Workhorse Group Inc
For the period ended Mar 31, 2025. Filed May 15, 2025.
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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, 2025 · Filed May 15, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| (Unaudited)March 31, 2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $2,644,825 | $4,119,938 |
| Restricted cash | 27,946,513 | 525,000 |
| Accounts receivable, less allowance for credit losses of $0.3 million and $0.3 million as of March 31, 2025 and December 31, 2024, respectively | 27,297 | 537,536 |
| Other receivables, net | 139,487 | 544,436 |
| Inventory, net | 41,308,930 | 41,839,020 |
| Prepaid expenses and other current assets | 5,476,539 | 5,865,890 |
| Total current assets | 77,543,591 | 53,431,820 |
| Property, plant and equipment, net | 31,011,965 | 32,976,581 |
| Operating lease right-of-use assets, net | 6,512,085 | 3,247,548 |
| Finance lease right-of-use assets, net | — | 4,008,510 |
| Other assets | 416,310 | 176,311 |
| Total Assets | $115,483,951 | $93,840,770 |
| Liabilities | ||
| Current liabilities: | ||
| Accounts payable | $11,091,912 | $11,509,150 |
| Accrued liabilities and other current liabilities | 10,009,790 | 8,731,915 |
| Deferred revenue | 6,350,581 | 6,350,581 |
| Warranty liability | 881,556 | 861,409 |
| Operating lease liability - current portion | 1,748,349 | 984,407 |
| Finance lease liability - current portion | — | 528,023 |
| Warrant liability at fair value | 5,061,700 | 5,778,660 |
| Convertible notes at fair value | 45,244,210 | 10,491,792 |
| Total current liabilities | 80,388,098 | 45,235,937 |
| Operating lease liability-long-term | 3,703,756 | 4,295,743 |
| Financing lease liability-long-term | — | 21,165 |
| Total Liabilities | 84,091,854 | 49,552,845 |
| Commitments and contingencies | ||
| Stockholders’ Equity: | ||
| Common stock, par value $0.001 per share, 36,000,000 shares authorized, 5,757,591 shares issued and outstanding as of March 31, 2025 and 3,843,341 shares issued and outstanding as of December 31, 2024 (presented on a reverse stock split-adjusted basis)* | 5,757 | 3,843 |
| Additional paid-in capital * | 905,389,017 | 897,642,626 |
| Accumulated deficit | (874,002,678) | (853,358,544) |
| Total stockholders’ equity | 31,392,097 | 44,287,925 |
| Total Liabilities and Stockholders’ Equity | $115,483,951 | $93,840,770 |
*Periods presented have been adjusted to reflect the 2024 reverse stock split (1-for-20), which was effective June 17, 2024 and the 2025 reverse stock split (1-for-12.5) which was effective March 17, 2025. Additional information regarding the reverse stock splits may be found in Note 1 – Summary of Business and Significant Accounting Principles to this Condensed Consolidated Financial Statement in this Quarterly Report on Form 10-Q
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