$NRDE
Nu Ride Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023007991 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.151M $189.0K
YoY Change
Cost Of Revenue $60.74M $30.81M
YoY Change
Gross Profit -$58.59M -$30.62M
YoY Change
Gross Profit Margin -2723.76% -16202.12%
Selling, General & Admin $57.69M $14.69M
YoY Change 92.68% -43.55%
% of Gross Profit
Research & Development $12.30M $14.43M
YoY Change 17.06% -76.68%
% of Gross Profit
Depreciation & Amortization $46.64M $7.674M
YoY Change
% of Gross Profit
Operating Expenses $95.03M $143.6M
YoY Change -255.07% 63.34%
Operating Profit -$153.6M -$174.2M
YoY Change -350.66% 98.19%
Interest Expense $1.650M $2.391M
YoY Change 330.81% -1026.74%
% of Operating Profit
Other Income/Expense, Net $93.00K $64.00K
YoY Change -95.33% -104.29%
Pretax Income -$154.5M -$171.7M
YoY Change -342.69% 91.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$154.5M -$171.7M
YoY Change -342.7% 91.63%
Net Earnings / Revenue -7182.71% -90846.56%
Basic Earnings Per Share -$9.69 -$0.71
Diluted Earnings Per Share -$9.69 -$0.71
COMMON SHARES
Basic Shares Outstanding 239.0M 239.0M
Diluted Shares Outstanding 15.94M 239.8M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.7M $176.7M
YoY Change -41.57% -13.21%
Cash & Equivalents $115.7M $108.1M
Short-Term Investments $22.00M $68.59M
Other Short-Term Assets $16.70M $9.028M
YoY Change -61.23% -73.74%
Inventory $0.00 $6.340M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $154.4M $192.0M
YoY Change -45.39% -19.29%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $78.12M
YoY Change -100.0% -80.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.783M $2.244M
YoY Change -93.51% -83.97%
Total Long-Term Assets $8.665M $80.37M
YoY Change -97.25% -80.99%
TOTAL ASSETS
Total Short-Term Assets $154.4M $192.0M
Total Long-Term Assets $8.665M $80.37M
Total Assets $163.1M $272.4M
YoY Change -72.74% -58.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.507M $8.431M
YoY Change -72.98% -38.82%
Accrued Expenses $13.40M $50.41M
YoY Change -61.0% 28.34%
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 $16.87M $58.84M
YoY Change -72.28% -71.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $85.80M $889.0K
YoY Change 5259.15% -72.12%
Total Long-Term Liabilities $85.80M $889.0K
YoY Change 5259.15% -72.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.87M $58.84M
Total Long-Term Liabilities $85.80M $889.0K
Total Liabilities $102.6M $59.73M
YoY Change 64.39% -71.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.153B -$998.9M
YoY Change 102.07% 57.46%
Common Stock $24.00K $24.00K
YoY Change 14.29% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.97M $181.8M
YoY Change
Total Liabilities & Shareholders Equity $163.1M $272.4M
YoY Change -72.74% -58.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$154.5M -$171.7M
YoY Change -342.7% 91.63%
Depreciation, Depletion And Amortization $46.64M $7.674M
YoY Change
Cash From Operating Activities -$37.57M -$38.12M
YoY Change -28.29% -44.79%
INVESTING ACTIVITIES
Capital Expenditures $12.18M $7.948M
YoY Change -167.12% -63.7%
Acquisitions
YoY Change
Other Investing Activities $57.40M $55.00M
YoY Change 138.64%
Cash From Investing Activities $45.23M $24.84M
YoY Change 665.83% -213.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -37.57M -38.12M
Cash From Investing Activities 45.23M 24.84M
Cash From Financing Activities 0.000 0.000
Net Change In Cash 7.660M -13.27M
YoY Change -76.15% -67.19%
FREE CASH FLOW
Cash From Operating Activities -$37.57M -$38.12M
Capital Expenditures $12.18M $7.948M
Free Cash Flow -$49.75M -$46.06M
YoY Change 45.27% -49.34%

Facts In Submission

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<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;">The preparation of condensed consolidated financial statements in accordance with GAAP is based on the selection and application of accounting policies that require us to make significant estimates and assumptions that affect the reported amounts in the consolidated financial statements, and related disclosures in the accompanying notes to the financial statements. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the condensed consolidated Financial Statements in the period they are determined to be necessary.</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Asset impairment loss calculations require us to apply judgment in estimating asset group fair values and future cash flows, including periods of operation, projections of product pricing, production levels, product costs, market supply and demand, inflation, projected capital spending and, specifically for fixed assets acquired, assigned useful lives, functional obsolescence, asset condition and discount rates. When performing impairment tests, we estimate the fair values of the assets using management’s best assumptions, which we believe would be consistent with the assumptions that a hypothetical marketplace participant would use. Estimates and assumptions used in these tests are evaluated and updated as appropriate. The assessment of whether an asset group should be classified as held and used or held for sale requires us to apply judgment in estimating the probable timing of the sale, and in testing for impairment loss, judgment is required in estimating the net proceeds from the sale. Actual asset impairment losses could vary considerably from estimated impairment losses if actual results are not consistent with the assumptions and judgments used in estimating future cash flows and asset fair values.</p>
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CY2023Q1 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 Private Warrants (as defined below) and the Foxconn Warrants as described in Note 3 – Fair Value Measurements 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 defined below) as equity as these warrants qualify as share-based compensation under ASC Topic 718.</p>
CY2020Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
100900000
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
367000
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1520000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
94273000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
202256000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16150000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8476000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78123000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
193780000
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
100900000
CY2023Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
109800000
CY2022Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2022Q4 ride Temporary Equity Stock Issued During Period Shares New Issues
TemporaryEquityStockIssuedDuringPeriodSharesNewIssues
300000
CY2022Q4 ride Temporary Equity Share Price
TemporaryEquitySharePrice
100
CY2022Q4 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
30000000
CY2023Q1 ride Beneficial Ownership Percentage
BeneficialOwnershipPercentage
0.25
CY2023Q1 us-gaap Temporary Equity Liquidation Preference Per Share
TemporaryEquityLiquidationPreferencePerShare
100
CY2023Q1 ride Temporary Equity Conversion Price
TemporaryEquityConversionPrice
1.936
CY2023Q1 ride Preferred Stock Convertible Threshold Percentage Of Stock Price Trigger
PreferredStockConvertibleThresholdPercentageOfStockPriceTrigger
2
CY2023Q1 ride Preferred Stock Convertible Threshold Trading Days
PreferredStockConvertibleThresholdTradingDays
20
CY2023Q1 ride Preferred Stock Convertible Threshold Consecutive Trading Days
PreferredStockConvertibleThresholdConsecutiveTradingDays
30
CY2023Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
CY2022 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
300000
CY2023Q1 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
600000
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
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
239000000.0
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
238900000
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
300000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
239754000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
196503000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
239754000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
196503000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21708000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7825000
CY2022Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
35900000

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