$NRDE
Nu Ride Inc

2023 Q1 Form 10-K Financial Statement

#000155837023002862 Filed on March 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $189.0K $194.0K $194.0K
YoY Change
Cost Of Revenue $30.81M $30.02M $30.02M
YoY Change
Gross Profit -$30.62M -$29.83M -$29.83M
YoY Change
Gross Profit Margin -16202.12% -15375.77% -15375.77%
Selling, General & Admin $14.69M $22.17M $138.3M
YoY Change -43.55% -14.4% 31.23%
% of Gross Profit
Research & Development $14.43M $15.60M $107.8M
YoY Change -76.68% -73.45% -62.04%
% of Gross Profit
Depreciation & Amortization $7.674M $8.476M $8.476M
YoY Change
% of Gross Profit
Operating Expenses $143.6M $37.77M $357.5M
YoY Change 63.34% -55.39% -10.74%
Operating Profit -$174.2M -$67.60M -$387.3M
YoY Change 98.19% -3.29%
Interest Expense $2.391M $2.019M $3.206M
YoY Change -1026.74% -1130.1% 1503.0%
% of Operating Profit
Other Income/Expense, Net $64.00K $932.0K $788.0K
YoY Change -104.29% -74.87% -107.82%
Pretax Income -$171.7M -$102.0M -$282.4M
YoY Change 91.58% 25.69% -31.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$171.7M -$102.3M -$282.4M
YoY Change 91.63% 26.01% -31.19%
Net Earnings / Revenue -90846.56% -52711.86% -145569.07%
Basic Earnings Per Share -$0.71 -$1.35
Diluted Earnings Per Share -$0.71 -$0.45 -$1.35
COMMON SHARES
Basic Shares Outstanding 239.0M 217.0M 208.7M
Diluted Shares Outstanding 239.8M 208.7M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.7M $221.7M $221.7M
YoY Change -13.21% -9.16% -9.16%
Cash & Equivalents $108.1M $121.4M $121.4M
Short-Term Investments $68.59M $100.3M $100.3M
Other Short-Term Assets $9.028M $20.55M $20.55M
YoY Change -73.74% -56.39% -56.39%
Inventory $6.340M $13.67M $13.67M
Prepaid Expenses $5.032M
Receivables
Other Receivables
Total Short-Term Assets $192.0M $255.9M $255.9M
YoY Change -19.29% -12.11% -12.11%
LONG-TERM ASSETS
Property, Plant & Equipment $78.12M $193.8M $193.8M
YoY Change -80.84% -49.37% -49.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.244M $2.657M $2.657M
YoY Change -83.97% -80.88% -80.88%
Total Long-Term Assets $80.37M $196.4M $196.4M
YoY Change -80.99% -50.6% -50.6%
TOTAL ASSETS
Total Short-Term Assets $192.0M $255.9M $255.9M
Total Long-Term Assets $80.37M $196.4M $196.4M
Total Assets $272.4M $452.3M $452.3M
YoY Change -58.77% -34.33% -34.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.431M $12.80M $12.80M
YoY Change -38.82% 5.81% 5.81%
Accrued Expenses $50.41M $56.03M $56.03M
YoY Change 28.34% 57.81% 57.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.84M $68.83M $68.83M
YoY Change -71.02% -53.37% -53.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $889.0K $1.446M $1.446M
YoY Change -72.12% -8.37% -8.37%
Total Long-Term Liabilities $889.0K $1.446M $1.446M
YoY Change -72.12% -8.37% -8.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.84M $68.83M $68.83M
Total Long-Term Liabilities $889.0K $1.446M $1.446M
Total Liabilities $59.73M $70.28M $70.28M
YoY Change -71.04% -52.89% -52.89%
SHAREHOLDERS EQUITY
Retained Earnings -$998.9M -$827.2M
YoY Change 57.46% 51.83%
Common Stock $24.00K $24.00K
YoY Change 20.0% 26.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $181.8M $351.8M $382.0M
YoY Change
Total Liabilities & Shareholders Equity $272.4M $452.3M $452.3M
YoY Change -58.77% -34.33% -34.33%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$171.7M -$102.3M -$282.4M
YoY Change 91.63% 26.01% -31.19%
Depreciation, Depletion And Amortization $7.674M $8.476M $8.476M
YoY Change
Cash From Operating Activities -$38.12M -$42.74M -$213.8M
YoY Change -44.79% -69.85% -44.9%
INVESTING ACTIVITIES
Capital Expenditures $7.948M $104.3M $54.57M
YoY Change -63.7% -447.83% -80.82%
Acquisitions
YoY Change
Other Investing Activities $55.00M $63.95M $39.96M
YoY Change
Cash From Investing Activities $24.84M -$40.35M -$114.9M
YoY Change -213.46% 34.56% -59.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.114M
YoY Change -66.8%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 50.22M 206.0M
YoY Change -100.0% -72.4% -28.41%
NET CHANGE
Cash From Operating Activities -38.12M -42.74M -213.8M
Cash From Investing Activities 24.84M -40.35M -114.9M
Cash From Financing Activities 0.000 50.22M 206.0M
Net Change In Cash -13.27M -32.87M -122.7M
YoY Change -67.19% -422.77% -68.2%
FREE CASH FLOW
Cash From Operating Activities -$38.12M -$42.74M -$213.8M
Capital Expenditures $7.948M $104.3M $54.57M
Free Cash Flow -$46.06M -$147.0M -$268.3M
YoY Change -49.34% 31.57% -60.1%

Facts In Submission

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<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 Private Warrants 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 these Warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies these Warrants as liabilities at their fair value at each reporting period or at the time of settlement. Any change in fair value is recognized in the statement of operations.  </p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Company accounts for the BGL Warrants as equity as these warrants qualify as share-based compensation under ASC Topic 718.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">On January 27, 2021, we redeemed all of the Public Warrants originally issued in the Initial Public Offering that remained outstanding.</p>
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2288000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
745000
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1984000
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
19193000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
13292000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
136000
CY2022Q4 us-gaap Deferred Tax Assets Other Loss Carryforwards
DeferredTaxAssetsOtherLossCarryforwards
7514000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
135948000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
113999000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
179523000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
118407000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
179523000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
118407000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
629600000
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
372200000
CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
4500000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11100000
CY2022 dei Auditor Name
AuditorName
KPMG LLP
CY2022 dei Auditor Location
AuditorLocation
New York

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