FARADAY FUTURE INTELLIGENT ELECTRIC INC
For the period ended Mar 31, 2024. Filed Jul 30, 2024.
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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, 2024 · Filed Jul 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 (As Restated) | |
| Cash flows from operating activities | ||
| Net loss | $(48,217) | $(144,973) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 17,728 | 1,103 |
| Stock-based compensation | 542 | 8,633 |
| (Gain) loss on disposal of property, plant and equipment | (87) | 3,698 |
| Change in fair value of related party notes payable and related party warrant liabilities | 7 | 31,327 |
| Change in fair value of notes payable and warrant liabilities | (27,885) | (79,462) |
| Change in fair value measurement of earnout liability | — | 2,764 |
| Amortization of operating lease right-of-use asset | 749 | 736 |
| Loss on foreign exchange | (2,105) | 653 |
| Gain on forgiveness of accounts payable and deposits, net | (518) | — |
| Non-cash interest expense | — | 34 |
| Loss on settlement of notes payable | 11,403 | 98,136 |
| Loss on related party notes payable | 14,295 | — |
| Other | — | 661 |
| Changes in operating assets and liabilities: | ||
| Deposits | 5,955 | (12,108) |
| Inventory | 4,804 | 408 |
| Other current and non-current assets | (1,808) | 6,819 |
| Accounts payable | 3,559 | (11,044) |
| Financial obligations on sale and lease back transaction | 751 | — |
| Accrued expenses and other current liabilities | 1,749 | (9,626) |
| Operating lease liabilities | (755) | (542) |
| Accrued interest expense | 5,114 | (197) |
| Net cash used in operating activities | (14,719) | (102,980) |
| Cash flows from investing activities | ||
| Proceeds from sale of equipment | 87 | — |
| Purchase of property, plant and equipment | (99) | (16,873) |
| Net cash used in investing activities | (12) | (16,873) |
| Cash flows from financing activities | ||
| Proceeds from notes payable, net of original issuance discount | 9,038 | 131,800 |
| Proceeds from related party notes payable | 3,000 | — |
| Proceeds from exercise of warrants | — | 4,079 |
| Payments of notes payable | — | (6) |
| Settlement of notes payable transaction costs | (25) | (1,139) |
| Payments of finance lease obligations | — | (335) |
| Proceeds from exercise of stock options | — | 44 |
| Net cash provided by financing activities | 12,013 | 134,443 |
| Effect of exchange rate changes on cash and restricted cash | (2) | 170 |
| Net change in cash and restricted cash | (2,720) | 14,760 |
| Cash and restricted cash, beginning of period | 4,025 | 18,514 |
| Cash and restricted cash, end of period | $1,305 | $33,274 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Continued)
(in thousands)
The following table provides a reconciliation of cash and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Unaudited Condensed Consolidated Statements of Cash Flows:
| March 31, 2024 | March 31, 2023(As Restated) | |
|---|---|---|
| Cash and restricted cash | ||
| Cash | $407 | $31,769 |
| Restricted cash | 898 | 1,505 |
| Total cash and restricted cash | $1,305 | $33,274 |
| Three Months Ended March 31, | ||
| 2024 | 2023 (As Restated) | |
| Supplemental disclosure of noncash investing and financing activities | ||
| Additions of property, plant and equipment included in accounts payable and accrued expenses | $45,424 | 17,249 |
| Conversion of notes payable, related party notes payable and accrued interest into Class A Common Stock | 9,118 | 138,180 |
| Issuance of SPA Warrants | 1 | 26,457 |
| Issuance of Secured SPA Notes pursuant to the Exchange Agreement | — | 16,500 |
| Reduction in outstanding warrants pursuant to the Exchange Agreement | — | 16,506 |
| Reclassification of liability for insufficient authorized shares related to stock options and RSUs | — | 8,979 |
| Change in classification of warrants from Additional paid-in capital to liability pursuant to the Warrant Exchange | — | 6,811 |
| Reclassification of earnout shares liability to equity as part of authorized share increase | — | 5,014 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | 465 | 324 |
See accompanying notes to Unaudited Condensed Consolidated Financial Statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.