Workhorse Group Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

September 30, 2020

December 31, 2019

Assets

Current assets:

Cash and cash equivalents

$           80,222,741

$        23,868,416

Restricted cash held in escrow

-

1,000,000

Accounts and lease receivable, current

560,896

41,021

Inventory, net

5,965,710

1,798,146

Prepaid expenses and deposits

12,959,268

4,812,088

Total current assets

99,708,615

31,519,671

Property, plant and equipment, net

7,545,291

6,830,181

Investment in LMC

13,059,700

12,194,800

Lease receivable, long-term

134,694

129,177

Total Assets

$         120,448,300

$        50,673,829

Liabilities and Stockholders' Deficit

Current liabilities

Accounts payable and accrued liabilities

$             5,763,531

$          4,784,167

Warranty liability

3,565,942

6,001,864

Warrant liability

-

16,335,000

Customer deposits

77,000

303,000

Current portion of PPP Term Note

862,278

-

Current portion of Convertible Note, at fair value

121,817,001

19,620,000

Total current liabilities

132,085,752

47,044,031

PPP Term Note

548,722

-

Convertible Note, at fair value

-

19,400,000

Mandatory redeemable Series B preferred stock

-

19,142,908

Total stockholders' deficit

(12,186,174)

(34,913,110)

Total Liabilities and Stockholders' Deficit

$         120,448,300

$        50,673,829