2023 Q1 Form 10-K Financial Statement

#000142528723000055 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.693M $3.447M $5.023M
YoY Change 11742.06% -272.43% -689.62%
Cost Of Revenue $5.328M $21.21M $37.67M
YoY Change 35.81% -78.77% -71.57%
Gross Profit -$3.635M -$17.77M -$32.65M
YoY Change -7.02% -82.57% -75.52%
Gross Profit Margin -214.64% -515.34% -649.99%
Selling, General & Admin $14.69M $13.53M $73.22M
YoY Change 23.34% -13.79% 82.32%
% of Gross Profit
Research & Development $7.225M $8.048M $23.21M
YoY Change 80.08% 185.27% 99.94%
% of Gross Profit
Depreciation & Amortization $640.4K $566.8K $1.945M
YoY Change 100.12% 0.14% 1.93%
% of Gross Profit
Operating Expenses $21.91M $21.57M $96.43M
YoY Change 37.64% 16.55% 86.27%
Operating Profit -$25.55M -$39.34M -$129.1M
YoY Change 28.83% -67.33% -30.27%
Interest Expense $550.4K $0.00 -$2.103M
YoY Change -178.61% -100.0% -85.05%
% of Operating Profit
Other Income/Expense, Net $686.1K $13.91M
YoY Change -77194.38% -106.17%
Pretax Income -$25.00M -$38.65M -$117.3M
YoY Change 13.35% -75.24% -72.29%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$25.00M -$38.65M -$117.3M
YoY Change 13.36% -75.24% -70.78%
Net Earnings / Revenue -1476.31% -1121.24% -2334.71%
Basic Earnings Per Share -$0.15 -$0.74
Diluted Earnings Per Share -$0.15 -$0.24 -$0.74
COMMON SHARES
Basic Shares Outstanding 171.2M shares 164.1M shares 158.6M shares
Diluted Shares Outstanding 167.1M shares 158.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.11M $99.28M $99.28M
YoY Change -52.64% -50.77% -50.77%
Cash & Equivalents $79.10M $99.28M $99.28M
Short-Term Investments
Other Short-Term Assets $718.8K $505.4K $14.15M
YoY Change 47.45% 47.54% 224.76%
Inventory $21.94M $8.850M $8.850M
Prepaid Expenses
Receivables $1.815M $2.079M $2.079M
Other Receivables $15.00M $15.00M $15.00M
Total Short-Term Assets $132.8M $139.4M $139.4M
YoY Change -29.58% -35.55% -35.55%
LONG-TERM ASSETS
Property, Plant & Equipment $26.92M $21.50M $33.21M
YoY Change 150.74% 172.24% 251.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00M $10.00M $10.00M
YoY Change
Other Assets $176.3K $176.3K
YoY Change 39.59% -92.89%
Total Long-Term Assets $48.54M $43.38M $43.38M
YoY Change 132.48% 264.07% 264.07%
TOTAL ASSETS
Total Short-Term Assets $132.8M $139.4M $139.4M
Total Long-Term Assets $48.54M $43.38M $43.38M
Total Assets $181.4M $182.7M $182.7M
YoY Change -13.43% -19.9% -19.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.46M $11.89M $11.89M
YoY Change 131.02% 51.49% 51.49%
Accrued Expenses $45.04M $44.55M $45.24M
YoY Change 352.82% 201.99% 199.26%
Deferred Revenue $2.207M $3.375M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $599.0K
YoY Change
Total Short-Term Liabilities $65.16M $63.31M $63.31M
YoY Change 203.13% 129.8% 129.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.548M
YoY Change -100.0% -100.0% -89.69%
Other Long-Term Liabilities $11.40M $10.85M $8.297M
YoY Change 68.61% 596.6%
Total Long-Term Liabilities $11.40M $10.85M $10.85M
YoY Change -64.18% -58.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.16M $63.31M $63.31M
Total Long-Term Liabilities $11.40M $10.85M $10.85M
Total Liabilities $76.56M $74.16M $74.16M
YoY Change 43.56% 38.75% 38.75%
SHAREHOLDERS EQUITY
Retained Earnings -$652.6M -$627.6M
YoY Change 22.57% 22.97%
Common Stock $180.6K $165.6K
YoY Change 18.81% 9.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $104.8M $108.6M $108.6M
YoY Change
Total Liabilities & Shareholders Equity $181.4M $182.7M $182.7M
YoY Change -13.43% -19.9% -19.9%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$25.00M -$38.65M -$117.3M
YoY Change 13.36% -75.24% -70.78%
Depreciation, Depletion And Amortization $640.4K $566.8K $1.945M
YoY Change 100.12% 0.14% 1.93%
Cash From Operating Activities -$32.70M -$27.84M -$93.80M
YoY Change 6.37% 23.57% -29.25%
INVESTING ACTIVITIES
Capital Expenditures $5.405M $7.788M $17.50M
YoY Change 50.3% -615.64% 229.25%
Acquisitions
YoY Change
Other Investing Activities $2.477M -$2.523M
YoY Change -97.64% -102.4%
Cash From Investing Activities -$5.405M -$5.311M -$20.02M
YoY Change 50.3% -105.13% -120.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.88M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $17.99M 12.31M $11.47M
YoY Change -6986.94% -111.2% -268.21%
NET CHANGE
Cash From Operating Activities -$32.70M -27.84M -$93.80M
Cash From Investing Activities -$5.405M -5.311M -$20.02M
Cash From Financing Activities $17.99M 12.31M $11.47M
Net Change In Cash -$20.17M -20.84M -$102.4M
YoY Change -41.72% -27.57% 158.63%
FREE CASH FLOW
Cash From Operating Activities -$32.70M -$27.84M -$93.80M
Capital Expenditures $5.405M $7.788M $17.50M
Free Cash Flow -$38.10M -$35.63M -$111.3M
YoY Change 10.97% 69.5% -19.29%

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CY2022 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts used for, but not limited to, collectability of accounts receivable, inventory valuation, warranties, leases and related disclosures in the accompanying notes.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have assessed the impact of the COVID-19 pandemic and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of this Annual Report on Form 10-K. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions and conditions.</span></div>
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CY2021 wkhs Standard Product Warranty Accrual Costs Incurred
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 usd
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
805392 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
805392 usd
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
13000000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2000000 shares
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11460211 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4943380 usd
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4020805 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2500 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
495836 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.8
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y6M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022 wkhs Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested Options Exercised Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonVestedOptionsExercisedWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
69710 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.5
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
22.3
CY2022 wkhs Share Based Compensation Arrangement By Share Based Payment Award Options Non Vested Options Expirations In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonVestedOptionsExpirationsInPeriodWeightedAverageGrantDateFairValue
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
423626 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.6
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
218006 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.5
CY2022Q4 wkhs Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y7M6D
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 wkhs Number Of Classes Of Stock
NumberOfClassesOfStock
1 class_of_stock
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 wkhs Common Stock Number Of Votes On Each Share
CommonStockNumberOfVotesOnEachShare
1 vote
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1000000 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1000000 usd

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