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Workhorse Group Inc. – ‘10-K’ for 12/31/18 – ‘R15’

On:  Monday, 3/18/19, at 8:36am ET   ·   For:  12/31/18   ·   Accession #:  1213900-19-4319   ·   File #:  1-37673

Previous ‘10-K’:  ‘10-K/A’ on 5/9/18 for 12/31/17   ·   Next:  ‘10-K’ on 3/13/20 for 12/31/19   ·   Latest:  ‘10-K’ on 3/12/24 for 12/31/23

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/18/19  Workhorse Group Inc.              10-K       12/31/18   70:4.4M                                   Edgar Agents LLC/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    725K 
 2: EX-10.35    First Amendment, Waiver and Consent to Credit       HTML     37K 
                Agreement Among Workhorse Group Inc., as the                     
                Borrower                                                         
 3: EX-21.1     List of Subsidiaries                                HTML     19K 
 4: EX-23.1     Consent of Grant Thornton LLP                       HTML     20K 
 5: EX-23.2     Consent of Clark, Schaefer, Hackett & Co.           HTML     20K 
 6: EX-31.1     Certification of Chief Executive Officer Pursuant   HTML     24K 
                to Rule 13A-14(A) or Rule 15D-14(A) as Adopted                   
                Pursuant to Section 302 of the Sarbanes-Oxley Act                
                of 2002.                                                         
 7: EX-31.2     Certification of Chief Financial Officer Pursuant   HTML     24K 
                to Rule 13A-14(A) or Rule 15D-14(A) as Adopted                   
                Pursuant to Section 302 of the Sarbanes-Oxley Act                
                of 2002.                                                         
 8: EX-32.1     Certification of Chief Executive Officer Pursuant   HTML     20K 
                to 18 U.S.C. Section 1350, as Adopted Pursuant to                
                Section 906 of the Sarbanes-Oxley Act of 2002                    
 9: EX-32.2     Certification of Chief Financial Officer Pursuant   HTML     20K 
                to 18 U.S.C. Section 1350, as Adopted Pursuant to                
                Section 906 of the Sarbanes-Oxley Act of 2002                    
16: R1          Document and Entity Information                     HTML     58K 
17: R2          Consolidated Balance Sheets                         HTML    103K 
18: R3          Consolidated Balance Sheets (Parenthetical)         HTML     43K 
19: R4          Consolidated Statements of Operations               HTML     59K 
20: R5          Consolidated Statement of Stockholders' Equity      HTML     63K 
                (Deficit)                                                        
21: R6          Consolidated Statements of Cash Flows               HTML    110K 
22: R7          Consolidated Statements of Cash Flows               HTML     41K 
                (Parenthetical)                                                  
23: R8          Summary of Business and Significant Accounting      HTML     65K 
                Principles                                                       
24: R9          Inventory                                           HTML     28K 
25: R10         Revenue                                             HTML     37K 
26: R11         Property, Plant and Equipment, Net                  HTML     28K 
27: R12         Long-Term Debt                                      HTML     77K 
28: R13         Duke Financing Obligation                           HTML     26K 
29: R14         Income Taxes                                        HTML     50K 
30: R15         Stock Based Compensation                            HTML     42K 
31: R16         Recent Pronouncements                               HTML     33K 
32: R17         Related Parties                                     HTML     24K 
33: R18         Subsequent Events                                   HTML     26K 
34: R19         Quarterly Financial Data (Unaudited)                HTML     30K 
35: R20         Summary of Business and Significant Accounting      HTML    103K 
                Principles (Policies)                                            
36: R21         Summary of Business and Significant Accounting      HTML     40K 
                Principles (Tables)                                              
37: R22         Inventory (Tables)                                  HTML     27K 
38: R23         Revenue (Tables)                                    HTML     30K 
39: R24         Property, Plant and Equipment, Net (Tables)         HTML     27K 
40: R25         Long-Term Debt (Tables)                             HTML     46K 
41: R26         Income Taxes (Tables)                               HTML     48K 
42: R27         Stock Based Compensation (Tables)                   HTML     36K 
43: R28         Quarterly Financial Data (Unaudited) (Tables)       HTML     29K 
44: R29         Summary of Business and Significant Accounting      HTML     37K 
                Principles (Details)                                             
45: R30         Summary of Business and Significant Accounting      HTML     37K 
                Principles (Details1)                                            
46: R31         Summary of Business and Significant Accounting      HTML     37K 
                Principles (Details 2)                                           
47: R32         Summary of Business and Significant Accounting      HTML     61K 
                Principles (Details Textual)                                     
48: R33         Inventory (Details)                                 HTML     36K 
49: R34         Inventory (Details Textual)                         HTML     24K 
50: R35         Revenue (Details)                                   HTML     27K 
51: R36         Property, Plant and Equipment, Net (Details)        HTML     40K 
52: R37         Long-Term Debt (Details)                            HTML     54K 
53: R38         Long-Term Debt (Details 1)                          HTML     40K 
54: R39         Long-Term Debt (Details 2)                          HTML     33K 
55: R40         Long-Term Debt (Details Textual)                    HTML    161K 
56: R41         Duke Financing Obligation (Details)                 HTML     40K 
57: R42         Income Taxes (Details)                              HTML     40K 
58: R43         Income Taxes (Details 1)                            HTML     40K 
59: R44         Income Taxes (Details 2)                            HTML     44K 
60: R45         Income Taxes (Details 3)                            HTML     36K 
61: R46         Income Taxes (Details Textual)                      HTML     34K 
62: R47         Stock Based Compensation (Details)                  HTML     96K 
63: R48         Stock Based Compensation (Details Textual)          HTML     45K 
64: R49         Stock Offerings (Details)                           HTML     77K 
65: R50         Related Parties (Details)                           HTML     25K 
66: R51         Subsequent Events (Details)                         HTML     34K 
67: R52         Quarterly Financial Data (Unaudited) (Details)      HTML     38K 
69: XML         IDEA XML File -- Filing Summary                      XML    118K 
68: EXCEL       IDEA Workbook of Financial Reports                  XLSX     73K 
10: EX-101.INS  XBRL Instance -- wkhs-20181231                       XML    923K 
12: EX-101.CAL  XBRL Calculations -- wkhs-20181231_cal               XML    146K 
13: EX-101.DEF  XBRL Definitions -- wkhs-20181231_def                XML    434K 
14: EX-101.LAB  XBRL Labels -- wkhs-20181231_lab                     XML    932K 
15: EX-101.PRE  XBRL Presentations -- wkhs-20181231_pre              XML    684K 
11: EX-101.SCH  XBRL Schema -- wkhs-20181231                         XSD    153K 
70: ZIP         XBRL Zipped Folder -- 0001213900-19-004319-xbrl      Zip    115K

‘R15’   —   Stock Based Compensation

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.19.1
Stock Based Compensation
 12 Months Ended
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK BASED COMPENSATION
8. STOCK BASED COMPENSATION

 

Options to directors, officers, consultants and employees

 

The Company maintains, as adopted by the board of directors, the 2017 Stock Incentive Plan, the 2016 Stock Incentive Plan, the 2014 Stock Incentive Plan, the 2014 Stock Compensation Plan, 2013 Incentive Stock Plan, the 2012 Incentive Stock Plan, the 2011 Incentive Stock Plan and the 2010 Stock Incentive Plan (the “Plans”) providing for the issuance of options to employees, officers, directors or consultants of the Company. Non-qualified stock options granted under the plans may only be granted with an exercise price equal to the fair market value of the Company’s common stock on the date of grant.  Awards under the plans may be either vested or unvested options. The 2017 Stock Incentive Plan authorized 5,000,000 shares with vesting in sixteen equal quarterly tranches.

 

In addition to the Plans, the Company has granted, on various dates, stock options to directors, officers, consultants and employees to purchase common stock of the Company. The terms, exercise prices and vesting of these awards vary. 

 

The following table summarizes option activity for directors, officers, consultants and employees:

 

       Outstanding Stock Options 
   Options Available for Grant   Number of Options   Weighted
Average
Exercise Price
per Option		   Weighted
Average Grant
Date Fair Value
 per Option		   Weighted
Average
Remaining
Exercise Term
in Months		 
Balance December 31, 2016   1,045,774    2,321,782   $2.31   $1.49    43 
Additional stock reserved   5,000,000    -    -    -    - 
Granted   (1,900,000)   1,900,000    5,01    3.41    72 
Exercised   -    (74,109)   1.13    0.95    - 
Forfeited   -    (296,302)   -    -    - 
Expired   -    -    -    -    - 
Balance December 31, 2017   4,145,774    3,851,371    3.11    1.84    43 
Additional stock reserved   -    -    -    -    - 
Granted   (340,000)   340,000    1.18    0.54    56 
Exercised   -    (52,500)   1.24    0.68    - 
Forfeited   -    -   -    -    - 
Expired   -    (271,250)   3.22    1.58    - 
Balance December 31, 2018   3,805,774    3,867,621   $4.05   $1.84    64 

 

The Company recorded approximately $1.1 million and $1.4 million of compensation expense for stock options to directors, officers, consultants and employees for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018, unrecognized compensation expense of $2.4 million is related to non-vested options granted to directors, officers, consultants and employees which is anticipated to be recognized over the next 60 months, commensurate with the vesting schedules.

 

Warrants

 

In addition to the stock options above and the stock warrants associated with the Arosa Loan and Marathon Credit Facility previously discussed, the Company has outstanding warrants with certain Accredited Investors. There are 2,618,307 of these warrants outstanding, which were issued in November 2015 with a five-year life and an exercise price of $5.28. These warrants were initially accounted for as equity instruments and as such, no amounts have been recorded as compensation expense or mark to market adjustment for the years ended December 31, 2018 and December 31, 2017.

 

The Company recorded no compensation expense for stock warrants to the placement agent and consultants for the years ended December 31, 2018 and 2017, respectively. There is no unrecognized compensation expense for the placement agent warrants because they are fully vested at date of grant.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:3/18/198-K
For Period end:12/31/183,  8-K
12/31/1710-K,  10-K/A
12/31/1610-K
 List all Filings 
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Filing Submission 0001213900-19-004319   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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