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Workhorse Group Inc.
Consolidated Balance Sheet | |||||||
| December 31, | |||||||
| 2022 | 2021 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 99,276,301 | $ | 201,647,394 | |||
| Accounts receivable, less allowance for credit losses of $0 at December 31, 2022 and 2021 | 2,079,343 | 149,776 | |||||
| Other receivable | 15,000,000 | — | |||||
| Inventory, net | 8,850,142 | 10,067,367 | |||||
| Prepaid expenses and other current assets | 14,152,481 | 4,357,829 | |||||
| Total current assets | 139,358,267 | 216,222,366 | |||||
| Property, plant and equipment, net | 21,501,095 | 7,897,807 | |||||
| Investment in Tropos | 10,000,000 | — | |||||
| Lease right-of-use assets | 11,706,803 | 1,538,852 | |||||
| Other assets | 176,310 | 2,479,865 | |||||
| Total Assets | $ | 182,742,475 | $ | 228,138,890 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 11,891,279 | $ | 7,849,607 | |||
| Accrued liabilities and other | 44,551,497 | 14,752,827 | |||||
| Deferred revenue, current | 3,375,000 | — | |||||
| Warranty liability | 2,207,674 | 4,583,916 | |||||
| Current portion of lease liability | 1,285,032 | 363,714 | |||||
| Total current liabilities | 63,310,482 | 27,550,064 | |||||
| Deferred revenue, long-term | 2,005,000 | — | |||||
| Lease liability, long-term | 8,840,062 | 1,191,053 | |||||
| Convertible notes, at fair value | — | 24,705,000 | |||||
| Total Liabilities | 74,155,544 | 53,446,117 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ Equity: | |||||||
| Series A preferred stock, par value of $0.001 per share, 75,000,000 shares authorized, zero shares issued and outstanding at December 31, 2022 and 2021 | — | — | |||||
| Common stock, par value of $0.001 per share, 250,000,000 shares authorized, 165,605,355 and 151,915,455 shares issued and outstanding at December 31, 2022 and 2021, respectively | 165,605 | 151,916 | |||||
| Additional paid-in capital | 736,070,388 | 686,318,201 | |||||
| Accumulated deficit | (627,649,062 | ) | (510,374,844 | ) | |||
| Accumulated other comprehensive loss | — | (1,402,500 | ) | ||||
| Total stockholders' equity | 108,586,931 | 174,692,773 | |||||
| Total Liabilities and Stockholders' Equity | $ | 182,742,475 | $ | 228,138,890 | |||
Workhorse Group Reports Fourth Quarter and Full Year 2022 Results
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