Workhorse Group Reports Fourth Quarter and Full Year 2022 Results
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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 | |
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