A point of the electric vehicle industry is to save the planet by cutting carbon emissions and fighting climate change. Not so funny that the EV startup Canoo seems to have spent twice what it generated in revenue last year on the CEO’s private jet, more than it spent selling cars.
Canoo’s recent full-year earnings report for 2023, released this week, shows that the company spent $1.7 million reimbursing Aquila Family Ventures, a company owned by Canoo’s CEO, Tony Aquila, as first reported by TechCrunch Monday. The charges to the company are related to “aircraft reimbursement,” the filings state.
“Mr. Aquila, through an entity owned and controlled by him (Aquila Family Ventures, LLC (“AFV”)), owns a personal aircraft that was acquired without our resources, which aircraft he uses for business travel. We reimburse Mr. Aquila for certain costs and third-party payments associated with the use of his personal aircraft for Company-related business travel, excluding certain incidental fees and expenses,” the filings read.
In it's recent filings, Canoo reported "going concern" problems. The stock had previously gone through a reverse split to keep from being delisted. Capital gains are reported as income but capital losses are only deductible against other capital gains. If you rode this stock's market to the bottom, it's probably better to hold onto it to have available to sell when you take some gains on other winners.
Canoo’s recent full-year earnings report for 2023, released this week, shows that the company spent $1.7 million reimbursing Aquila Family Ventures, a company owned by Canoo’s CEO, Tony Aquila, as first reported by TechCrunch Monday. The charges to the company are related to “aircraft reimbursement,” the filings state.
“Mr. Aquila, through an entity owned and controlled by him (Aquila Family Ventures, LLC (“AFV”)), owns a personal aircraft that was acquired without our resources, which aircraft he uses for business travel. We reimburse Mr. Aquila for certain costs and third-party payments associated with the use of his personal aircraft for Company-related business travel, excluding certain incidental fees and expenses,” the filings read.
In it's recent filings, Canoo reported "going concern" problems. The stock had previously gone through a reverse split to keep from being delisted. Capital gains are reported as income but capital losses are only deductible against other capital gains. If you rode this stock's market to the bottom, it's probably better to hold onto it to have available to sell when you take some gains on other winners.
