250,000    
B C Limited [Member] | Events after reporting period [Member]                    
Disclosure of transactions between related parties [line items]                    
Borrowings             $ 675,000 675,000    
Lender [Member] | Events after reporting period [Member]                    
Disclosure of transactions between related parties [line items]                    
Borrowings         $ 6,000,000 $ 7,400,000   $ 7,400,000    
Officers, directors, and companies controlled by officers and directors, and shareholders [Member]                    
Disclosure of transactions between related parties [line items]                    
Accounts payable and accrued liabilities $ 178,923               $ 105,676  
Two companies beneficially owned by Chairman and CEO of company [Member]                    
Disclosure of transactions between related parties [line items]                    
Total loans received from companies owned by CEO and Chairman   $ 3,670,000   $ 3,670,000            
Company beneficially owned by Chairman [Member]                    
Disclosure of transactions between related parties [line items]                    
Interest rate per annum 12.00%                  
Director, CEO and Chairman [Member]                    
Disclosure of transactions between related parties [line items]                    
Personal guarantee amount to support operating line of credit $ 2,510,000                  
Joint guarantee amount to support operating line of credit 5,020,000                  
Operating line of credit 8,000,000                  
FWP Holdings LLC [Member]                    
Disclosure of transactions between related parties [line items]                    
Loan plus accrued interest 80,241   $ 82,515              
Loans outstanding                   $ 3,670,000
Other non cash gain $ 306,288                  
v3.24.2.u1
Related Party Transactions - Disclosure of compensation for directors, officers and key management personnel (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Related Party Transactions Abstract    
Salaries and Benefits $ 138,730 $ 113,235
Consulting fees 141,250 85,000
Non-cash Options Vested 291,914 451,692
Total $ 571,894 $ 649,927
v3.24.2.u1
Segmented information and supplemental cash flow disclosure - Disclosure of revenues allocated by geography (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Disclosure of operating segments [line items]    
Revenue $ 2,997,058 $ 17,581,008
United States of America [Member]    
Disclosure of operating segments [line items]    
Revenue 2,594,560 17,307,675
Canada [Member]    
Disclosure of operating segments [line items]    
Revenue $ 402,498 $ 273,333
v3.24.2.u1
Segmented information and supplemental cash flow disclosure - Disclosure of cash payments of interest and taxes (Details) - USD ($)
3 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Disclosure Of Operating Segments Abstract    
Interest paid $ 262,623 $ 145,408
Taxes paid $ 0 $ 0
v3.24.2.u1
Warranty Liability (Narrative) (Details)
3 Months Ended
Jun. 30, 2024
USD ($)
Warranty Provision Abstract  
Warranty costs to be incurred within the next twelve months $ 743,230
v3.24.2.u1
Warranty Liability - Disclosure of warranty liability (Details) - USD ($)
3 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Warranty Provision Abstract    
Opening balance $ 2,499,890 $ 2,077,750
Warranty additions 159,813 1,343,838
Warranty disbursements (380,027) (774,174)
Warranty expiry 0 (147,108)
Foreign exchange translation (57) (416)
Total 2,279,619 2,499,890
Current portion 730,884 750,806
Long term portion 1,548,735 1,749,084
Total $ 2,279,619 $ 2,499,890
v3.24.2.u1
Contingent Liability (Narrative) (Details) - Lion Truck Body Incorporated [Member]
$ in Millions
Jul. 07, 2022
USD ($)
Disclosure of contingent liabilities [line items]  
Current portion of term loan $ 1.5
Interest rate per annum 3.75%
v3.24.2.u1
Subsequent Events (Narrative) (Details)
1 Months Ended 3 Months Ended
Aug. 12, 2024
Share
$ / shares
Jun. 30, 2024
Share
$ / shares
Jan. 25, 2025
USD ($)
Jul. 25, 2024
USD ($)
Jul. 01, 2024
CAD ($)
Jul. 01, 2024
USD ($)
Disclosure of non-adjusting events after reporting period [line items]            
Number of stock options forfeited | Share   69,392        
Exercise price of stock options forfeited | $ / shares   $ 9.91        
Events after reporting period [Member]            
Disclosure of non-adjusting events after reporting period [line items]            
Number of stock options forfeited | Share 85,536          
Exercise price of stock options forfeited | $ / shares $ 10.55          
Koko Financial Services Inc [Member] | Events after reporting period [Member]            
Disclosure of non-adjusting events after reporting period [line items]            
Borrowings           $ 250,000
B C Limited [Member] | Events after reporting period [Member]            
Disclosure of non-adjusting events after reporting period [line items]            
Borrowings         $ 675,000 675,000
Lender [Member] | Events after reporting period [Member]            
Disclosure of non-adjusting events after reporting period [line items]            
Borrowings     $ 6,000,000 $ 7,400,000   7,400,000
Loan amount reductions per month       $ 200,000   $ 200,000
Lender [Member] | Events after reporting period [Member] | Bottom of range [member]            
Disclosure of non-adjusting events after reporting period [line items]            
Loan interest rate     2.00%      
Lender [Member] | Events after reporting period [Member] | Top of range [member]            
Disclosure of non-adjusting events after reporting period [line items]            
Loan interest rate     2.25%      

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