through an innovative platform sharing partnership strategy , fisker believes that it will be able to significantly reduce the capital intensity typically associated with 53 index to financial statements developing and manufacturing vehicles , while maintaining flexibility and optionality in component sourcing and manufacturing due to fisker 's ff-pad proprietary process . through fisker 's ff-pad proprietary process , fisker is currently working with magna to develop a proprietary electric vehicle platform called fm29 that will underpin fisker ocean and at least one additional nameplate . fisker intends to cooperate with one or more additional industry-leading original equipment manufacturers ( “ oems ” ) , technology companies , and or tier-one automotive suppliers for platform sharing and access to procurement networks , while focusing on key differentiators in innovative design , software and user interface . multiple platform-sharing partners is intended to accelerate growth in fisker 's portfolio of electric vehicle offerings . fisker envisions a go-to-market strategy with both web- and app-based digital sales , loan financing approvals , leasing , and service management , with limited reliance on traditional brick-and-mortar “ sales-and-service ” dealer networks . fisker believes that this customer-focused approach will drive revenue , user satisfaction and higher margins than competitors . the business combination fisker inc. ( “ fisker ” or the “ company ” ) was originally incorporated in the state of delaware in october 13 , 2017 as a special purpose acquisition company under the name spartan energy acquisition corp. ( “ spartan ” ) , formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , recapitalization , reorganization or similar business combination with one or more businesses . spartan completed its ipo in august 2018. in october 2020 , spartan 's wholly-owned subsidiary merged with and into fisker inc. , a delaware corporation ( “ legacy fisker ” ) , with legacy fisker surviving the merger as a wholly-owned subsidiary of spartan ( the “ business combination ” ) . in connection with the business combination , spartan changed its name to fisker inc. in connection with the consummation of the business combination ( the “ closing ” ) , the registrant changed its name from spartan energy acquisition corp. to fisker inc. the business combination was accounted for as a reverse recapitalization , in accordance with gaap . under this method of accounting , spartan was treated as the “ acquired ” company for financial reporting purposes . accordingly , the business combination was treated as the equivalent of legacy fisker issuing stock for the net assets of spartan , accompanied by a recapitalization , whereby no goodwill or other intangible assets was recorded . operations prior to the business combination are those of legacy fisker . key trends , opportunities and uncertainties fisker is a pre-revenue company and believes that its future performance and success depends to a substantial extent on the ability to capitalize on the following opportunities , which in turn is subject to significant risks and challenges , including those discussed below and in the section of this form 10-k titled “ risk factors . ” partnering with industry-leading oems and or tier-one automotive suppliers on october 14 , 2020 , fisker and spartan entered into a cooperation agreement with magna setting forth certain terms for the development of a full electric vehicle ( the “ cooperation agreement ” ) . the cooperation agreement sets out the main terms and conditions of the upcoming operational phase agreements ( the “ operational phase agreements ” ) that will extend from the cooperation agreement and other agreements with magna ( or its affiliates ) that are expected to be entered into by and between fisker and magna ( or its affiliates ) . on december 17 , 2020 , fisker entered into the platform-sharing and initial manufacturing operational phase agreements referenced in the cooperation agreement . fisker is currently in negotiations with magna and several other industry-leading oems and tier-one automotive suppliers for platform sharing , component sourcing and manufacturing . on february 24 , 2021 , fisker entered into a memorandum of understanding with hon hai technology group ( “ foxconn ” ) supporting a project to develop a breakthrough electric vehicle . the companies expect to complete definitive agreements related to this effort in q2 2021 . 54 index to financial statements these co-operations allow fisker to focus on vehicle design , strong brand affiliation and a differentiated customer experience . fisker intends to leverage multiple ev platforms to accelerate its time to market , reduce vehicle development costs and gain access to an established global supply chain of batteries and other components . fisker believes that its business model will reduce the considerable execution risk typically associated with new car companies . through such platform sharing , component sourcing and manufacturing partnerships , fisker believes it will be able to accelerate its time to market and reduce vehicle development costs . fisker remains on-track for fisker ocean start-of-production in q4 2022 and intends to meet timing , cost and quality expectations while optimally matching its cost structure with its projected production ramp by leveraging such partnerships and trained workforces . remaining hardware agnostic allows for selection of partners , components , and manufacturing decisions to be based on both timeline and cost advantages and enables fisker to focus on delivering truly innovative design features , a superior customer experience , and a leading user interface that leverages sophisticated software and other technology advancements . fisker continues to negotiate a potential relationship with several other industry-leading oems and tier-one automotive suppliers . fisker has entered into agreements covering the magna base platform , development and engineering services , and manufacturing , among others . story_separator_special_tag interest expense interest expense was $ 1.6 million during the year ended december 31 , 2020 and $ 0.2 million during the year ended december 31 , 2019. the $ 1.4 million increase reflected the issuance of convertible bridge notes , starting in the second half of 2019 through the first nine months of 2020. change in fair value of derivatives and convertible security the change in fair value of embedded derivatives and convertible security amounted to $ 10.1 million during the year ended december 31 , 2020 compared to $ 0.1 million during the year ended december 31 , 2019 , reflecting the change in value of the embedded derivative relating to fisker 's convertible bridge notes and convertible security , which was issued in july 2020. the bridge notes and convertible security converted into class a common shares at the close of the business combination . foreign currency gain ( loss ) fisker recorded immaterial foreign currency gains or losses during the years ended december 31 , 2020 and 2019. in 2021 , fisker expects its eur denominated transactions associated with our foreign operations and services provided by suppliers will increase significantly and will subject fisker to greater fluctuation in realized gain and losses from foreign currencies . net loss net loss was $ 54.6 million during the year ended december 31 , 2020 , an increase of $ 43.7 million or 402 % from $ 10.9 million during the year ended december 31 , 2019 , for the reasons discussed above . liquidity and capital resources as of the date of this form 10-k , fisker has yet to generate any revenue from its business operations . to date , fisker has funded its capital expenditure and working capital requirements through equity and convertible notes , as further discussed below . fisker 's ability to successfully commence commercial operations and expand its business will depend on many factors , including its working capital needs , the availability of equity or debt financing and , over time , its ability to generate cash flows from operations . as of december 31 , 2020 , fisker 's cash and cash equivalents amounted to $ 991 million and no debt outstanding . fisker expects its capital expenditures and working capital requirements to increase substantially in 2021 , as it progresses toward production of the fisker ocean ev model , develop its customer support and marketing infrastructure and expand its research and development efforts . for example , fisker expects cash usage to fund capital expenditures and other investing activities to be in the range of $ 210 million to $ 240 million in the fiscal year ended december 31 , 2021 compared to $ 677,000 in the fiscal year ended december 31 , 2020. fisker believes that its cash on hand following the consummation of the business combination will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date 60 index to financial statements of this form 10-k and sufficient to fund its operations until it commences production of the fisker ocean . fisker may , however , need additional cash resources due to changed business conditions or other developments , including unanticipated delays in negotiations with oems and tier-one automotive suppliers or other suppliers , supply chain challenges , disruptions due to covid-19 , competitive pressures , and regulatory developments , among other developments such as the collaboration on “ project pear ” ( personal electric automotive revolution ) with hon hai technology group announced on february 24 , 2021. to the extent that fisker 's current resources are insufficient to satisfy its cash requirements , fisker may need to seek additional equity or debt financing . if the financing is not available , or if the terms of financing are less desirable than fisker expects , fisker may be forced to decrease its level of investment in product development or scale back its operations , which could have an adverse impact on its business and financial prospects . cash flows the following table provides a summary of fisker 's cash flow data for the periods indicated : replace_table_token_2_th story_separator_special_tag 0px ; top : 0px ; ; display : inline ; `` > non-gaap financial measure the accompanying table references non-gaap adjusted loss from operations . this non-gaap financial measures differs from the directly comparable gaap financial measures due to adjustments made to exclude stock-based compensation expense . this non-gaap financial measures is not a substitute for or superior to measures of financial performance prepared in accordance with gaap and should not be considered as an alternative to any other performance measures derived in accordance with gaap . the company believes that presenting this non-gaap financial measure provides useful supplemental information to investors about the company in understanding and evaluating its operating results , enhancing the overall understanding of its past performance and future prospects , and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making . however , there are a number of limitations related to the use of a non-gaap measure and its nearest gaap equivalents . for example , other 62 index to financial statements companies may calculate non-gaap measures differently , or may use other measures to calculate their financial performance , and therefore any non-gaap measures the company uses may not be directly comparable to similarly titled measures of other companies . therefore , both gaap financial measures of fisker 's financial performance and the respective non-gaap measures should be considered together . please see the reconciliation of non-gaap financial measures to the most directly comparable gaap measure in the tables below . replace_table_token_3_th critical accounting policies and estimates fisker 's financial statements have been prepared in accordance with gaap . in the preparation of these financial statements , fisker is required to use judgment in making estimates and assumptions that affect

cash flows used in operating activities fisker 's cash flows used in operating activities to date have been primarily comprised of costs related to research and development , payroll and other general and administrative activities . as fisker continues to accelerate hiring in line with development and production of the ocean , fisker expects its cash used in operating activities to increase significantly before it starts to generate any material cash flows from its business . operating lease commitments at december 31 , 2020 will result in cash payments of $ 0.7 million in 2021 and $ 2.2 million after 2021. fisker 's new headquarter , inception , located in manhattan beach , california , will commence in the first quarter of 2021 resulting incremental operating lease commitments of $ 1.2 million for the remainder of 2021 , $ 3.8 million for 2022 , and $ 15.9 million for 2023 and thereafter . it is expected that fisker will execute a new lease in europe and at least one new lease for a u.s.-based experience center . in total , fisker is projecting to use cash in excess of $ 210 million for combined sg & a and r & d activities during 2021. net cash used in operating activities was $ 38 million during the year ended december 31 , 2020 , down from $ 7.3 million net cash used during the year ended december 31 , 2019. cash flows used in investing activities fisker 's cash flows from investing activities , to date , have been comprised mainly of purchases of property and equipment and have not been material .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows used in operating activities fisker 's cash flows used in operating activities to date have been primarily comprised of costs related to research and development , payroll and other general and administrative activities . as fisker continues to accelerate hiring in line with development and production of the ocean , fisker expects its cash used in operating activities to increase significantly before it starts to generate any material cash flows from its business . operating lease commitments at december 31 , 2020 will result in cash payments of $ 0.7 million in 2021 and $ 2.2 million after 2021. fisker 's new headquarter , inception , located in manhattan beach , california , will commence in the first quarter of 2021 resulting incremental operating lease commitments of $ 1.2 million for the remainder of 2021 , $ 3.8 million for 2022 , and $ 15.9 million for 2023 and thereafter . it is expected that fisker will execute a new lease in europe and at least one new lease for a u.s.-based experience center . in total , fisker is projecting to use cash in excess of $ 210 million for combined sg & a and r & d activities during 2021. net cash used in operating activities was $ 38 million during the year ended december 31 , 2020 , down from $ 7.3 million net cash used during the year ended december 31 , 2019. cash flows used in investing activities fisker 's cash flows from investing activities , to date , have been comprised mainly of purchases of property and equipment and have not been material .
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 Suspicious Activity Report : through an innovative platform sharing partnership strategy , fisker believes that it will be able to significantly reduce the capital intensity typically associated with 53 index to financial statements developing and manufacturing vehicles , while maintaining flexibility and optionality in component sourcing and manufacturing due to fisker 's ff-pad proprietary process . through fisker 's ff-pad proprietary process , fisker is currently working with magna to develop a proprietary electric vehicle platform called fm29 that will underpin fisker ocean and at least one additional nameplate . fisker intends to cooperate with one or more additional industry-leading original equipment manufacturers ( “ oems ” ) , technology companies , and or tier-one automotive suppliers for platform sharing and access to procurement networks , while focusing on key differentiators in innovative design , software and user interface . multiple platform-sharing partners is intended to accelerate growth in fisker 's portfolio of electric vehicle offerings . fisker envisions a go-to-market strategy with both web- and app-based digital sales , loan financing approvals , leasing , and service management , with limited reliance on traditional brick-and-mortar “ sales-and-service ” dealer networks . fisker believes that this customer-focused approach will drive revenue , user satisfaction and higher margins than competitors . the business combination fisker inc. ( “ fisker ” or the “ company ” ) was originally incorporated in the state of delaware in october 13 , 2017 as a special purpose acquisition company under the name spartan energy acquisition corp. ( “ spartan ” ) , formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , recapitalization , reorganization or similar business combination with one or more businesses . spartan completed its ipo in august 2018. in october 2020 , spartan 's wholly-owned subsidiary merged with and into fisker inc. , a delaware corporation ( “ legacy fisker ” ) , with legacy fisker surviving the merger as a wholly-owned subsidiary of spartan ( the “ business combination ” ) . in connection with the business combination , spartan changed its name to fisker inc. in connection with the consummation of the business combination ( the “ closing ” ) , the registrant changed its name from spartan energy acquisition corp. to fisker inc. the business combination was accounted for as a reverse recapitalization , in accordance with gaap . under this method of accounting , spartan was treated as the “ acquired ” company for financial reporting purposes . accordingly , the business combination was treated as the equivalent of legacy fisker issuing stock for the net assets of spartan , accompanied by a recapitalization , whereby no goodwill or other intangible assets was recorded . operations prior to the business combination are those of legacy fisker . key trends , opportunities and uncertainties fisker is a pre-revenue company and believes that its future performance and success depends to a substantial extent on the ability to capitalize on the following opportunities , which in turn is subject to significant risks and challenges , including those discussed below and in the section of this form 10-k titled “ risk factors . ” partnering with industry-leading oems and or tier-one automotive suppliers on october 14 , 2020 , fisker and spartan entered into a cooperation agreement with magna setting forth certain terms for the development of a full electric vehicle ( the “ cooperation agreement ” ) . the cooperation agreement sets out the main terms and conditions of the upcoming operational phase agreements ( the “ operational phase agreements ” ) that will extend from the cooperation agreement and other agreements with magna ( or its affiliates ) that are expected to be entered into by and between fisker and magna ( or its affiliates ) . on december 17 , 2020 , fisker entered into the platform-sharing and initial manufacturing operational phase agreements referenced in the cooperation agreement . fisker is currently in negotiations with magna and several other industry-leading oems and tier-one automotive suppliers for platform sharing , component sourcing and manufacturing . on february 24 , 2021 , fisker entered into a memorandum of understanding with hon hai technology group ( “ foxconn ” ) supporting a project to develop a breakthrough electric vehicle . the companies expect to complete definitive agreements related to this effort in q2 2021 . 54 index to financial statements these co-operations allow fisker to focus on vehicle design , strong brand affiliation and a differentiated customer experience . fisker intends to leverage multiple ev platforms to accelerate its time to market , reduce vehicle development costs and gain access to an established global supply chain of batteries and other components . fisker believes that its business model will reduce the considerable execution risk typically associated with new car companies . through such platform sharing , component sourcing and manufacturing partnerships , fisker believes it will be able to accelerate its time to market and reduce vehicle development costs . fisker remains on-track for fisker ocean start-of-production in q4 2022 and intends to meet timing , cost and quality expectations while optimally matching its cost structure with its projected production ramp by leveraging such partnerships and trained workforces . remaining hardware agnostic allows for selection of partners , components , and manufacturing decisions to be based on both timeline and cost advantages and enables fisker to focus on delivering truly innovative design features , a superior customer experience , and a leading user interface that leverages sophisticated software and other technology advancements . fisker continues to negotiate a potential relationship with several other industry-leading oems and tier-one automotive suppliers . fisker has entered into agreements covering the magna base platform , development and engineering services , and manufacturing , among others . story_separator_special_tag interest expense interest expense was $ 1.6 million during the year ended december 31 , 2020 and $ 0.2 million during the year ended december 31 , 2019. the $ 1.4 million increase reflected the issuance of convertible bridge notes , starting in the second half of 2019 through the first nine months of 2020. change in fair value of derivatives and convertible security the change in fair value of embedded derivatives and convertible security amounted to $ 10.1 million during the year ended december 31 , 2020 compared to $ 0.1 million during the year ended december 31 , 2019 , reflecting the change in value of the embedded derivative relating to fisker 's convertible bridge notes and convertible security , which was issued in july 2020. the bridge notes and convertible security converted into class a common shares at the close of the business combination . foreign currency gain ( loss ) fisker recorded immaterial foreign currency gains or losses during the years ended december 31 , 2020 and 2019. in 2021 , fisker expects its eur denominated transactions associated with our foreign operations and services provided by suppliers will increase significantly and will subject fisker to greater fluctuation in realized gain and losses from foreign currencies . net loss net loss was $ 54.6 million during the year ended december 31 , 2020 , an increase of $ 43.7 million or 402 % from $ 10.9 million during the year ended december 31 , 2019 , for the reasons discussed above . liquidity and capital resources as of the date of this form 10-k , fisker has yet to generate any revenue from its business operations . to date , fisker has funded its capital expenditure and working capital requirements through equity and convertible notes , as further discussed below . fisker 's ability to successfully commence commercial operations and expand its business will depend on many factors , including its working capital needs , the availability of equity or debt financing and , over time , its ability to generate cash flows from operations . as of december 31 , 2020 , fisker 's cash and cash equivalents amounted to $ 991 million and no debt outstanding . fisker expects its capital expenditures and working capital requirements to increase substantially in 2021 , as it progresses toward production of the fisker ocean ev model , develop its customer support and marketing infrastructure and expand its research and development efforts . for example , fisker expects cash usage to fund capital expenditures and other investing activities to be in the range of $ 210 million to $ 240 million in the fiscal year ended december 31 , 2021 compared to $ 677,000 in the fiscal year ended december 31 , 2020. fisker believes that its cash on hand following the consummation of the business combination will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date 60 index to financial statements of this form 10-k and sufficient to fund its operations until it commences production of the fisker ocean . fisker may , however , need additional cash resources due to changed business conditions or other developments , including unanticipated delays in negotiations with oems and tier-one automotive suppliers or other suppliers , supply chain challenges , disruptions due to covid-19 , competitive pressures , and regulatory developments , among other developments such as the collaboration on “ project pear ” ( personal electric automotive revolution ) with hon hai technology group announced on february 24 , 2021. to the extent that fisker 's current resources are insufficient to satisfy its cash requirements , fisker may need to seek additional equity or debt financing . if the financing is not available , or if the terms of financing are less desirable than fisker expects , fisker may be forced to decrease its level of investment in product development or scale back its operations , which could have an adverse impact on its business and financial prospects . cash flows the following table provides a summary of fisker 's cash flow data for the periods indicated : replace_table_token_2_th story_separator_special_tag 0px ; top : 0px ; ; display : inline ; `` > non-gaap financial measure the accompanying table references non-gaap adjusted loss from operations . this non-gaap financial measures differs from the directly comparable gaap financial measures due to adjustments made to exclude stock-based compensation expense . this non-gaap financial measures is not a substitute for or superior to measures of financial performance prepared in accordance with gaap and should not be considered as an alternative to any other performance measures derived in accordance with gaap . the company believes that presenting this non-gaap financial measure provides useful supplemental information to investors about the company in understanding and evaluating its operating results , enhancing the overall understanding of its past performance and future prospects , and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making . however , there are a number of limitations related to the use of a non-gaap measure and its nearest gaap equivalents . for example , other 62 index to financial statements companies may calculate non-gaap measures differently , or may use other measures to calculate their financial performance , and therefore any non-gaap measures the company uses may not be directly comparable to similarly titled measures of other companies . therefore , both gaap financial measures of fisker 's financial performance and the respective non-gaap measures should be considered together . please see the reconciliation of non-gaap financial measures to the most directly comparable gaap measure in the tables below . replace_table_token_3_th critical accounting policies and estimates fisker 's financial statements have been prepared in accordance with gaap . in the preparation of these financial statements , fisker is required to use judgment in making estimates and assumptions that affect

