$NRDE
NU RIDE INC.

2022 Q4 Form 10-Q Financial Statement

#000155837022016658 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $194.0K $0.00 $0.00
YoY Change
Cost Of Revenue $30.02M
YoY Change
Gross Profit -$29.83M
YoY Change
Gross Profit Margin -15375.77%
Selling, General & Admin $22.17M $60.15M $31.28M
YoY Change -14.4% 92.27% 160.02%
% of Gross Profit
Research & Development $15.60M $19.84M $56.89M
YoY Change -73.45% -65.13% 89.85%
% of Gross Profit
Depreciation & Amortization $8.476M $11.11M
YoY Change
% of Gross Profit
Operating Expenses $37.77M $154.8M $99.28M
YoY Change -55.39% 55.97% 136.39%
Operating Profit -$67.60M -$154.8M -$99.28M
YoY Change 55.97% 136.39%
Interest Expense $2.019M $1.062M $9.000K
YoY Change -1130.1% 11700.0% -101.62%
% of Operating Profit
Other Income/Expense, Net $932.0K -$643.0K $3.467M
YoY Change -74.87% -118.55% 5877.59%
Pretax Income -$102.0M -$154.4M -$95.81M
YoY Change 25.69% 61.19% 125.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$102.3M -$154.4M -$95.81M
YoY Change 26.01% 61.19% 125.44%
Net Earnings / Revenue -52711.86%
Basic Earnings Per Share -$0.73 -$0.54
Diluted Earnings Per Share -$0.45 -$728.6K -$535.9K
COMMON SHARES
Basic Shares Outstanding 217.0M 205.9M 177.0M
Diluted Shares Outstanding 211.9M 178.8M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.7M $203.5M $233.8M
YoY Change -9.16% -12.96% 1093.02%
Cash & Equivalents $121.4M $154.2M $233.8M
Short-Term Investments $100.3M $49.30M
Other Short-Term Assets $20.55M $37.46M $22.92M
YoY Change -56.39% 63.48% 377.42%
Inventory $13.67M $11.18M
Prepaid Expenses $5.032M
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $255.9M $252.2M $256.7M
YoY Change -12.11% -1.78% 952.24%
LONG-TERM ASSETS
Property, Plant & Equipment $193.8M $220.0M $362.4M
YoY Change -49.37% -39.29% 1570.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.657M $27.88M $4.750M
YoY Change -80.88% 486.99% 4650.0%
Total Long-Term Assets $196.4M $248.9M $367.1M
YoY Change -50.6% -32.21% 1012.55%
TOTAL ASSETS
Total Short-Term Assets $255.9M $252.2M $256.7M
Total Long-Term Assets $196.4M $248.9M $367.1M
Total Assets $452.3M $501.1M $623.9M
YoY Change -34.33% -19.68% 986.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.80M $15.63M $48.67M
YoY Change 5.81% -67.87% 117.26%
Accrued Expenses $56.03M
YoY Change 57.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $13.50M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.83M $86.15M $87.85M
YoY Change -53.37% -1.94% -13.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.446M $2.495M $3.529M
YoY Change -8.37% -29.3%
Total Long-Term Liabilities $1.446M $2.495M $3.529M
YoY Change -8.37% -29.3% 252.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.83M $86.15M $87.85M
Total Long-Term Liabilities $1.446M $2.495M $3.529M
Total Liabilities $70.28M $88.64M $91.38M
YoY Change -52.89% -3.0% -11.02%
SHAREHOLDERS EQUITY
Retained Earnings -$827.2M -$725.2M -$463.7M
YoY Change 51.83% 56.39%
Common Stock $24.00K $22.00K $18.00K
YoY Change 26.32% 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $351.8M $412.4M $532.5M
YoY Change
Total Liabilities & Shareholders Equity $452.3M $501.1M $623.9M
YoY Change -34.33% -19.68% 986.91%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$102.3M -$154.4M -$95.81M
YoY Change 26.01% 61.19% 125.44%
Depreciation, Depletion And Amortization $8.476M $11.11M
YoY Change
Cash From Operating Activities -$42.74M -$49.59M -$74.87M
YoY Change -69.85% -33.75% 209.21%
INVESTING ACTIVITIES
Capital Expenditures $104.3M -$10.52M -$79.93M
YoY Change -447.83% -86.84%
Acquisitions
YoY Change
Other Investing Activities $63.95M -$48.04M
YoY Change
Cash From Investing Activities -$40.35M -$58.56M -$79.93M
YoY Change 34.56% -26.73% -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 50.22M 26.71M 22.72M
YoY Change -72.4% 17.52% -47.56%
NET CHANGE
Cash From Operating Activities -42.74M -49.59M -74.87M
Cash From Investing Activities -40.35M -58.56M -79.93M
Cash From Financing Activities 50.22M 26.71M 22.72M
Net Change In Cash -32.87M -81.45M -132.1M
YoY Change -422.77% -38.32% -790.59%
FREE CASH FLOW
Cash From Operating Activities -$42.74M -$49.59M -$74.87M
Capital Expenditures $104.3M -$10.52M -$79.93M
Free Cash Flow -$147.0M -$39.07M $5.061M
YoY Change 31.57% -872.08% -120.9%

Facts In Submission

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NoncashOrPartNoncashAcquisitionFixedAssetsAcquiredViaDebt
10793000
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
203500000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-725200000
us-gaap Net Income Loss
NetIncomeLoss
-180400000
us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
true
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3344000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates in Financial Statement Preparation</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
154200000
CY2022Q3 ride Short Term Investments Fair Value Disclosure
ShortTermInvestmentsFairValueDisclosure
49300000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
484000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
14918000
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;padding-bottom:12pt;margin:0pt;">Warrants</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Company accounts for the Public Warrants (as defined below), the Private Warrants (as defined below) and the Foxconn 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, the Private Warrants and the Foxconn Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the Public Warrants, the Private Warrants and the Foxconn Warrants as liabilities at their fair value and adjusts the Public Warrants, the Private Warrants and the Foxconn 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.  The Company accounts for the BGL Warrants as equity as these warrants qualify as share-based compensation under ASC Topic 718.</p>
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
82000000.0
CY2022Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
761000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
220020000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
382746000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
220020000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
382746000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
101700000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
74900000
CY2022Q3 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
32000000.0
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11100000
CY2022Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
462000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
12000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
216900000
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
196400000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211946000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
178761000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
203147000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176573000

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