Workhorse Group Reports Fourth Quarter and Full Year 2022 Results

 
 
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  

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