2023 Q2 Form 10-Q Financial Statement

#000186444823000125 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $842.0K $39.73M
YoY Change -97.88% 3954.18%
Cash & Equivalents $800.0K $39.70M
Short-Term Investments
Other Short-Term Assets $1.090M $594.0K
YoY Change 83.5% 2.41%
Inventory
Prepaid Expenses $2.731M $11.62M
Receivables $4.396M $2.068M
Other Receivables $1.651M $2.295M
Total Short-Term Assets $14.18M $86.50M
YoY Change -83.61% 230.26%
LONG-TERM ASSETS
Property, Plant & Equipment $413.0K $645.0K
YoY Change -35.97% 66.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $747.0K $471.0K
YoY Change 58.6%
Total Long-Term Assets $8.403M $13.24M
YoY Change -36.51% 22.61%
TOTAL ASSETS
Total Short-Term Assets $14.18M $86.50M
Total Long-Term Assets $8.403M $13.24M
Total Assets $22.58M $99.73M
YoY Change -77.36% 169.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.49M $18.67M
YoY Change 52.64% 193.72%
Accrued Expenses $34.16M $17.26M
YoY Change 97.96% 118.62%
Deferred Revenue
YoY Change
Short-Term Debt $17.68M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.54M $36.95M
YoY Change 118.0% 9.1%
LONG-TERM LIABILITIES
Long-Term Debt $36.87M $34.95M
YoY Change 5.51%
Other Long-Term Liabilities $1.531M $13.51M
YoY Change -88.67% -28.83%
Total Long-Term Liabilities $1.531M $48.46M
YoY Change -96.84% 155.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.54M $36.95M
Total Long-Term Liabilities $1.531M $48.46M
Total Liabilities $123.4M $85.40M
YoY Change 44.48% -48.82%
SHAREHOLDERS EQUITY
Retained Earnings -$560.2M -$410.3M
YoY Change 36.53% 61.2%
Common Stock $110.0K $95.00K
YoY Change 15.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$100.8M $14.33M
YoY Change
Total Liabilities & Shareholders Equity $22.58M $99.73M
YoY Change -77.36% 169.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1

Facts In Submission

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CurrentFiscalYearEndDate
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CY2023Q1 dei Amendment Flag
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EntityCentralIndexKey
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Wejo Group Limited
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Use of Estimates</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:112%">The preparation of unaudited condensed 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 unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></div><div><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:112%">The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of the unaudited condensed consolidated financial statements. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the fair value of the common shares, Forward Purchase Agreement, Exchangeable Right Liability, Second Lien Securities Purchase Agreement, Unsecured Note Offering, 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. The Company bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that the Company considers relevant. Other than as discussed herein, the significant accounting policies are described in Note 2 to the audited consolidated financial statements as of December 31, 2022 which are included in the Company’s Annual Report on Form 10-K as filed with the SEC on April 3,2023.</span></div>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk and Off-Balance Sheet Risk</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%">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.</span></div>
CY2023Q1 wejo Forward Purchase Agreement
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ReductionOfRevenueArisingFromRevenueSharing
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CY2023Q1 wejo Forward Purchase Agreement
ForwardPurchaseAgreement
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UnrealizedGainLossOnForwardPurchaseAgreement
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Depreciation
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Depreciation
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2023Q1 wejo Gain Loss On Fair Value Of Securities Purchase Agreement
GainLossOnFairValueOfSecuritiesPurchaseAgreement
-157000 usd
CY2023Q1 wejo Gain Loss On Issuance Of Second Lien Securities Purchase Agreement
GainLossOnIssuanceOfSecondLienSecuritiesPurchaseAgreement
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CY2022Q1 wejo Gain Loss On Issuance Of Second Lien Securities Purchase Agreement
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CY2023Q1 wejo Gain Loss On Issuance Of Issuance Of Unsecured Note Offering
GainLossOnIssuanceOfIssuanceOfUnsecuredNoteOffering
-1182000 usd
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GainLossOnIssuanceOfIssuanceOfUnsecuredNoteOffering
0 usd
CY2023Q1 wejo Unrealized Gain Loss On Fair Value Of Second Lien Securities Purchase Agreement
UnrealizedGainLossOnFairValueOfSecondLienSecuritiesPurchaseAgreement
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UnrealizedGainLossOnFairValueOfUnsecuredNoteOffering
4000 usd
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UnrealizedGainLossOnFairValueOfUnsecuredNoteOffering
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UnrealizedGainLossOnWarrants
8000 usd
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UnrealizedGainLossOnWarrants
5933000 usd
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UnrealizedGainLossOnForwardPurchaseAgreement
-140000 usd
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UnrealizedGainLossOnForwardPurchaseAgreement
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37000 usd
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UnrealizedGainLossOnExchangeableRightLiability
6980000 usd
CY2023Q1 wejo Other Net
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2857000 usd
CY2022Q1 wejo Other Net
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-3125000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1179000 usd
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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11500000 usd
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11400000 usd
CY2022Q4 wejo Warrant Liability Non Current
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300000 usd
CY2023Q1 wejo Gain Loss On Fair Value Of Securities Purchase Agreement
GainLossOnFairValueOfSecuritiesPurchaseAgreement
-200000 usd
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1711000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
996000 usd
CY2023Q1 us-gaap Restructuring Costs
RestructuringCosts
2400000 usd
CY2023Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
200000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
CY2023Q1 us-gaap Payments For Restructuring
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CY2023Q1 us-gaap Restructuring Reserve
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
109681972 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
109681972 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94300245 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
54717550 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29113034 shares
CY2022 wejo Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
-2100000 usd
CY2022 wejo Increase Decrease In Operating Lease Liability Current
IncreaseDecreaseInOperatingLeaseLiabilityCurrent
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CY2022 wejo Increase Decrease In Operating Lease Liability Noncurrent
IncreaseDecreaseInOperatingLeaseLiabilityNoncurrent
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
210000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
210000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
208000 usd
CY2022Q4 us-gaap Litigation Reserve Current
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1800000 usd
CY2023Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
1700000 usd
CY2023Q1 us-gaap Litigation Reserve Noncurrent
LitigationReserveNoncurrent
1500000 usd

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