Workhorse Group Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 12, 2024
WKHS$3.42+3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(123,919,189) | $(117,274,218) |
| Adjustments to reconcile net loss to net cash used in operations: | ||
| Depreciation | 4,063,175 | 1,945,212 |
| Change in fair value of convertible notes and warranty liability, and loss on conversion to common stock | 8,285,425 | 1,769,857 |
| Deferred revenue | (180,000) | 500,000 |
| Gain on sale of property, plant & equipment | — | 379,406 |
| Stock-based compensation | 13,422,135 | 11,460,211 |
| Impairment of investment in Tropos | 10,000,000 | — |
| Reserve of inventory and prepaid purchases | 8,798,690 | 17,716,995 |
| Non-cash lease expense | 1,506,310 | 1,092,473 |
| Other non-cash items | (1,934,310) | 599,982 |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | (349,512) | (16,929,567) |
| Inventory | (39,294,091) | (16,629,172) |
| Prepaid expenses and other current assets | (890,626) | (9,665,250) |
| Other assets | — | (84,401) |
| Accounts payable and accrued liabilities | (2,227,029) | 33,676,050 |
| Warranty liability | (305,027) | (2,376,242) |
| Net cash used in operating activities | (123,024,049) | (93,818,664) |
| Cash flows from investing activities: | ||
| Capital expenditures | (18,687,451) | (17,496,795) |
| Investment in Tropos | — | (5,000,000) |
| Proceeds from sale of property, plant & equipment | — | 2,477,276 |
| Net cash used in investing activities | (18,687,451) | (20,019,519) |
| Cash flows from financing activities: | ||
| Proceeds from convertible notes | 17,500,000 | — |
| Proceeds from issuance of common stock | 62,155,939 | 12,884,243 |
| Exercise of warrants and options and restricted share award activity | (495,381) | (559,637) |
| Payments on finance lease | (879,444) | (857,516) |
| Net cash provided by financing activities | 78,281,114 | 11,467,090 |
| Change in cash, cash equivalents and restricted cash | (63,430,386) | (102,371,093) |
| Cash, cash equivalents and restricted cash, beginning of the year | 99,276,301 | 201,647,394 |
| Cash, cash equivalents and restricted cash, end of the year | $35,845,915 | $99,276,301 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.