$NRDE
NU RIDE INC.

2021 Q4 Form 10-Q Financial Statement

#000155837021015655 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.89M $31.28M $12.03M
YoY Change 139.54% 160.02% 11930.0%
% of Gross Profit
Research & Development $58.77M $56.89M $29.97M
YoY Change 111.78% 89.85% 11425.38%
% of Gross Profit
Depreciation & Amortization $0.00 $11.11M $0.00
YoY Change
% of Gross Profit
Operating Expenses $84.66M $99.28M $42.00M
YoY Change 119.62% 136.39% 11899.71%
Operating Profit -$99.28M -$42.00M
YoY Change 136.39%
Interest Expense -$196.0K $9.000K -$557.0K
YoY Change -198.0% -101.62%
% of Operating Profit
Other Income/Expense, Net $3.709M $3.467M $58.00K
YoY Change 50.77% 5877.59% -680.0%
Pretax Income -$81.15M -$95.81M -$42.50M
YoY Change 112.21% 125.44% 11385.95%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$81.15M -$95.81M -$42.50M
YoY Change 112.21% 125.44% 11385.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$420.1K -$535.9K -$257.7K
COMMON SHARES
Basic Shares Outstanding 192.2M 177.0M
Diluted Shares Outstanding 178.8M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.0M $233.8M $19.60M
YoY Change -61.26% 1093.02%
Cash & Equivalents $244.0M $233.8M $19.71M
Short-Term Investments
Other Short-Term Assets $47.12M $22.92M $4.800M
YoY Change 90.77% 377.42%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $291.1M $256.7M $24.40M
YoY Change -55.51% 952.24%
LONG-TERM ASSETS
Property, Plant & Equipment $382.7M $362.4M $21.70M
YoY Change 276.49% 1570.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.90M $4.750M $100.0K
YoY Change 4650.0%
Total Long-Term Assets $397.6M $367.1M $33.00M
YoY Change 252.6% 1012.55%
TOTAL ASSETS
Total Short-Term Assets $291.1M $256.7M $24.40M
Total Long-Term Assets $397.6M $367.1M $33.00M
Total Assets $688.8M $623.9M $57.40M
YoY Change -10.22% 986.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.10M $48.67M $22.40M
YoY Change -62.82% 117.26%
Accrued Expenses $35.51M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $63.50M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $147.6M $87.85M $101.7M
YoY Change 333.19% -13.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.000M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.578M $3.529M
YoY Change -98.44%
Total Long-Term Liabilities $1.578M $3.529M $1.000M
YoY Change 57.8% 252.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.6M $87.85M $101.7M
Total Long-Term Liabilities $1.578M $3.529M $1.000M
Total Liabilities $149.2M $91.38M $102.7M
YoY Change 9.31% -11.02%
SHAREHOLDERS EQUITY
Retained Earnings -$544.8M -$463.7M
YoY Change 305.24%
Common Stock $19.00K $18.00K
YoY Change 11.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $539.6M $532.5M -$45.34M
YoY Change
Total Liabilities & Shareholders Equity $688.8M $623.9M $57.40M
YoY Change -10.22% 986.91%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$81.15M -$95.81M -$42.50M
YoY Change 112.21% 125.44% 11385.95%
Depreciation, Depletion And Amortization $0.00 $11.11M $0.00
YoY Change
Cash From Operating Activities -$141.8M -$74.87M -$24.21M
YoY Change 393.56% 209.21% 34488.57%
INVESTING ACTIVITIES
Capital Expenditures -$29.99M -$79.93M $0.00
YoY Change -48.51%
Acquisitions
YoY Change
Other Investing Activities $4.000K
YoY Change
Cash From Investing Activities -$29.99M -$79.93M $4.000K
YoY Change -48.51% -1998275.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 181.9M 22.72M 43.33M
YoY Change -73.9% -47.56% 10733.0%
NET CHANGE
Cash From Operating Activities -141.8M -74.87M -24.21M
Cash From Investing Activities -29.99M -79.93M 4.000K
Cash From Financing Activities 181.9M 22.72M 43.33M
Net Change In Cash 10.18M -132.1M 19.12M
YoY Change -98.33% -790.59% 5695.15%
FREE CASH FLOW
Cash From Operating Activities -$141.8M -$74.87M -$24.21M
Capital Expenditures -$29.99M -$79.93M $0.00
Free Cash Flow -$111.8M $5.061M -$24.21M
YoY Change -478.6% -120.9%

Facts In Submission

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NetIncomeLoss
-329200000
us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
true
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Reclassifications</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 <span style="-sec-ix-hidden:Hidden_cjZfu9V15k2EszSp3xhhKA;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">other</span></span> income during the nine months ended September 30, 2020 in order to consistently present its condensed consolidated financial statements. The reclassification did not impact net loss.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Immaterial Correction of Error </b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s previously issued financial statements have been revised to reclassify certain expenses that were inappropriately presented within the consolidated statement of operations. This resulted in the reclassification of $2.7 million of research and development expenses to <span style="-sec-ix-hidden:Hidden_qUD_TI1SPEmyXtWPRbmMTA;"><span style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">selling</span></span><span style="white-space:pre-wrap;"> and administrative expenses for the nine months ended September 30, 2020. The error did not impact net loss.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt;">The Company, in consultation with the Audit Committee of the Board of Directors, evaluated the effect of these adjustments on the Company’s consolidated financial statements under ASC 250, <i style="font-style:italic;">Accounting Changes </i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">and Error Corrections </i>and Staff Accounting Bulletin No. 108, <i style="font-style:italic;">Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</i> and determined it was not necessary to recall its consolidated condensed financial statements as the errors did not materially misstate those consolidated financial statements. The Company looked at both quantitative and qualitative characteristics of the required corrections.</p>
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11100000
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 as Other income/(expense).</span></p>
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3344000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
14918000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
362391000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
101663000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
362391000
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
20000000.0
CY2020Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
2300000
CY2020Q3 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
37800000
CY2020Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
4000000
CY2021Q3 ride Litigation Number Of Stockholder Demands For Records
LitigationNumberOfStockholderDemandsForRecords
8
CY2021Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
312000000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
12000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
182100000
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
168000000.0
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
178761000
CY2020Q3 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
176573000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
73273000

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