$NRDE
Nu Ride Inc

2023 Q4 Form 10-Q Financial Statement

#000155837023019031 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $0.00 $0.00 $194.0K
YoY Change -100.0%
Cost Of Revenue $0.00 $0.00 $30.02M
YoY Change -100.0%
Gross Profit $0.00 $0.00 -$29.83M
YoY Change -100.0%
Gross Profit Margin -15375.77%
Selling, General & Admin -$15.36M -$2.600M $22.17M
YoY Change -169.31% -104.32% -14.4%
% of Gross Profit
Research & Development $898.0K $5.716M $15.60M
YoY Change -94.24% -71.19% -73.45%
% of Gross Profit
Depreciation & Amortization -$3.000K $100.0K $8.476M
YoY Change -100.04%
% of Gross Profit
Operating Expenses $3.101M $17.50M $37.77M
YoY Change -91.79% -88.7% -55.39%
Operating Profit -$3.101M -$17.50M -$67.60M
YoY Change -95.41% -88.7%
Interest Expense $1.185M $1.400M $2.019M
YoY Change -41.31% 31.83% -1130.1%
% of Operating Profit
Other Income/Expense, Net $206.0K -$240.0K $932.0K
YoY Change -77.9% -62.67% -74.87%
Pretax Income -$349.0K -$16.51M -$102.0M
YoY Change -99.66% -89.31% 25.69%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.695M -$16.50M -$102.3M
YoY Change -95.41% -89.32% 26.01%
Net Earnings / Revenue -52711.86%
Basic Earnings Per Share -$1.03
Diluted Earnings Per Share -$0.29 -$1.03 -$0.45
COMMON SHARES
Basic Shares Outstanding 15.95M 15.95M 217.0M
Diluted Shares Outstanding 15.95M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.10M $93.70M $221.7M
YoY Change -60.71% -53.96% -9.16%
Cash & Equivalents $87.10M $93.65M $121.4M
Short-Term Investments $0.00 $0.00 $100.3M
Other Short-Term Assets $1.016M $774.0K $20.55M
YoY Change -95.06% -97.93% -56.39%
Inventory $0.00 $0.00 $13.67M
Prepaid Expenses $4.027M $6.340M $5.032M
Receivables
Other Receivables
Total Short-Term Assets $92.14M $100.8M $255.9M
YoY Change -63.99% -60.04% -12.11%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $193.8M
YoY Change -100.0% -100.0% -49.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $728.0K $2.657M
YoY Change -98.87% -97.39% -80.88%
Total Long-Term Assets $30.00K $7.205M $196.4M
YoY Change -99.98% -97.11% -50.6%
TOTAL ASSETS
Total Short-Term Assets $92.14M $100.8M $255.9M
Total Long-Term Assets $30.00K $7.205M $196.4M
Total Assets $92.17M $108.0M $452.3M
YoY Change -79.62% -78.45% -34.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $933.0K $1.430M $12.80M
YoY Change -92.71% -90.85% 5.81%
Accrued Expenses $1.650M $2.800M $56.03M
YoY Change -97.06% 57.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.40M $22.58M $68.83M
YoY Change -77.63% -73.79% -53.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.47M $39.60M $1.446M
YoY Change 2006.98% 1487.17% -8.37%
Total Long-Term Liabilities $30.47M $39.60M $1.446M
YoY Change 2006.98% 1487.17% -8.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.40M $22.58M $68.83M
Total Long-Term Liabilities $30.47M $39.60M $1.446M
Total Liabilities $45.87M $62.17M $70.28M
YoY Change -34.74% -29.87% -52.89%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.200B -$827.2M
YoY Change 45.07% 65.47% 51.83%
Common Stock $24.00K $24.00K $24.00K
YoY Change 0.0% 9.09% 26.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.55M $13.69M $351.8M
YoY Change
Total Liabilities & Shareholders Equity $92.17M $108.0M $452.3M
YoY Change -79.62% -78.45% -34.33%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$4.695M -$16.50M -$102.3M
YoY Change -95.41% -89.32% 26.01%
Depreciation, Depletion And Amortization -$3.000K $100.0K $8.476M
YoY Change -100.04%
Cash From Operating Activities -$17.15M -$44.32M -$42.74M
YoY Change -59.87% -10.64% -69.85%
INVESTING ACTIVITIES
Capital Expenditures $2.000K -$32.19M $104.3M
YoY Change -100.0% 205.99% -447.83%
Acquisitions
YoY Change
Other Investing Activities $10.61M -$9.950M $63.95M
YoY Change -83.42% -79.29%
Cash From Investing Activities $10.60M $22.23M -$40.35M
YoY Change -126.28% -137.96% 34.56%
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 50.22M
YoY Change -100.0% -100.0% -72.4%
NET CHANGE
Cash From Operating Activities -17.15M -44.32M -42.74M
Cash From Investing Activities 10.60M 22.23M -40.35M
Cash From Financing Activities 0.000 0.000 50.22M
Net Change In Cash -6.549M -22.09M -32.87M
YoY Change -80.08% -72.88% -422.77%
FREE CASH FLOW
Cash From Operating Activities -$17.15M -$44.32M -$42.74M
Capital Expenditures $2.000K -$32.19M $104.3M
Free Cash Flow -$17.16M -$12.13M -$147.0M
YoY Change -88.33% -68.96% 31.57%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Salaries
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ride Accrued Legal And Professional Expenses Credits
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ride Accrued Legal And Professional Expenses Credits
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ride Increase Decrease In Accrued Liabilities And Due To Related Party
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ride Increase Decrease In Accrued Liabilities And Due To Related Party
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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us-gaap Payments To Acquire Interest In Joint Venture
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Notes Payable
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ride Proceeds From Down Payment
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us-gaap Proceeds From Issuance Of Common Stock
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ride Proceeds From Equity Based Line Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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ride Noncash Or Part Noncash Acquisition Fixed Assets Acquired Via Debt
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2162000
ride Reorganization Chapter11 Number Of Notices Provided To Employees
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2
ride Number Of Endurance Trucks Delivered To Customers
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35
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Debtor Reorganization Items Provision For Expected Allowed Claims
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CY2023Q3 ride Liabilities Subject To Compromise Accounts Payable And Accrued Liabilities Undisputed And Partially Disputed
LiabilitiesSubjectToCompromiseAccountsPayableAndAccruedLiabilitiesUndisputedAndPartiallyDisputed
15900000
CY2023Q2 us-gaap Conversion Of Stock Shares Issued1
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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
CY2022Q3 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
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CY2023Q3 us-gaap Impairment Of Intangible Assets Finitelived
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us-gaap Derivatives Embedded Derivatives
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<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>
CY2022Q3 us-gaap Fair Value Adjustment Of Warrants
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761000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
246000
CY2023Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2023Q3 us-gaap Property Plant And Equipment Gross
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CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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700000
CY2022Q4 ride Temporary Equity Stock Issued During Period Shares New Issues
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300000
CY2022Q4 ride Temporary Equity Share Price
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100
CY2022Q4 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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30000000
ride Beneficial Ownership Percentage
BeneficialOwnershipPercentage
0.25
CY2023Q3 us-gaap Temporary Equity Liquidation Preference Per Share
TemporaryEquityLiquidationPreferencePerShare
100
CY2023Q3 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
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CY2023Q3 us-gaap Temporary Equity Accretion Of Dividends
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CY2023Q3 us-gaap Preferred Stock Value
PreferredStockValue
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CY2022Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
312000000
CY2022Q3 ride Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
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CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2022Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
12000000
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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211666
CY2023Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
300000
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
300000
CY2023Q3 ride Debtor Reorganization Items Number Of Days For Filing Claim Arising From Debtors Rejection
DebtorReorganizationItemsNumberOfDaysForFilingClaimArisingFromDebtorsRejection
30
CY2023Q3 us-gaap Liabilities Subject To Compromise Accounts Payable And Accrued Liabilities
LiabilitiesSubjectToCompromiseAccountsPayableAndAccruedLiabilities
2767000
CY2023Q3 us-gaap Liabilities Subject To Compromise Other Liabilities
LiabilitiesSubjectToCompromiseOtherLiabilities
3085000
CY2023Q3 us-gaap Liabilities Subject To Compromise Employee And Deemed Claims
LiabilitiesSubjectToCompromiseEmployeeAndDeemedClaims
13133000
CY2023Q3 us-gaap Liabilities Subject To Compromise Provision For Expected And Allowed Claims
LiabilitiesSubjectToCompromiseProvisionForExpectedAndAllowedClaims
20000000
CY2023Q3 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
38985000
us-gaap Debtor Reorganization Items Provision For Expected Allowed Claims
DebtorReorganizationItemsProvisionForExpectedAllowedClaims
25600000
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
15900000
CY2020Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
900000000
CY2023Q3 ride Number Of Debtors Named In Post Petition Securities Action
NumberOfDebtorsNamedInPostPetitionSecuritiesAction
0
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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