Workhorse Group Inc.
Consolidated Balance Sheets
| December 31, | ||||||
| 2020 | 2019 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 46,817,825 | $ | 23,868,416 | ||
| Restricted cash held in escrow | 194,411,242 | 1,000,000 | ||||
| Accounts and lease receivable, current | 1,037,466 | 41,021 | ||||
| Inventory, net | 15,467,012 | 1,798,146 | ||||
| Prepaid expenses and deposits | 32,759,216 | 4,812,088 | ||||
| Total current assets | 290,492,761 | 31,519,671 | ||||
| Property, plant and equipment, net | 11,398,166 | 6,830,181 | ||||
| Investment in LMC | 330,556,744 | 12,194,800 | ||||
| Lease receivable, long-term | 94,698 | 129,177 | ||||
| Total Assets | $ | 632,542,369 | $ | 50,673,829 | ||
| Liabilities | ||||||
| Current liabilities: | ||||||
| Accounts payable and accrued liabilities | $ | 10,786,065 | $ | 5,087,167 | ||
| Warranty liability | 5,400,000 | 6,001,864 | ||||
| Warrant liability | - | 16,335,000 | ||||
| Current portion of convertible notes, at fair value | - | 19,620,000 | ||||
| PPP Term Note | 1,411,000 | - | ||||
| Total current liabilities | 17,597,065 | 47,044,031 | ||||
| Other long-term liabilities | 207,040 | - | ||||
| Deferred tax liability | 21,833,930 | - | ||||
| Convertible notes, at fair value | 197,700,000 | 19,400,000 | ||||
| Mandatory redeemable Series B preferred stock | - | 19,142,908 | ||||
| Total Liabilities | 237,338,035 | 85,586,939 | ||||
| Stockholders' Equity (Deficit) | 395,204,334 | (34,913,110 | ) | |||
| Total Liabilities and Stockholders' Equity (Deficit) | $ | 632,542,369 | $ | 50,673,829 | ||
