Workhorse Group Inc
For the period ended Mar 31, 2024. Filed May 20, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 20, 2024
WKHS$3.42+3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(29,155,787) | $(24,999,037) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,960,844 | 640,362 |
| Change in fair value of 2024 Notes and 2024 Warrants | 7,205,039 | — |
| Deferred revenue | (24,750) | (232,001) |
| Stock-based compensation | 3,370,204 | 3,024,389 |
| Change in inventory and prepaid purchases reserve | 2,074,785 | 149,496 |
| Change in fair value and gain on conversion of note and exchange of 2023 Warrants | (2,937,925) | — |
| Other non-cash items | 111,363 | 221,262 |
| Effects of changes in operating assets and liabilities: | ||
| Accounts receivable | 2,702,322 | 120,273 |
| Inventory, net | (6,470,772) | (13,320,359) |
| Prepaid expenses and other current assets | (36,216) | (749,125) |
| Accounts payable, accrued liabilities and other | 4,540,735 | 2,536,424 |
| Warranty liability | (1,303,420) | (141,086) |
| Net cash used in operating activities | (17,963,578) | (32,749,402) |
| Cash flows from investing activities: | ||
| Capital expenditures | (3,025,775) | (5,404,727) |
| Net cash used in investing activities | (3,025,775) | (5,404,727) |
| Cash flows from financing activities: | ||
| Net payments on convertible notes | (12,125,000) | — |
| Proceeds from issuance of common stock | 4,366,649 | 18,592,188 |
| Payments on finance lease | (206,265) | (219,861) |
| Exercise of options and restricted share award activity | (163,516) | (383,923) |
| Net cash provided by (used in) financing activities | (8,128,132) | 17,988,404 |
| Change in cash and cash equivalents | (29,117,485) | (20,165,725) |
| Cash and cash equivalents, beginning of the period | 35,845,915 | 99,276,301 |
| Cash and cash equivalents, end of the period | $6,728,430 | $79,110,576 |
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