$NRDE
NU RIDE INC.

2024 Q2 Form 10-Q Financial Statement

#000155837024008150 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $189.0K
YoY Change -100.0%
Cost Of Revenue $0.00 $30.81M
YoY Change -100.0%
Gross Profit $0.00 -$30.62M
YoY Change -100.0%
Gross Profit Margin -16202.12%
Selling, General & Admin $5.243M $14.69M
YoY Change -64.3% -43.55%
% of Gross Profit
Research & Development $0.00 $14.43M
YoY Change -100.0% -76.68%
% of Gross Profit
Depreciation & Amortization $7.674M
YoY Change
% of Gross Profit
Operating Expenses -$533.0K $9.484M $143.6M
YoY Change -100.56% -93.39% 63.34%
Operating Profit $533.0K -$9.484M -$174.2M
YoY Change -100.35% -94.55% 98.19%
Interest Expense $1.109M $2.391M
YoY Change -53.62% -1026.74%
% of Operating Profit
Other Income/Expense, Net -$65.00K -$98.00K $64.00K
YoY Change -169.89% -253.13% -104.29%
Pretax Income $1.478M -$8.473M -$171.7M
YoY Change -100.96% -95.07% 91.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings $1.500M -$8.500M -$171.7M
YoY Change -100.97% -95.05% 91.63%
Net Earnings / Revenue -90846.56%
Basic Earnings Per Share $0.05 -$0.57 -$0.71
Diluted Earnings Per Share $0.05 -$0.57 -$0.71
COMMON SHARES
Basic Shares Outstanding 16.10M 15.95M 239.0M
Diluted Shares Outstanding 17.54M 16.05M 239.8M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.72M $176.7M
YoY Change -88.84% -13.21%
Cash & Equivalents $20.94M $19.72M $108.1M
Short-Term Investments $68.59M
Other Short-Term Assets $1.068M $1.335M $9.028M
YoY Change -93.6% -85.21% -73.74%
Inventory $6.340M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $63.71M $79.14M $192.0M
YoY Change -58.74% -58.79% -19.29%
LONG-TERM ASSETS
Property, Plant & Equipment $78.12M
YoY Change -80.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $2.244M
YoY Change -100.0% -83.97%
Total Long-Term Assets $0.00 $0.00 $80.37M
YoY Change -100.0% -100.0% -80.99%
TOTAL ASSETS
Total Short-Term Assets $63.71M $79.14M $192.0M
Total Long-Term Assets $0.00 $0.00 $80.37M
Total Assets $63.71M $79.14M $272.4M
YoY Change -60.93% -70.95% -58.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $333.0K $2.474M $8.431M
YoY Change -90.5% -70.66% -38.82%
Accrued Expenses $355.0K $50.41M
YoY Change -99.3% 28.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.725M $11.09M $58.84M
YoY Change -89.77% -81.15% -71.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.92M $889.0K
YoY Change 2928.46% -72.12%
Total Long-Term Liabilities $26.92M $889.0K
YoY Change 2928.46% -72.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.725M $11.09M $58.84M
Total Long-Term Liabilities $26.92M $889.0K
Total Liabilities $21.09M $38.02M $59.73M
YoY Change -79.45% -36.35% -71.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.200B -$998.9M
YoY Change 4.04% 20.13% 57.46%
Common Stock $24.00K $24.00K $24.00K
YoY Change 0.0% 0.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.543M $7.710M $181.8M
YoY Change
Total Liabilities & Shareholders Equity $63.71M $79.14M $272.4M
YoY Change -60.93% -70.95% -58.77%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $1.500M -$8.500M -$171.7M
YoY Change -100.97% -95.05% 91.63%
Depreciation, Depletion And Amortization $7.674M
YoY Change
Cash From Operating Activities -$9.555M -$38.12M
YoY Change -74.93% -44.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.948M
YoY Change -100.0% -63.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $55.00M
YoY Change -100.0%
Cash From Investing Activities $0.00 $24.84M
YoY Change -100.0% -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 -106.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -9.555M -38.12M
Cash From Investing Activities 0.000 24.84M
Cash From Financing Activities -106.0K 0.000
Net Change In Cash -9.661M -13.27M
YoY Change -27.21% -67.19%
FREE CASH FLOW
Cash From Operating Activities -$9.555M -$38.12M
Capital Expenditures $0.00 $7.948M
Free Cash Flow -$9.555M -$46.06M
YoY Change -79.26% -49.34%

Facts In Submission

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;font-weight:bold;padding-bottom:10pt;margin:0pt;"><i style="font-style:italic;font-weight:normal;">Use of Estimates in Financial Statement Preparation</i></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 may result in ongoing, additional changes in facts and circumstances that may 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 our Annual Report on Form 10-K for the year ended December 31, 2023.</p>
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CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
109800000
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q1 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><i style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;">Warrants</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-family:'Arial','Helvetica','sans-serif';">The Company accounted for its warrants in accordance with the guidance contained in ASC Topic 815-40-15-7D and 7F under which the warrants did not meet the criteria for equity treatment and were recorded as liabilities at their fair value at each reporting period. Any change in fair value was recognized in the statement of operations. As a result of the Chapter 11 Cases, the fair value of the Company’s warrants was deemed to be </span><span style="font-family:'Arial','Helvetica','sans-serif';">zero</span><span style="font-family:'Arial','Helvetica','sans-serif';"> and adjusted accordingly as of June 30, 2023.The fair value of the Company’s warrants is currently deemed to </span><span style="font-family:'Arial','Helvetica','sans-serif';">be zero</span><span style="font-family:'Arial','Helvetica','sans-serif';">.</span></p>
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
0
CY2023 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
0
CY2024Q1 nrde Debtor Reorganization Items Number Of Vehicles Repurchased And Sold
DebtorReorganizationItemsNumberOfVehiclesRepurchasedAndSold
3
CY2024Q1 us-gaap Debtor Reorganization Items Other Expense Income
DebtorReorganizationItemsOtherExpenseIncome
4200000
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Reclassifications</i></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified to conform with the March 31, 2024 presentation.</p>
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-367000
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
19700000
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
87100000
CY2024Q1 nrde Restricted Cash Fair Value Disclosure
RestrictedCashFairValueDisclosure
57700000
CY2023Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
109800000
CY2024Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2023Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
109800000
CY2023Q1 us-gaap Depreciation
Depreciation
7400000
CY2024Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2024Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
33400000
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
32800000
CY2024Q1 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
30000000.0
CY2024Q1 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
30000000.0
CY2024Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
33400000
CY2023Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
32800000
CY2022Q3 nrde Shares Authorized Common And Preferred
SharesAuthorizedCommonAndPreferred
312000000
CY2022Q3 nrde 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
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16100000
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16000000.0
CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
300000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1417000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1447000
CY2024Q1 nrde Termination Period For Options Not Exercised Upon Officer S Or Director S Termination
TerminationPeriodForOptionsNotExercisedUponOfficerSOrDirectorSTermination
P3M
CY2024Q1 nrde Shares Issued For Awards Vested During Pendency Of Chapter11 Cases
SharesIssuedForAwardsVestedDuringPendencyOfChapter11Cases
101947
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Accelerated Vesting Number
SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber
102889
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
2600000
CY2024Q1 nrde Bankruptcy Claims Amount Of Claims That Do Not Reflect Potential Material Government Claims
BankruptcyClaimsAmountOfClaimsThatDoNotReflectPotentialMaterialGovernmentClaims
23100000
CY2024Q1 nrde Bankruptcy Claims Asserted Claims For Liquidated Portion Of Indemnification Obligations
BankruptcyClaimsAssertedClaimsForLiquidatedPortionOfIndemnificationObligations
7200000
CY2024Q1 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
26900000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
30500000
CY2024Q1 nrde Loss Contingency Number Of Subpoenas Received
LossContingencyNumberOfSubpoenasReceived
2
CY2024Q1 us-gaap Bankruptcy Claims Amount Of Claims Filed
BankruptcyClaimsAmountOfClaimsFiled
45000000.0
CY2024Q1 nrde Number Of Vehicles Repurchased
NumberOfVehiclesRepurchased
35
CY2024Q1 nrde Number Of Still In Use Vehicles Repurchased
NumberOfStillInUseVehiclesRepurchased
3
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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