$NRDE
NU RIDE INC.

2021 Q3 Form 10-Q Financial Statement

#000155837021011564 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $31.28M $33.79M $5.949M
YoY Change 160.02% 468.06%
% of Gross Profit
Research & Development $56.89M $76.54M $4.786M
YoY Change 89.85% 1499.33%
% of Gross Profit
Depreciation & Amortization $11.11M
YoY Change
% of Gross Profit
Operating Expenses $99.28M $110.3M $9.941M
YoY Change 136.39% 1009.92%
Operating Profit -$99.28M -$110.3M -$9.941M
YoY Change 136.39% 1009.92%
Interest Expense $9.000K $260.0K -$363.0K
YoY Change -101.62% -171.63%
% of Operating Profit
Other Income/Expense, Net $3.467M $1.877M $2.346M
YoY Change 5877.59% -19.99%
Pretax Income -$95.81M -$108.2M -$7.958M
YoY Change 125.44% 1259.64%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$95.81M -$108.2M -$7.958M
YoY Change 125.44% 1259.64%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54 -$0.61
Diluted Earnings Per Share -$535.9K -$0.61 -$120.2K
COMMON SHARES
Basic Shares Outstanding 177.0M 176.6M
Diluted Shares Outstanding 178.8M 176.6M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.8M $365.9M
YoY Change 1093.02%
Cash & Equivalents $233.8M $365.9M $585.0K
Short-Term Investments
Other Short-Term Assets $22.92M $19.19M
YoY Change 377.42%
Inventory
Prepaid Expenses
Receivables $0.00 $2.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $256.7M $385.1M
YoY Change 952.24%
LONG-TERM ASSETS
Property, Plant & Equipment $362.4M $286.3M
YoY Change 1570.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.750M $4.750M
YoY Change 4650.0%
Total Long-Term Assets $367.1M $302.2M
YoY Change 1012.55%
TOTAL ASSETS
Total Short-Term Assets $256.7M $385.1M
Total Long-Term Assets $367.1M $302.2M
Total Assets $623.9M $687.3M
YoY Change 986.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.67M $48.79M
YoY Change 117.26%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $87.85M $81.38M
YoY Change -13.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.529M $6.873M
YoY Change
Total Long-Term Liabilities $3.529M $6.873M
YoY Change 252.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.85M $81.38M
Total Long-Term Liabilities $3.529M $6.873M
Total Liabilities $91.38M $88.25M
YoY Change -11.02%
SHAREHOLDERS EQUITY
Retained Earnings -$463.7M -$367.9M
YoY Change
Common Stock $18.00K $18.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $532.5M $599.0M -$3.549M
YoY Change
Total Liabilities & Shareholders Equity $623.9M $687.3M
YoY Change 986.91%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$95.81M -$108.2M -$7.958M
YoY Change 125.44% 1259.64%
Depreciation, Depletion And Amortization $11.11M
YoY Change
Cash From Operating Activities -$74.87M -$99.85M -$11.32M
YoY Change 209.21% 782.26%
INVESTING ACTIVITIES
Capital Expenditures -$79.93M -$121.3M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.396M
YoY Change
Cash From Investing Activities -$79.93M -$121.3M $2.396M
YoY Change -1998275.0% -5164.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.72M 48.00K 7.018M
YoY Change -47.56% -99.32%
NET CHANGE
Cash From Operating Activities -74.87M -99.85M -11.32M
Cash From Investing Activities -79.93M -121.3M 2.396M
Cash From Financing Activities 22.72M 48.00K 7.018M
Net Change In Cash -132.1M -221.1M -1.904M
YoY Change -790.59% 11514.65%
FREE CASH FLOW
Cash From Operating Activities -$74.87M -$99.85M -$11.32M
Capital Expenditures -$79.93M -$121.3M
Free Cash Flow $5.061M $21.48M
YoY Change -120.9%

Facts In Submission

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Reclassification</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';"> </span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;">The Company reclassified $2.3 million of gain on sale of fixed assets to other <span style="-sec-ix-hidden:Hidden_3Xi_sr7rEUOf5TCLDjQQow;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">income</span></span> in order to consistently present its consolidated condensed financial statements. The reclassification did not impact net loss.</p>
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Warrants</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company accounts for its Public and Private Warrants as described in Note 3 in accordance with the guidance contained in ASC Topic 815-40-15-7D and 7F under which the Public Warrants and Private Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Public and Private Warrants as liabilities at their fair value and adjusts the Public and Private Warrants to fair value at each reporting period or at the time of settlement. Any change in fair value is recognized in the statement of operations.</span></p>
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-877000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
18261000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
286303000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
101663000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
286303000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
101663000
us-gaap Depreciation
Depreciation
0
us-gaap Depreciation
Depreciation
0
CY2019Q4 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
20000000
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
2300000
CY2021Q2 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
312000000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
12000000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
176600000
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
168000000.0
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
176585000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
73951000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
175595000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
72931000

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