2023 Q1 Form 10-K Financial Statement

#000186444823000068 Filed on April 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $842.0K $8.626M $8.626M
YoY Change -97.88% -87.19% -87.19%
Cash & Equivalents $800.0K $8.600M $8.626M
Short-Term Investments
Other Short-Term Assets $1.090M $639.0K $8.029M
YoY Change 83.5% 6.5% -87.28%
Inventory
Prepaid Expenses $2.731M $2.683M
Receivables $4.396M $4.264M $4.264M
Other Receivables $1.651M $1.385M $1.385M
Total Short-Term Assets $14.18M $22.30M $22.30M
YoY Change -83.61% -83.09% -83.09%
LONG-TERM ASSETS
Property, Plant & Equipment $413.0K $474.0K $926.0K
YoY Change -35.97% -27.19% 42.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $747.0K $566.0K $566.0K
YoY Change 58.6%
Total Long-Term Assets $8.403M $8.829M $8.829M
YoY Change -36.51% -12.93% -12.93%
TOTAL ASSETS
Total Short-Term Assets $14.18M $22.30M $22.30M
Total Long-Term Assets $8.403M $8.829M $8.829M
Total Assets $22.58M $31.13M $31.13M
YoY Change -77.36% -78.08% -78.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.49M $21.85M $21.85M
YoY Change 52.64% 41.59% 41.59%
Accrued Expenses $34.16M $26.60M $26.83M
YoY Change 97.96% 26.13% 27.22%
Deferred Revenue
YoY Change
Short-Term Debt $17.68M $11.39M $11.39M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.54M $60.27M $60.27M
YoY Change 118.0% 63.76% 63.76%
LONG-TERM LIABILITIES
Long-Term Debt $36.87M $36.43M $36.43M
YoY Change 5.51% 8.07% 8.07%
Other Long-Term Liabilities $1.531M $1.800M $3.199M
YoY Change -88.67% -86.56%
Total Long-Term Liabilities $1.531M $1.800M $39.63M
YoY Change -96.84% -31.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.54M $60.27M $60.27M
Total Long-Term Liabilities $1.531M $1.800M $39.63M
Total Liabilities $123.4M $99.90M $99.90M
YoY Change 44.48% 5.92% 5.92%
SHAREHOLDERS EQUITY
Retained Earnings -$560.2M -$529.2M
YoY Change 36.53% 43.03%
Common Stock $110.0K $109.0K
YoY Change 15.79% 15.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$100.8M -$68.76M -$68.76M
YoY Change
Total Liabilities & Shareholders Equity $22.58M $31.13M $31.13M
YoY Change -77.36% -78.08% -78.08%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022

Facts In Submission

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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3278000 usd
CY2022 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 usd
CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
122717000 usd
CY2022 us-gaap Proceeds From Sale Of Interest In Corporate Unit
ProceedsFromSaleOfInterestInCorporateUnit
0 usd
CY2021 us-gaap Proceeds From Sale Of Interest In Corporate Unit
ProceedsFromSaleOfInterestInCorporateUnit
70308000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
18358000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1894000 usd
CY2021 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
606000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2086000 usd
CY2022 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
31865000 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2238000 usd
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
CY2022 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
0 usd
CY2021 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
84000 usd
CY2022 wejo Settlement Of Forward Purchase Agreement
SettlementOfForwardPurchaseAgreement
2473000 usd
CY2021 wejo Settlement Of Forward Purchase Agreement
SettlementOfForwardPurchaseAgreement
2517000 usd
CY2022 wejo Advance Payment Of Forward Purchase Agreement
AdvancePaymentOfForwardPurchaseAgreement
0 usd
CY2021 wejo Advance Payment Of Forward Purchase Agreement
AdvancePaymentOfForwardPurchaseAgreement
75012000 usd
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 usd
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
10142000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29987000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
159441000 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-306000 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3304000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-58696000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
52901000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67322000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14421000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8626000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67322000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
90000 usd
CY2022 wejo Business Combination Transaction Costs Included In Accounts Payable And Accrued Expenses
BusinessCombinationTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
6159000 usd
CY2021 wejo Business Combination Transaction Costs Included In Accounts Payable And Accrued Expenses
BusinessCombinationTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
8476000 usd
CY2022 wejo Capital Raising Transaction Costs Included In Accounts Payable And Accrued Expenses
CapitalRaisingTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
799000 usd
CY2021 wejo Capital Raising Transaction Costs Included In Accounts Payable And Accrued Expenses
CapitalRaisingTransactionCostsIncludedInAccountsPayableAndAccruedExpenses
0 usd
CY2022 wejo Convertible Note Issued Through Settlement Of Accounts Payable And Recognition Of Prepaid Revenue Share Costs
ConvertibleNoteIssuedThroughSettlementOfAccountsPayableAndRecognitionOfPrepaidRevenueShareCosts
0 usd
CY2021 wejo Convertible Note Issued Through Settlement Of Accounts Payable And Recognition Of Prepaid Revenue Share Costs
ConvertibleNoteIssuedThroughSettlementOfAccountsPayableAndRecognitionOfPrepaidRevenueShareCosts
4813000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
543000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
56000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2399000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
863000 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-119900000 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-158800000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-85500000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-106600000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8600000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-529200000 usd
CY2022 wejo Working Capital
WorkingCapital
-38000000 usd
CY2022Q1 wejo Monthly Cash Utilization
MonthlyCashUtilization
10000000 usd
CY2022Q4 wejo Monthly Cash Utilization
MonthlyCashUtilization
6000000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
The preparation of audited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these audited consolidated financial statements include, but are not limited to, the fair value of the common shares, derivative liability, Advanced Subscription Agreements, Forward Purchase Agreement, Exchangeable Right Liability, GM Securities Purchase Agreement, warrant liabilities, income taxes, software development costs and the estimate of useful lives with respect to developed software, warrants, accounting for share-based payments, and timing of contractual obligations. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that subject the Company to credit risk consist of accounts receivable and cash. The Company places cash in established financial institutions. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company periodically assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. The Company has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements.
CY2022 wejo Earn Out Distribution Period
EarnOutDistributionPeriod
P7Y
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
600000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000 usd
CY2022Q4 wejo Number Of Shares Authorized For Earn Out Distribution
NumberOfSharesAuthorizedForEarnOutDistribution
6000000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022 wejo Business Combination Number Of Trading Days
BusinessCombinationNumberOfTradingDays
P20D
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3300000 usd
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
600000 usd
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2600000 usd
CY2022 wejo Business Combination Number Of Consecutive Trading Days Within Earnout Period
BusinessCombinationNumberOfConsecutiveTradingDaysWithinEarnoutPeriod
P30D
CY2022Q4 wejo Forward Purchase Agreement
ForwardPurchaseAgreement
2687000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
2687000 usd
CY2022Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
594000 usd
CY2022Q4 wejo Exchangeable Right Liability Noncurrent Fair Value
ExchangeableRightLiabilityNoncurrentFairValue
403000 usd
CY2022Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
11390000 usd
CY2022Q4 wejo Warrant Liability Non Current
WarrantLiabilityNonCurrent
343000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
12730000 usd
CY2021Q4 wejo Forward Purchase Agreement
ForwardPurchaseAgreement
45611000 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
45611000 usd
CY2021Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
12650000 usd
CY2021Q4 wejo Exchangeable Right Liability Noncurrent Fair Value
ExchangeableRightLiabilityNoncurrentFairValue
11154000 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
23804000 usd
CY2022Q4 wejo Exchangeable Right Liability Term
ExchangeableRightLiabilityTerm
P3Y10M24D
CY2021Q4 wejo Exchangeable Right Liability Term
ExchangeableRightLiabilityTerm
P4Y10M24D
CY2021Q4 wejo Forward Purchase Agreement Term
ForwardPurchaseAgreementTerm
P1Y10M24D
CY2022 wejo Debt Instrument Measurement Term
DebtInstrumentMeasurementTerm
P1Y
CY2022Q4 wejo Debt Instrument Measurement Term
DebtInstrumentMeasurementTerm
P1Y
CY2022Q4 wejo Securities Purchase Agreements Warrants Term
SecuritiesPurchaseAgreementsWarrantsTerm
P3Y
CY2022Q4 wejo Securities Purchase Agreements Warrants Term
SecuritiesPurchaseAgreementsWarrantsTerm
P3Y
CY2021 wejo Reduction Of Revenue Arising From Revenue Sharing
ReductionOfRevenueArisingFromRevenueSharing
3700000 usd
CY2021 wejo Reduction Of Revenue Arising From Revenue Sharing
ReductionOfRevenueArisingFromRevenueSharing
3700000 usd
CY2022Q4 wejo Forward Purchase Agreement Current
ForwardPurchaseAgreementCurrent
2700000 usd
CY2021Q4 wejo Forward Purchase Agreement Current
ForwardPurchaseAgreementCurrent
45600000 usd
CY2022 wejo Unrealized Gain Loss On Forward Purchase Agreement
UnrealizedGainLossOnForwardPurchaseAgreement
-40500000 usd
CY2021 wejo Unrealized Gain Loss On Forward Purchase Agreement
UnrealizedGainLossOnForwardPurchaseAgreement
-15600000 usd
CY2021 wejo Gain Loss On Issuance Of Forward Purchase Agreement
GainLossOnIssuanceOfForwardPurchaseAgreement
-11700000 usd
CY2021 wejo Gain Loss On Settlement Of Forward Purchase Agreement
GainLossOnSettlementOfForwardPurchaseAgreement
400000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
17844000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7337000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25530000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16041000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9489000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.070
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.041
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.020
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2683000 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
12338000 usd
CY2022Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
1385000 usd
CY2021Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
2963000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1117000 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1346000 usd
CY2022Q4 wejo Prepaid Implementation Costs
PrepaidImplementationCosts
662000 usd
CY2021Q4 wejo Prepaid Implementation Costs
PrepaidImplementationCosts
0 usd
CY2022Q4 wejo Research And Development Expenditure Credit Receivable Current
ResearchAndDevelopmentExpenditureCreditReceivableCurrent
241000 usd
CY2021Q4 wejo Research And Development Expenditure Credit Receivable Current
ResearchAndDevelopmentExpenditureCreditReceivableCurrent
271000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
639000 usd
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
600000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6727000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17518000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1460000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1391000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
986000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
740000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
474000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
651000 usd
CY2022 us-gaap Depreciation
Depreciation
300000 usd
CY2021 us-gaap Depreciation
Depreciation
300000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
25181000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3084000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2572000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1681000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7337000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10995000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13761000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6207000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4903000 usd
CY2022Q4 wejo Accrued Development And Technology Cost Current
AccruedDevelopmentAndTechnologyCostCurrent
4312000 usd
CY2021Q4 wejo Accrued Development And Technology Cost Current
AccruedDevelopmentAndTechnologyCostCurrent
635000 usd
CY2022Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
1413000 usd
CY2021Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
0 usd
CY2022Q4 wejo Accrued Revenue Share Costs
AccruedRevenueShareCosts
3045000 usd
CY2021Q4 wejo Accrued Revenue Share Costs
AccruedRevenueShareCosts
598000 usd
CY2022Q4 wejo Accrued Marketing And Commission Cost Current
AccruedMarketingAndCommissionCostCurrent
218000 usd
CY2021Q4 wejo Accrued Marketing And Commission Cost Current
AccruedMarketingAndCommissionCostCurrent
334000 usd
CY2022Q4 us-gaap Deferred Income
DeferredIncome
200000 usd
CY2021Q4 us-gaap Deferred Income
DeferredIncome
225000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
209000 usd
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
633000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
26599000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21089000 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-25600000 usd
CY2021 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
12900000 usd
CY2021 us-gaap Accretion Expense
AccretionExpense
3600000 usd
CY2022 wejo Securities Purchase Agreement
SecuritiesPurchaseAgreement
GM Securities Purchase Agreement<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 16, 2022, the Company entered into a Securities Purchase Agreement with GM under which it issued and sold to GM the SCN in the aggregate principal amount of $10.0 million, and the GM Warrants to acquire up to an aggregate amount of 1,190,476 common shares at an exercise price of $0.75112 per common share. The GM Warrants may be exercised at any time following the closing of the Offering until December 16, 2025. The Company received $9.5 million of proceeds from GM associated with the Offering. The SCN accrues compounding interest at the rate of 5.0% per annum in arrears semi-annually until maturity date of December 16, 2023, which date will automatically be extended for an additional 24 months to December 16, 2025 in the event that the Company engages in certain qualifying transactions. In the event that the maturity date of the SCN is extended to the SCN Extended Maturity Date, the principal under the SCN shall be payable in equal monthly installments beginning on December 16, 2023 and ending on the SCN Extended Maturity Date. The Company’s payment obligations pursuant to the SCN are guaranteed by all of its subsidiaries pursuant to a Guaranty dated December 16, 2022. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s obligations under the SCN are secured by a first lien on certain assets of its material subsidiaries, including certain assets of Wejo Limited and Wejo Data Services Inc. and the shares held by Wejo Bermuda in Wejo Limited (collectively, the “Collateral”); such security interest does not secure the assets that were previously encumbered in connection with the issuance of the Company’s Secured Loan Notes in April 2021. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At GM’s option, at any time during the 20-business day period (such period, the “Optional Redemption Period”) following certain qualifying transactions, GM may require the Company to redeem all or any part of the outstanding principal and accrued but unpaid interest of the SCN, in whole or in part, at a price of 120% of the then-outstanding principal amount plus all accrued and unpaid interest (the “Optional Redemption”). In addition, at GM’s option at any time after the issuance date, GM may require the Company to convert the SCN, in whole or in part, into common shares at a conversion price of $0.80323 per common share. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SCN contains a beneficial ownership limitation that prohibits the Company from issuing shares to GM upon a conversion of the SCN if such conversion would result in GM beneficially owning over 19.99% of the number of the Company’s issued and outstanding common shares. Additionally, t</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he SCN provides for customary events of default. If an event of default occurs, GM can provide notice to the Company that it is requiring the Company to repay the outstanding principal, any unpaid but accrued interest and any unpaid but accrued late charges within five business days of the delivery of receipt of such written notice.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under the GM Securities Purchase Agreement, the Company is required to (i) file a resale registration statement with the SEC for resale of the common shares issuable upon conversion of the SCN and the GM Warrants granted to GM as part of the Offering no later than the later of (a) 30 days after the issuance date or (b) the date of filing by the Company with the SEC of the financial statements required to be included in the registration statement and (ii) use its commercially reasonable efforts to cause each the Registration </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Statement to be declared effective as soon as practicable and in any event within 60 days of the filing thereof. On December 21, 2022, the Company filed the Shelf Registration Statement with the SEC. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for its GM Warrants in accordance with the guidance contained in ASC 815-40 and determined that the GM Warrants do not meet the criteria for equity treatment thereunder. As such, the GM Warrants must be recorded as a liability and is subject to re-measurement at each balance sheet date. Changes in fair value are recognized in gain on fair value of the GM Securities Purchase Agreement in Other expense, net on the Company’s audited Consolidated Statements of Operations and Comprehensive Loss.</span></div>The Company utilized the fair value option to determine the fair value of the SCN. The Company utilized the Black-Scholes option pricing model to determine the fair value of the GM Warrants. At issuance date, the Company recorded a $4.1 million loss on issuance of the GM Securities Purchase Agreement in Other expense, net on the audited Consolidated Statements of Operations and Comprehensive Loss. As of December 31, 2022, the fair value of the SCN and the GM Warrants was $11.4 million and $0.3 million, respectively, and are classified as a current liability and non-current liability, respectively, on the Company’s audited Consolidated Balance Sheets. For the year ended December 31, 2022, the Company recorded a $1.9 million gain on fair value of the GM Securities Purchase Agreement in Other expense, net on the audited Consolidated Statements of Operations and Comprehensive Loss.
CY2022 wejo Gain Loss On Issuance Of Securities Purchase Agreement
GainLossOnIssuanceOfSecuritiesPurchaseAgreement
-4100000 usd
CY2022Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
11400000 usd
CY2022Q4 wejo Warrant Liability Non Current
WarrantLiabilityNonCurrent
300000 usd
CY2022 wejo Gain Loss On Fair Value Of Securities Purchase Agreement
GainLossOnFairValueOfSecuritiesPurchaseAgreement
1900000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.051
CY2022 wejo Gain Loss On The Issuance Of Debt
GainLossOnTheIssuanceOfDebt
0 usd
CY2021 wejo Gain Loss On The Issuance Of Debt
GainLossOnTheIssuanceOfDebt
-53967000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2022 us-gaap Unrealized Gain Loss On Derivatives
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