Exhibit 99.116

VICINITY MOTOR CORP.

(Formerly GRANDE WEST TRANSPORTATION GROUP INC.)

Unaudited Interim Condensed Consolidated Financial Statements

For the three months ended March 31, 2021 and 2020

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Interim Condensed Consolidated Statements of Financial Position

(Unaudited, in thousands of Canadian Dollars)

	Note		March 31, 2021			December 31, 2020
			$			$
Current Assets
Cash and cash equivalents				1,717			1,283
Restricted cash				358			358
Trade and other receivables				8,479			4,149
Inventory		3		26,001			32,614
Prepaids and deposits				3,600			2,426
				40,155			40,830
Long-term Assets
Intangible assets				3,666			2,174
Property and equipment				3,905			4,032
				47,726			47,036
Current Liabilities
Accounts payable and accrued liabilities				10,354			12,908
Credit facility		4		5,552			5,759
Current portion of deferred revenue		5		1,905			1,899
Current portion of provision for warranty cost		6		1,290			763
Current debt facilities		7		—			2,532
Current portion of other long-term liabilities				278			275
				19,379			24,136
Long-term Liabilities
Other long-term liabilities				207			278
Provision for warranty cost		6		720			256
				20,306			24,670
Shareholders’ Equity (Deficiency)
Share capital		8		48,024			46,468
Contributed surplus		8		4,664			3,164
Accumulated other comprehensive loss				(58	)		(19	)
Deficit				(25,210	)		(27,247	)
				27,420			22,366
				47,726			47,036

COMMITMENTS (Note 12)

Approved on behalf of the Board:

/s/”William R. Trainer “	/s/”Christopher Strong”
Director	Director

See accompanying notes to the consolidated financial statements

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.) 

Interim Condensed Consolidated Statements of Income (Loss)  

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

	Note		For the three months ended March 31, 2021			For the three months ended March 31, 2020
			$			$
Revenue
Bus sales		11		25,934			2,714
Other		11		1,362			1,254
				27,296			3,968
Cost of sales		3		(22,967	)		(3,876	)
Gross margin				4,329			92
Expenses
Sales and administration				1,784			1,457
Stock-based compensation				158			81
Amortization				170			158
Interest and finance costs		4,7		160			186
Foreign exchange gain				20			(60	)
				2,292			1,822
Net income (loss)				2,037			(1,730	)
Earnings (loss) per share
Basic				0.07			(0.07	)
Diluted				0.06			(0.07	)
Weighted average number of common shares outstanding
Basic(1)				28,650,754			23,996,887
Diluted(1)				33,026,068			23,996,887

⁽¹⁾ Basic and diluted earnings (loss) per share have been retrospectively adjusted to give effect to the 3 to 1 share consolidation effective March 29, 2021.

See accompanying notes to the consolidated financial statements

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Interim Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, in thousands of Canadian dollars)

	For the three months ended March 31, 2021			For the three months ended March 31, 2020
	$			$
Net income (loss)		2,037			(1,730	)
Other comprehensive income (loss)
Items that may be reclassified subsequently to net loss
Exchange differences on translation of foreign operations		(39	)		13
Total other comprehensive income (loss)		(39	)		13
Total comprehensive income (loss)		1,998			(1,717	)

See accompanying notes to the consolidated financial statements

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Interim Condensed Consolidated Statements of Changes in Equity

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

	Note		Number of Shares		Share Capital		Contributed Surplus			Accumulated Other Comprehensive Income			Deficit			Total Shareholders’ Equity (Deficiency)
					$		$			$			$			$
Balance, December 31, 2019				24,843,469		37,137		2,384			(16	)		(22,845	)		16,660
Issuance of shares – convertible debt exercised		8.2(c)		612,578		751		(144	)		—			—			607
Issuance of shares – RSU vested		8.2(d)		33,333		72		(72	)		—			—			—
Warrants		8.3		—		—		69			—			—			69
Stock-based compensation		8.4-8.6		—		—		81			—			—			81
Other comprehensive loss				—		—		—			13			—			13
Net loss				—		—		—			—			(1,730	)		(1,730	)
Balance, March 31, 2020				25,489,380		37,960		2,318			(3	)		(24,575	)		15,700
Balance, January 1, 2021				28,650,754		46,468		3,164			(19	)		(27,247	)		22,366
Issuance of shares – warrants exercised		8..2(a)		421,685		834		(112	)		—			—			722
Issuance of shares – options exercised		8.2(b)		234,996		722		(230	)		—			—			492
Issuance of options		8.4		—		—		1,684			—			—			1,684
Stock-based compensation		8.4-8.6		—		—		158			—			—			158
Other comprehensive income (loss)				—		—		—			(39	)		—			(39	)
Net income				—		—		—			—			2,037			2,037
Balance, March 31, 2021				29,307,435		48,024		4,664			(58	)		(25,210	)		27,420

See accompanying notes to the consolidated financial statements

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands of Canadian dollars)

			Three months ended			Three months ended
	Note		March 31, 2021			March 31, 2020
			$			$
OPERATING ACTIVITIES
Net income (loss) for the year				2,037			(1,730	)
Items not involving cash:
Amortization				248			245
Foreign exchange loss (gain)				17			(109	)
Interest and finance costs				160			186
Stock-based compensation		8		158			81
				2,620			(1,327	)
Changes in non-cash items:
Trade and other receivables				(4,375	)		5,575
Inventory		3		6,611			1,901
Prepaids and deposits				510			(1,060	)
Accounts payable and accrued liabilities				(2,553	)		(1,022	)
Warranty provision		6		1,004			(343	)
Cash from operating activities before interest paid				3,817			3,724
Interest paid				(119	)		(128	)
Cash from operating activities				3,698			3,596
INVESTING ACTIVITIES
Intangible assets				(1,572	)		—
Purchase of property and equipment				(47	)		(140	)
Cash (used in) investing activities				(1,619	)		(140	)
FINANCING ACTIVITIES
Proceeds from issuance of common shares		8		1,214			—
(Repayments) proceeds of credit facility		4		(209	)		(2,481	)
Proceeds from current debt facilities		7		—			1,219
Repayment of current debt facilities		7		(2,562	)		(31	)
Repayment of convertible debt		7		—			(12	)
Repayment of long-term loans				(72	)		(61	)
Cash (used in) financing activities				(1,629	)		(1,366	)
Effect of foreign exchange rate on cash				(16	)		113
Increase in cash and cash equivalents				434			2,203
Cash and cash equivalents, beginning				1,283			757
Cash and cash equivalents, ending				1,717			2,960

See accompanying notes to the consolidated financial statements

Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

1. NATURE OF OPERATIONS

Grande West Transportation Group Inc. was incorporated on December 4, 2012 under the laws of British Columbia. The Company conducts its active operations in Canada through its wholly owned operating subsidiary, Grande West Transportation International Ltd. (“GWTI”), which was incorporated on September 2, 2008 under the laws of British Columbia. On March 24, 2021 the Company changed its name to Vicinity Motor Corp. (“Vicinity”, “VMC” or the “Company”). The Company also conducts its active operations in the U.S. through a wholly owned subsidiary, Grande West Transportation USA Inc. (“GWTUSA”), incorporated on April 8, 2014 under the laws of the State of Delaware. The Company’s head office is located at 3168 262^nd Street, Aldergrove, British Columbia. The Company’s current operation focuses on manufacturing, engineering, designing, servicing, and selling of the Vicinity branded transit buses.

During the year ended December 31, 2020, the coronavirus known as COVID-19 was announced as a global pandemic. As a result of global volatility, the Company has put in place business continuity plans to adapt to evolving market conditions. Even after taking into consideration the negative effects of the current COVID-19 pandemic on our delivery schedule, the Company has determined that there is no change in the Company’s conclusion about its ability to continue as a going concern. However, the duration and impact of COVID-19 is unknown at this time and it is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods. The Canadian Government has implemented policies giving aid to businesses due to COVID-19, as a result the Company has received $544 in aid for the year ended December 31, 2020 which was recognized as a decrease in salary expenses.

2. BASIS OF PRESENTATION

i) Intercompany balances and transactions, and any unrealized gains arising from intercompany transactions, were eliminated in preparing the consolidated financial statements.

a) Statement of compliance

These unaudited interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, have been omitted or condensed. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020.

The consolidated financial statements were authorized for issue by the Board of Directors on May 17, 2021.

b) Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments carried at fair value.

c) Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. For significant estimates and judgements refer to Note 6 as well as the audited consolidated financial statements for the year ended December 31, 2020.

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

3. INVENTORY

	March 31,2021		December 31, 2020
	$		$
Finished goods		22,776		29,571
Work in progress - buses		136		138
Parts for resale		3,089		2,905
Total Inventory		26,001		32,614

As at March 31, 2021 and December 31, 2020, work in progress – buses consists of the cost of buses still being manufactured. Finished goods inventory consisted of the costs of assembled buses, as well as freight and other costs incurred directly by the Company in compiling inventory. All inventory is part of the general security agreement to secure the credit facility described in Note 4.

During the three months ended March 31, 2021, the Company recognized $20,626 as the cost of inventory for direct materials included as an expense in cost of sales (March 31, 2020 - $2,990).

4. CREDIT FACILITY

During the year ended December 31, 2017, the Company entered into a revolving credit facility agreement with a financial institution for a maximum amount of $20 million based on the value of certain Company assets. The terms of the agreement were amended on October 23, 2020, renewing the credit facility for a three-year term. The credit facility bears interest at a rate of 0.75% - 1% plus Canadian prime rate for loans denominated in Canadian dollars and 0.75% - 1% plus US prime rate for loans denominated in US dollars. The facility is secured by way of a general security agreement over all assets of the Company.

As at March 31, 2021, the Company had drawn $5,567 on this facility, comprised of $5,567 in Canadian funds and $nil in US funds. The Company also recorded $15 in financing fees against the carrying value of the debt for a net balance at March 31, 2021 of $5,552.

Per the terms of the credit facility, the Company must maintain a consolidated 12-month rolling fixed charge coverage ratio if the Company borrows over 75% of the available facility. As at March 31, 2021, the Company has not borrowed over 75% of its availability.

5. DEFERRED REVENUE

		March 31, 2021		December 31, 2020
		$		$
Sales deposits			77		77
Future delivery of buses	(a)		1,828		1,822
Deferred revenue			1,905		1,899
Less: current portion			1,905		1,899
Long-term portion of deferred revenue			—		—

a) The Company has recognized deferred revenue and an intangible asset in relation to an agreement with a customer to provide future buses. In 2017 the contract was modified to provide for one diesel powered bus to be delivered each year for 8 years. No buses have been delivered under this agreement. In late 2020 the Company concluded that it no longer had the obligation or intent to deliver 3 out of the 8 buses.

During the three months ended March 31, 2021, the Company recognized $5 in interest expense related to the deferred revenue (March 31, 2020: $27).

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

6. PROVISION FOR WARRANTY COST

The Company provides bumper to bumper warranties coverage for the first two years on specified components, with the exception of normal wear and tear.

During the three months ended March 31, 2021, the Company recorded warranty expense of $1,210 (March 31, 2020 - $66) as part of its cost of sales in connection with sales completed during the three months. During the three months ended March 31, 2021, $217 (March 31, 2020 - $149) of warranty costs have been incurred against the provision. Change in estimate of the warranty provision relates to re-assessment of the warranty provision compared to the actual warranty claims applied.

	$
Balance at December 31, 2019		1,547
Additions		777
Warranty claims applied		(809	)
Change in estimate of warranty provision		(491	)
Foreign exchange change in estimate		(5	)
Balance at December 31, 2020		1,019
Additions		1,210
Warranty claims applied		(217	)
Change in estimate of warranty provision		9
Foreign exchange change in estimate		(11	)
Balance at March 31, 2021		2,010
Less: Current portion		1,290
Long-term portion of warranty provision		720

7. CURRENT DEBT FACILITIES

		March 31, 2021		December 31, 2020
		$		$
Unsecured debentures	(a)		—		1,722
Private loan	(b)		—		810
			—		2,532

a) On March 20, 2020, the Company issued $1,750 in unsecured debentures with a maturity 12 months from the date of issue. The debentures were issued at a discount of 2% and include 10% annual interest paid at maturity; the Company incurred borrowing costs of $110 and the debt has an effective interest rate of 16%. During the three months ended March 31, 2021, the Company incurred $66 (March 31, 2020 - $8) in interest expense on this loan, of which $nil (March 31, 2020 - $5) is included in accounts payable and accrued liabilities at March 31, 2021. During the three months ended March 31, 2021, the Company repaid the $1,750 balance of this debt.

In connection with the issuance, the Company also issued 1,050,000 warrants to purchase common shares at an exercise price of $0.38 per share, the value of these warrants were incorporated in the transaction costs of $110 referenced above. The warrants expire 12 months from the date of issue. In the event of default, the debt holder holds the right to convert into common shares at $0.38 per share.

b) The loans bear annual interest at a rate of 10%. During the three months ended March 31, 2021, the Company incurred $18 (March 31, 2020 - $32) in interest expense on this loan, of which $nil (March 31, 2020 - $11) is included in accounts payable and accrued liabilities at March 31, 2021. During the three months ended March 31, 2021, the Company repaid the $810 balance of this debt.

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

8. SHARE CAPITAL

On March 24, 2021, the Company performed a 3 for 1 share consolidation of the Company’s common shares, stock options, warrants and DSUs. The quantities and per unit prices presented in this note are shown on post consolidation basis.

8.1      Authorized: Unlimited number of common shares without par value

8.2      Issued and Outstanding Common Shares:

The details for the common share issuances during the three months ended March 31, 2021 are as follows:

a. During the three months ended March 31, 2021, 421,685 warrants were exercised at an average price of $1.71 per share for gross proceeds of $722.

b. During the three months ended March 31, 2021, 234,996 stock options were exercised by employees of the Company at an average price of $2.09 per share for gross proceeds of $491.

The details for the common share issuances during the three months ended March 31, 2020 were as follows:

c. During the three months ended March 31, 2020, 612,578 shares were issued on settlement of the convertible debt of $607.

d. During the three months ended March 31, 2020, 33,333 RSU’s were exercised for gross proceeds of $nil.

8.3      Share Purchase Warrants

A summary of the Company’s share purchase warrants are as follows:

	Number of Warrants			Weighted Average Exercise Price
				$
Outstanding, December 31, 2019		—			—
Issued		1,934,100			3.89
Outstanding, December 31, 2020		1,934,100			3.89
Exercised		(421,685	)		1.71
Outstanding, March 31, 2021		1,512,415			4.50

8.4      Directors, Consultants, and Employee stock options

The Company has adopted a stock option plan for which options to acquire up to 10% of the issued share capital, at the award date, may be granted to eligible optionees from time to time. Generally, stock options granted have a maximum term of five years, vesting period determined by the directors, and an exercise price determined by the closing price of the stock on the date of issuance.

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

8. SHARE CAPITAL (Continued)

A summary of the Company’s directors, consultants, and employee stock options are as follows:

	Number of Options			Weighted Average Exercise Price
				$
Outstanding, December 31, 2019		1,213,320			2.25
Issued		433,333			3.15
Forfeited		(298,333	)		2.01
Exercised		(175,000	)		2.22
Outstanding, December 31, 2020		1,173,320			2.70
Issued		474,999			6.90
Exercised		(234,996	)		2.09
Outstanding, March 31, 2021		1,413,323			4.18

During the three months ended March 31, 2021, the Company granted 374,999 stock options to consulting firms to purchase common shares of the Company with exercise prices ranging from $6.51 to $9.36 per common share expiring in five years. Of these options $1,684 are consulting fees recorded as prepaid expenses and $100 were recorded as stock-based compensation.

During the three months ended March 31, 2021, the Company granted 100,000 stock options to executives and directors to purchase common shares of the Company with an exercise price of $7.20 per common share and expiring in five years. These stock options vest over three years.

During the three months ended March 31, 2021, the Company recognized $157 (2020 - $61) on the grant and vesting of options to directors, consultants and employees. The grant date fair value per option was calculated using the Black-Scholes model with the following weighted average assumptions:

	March 31, 2021			Dec 31, 2020
Fair value at grant date	$	4.83		$	1.26
Risk-free interest rate		0.44	%		0.30	%
Expected life of options		5 years			4 years
Annual dividend rate		0	%		0	%
Annualized volatility		82	%		82	%
Forfeiture rate		3	%		3	%

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

8. SHARE CAPITAL (Continued)

The following tables summarize information about the Company’s stock options outstanding at March 31, 2021:

	Options Outstanding		Options Exercisable		Exercise  Price		Remaining Contractual Life (Years)		Expiry Date
					$
September 6, 2016		20,000		20,000		1.50		0.21	September 6, 2021 2021
November 21,2016 202016		1,666		1,666		4.32		0.64	November 21, 2021
March 14, 2017		8,333		8,333		7.50		0.95	March 14, 2022
April 4, 2018		83,333		69,444		5.25		2.01	April 4, 2023
April 26, 2018		83,333		69,444		4.35		2.07	April 26, 2023
May 29, 2018		83,333		69,444		4.35		2.16	May 29, 2023
January 17, 2019		166,666		111,111		2.40		2.80	January 17, 2024
April 26, 2019		33,333		16,667		1.68		3.07	April 26, 2024
November 15, 2019		233,333		77,778		1.50		3.63	November 15, 2024
November 28, 2019		16,666		16,666		1.56		3.67	November 28, 2024
May 4, 2020		24,999		8,333		1.20		4.09	May 4, 2025
May 12, 2020		16,666		8,333		1.20		4.12	May 12, 2025
May 26, 2020		33,333		11,111		1.20		4.15	May 26, 2025
September 18, 2020		66,666		33,333		1.43		1.47	September 18, 2022
November 23, 2020		66,664		66,664		6.15		4.65	November 23, 2025
January 12, 2021		333,333		333,333		6.51		4.79	January 11, 2026
February 1, 2021		41,666		10,416		9.36		4.84	January 31, 2026
March 8, 2021		100,000		—		7.20		4.94	March 7, 2026
Total		1,413,323		932,076

8.5    Restricted Share Units

Pursuant to the Company’s Restricted Share Unit (“RSU”) Incentive Plan approved by the board of directors of the Company on June 8, 2015, restricted share units to acquire common shares of the Company may be granted to specified service providers of the Company in accordance with the terms and conditions of the plan.

Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares.

8.6     Deferred Share Units

Pursuant to the Company’s Deferred Share Unit (“DSU”) Incentive Plan approved by the board of directors of the Company on July 8, 2018, deferred share units to acquire common shares of the Company may be granted to specified board members of the Company in accordance with the terms and conditions of the plan.

Each DSU entitles the participant to receive one common share upon vesting, the DSUs vest on the board members separation date from the board of directors. DSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such DSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the DSU vests and the DSU participant receives common shares.

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

8. SHARE CAPITAL (Continued)

A summary of the Company’s DSUs are as follows:

	Number of DSUs
Outstanding, December 31, 2019		22,619
Issued		72,522
Outstanding, December 31, 2020		95,141
Outstanding, March 31, 2021		95,141

During the three months ended March 31, 2021, the Company issued nil DSUs

(March 31, 2020 – 13,512) to board members of the Company that vest upon the board members separation date from the Company.

During the three months ended March 31, 2021, the Company recorded $nil

(March 31, 2020 - $19) as stock-based compensation for the fair value of the DSUs issued.

9. RELATED PARTY BALANCES AND TRANSACTIONS

Key Management includes personnel having the authority and responsibility for planning, directing and controlling the Company and includes the directors and executive officers.

Expenses incurred to Key Management are:

	Three months ended		Three months ended
	March 31, 2021		March 31, 2020
	$		$
Salaries and Benefits		381		257
Directors’ fees		31		13
Rent (a)		52		55
Share-based compensation		42		73
		506		398

a) During the three months ended March 31, 2021 the Company paid $53 in rent to a company owned by a director. $52 was recognized as depreciation and interest expense on the lease.

During the three months ended March 31, 2020 the Company paid $53 in rent to a company owned by a director. $55 was recognized as depreciation and interest expense on the lease.

Balances with key management and other related parties are:

As at March 31, 2021, included in accounts payable are balances owing to a director and/or officer and/or companies controlled by officers of the Company in the amount of $50 (March 31, 2020 - $7).

All related party balances are non-interest bearing, unsecured and have no fixed terms of repayment and have been classified as current.

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

10. FINANCIAL INSTRUMENTS

Fair values

The Company’s financial instruments include cash and cash equivalents, restricted cash, trade and other receivables, derivative financial instruments, accounts payable, credit facility, current and long-term loans, convertible debt and lease obligations. The carrying amounts of these financial instruments are a reasonable estimate of their fair values based on their current nature and current market rates for similar financial instruments. Derivative financial instruments are the only instruments measured at fair value through profit and loss in accordance with IFRS 9 – Financial Instruments, which requires the classification of financial instruments within a hierarchy that prioritizes the inputs to fair value measurement.

The following table summarizes the carrying values of the Company’s financial instruments:

	March 31, 2021		December 31, 2020
	$		$
Assets:
Measured at amortized cost (i)		10,554		5,790
Liabilities:
Amortized cost (ii)		16,391		21,751

(i)Cash, restricted cash and trade and other receivables

(ii)Accounts payable and accrued liabilities, current and long-term loans, convertible debt and lease obligations.

11. REVENUE

The Company’s revenue is summarized as follows:

	Three months ended		Three months ended
	March 31, 2021		March 31, 2020
	$		$
Bus sales		25,934		2,714
Other revenue:
Part sales		808		1,092
Operating lease revenue		554		162
Total revenue		27,296		3,968

12. COMMITMENTS AND CONTINGENCIES

The Company entered into a production agreement with one of its manufacturers whereby the parties have agreed to a specified production volume. Future minimum payments to the manufacturer as at March 31, 2021 are as follows:

	$
Not later than one year		3,441
		3,441

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Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)

Notes to the Interim Condensed Consolidated Financial Statements

Three months ended March 31, 2021 and March 31, 2020

(Unaudited, in thousands of Canadian dollars, except for per share amounts)

13. SEGMENT INFORMATION

Allocation of revenue to geographic areas is as follows:

	Three months ended March 31, 2021		Three months ended March 31, 2020
	$		$
Canada
Bus sales		4,355		469
Part sales		731		1,030
Operating lease revenue		554		162
United States
Bus sales		21,579		2,245
Part sales		77		62
Total		27,296		3,968

During the three months ended March 31, 2021, the Company had sales of $22,133 to one customer representing 81% of total sales. During the three months ended March 31, 2020, the Company had sales of $2,245 and $469 to two customers representing 57% and 12% of total sales, respectively.

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