$NRDE
Nu Ride Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023014898 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $2.151M
YoY Change
Cost Of Revenue $0.00 $60.74M
YoY Change
Gross Profit $0.00 -$58.59M
YoY Change
Gross Profit Margin -2723.76%
Selling, General & Admin -$2.600M $57.69M
YoY Change -104.32% 92.68%
% of Gross Profit
Research & Development $5.716M $12.30M
YoY Change -71.19% 17.06%
% of Gross Profit
Depreciation & Amortization $100.0K $46.64M
YoY Change
% of Gross Profit
Operating Expenses $17.50M $95.03M
YoY Change -88.7% -255.07%
Operating Profit -$17.50M -$153.6M
YoY Change -88.7% -350.66%
Interest Expense $1.400M $1.650M
YoY Change 31.83% 330.81%
% of Operating Profit
Other Income/Expense, Net -$240.0K $93.00K
YoY Change -62.67% -95.33%
Pretax Income -$16.51M -$154.5M
YoY Change -89.31% -342.69%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.50M -$154.5M
YoY Change -89.32% -342.7%
Net Earnings / Revenue -7182.71%
Basic Earnings Per Share -$1.03 -$9.69
Diluted Earnings Per Share -$1.03 -$9.69
COMMON SHARES
Basic Shares Outstanding 15.95M 239.0M
Diluted Shares Outstanding 15.95M 15.94M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.70M $137.7M
YoY Change -53.96% -41.57%
Cash & Equivalents $93.65M $115.7M
Short-Term Investments $0.00 $22.00M
Other Short-Term Assets $774.0K $16.70M
YoY Change -97.93% -61.23%
Inventory $0.00 $0.00
Prepaid Expenses $6.340M
Receivables
Other Receivables
Total Short-Term Assets $100.8M $154.4M
YoY Change -60.04% -45.39%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $728.0K $1.783M
YoY Change -97.39% -93.51%
Total Long-Term Assets $7.205M $8.665M
YoY Change -97.11% -97.25%
TOTAL ASSETS
Total Short-Term Assets $100.8M $154.4M
Total Long-Term Assets $7.205M $8.665M
Total Assets $108.0M $163.1M
YoY Change -78.45% -72.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.430M $3.507M
YoY Change -90.85% -72.98%
Accrued Expenses $2.800M $13.40M
YoY Change -61.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.58M $16.87M
YoY Change -73.79% -72.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.60M $85.80M
YoY Change 1487.17% 5259.15%
Total Long-Term Liabilities $39.60M $85.80M
YoY Change 1487.17% 5259.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.58M $16.87M
Total Long-Term Liabilities $39.60M $85.80M
Total Liabilities $62.17M $102.6M
YoY Change -29.87% 64.39%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.153B
YoY Change 65.47% 102.07%
Common Stock $24.00K $24.00K
YoY Change 9.09% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.69M $28.97M
YoY Change
Total Liabilities & Shareholders Equity $108.0M $163.1M
YoY Change -78.45% -72.74%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$16.50M -$154.5M
YoY Change -89.32% -342.7%
Depreciation, Depletion And Amortization $100.0K $46.64M
YoY Change
Cash From Operating Activities -$44.32M -$37.57M
YoY Change -10.64% -28.29%
INVESTING ACTIVITIES
Capital Expenditures -$32.19M $12.18M
YoY Change 205.99% -167.12%
Acquisitions
YoY Change
Other Investing Activities -$9.950M $57.40M
YoY Change -79.29% 138.64%
Cash From Investing Activities $22.23M $45.23M
YoY Change -137.96% 665.83%
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 -44.32M -37.57M
Cash From Investing Activities 22.23M 45.23M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -22.09M 7.660M
YoY Change -72.88% -76.15%
FREE CASH FLOW
Cash From Operating Activities -$44.32M -$37.57M
Capital Expenditures -$32.19M $12.18M
Free Cash Flow -$12.13M -$49.75M
YoY Change -68.96% 45.27%

Facts In Submission

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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
13500000
ride Proceeds From Down Payment
ProceedsFromDownPayment
100000000
ride Proceeds From Equity Based Line Of Credit
ProceedsFromEquityBasedLineOfCredit
13734000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
129087000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5626000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8330000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
121358000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
244016000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115732000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
235686000
ride Noncash Or Part Noncash Acquisition Fixed Assets Acquired Via Debt
NoncashOrPartNoncashAcquisitionFixedAssetsAcquiredViaDebt
321000
ride Noncash Or Part Noncash Acquisition Fixed Assets Acquired Via Debt
NoncashOrPartNoncashAcquisitionFixedAssetsAcquiredViaDebt
1846000
CY2023Q2 ride Number Of Endurance Trucks Delivered To Customers
NumberOfEnduranceTrucksDeliveredToCustomers
33
ride Reorganization Chapter11 Number Of Notices Provided To Employees
ReorganizationChapter11NumberOfNoticesProvidedToEmployees
2
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
137700000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1153400000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-154500000
us-gaap Net Income Loss
NetIncomeLoss
-326200000
CY2022Q2 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;padding-bottom:10pt;margin:0pt;">Use of Estimates in Financial Statement Preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';white-space:pre-wrap;">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. The Chapter 11 Cases will result in continuous changes in facts and circumstances that will cause the Company’s estimates and assumptions to change, potentially materially. We undertake no obligation to update or revise any of the disclosures, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">There have been no material changes to the critical accounting policies and estimates described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, except for the areas noted below, primarily driven by the filing of the Chapter 11 Cases.</p>
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2022Q2 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2023Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
23700000
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;padding-bottom:10pt;margin:0pt;">Warrants</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">As a result of the Chapter 11 Cases, the fair value of the Company’s warrants was deemed to be zero and adjusted accordingly as of June 30, 2023</span><span style="font-family:'Arial','Helvetica','sans-serif';">.</span></p>
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-61000
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1797000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-424000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-277000
CY2023Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
23700000
CY2023Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
23700000
CY2023Q2 us-gaap Property Plant And Equipment Salvage Value
PropertyPlantAndEquipmentSalvageValue
30600000
CY2023Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
23700000
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
ride Beneficial Ownership Percentage
BeneficialOwnershipPercentage
0.25
CY2023Q2 us-gaap Temporary Equity Liquidation Preference Per Share
TemporaryEquityLiquidationPreferencePerShare
100
CY2023Q2 ride Temporary Equity Conversion Price
TemporaryEquityConversionPrice
29.04
ride Preferred Stock Convertible Threshold Percentage Of Stock Price Trigger
PreferredStockConvertibleThresholdPercentageOfStockPriceTrigger
2
ride Preferred Stock Convertible Threshold Trading Days
PreferredStockConvertibleThresholdTradingDays
20
ride Preferred Stock Convertible Threshold Consecutive Trading Days
PreferredStockConvertibleThresholdConsecutiveTradingDays
30
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
CY2023Q2 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
600000
us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
1200000
CY2022Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
312000000
CY2022Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
462000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
12000000
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16000000.0
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15900000
CY2023Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
300000
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
300000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15940000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13388000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15936000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13245000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15940000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13401000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15936000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13245000
CY2023Q2 us-gaap Liabilities Subject To Compromise Accounts Payable And Accrued Liabilities
LiabilitiesSubjectToCompromiseAccountsPayableAndAccruedLiabilities
3279000
CY2023Q2 us-gaap Liabilities Subject To Compromise Other Liabilities
LiabilitiesSubjectToCompromiseOtherLiabilities
6716000
CY2023Q2 us-gaap Liabilities Subject To Compromise Provision For Expected And Allowed Claims
LiabilitiesSubjectToCompromiseProvisionForExpectedAndAllowedClaims
75000000
CY2023Q2 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
84995000
CY2023Q2 ride Liabilities Subject To Compromise Claims Accrued
LiabilitiesSubjectToCompromiseClaimsAccrued
6700000
CY2023Q3 ride Debtor Reorganization Items Monthly Fee Payable Until Engagement Letter Termination
DebtorReorganizationItemsMonthlyFeePayableUntilEngagementLetterTermination
200000
CY2023Q3 ride Debtor Reorganization Items Transaction Fee Payable
DebtorReorganizationItemsTransactionFeePayable
3000000.0
CY2023Q3 ride Debtor Reorganization Items Engagement Letter Termination Term
DebtorReorganizationItemsEngagementLetterTerminationTerm
P5D
CY2023Q3 ride Debtor Reorganization Item Term Of Occurrence Of Transaction Applicable Fee Payable
DebtorReorganizationItemTermOfOccurrenceOfTransactionApplicableFeePayable
P12M

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