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The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12.
The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
Amendment No. 1
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-38078
ENVIROTECH VEHICLES, INC.
(Exact name of registrant as specified in its charter)
Delaware | 46-0774222 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
1425 Ohlendorf Road |
Osceola, AR 72370 |
(Address of principal executive offices, including zip code) |
(870) 970-3355 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act: |
| | Trading | | Name of each exchange |
Title of each class | | Symbol(s) | | on which registered |
Common Stock, par value $0.00001 per share | | EVTV | | Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s. Common stock as of November 10, 2022 was 15,021,088.
Explanatory Note
This Amendment is being filed to reflect the restatement of the Company’s consolidated financial statements, as discussed in Note 12 thereto, and other information related to such restated financial information. Except for Items 1 and 2 of Part I and Item 6 of Part II, no other information is amended by this Form 10-Q/A.
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
FORM 10-Q/A FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
Part I. FINANCIAL INFORMATION |
PAGE |
|
|
|
Item 1. Financial Statements: |
2 |
|
Unaudited Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (as restated) |
2 |
|
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022 and 2021 (as restated) |
3 |
|
Unaudited Consolidated Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2022 and 2021 (as restated) |
4 |
|
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021 (as restated) |
5 |
|
Notes to Unaudited Consolidated Financial Statements (as restated) |
6 |
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
18 |
Item 3. Quantitative and Qualitative Disclosure about Market Risk |
23 |
Item 4. Controls and Procedures |
23 |
|
Part II. OTHER INFORMATION |
|
Item 1. Legal Proceedings |
24 |
Item 1A. Risk Factors |
26 |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
26 |
Item 3. Defaults Upon Senior Securities |
26 |
Item 4. Mine Safety Disclosures |
26 |
Item 5. Other Information |
26 |
Item 6. Exhibits |
27 |
Signatures |
28 |
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q/A (“Quarterly Report”) contains “forward-looking statements” that involve substantial risks and uncertainties. Forward-looking statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” or the negatives of these terms or other comparable terminology intended to identify statements about the future.
You should not place undue reliance on forward-looking statements. The special note set forth in this Quarterly Report, including in “Risk Factors” and elsewhere, identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:
|
• |
ability to generate demand for our zero-emission commercial fleet vehicles in order to generate revenue; |
|
• |
dependence upon external sources for the financing of our operations; |
|
• |
ability to effectively execute our business plan; |
|
• |
ability and our suppliers’ ability to scale our zero-emission products assembling processes effectively and quickly from low volume production to high volume production; |
|
• |
ability to manage our expansion, growth and operating expenses and reduce and adequately control the costs and expenses associated with operating our business; |
|
• |
ability and our manufacturing partners’ ability to navigate the current disruption to the global supply chain and procure the raw materials, parts, and components necessary to produce our vehicles on terms acceptable to us and our customers; |
|
• |
ability to obtain, retain and grow our customers; |
|
• |
ability to enter into, sustain and renew strategic relationships on favorable terms; |
|
• |
ability to achieve and sustain profitability; |
|
• |
ability to evaluate and measure our current business and future prospects; |
|
• |
ability to compete and succeed in a highly competitive and evolving industry; |
|
• |
ability to respond and adapt to changes in electric vehicle technology; and |
|
• |
ability to protect our intellectual property and to develop, maintain and enhance a strong brand. |
You should read this Quarterly Report and the documents that we reference elsewhere in this Quarterly Report completely and with the understanding that our actual results may differ materially from what we expect as expressed or implied by our forward-looking statements. Factors that may cause or contribute to such differences include, but are not limited to, those discussed in greater detail, particularly in Part I, Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) and in Part II, Item 1A (Risk Factors) of this Quarterly Report. In light of the significant risks and uncertainties to which our forward-looking statements are subject, you should not place undue reliance on or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. These forward-looking statements represent our estimates and assumptions only as of the date of this Quarterly Report regardless of the time of delivery of this Quarterly Report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this Quarterly Report.
Unless expressly indicated or the context requires otherwise, references in this Quarterly Report to “Envirotech,” the “Company,” “we,” “our,” and “us” refer to Envirotech Vehicles, Inc. and our consolidated subsidiaries, unless the context indicates otherwise.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
| | September 30, | | | December 31, | |
| | 2022 | | | 2021 | |
| | (Restated)* | | | | | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 2,623,099 | | | $ | 4,846,490 | |
Restricted cash | | | 60,131 | | | | 60,035 | |
Marketable securities | | | 1,976,308 | | | | 8,002,700 | |
Accounts receivable | | | 3,384,936 | | | | 1,428,030 | |
Inventory, net | | | 5,954,375 | | | | 3,850,541 | |
Inventory deposits | | | 4,855,049 | | | | 4,503,079 | |
Prepaid expenses | | | 709,621 | | | | 332,514 | |
Total current assets | | | 19,563,519 | | | | 23,023,389 | |
Property and equipment, net | | | 305,617 | | | | 272,113 | |
Goodwill | | | 51,775,667 | | | | 51,775,667 | |
Other non-current assets | | | 78,374 | | | | 236,639 | |
Total assets | | $ | 71,723,177 | | | $ | 75,307,808 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 161,545 | | | $ | 238,464 | |
Accrued liabilities | | | 767,026 | | | | 1,280,020 | |
Notes payable, net | | | 414,444 | | | | 31,788 | |
Total current liabilities | | | 1,343,015 | | | | 1,550,272 | |
Long-term liabilities | | | | | | | | |
Other non-current liabilities | | | — | | | | 2,427 | |
Notes payable, net | | | 18,234 | | | | 13,245 | |
Total liabilities | | | 1,361,249 | | | | 1,565,944 | |
| | | | | | | | |
Stockholders’ equity (deficit): | | | | | | | | |
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of September 30, 2022, and December 31, 2021 | | | — | | | | — | |
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021,088 and 14,912,189 Issued and outstanding as of September 30, 2022, and December 31, 2021, respectively | | | 150 | | | | 149 | |
Additional paid-in capital | | | 83,923,350 | | | | 81,866,075 | |
Accumulated deficit | | | (13,561,572 | ) | | | (8,124,360 | ) |
Total stockholders’ equity | | | 70,361,928 | | | | 73,741,864 | |
Total liabilities and stockholders’ equity | | $ | 71,723,177 | | | $ | 75,307,808 | |
* The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12.
See Accompanying Notes to Unaudited Consolidated Financial Statements.
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(Restated)* |
|
|
|
|
|
|
(Restated)* |
|
|
|
|
|
Sales |
|
$ |
1,029,280 |
|
|
$ |
709,092 |
|
|
$ |
2,625,090 |
|
|
$ |
1,368,151 |
|
Cost of sales |
|
|
677,855 |
|
|
|
469,611 |
|
|
|
1,599,290 |
|
|
|
930,977 |
|
Gross profit |
|
|
351,425 |
|
|
|
239,481 |
|
|
|
1,025,800 |
|
|
|
437,174 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
1,584,973 |
|
|
|
1,344,840 |
|
|
|
6,113,957 |
|
|
|
2,766,989 |
|
Consulting |
|
|
94,187 |
|
|
|
36,734 |
|
|
|
264,505 |
|
|
|
142,092 |
|
Research and development |
|
|
25,000 |
|
|
|
— |
|
|
|
112,412 |
|
|
|
— |
|
Total operating expenses, net |
|
|
1,704,160 |
|
|
|
1,381,574 |
|
|
|
6,490,874 |
|
|
|
2,909,081 |
|
Loss from operations |
|
|
(1,352,735 |
) |
|
|
(1,142,093 |
) |
|
|
(5,465,074 |
) |
|
|
(2,471,907 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
30,200 |
|
|
|
8,116 |
|
|
|
37,956 |
|
|
|
2,357 |
|
Other (expense) income |
|
|
(1,233 |
) |
|
|
285,902 |
|
|
|
(10,094 |
) |
|
|
288,186 |
|
Total other income |
|
|
28,967 |
|
|
|
294,018 |
|
|
|
27,862 |
|
|
|
290,543 |
|
Loss before income taxes |
|
|
(1,323,768 |
) |
|
|
(848,075 |
) |
|
|
(5,437,212 |
) |
|
|
(2,181,364 |
) |
Income tax expense |
|
|
— |
|
|
|
(2,400 |
) |
|
|
— |
|
|
|
(220,700 |
) |
Net loss |
|
$ |
(1,323,768 |
) |
|
$ |
(850,475 |
) |
|
$ |
(5,437,212 |
) |
|
$ |
(2,402,064 |
) |
Net loss per share to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.23 |
) |
Weighted shares used in the computation of net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
15,013,236 |
|
|
|
14,715,694 |
|
|
|
14,981,836 |
|
|
|
10,349,101 |
|
* The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12.
See Accompanying Notes to Unaudited Consolidated Financial Statements.
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
Three and Nine Months Ended September 30, 2022 (Restated)* and 2021
(unaudited)
| | | | | Additional | | | | | | | |
| | Common Stock | | | Paid-In | | | Accumulated | | | Stockholders’ | |
| | Shares | | | Amount | | | Capital | | | Deficit | | | Equity (Deficit) | |
Balance, December 31, 2021 | | | 14,912,189 | | | $ | 149 | | | $ | 81,866,075 | | | $ | (8,124,360 | ) | | $ | 73,741,864 | |
Common stock issued for cash | | | 50,000 | | | | 1 | | | | 119,999 | | | | — | | | | 120,000 | |
Common stock issued for lawsuit settlement | | | 38,484 | | | | — | | | | 197,431 | | | | — | | | | 197,431 | |
Stock based compensation | | | — | | | | — | | | | 1,614,845 | | | | — | | | | 1,614,845 | |
Net loss | | | — | | | | — | | | | — | | | | (2,936,862 | ) | | | (2,936,862 | ) |
Balance, March 31, 2022 | | | 15,000,673 | | | $ | 150 | | | $ | 83,798,350 | | | $ | (11,061,222 | ) | | $ | 72,737,278 | |
Net loss | | | — | | | | — | | | | — | | | | (1,176,582 | ) | | | (1,176,582 | ) |
Balance, June 30, 2022 | | | 15,000,673 | | | $ | 150 | | | $ | 83,798,350 | | | $ | (12,237,804 | ) | | $ | 71,560,696 | |
Common stock issued for lawsuit settlement | | | 20,415 | | | | — | | | | 125,000 | | | | — | | | | 125,000 | |
Net loss | | | — | | | | — | | | | — | | | | (1,323,768 | ) | | | (1,323,768 | ) |
Balance, September 30, 2022 | | | 15,021,088 | | | $ | 150 | | | $ | 83,923,350 | | | $ | (13,561,572 | ) | | $ | 70,361,928 | |
| | | | | Additional | | | | | | | |
| | Common Stock | | | Paid-In | | | Accumulated | | | Stockholders’ | |
| | Shares | | | Amount | | | Capital | | | Deficit | | | Equity (Deficit) | |
Balance, December 31, 2020 | | | 1 | | | $ | — | | | $ | 100 | | | $ | (472,260 | ) | | $ | (472,160 | ) |
Common stock issued for cash | | | 7,129,887 | | | | 72 | | | | 6,415,139 | | | | — | | | | 6,415,210 | |
Common stock retained in merger | | | 5,635,348 | | | | 56 | | | | 53,509,466 | | | | — | | | | 53,509,522 | |
Offering costs netted against proceeds common stock | | | — | | | | — | | | | (156,443 | ) | | | — | | | | (156,443 | ) |
Net loss | | | — | | | | — | | | | — | | | | (658,510 | ) | | | (658,510 | ) |
Balance, March 31, 2021 | | | 12,765236 | | | $ | 128 | | | $ | 59,768,262 | | | $ | (1,130,770 | ) | | $ | 58,637,619 | |
Common stock issued for cash | | | 1,936,813 | | | | 19 | | | | 16,322,030 | | | | — | | | | 16,322,049 | |
Offering costs netted against proceeds | | | — | | | | — | | | | (31,572 | ) | | | — | | | | (31,572 | ) |
Net loss | | | — | | | | — | | | | — | | | | (893,079 | ) | | | (893,079 | ) |
Balance, June 30, 2021 | | | 14,702,049 | | | $ | 147 | | | $ | 76,058,720 | | | $ | (2,023,849 | ) | | $ | 74,035,018 | |
Common stock issued for cash | | | 17,934 | | | | — | | | | 43,028 | | | | — | | | | 43,028 | |
Stock based compensation | | | — | | | | — | | | | 121,132 | | | | — | | | | 121,132 | |
Net loss | | | — | | | | — | | | | — | | | | (850,475 | ) | | | (850,475 | ) |
Balance, September 30, 2021 | | | 14,719,983 | | | $ | 147 | | | $ | 76,222,880 | | | $ | (2,874,324 | ) | | $ | 73,348,703 | |
* The Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2022 have been restated. See Note 12.
See Accompanying Notes to Unaudited Consolidated Financial Statements.
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Restated)* |
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(5,437,212 |
) |
|
$ |
(2,402,064 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
56,700 |
|
|
|
43,031 |
|
Unrealized loss on marketable securities |
|
|
(6,033 |
) |
|
|
(20,359 |
) |
Stock based compensation expense |
|
|
1,614,845 |
|
|
|
121,132 |
|
Provision for bad debt |
|
|
— |
|
|
|
303,879 |
|
Gain on debt forgiveness |
|
|
— |
|
|
|
(290,519 |
) |
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(1,956,906 |
) |
|
|
(734,267 |
) |
Inventory |
|
|
(2,103,834 |
) |
|
|
(792,800 |
) |
Inventory deposits |
|
|
(351,970 |
) |
|
|
(4,514,665 |
) |
Prepaid expenses |
|
|
(377,107 |
) |
|
|
637,483 |
|
Other assets |
|
|
158,265 |
|
|
|
— |
|
Accounts payable |
|
|
(76,919 |
) |
|
|
(307,488 |
) |
Accrued liabilities |
|
|
(194,907 |
) |
|
|
(1,734,270 |
) |
Other liabilities |
|
|
403,328 |
|
|
|
(226,421 |
) |
Net cash used in operating activities |
|
|
(8,271,750 |
) |
|
|
(9,917,328 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment, net |
|
|
(90,204 |
) |
|
|
(27,958 |
) |
Investment in marketable securities |
|
|
(2,291,036 |
) |
|
|
(12,000,000 |
) |
Sale of marketable securities |
|
|
8,323,461 |
|
|
|
5,000,000 |
|
Cash acquired in merger |
|
|
— |
|
|
|
3,373,332 |
|
Net cash provided by (used in) investing activities |
|
|
5,942,221 |
|
|
|
(3,654,626 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
120,000 |
|
|
|
22,780,188 |
|
Payments for deferred offering costs |
|
|
— |
|
|
|
(188,015 |
) |
Principal repayments on debt |
|
|
(13,766 |
) |
|
|
(309,865 |
) |
Net cash provided by financing activities |
|
|
106,234 |
|
|
|
22,282,308 |
|
Net change in cash, restricted cash and cash equivalents |
|
|
(2,223,295 |
) |
|
|
8,710,354 |
|
Cash, restricted cash and cash equivalents at the beginning of the period |
|
|
4,906,525 |
|
|
|
1,930,132 |
|
Cash, restricted cash and cash equivalents at the end of the period |
|
$ |
2,683,230 |
|
|
$ |
10,640,486 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow disclosures: |
|
|
|
|
|
|
|
|
Cash paid for interest expense |
|
$ |
2,272 |
|
|
$ |
4,944 |
|
Cash paid for income taxes |
|
$ |
— |
|
|
$ |
2,400 |
|
Non-cash common stock lawsuit settlement |
|
$ |
322,431 |
|
|
$ |
— |
|
* The Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 has been restated. See Note 12.
See Accompanying Notes to Unaudited Consolidated Financial Statements.
ENVIROTECH VEHICLES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. |
Organization and Operations |
Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. The Company serves commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities to meet the increasing demand for light to heavy-duty electric vehicles. The Company’s vehicles address the challenges of traditional fuel price cost instability and local, state, and federal regulatory compliance.
On March 15, 2021, the Company completed its acquisition of Envirotech Drive Systems, Inc., a Delaware corporation (“EVTDS”), a supplier of zero-emission trucks, cargo vans, chassis, and other commercial vehicles. The transaction was completed in accordance with an Agreement and Plan of Merger, dated February 16, 2021 (the “Merger Agreement”), by and among the Company, EVTDS, and EVT Acquisition Company, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). See Note 3.
The Company was formerly known as ADOMANI, Inc. On May 26, 2021, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation the Company with the Secretary of State of the State of Delaware to change its name from ADOMANI, Inc. to Envirotech Vehicles, Inc., effective as of May 26, 2021.
On February 22, 2022, the Company announced Osceola, Arkansas, as the site of its state-of-the-art manufacturing facility and new corporate offices. The Company has moved into an approximately 580,000 square foot facility.
On June 28, 2022, we effected a 20-for-1 stock split of our common stock with no change to authorized shares of common stock. All share, restricted stock unit (“RSU”), and per share or per RSU information through this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.00001 per share. Accordingly, an amount equal to the par value of the decreased shares resulting from the reverse stock split was reclassified from “Common Stock” to “Additional paid-in capital.”
2. | Summary of Significant Accounting Policies |
Basis of Presentation—The consolidated financial statements and related disclosures of EVTDS (see Note 3) as of September 30, 2022, which include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries, and for the fiscal periods ended September 30, 2022, which include the consolidated results of operations of EVTDS and Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries for the entire three and nine month periods. The consolidated financial statements and related disclosures as of December 31, 2021 include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries, including EVTDS. The consolidated results of operations for the three months ended September 30, 2021 include the results of operations of EVTDS for the entire period and include the consolidated results of operations of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries for the post-merger period March 16, 2021 through September 30, 2021. These consolidated financial statements are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the Company’s opinion, these unaudited financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited financial statements should be read in conjunction with the Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and EVTDS audited financial statements for the years ended December 31, 2021 and 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 26, 2022. The results of operations for the fiscal periods ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year.
Principles of Consolidation—The accompanying financial statements reflect the consolidation of the financial statements of EVTDS, its wholly-owned subsidiary Envirotech Drive Systems Incorporated, Envirotech Vehicles, Inc., ADOMANI California, Inc., Adomani (Nantong) Automotive Technology Co. Ltd. (for periods in 2021 only), ADOMANI ZEV Sales, Inc., Zero Emission Truck and Bus Sales of Arizona, Inc., and ZEV Resources, Inc. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments—The carrying values of the Company’s financial instruments, including cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1: Observable inputs such as quoted prices in active markets;
Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3: Unobservable inputs that are supported by little or no market data and that require the reporting entity to develop its own assumptions.
The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis.
Revenue Recognition—The Company recognizes revenue from the sales of zero-emission electric vehicles and vehicle maintenance and inspection services. The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. At September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100% of the reported revenue, with five of the 11 customers accounting for approximately 67% of the year-to-date revenue recorded.
In applying ASC Topic 606, the Company is required to:
| (1) | identify any contracts with customers; |
| (2) | determine if multiple performance obligations exist; |
| (3) | determine the transaction price; |
| (4) | allocate the transaction price to the respective obligation; and |
| (5) | recognize the revenue as the obligation is satisfied. |
Product revenue includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation and revenue is recognized when the vehicle is delivered and the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt of the vehicle. At this time, the title of the vehicle is transferred to the customer.
The Company provides the option of financing (flooring) to Factory Authorized Representatives (“FARs”) for demo vehicles that are used in their selling process. Flooring agreements are made either expressly or implicitly and last no longer than one year with respect to specific vehicles, as payment for the vehicles is due in full before the first anniversary of the agreement, or upon sale by the FAR of the demo vehicle. The interest rate associated with the flooring agreement is agreed upon at the time of executing the FAR agreement. The Company has elected the practical expedient allowed by ASC Topic 606 where consideration does not need to be adjusted for financing components of the agreement.
Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less to be cash equivalents. The recorded value of our restricted cash and cash equivalents approximates their fair value. The Company had $60,131 and $60,035 restricted cash at September 30, 2022 and at December 31, 2021, respectively. The amounts at both dates relate to balances required by our bank to support certain minor activities. See Concentration of Credit Risk below in this Note.
Marketable Securities—The Company invests in short-term, highly liquid, marketable securities, such as U.S. Treasury notes, U.S. Treasury bonds, and other government-backed securities. The Company classifies these marketable securities as held-to-maturity, as the intent is not to liquidate them prior to the respective stated maturity date. At September 30, 2022, the aggregate amount of the Company’s investments in marketable securities was $1,976,308. These securities had original maturity dates ranging from 154 days to 199 days, and at September 30, 2022, the remaining maturity dates on these securities ranged from 92 days to 182 days. Investments in marketable securities at December 31, 2021 were $8,002,700.
Accounts Receivable and Allowance for Doubtful Accounts—The Company establishes an allowance for bad debts through a review of severalfactors, including historical collection experience, current aging status of the customer accounts, and financial condition of its customers. The Company does not generally require collateral for its accounts receivable. The Company had trade accounts receivable of $3,384,936 as of September 30, 2022. The Company had trade accounts receivable of $1,428,030 as of December 31, 2021 with no allowance for bad debt. A significant portion of the Company’s sales are made to customers who qualify for state-sponsored grant programs which can cover a significant portion, up to all of a vehicle’s purchase price. Grant monies are paid directly to vehicle dealers like the Company after the customer and the dealer meet state requirements related to the transaction; reimbursements to the Company may take two to nine months from the date of request before being received. The Company does not provide an allowance for doubtful accounts related to sales made utilizing state grant funds, as those funds are guaranteed by the state(s) once awarded. The trade accounts receivable balance at September 30, 2022 is from credit-worthy customers, many of whom are our Company’s FARs, the December 31, 2021 balance was in the collection process for guaranteed state grant funding subsequent to that date. Account receivable balances guaranteed by state grant funding as a percentage of total were 82% and 70% on September 30, 2022 and December 31, 2021, respectively. As discussed above, at September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100 percent of the reported revenue, with five of the 11 customers accounting for approximately 67% of the quarterly revenue recorded.
Inventory and Inventory Valuation Allowance—The Company records inventory at the lower of cost or market, and uses a First In, First Out(“FIFO”) accounting valuation methodology and establishes an inventory valuation allowance for vehicles that it does not intend to sell in the future. The Company had finished goods inventory on hand of $5,966,804 as of September 30, 2022 and recorded an inventory valuation allowance of $12,429 related to three vehicles that the Company does not intend to sell in the future as of September 30, 2022, resulting in a net inventory balance of $5,594,375 as of September 30, 2022. The Company had finished goods inventory on hand and a related inventory valuation of $3,862,970 and $12,429 allowance, ressulting in net inventory of $3,850,541 as of December 31, 2021.
Inventory Deposits—Certain of our vendors require the Company to pay upfront deposits before they will commence manufacturing our vehicles, and then require progress deposits through the production cycle and before the finished vehicles are shipped. These deposits are classified as inventory deposits in the Balance Sheet. Upon completion of production acceptance by the Company, and passage of title to the Company, deposits are reclassified to inventory. The Company had inventory deposits of $4,855,049 and $4,503,079 as of September 30, 2022 and December 31, 2021, respectively. Deposits paid to three vendors accounted for approximately 89 percent of the deposits outstanding at September 30, 2022.
Income Taxes—The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.
Accounting for Uncertainty in Income Taxes—The Company evaluates its uncertain tax positions and will recognize a loss contingency when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. At September 30, 2022 and December 31, 2021, respectively, management did not identify any uncertain tax positions.
Net Income (Loss) Per Share—Basic net income (loss) per share is calculated by dividing the Company’s net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period.
Diluted net loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the diluted weighted average number of shares of common stock outstanding during the period. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares of common stock adjusted for any potentially dilutive debt or equity securities. As of September 30, 2022, 604,906 shares of the Company’s common stock were subject to issuance upon the exercise of stock options then outstanding and 1,402,417 shares of the Company’s common stock were subject to issuance upon the exercise of warrants then outstanding.
Concentration of Credit Risk—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at times it exceeds the $250,000 maximum amount insured by the Federal Deposit Insurance Corporation (“FDIC”). Additionally, the Company maintains cash and short-term securities invested at Arvest Bank, National Association (“Arvest”). Between FDIC and the Securities Investor Protection Corporation (“SIPC”) coverage, funds up to $750,000, which may include cash up to $500,000, are insured. In addition, Arvest provides excess insurance acquired by them from SIPC for unlimited per customer securities up to a $1 billion cap.
During the nine months ended September 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,131 at September 30, 2022.
Impairment of Long-Lived Assets—Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates these assets to determine potential impairment by comparing the carrying amount to the undiscounted estimated future cash flows of the related assets. If the estimated undiscounted cash flows are less than the carrying value of the assets, the assets are written down to their fair value. There was no impairment of long-lived assets, or property and equipment, as of September 30, 2022 and December 31, 2021, respectively.
Goodwill—Goodwill represents the excess acquisition cost over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it can conclude the assessment. If the Company concludes otherwise, the Company is required to perform a quantitative analysis to determine the amount of impairment, if any. The Company has determined that it has one reporting unit, and based on both qualitative and quantitative analysis, it is management’s assessments at September 30,2022 and December 31, 2021 that $51,775,667 in goodwill related to the ADOMANI, Inc. and EVTDS Merger did not experience impairment.
Research and Development—Costs incurred in connection with the development of new products and manufacturing methods are charged to operating expenses as incurred. Research and development costs were $112,412 during the nine months ended September 30, 2022. Research and development costs were $58,139 for the year ended December 31, 2021.
Stock-Based Compensation—The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, “Compensation-Stock Compensation”, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. With respect to the options to purchase 340,893 shares of common stock issued on January 7, 2022 and the options to purchase 3,874 shares of common stock issued on January 31, 2022 (see Note 7), non-cash stock-based compensation expense of $1,614,845 was recorded for the nine months ended September 30, 2022.
Property and Equipment— Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years, except leasehold improvements, which are being amortized over the life of the lease term. Property and equipment qualify for capitalization if the purchase price exceeds $2,000. Major repairs and replacements, which extend the useful lives of equipment, are capitalized and depreciated over the estimated useful lives of the property. All other maintenance and repairs are expensed as incurred.
Leases—The Company accounts for leases as required by ASC Topic 842. The guidance requires companies to recognize leased assets and liabilities on the balance sheet and to disclose key information regarding leasing arrangements.
Recent Accounting Pronouncements—Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a significant impact on the Company’s financial statements.
On March 15, 2021, the Company completed its acquisition of EVTDS, a supplier of zero-emission trucks, cargo vans, chassis, and other commercial vehicles. The transaction was completed in accordance with the Merger Agreement, by and among the Company, EVTDS and Merger Sub. As a result of such transaction, Merger Sub was merged with and into EVTDS, with EVTDS surviving as a wholly owned subsidiary of the Company (the “Merger”). In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of the common stock of EVTDS was automatically converted into the right to receive one share of the common stock of the Company. As a result of the Merger, the Company issued an aggregate of 7,129,887 shares of its common stock to the former EVTDS stockholders, which shares represented approximately 56% of the total issued and outstanding shares of common stock of the Company as of immediately following the effective time of the Merger. This exchange of shares and the resulting controlling ownership of EVTDS constitutes a reverse acquisition resulting in a recapitalization of EVTDS and purchase accounting being applied to ADOMANI, Inc. under ASC 805 due to EVTDS being the accounting acquirer and ADOMANI, Inc. being deemed an acquired business. This requires financial reporting from the Merger close date forward to reflect only the historic consolidated results of EVTDS and to include the consolidated results for Envirotech Vehicles, Inc. and subsidiaries from March 16, 2021 forward.
The primary reasons EVTDS consummated the merger with ADOMANI, Inc. were the opportunity to immediately become a public company without the process of doing its own initial public offering, affording it the opportunity to more quickly raise capital and provide liquidity options to its stockholders, at the same time acquiring the infrastructure required of a public company run by people experienced in investor relations and the public company regulatory compliance issues and filings required. In addition, since ADOMANI, Inc. had been the sole customer of EVTDS, the two management teams had experience working with each other and anticipated a smooth transition in addition to obtaining synergies, chief of which was a layer of profit required when two separate entities were involved in making and selling a vehicle that was immediately eliminated upon the Merger close, enabling the purchase price of vehicles to customers to be reduced. The combined entity also was able to exert more pressure on suppliers to reduce vehicle costs, which also supported the price reductions to customers.
At December 31, 2020, EVTDS had subscription restricted cash of $1,793,910 on its balance sheet as a result of offering a restricted subscription agreement to the stockholders of Envirotech Electric Vehicles, Inc., a Canadian entity (“EVT Canada”), to have the right to purchase two shares of EVTDS for every one common share of EVT Canada they owned. The purpose of this subscription agreement was to raise the necessary capital to close the Merger and to provide working capital for EVTDS so that it could pay off certain liabilities and pay for ongoing expenses through the closing of the Merger. A corresponding liability account was also recorded as of December 31, 2020. The total amount raised just prior to the Merger closing was $6,415,110. At the closing of the Merger, EVTDS satisfied its obligation to deliver $5 million in cash to ADOMANI, Inc. and repaid the majority of the items discussed above. This number has decreased to zero in both categories as of December 31, 2021.
EVTDS entered into an exclusive 50-year distribution agreement as of October 4, 2017 to become the sole USA distributor of EVT Canada. This agreement grants EVTDS the exclusive right in the United States to promote sales, including the right to use trademarks, trade names, service marks and logos and to obtain orders based on sales targets for orders. The agreement also provides that EVT Canada. may not independently appoint additional distributors. The Company obtained this agreement in the Merger.
The following table presents the estimated allocation of the purchase price of the assets acquired and liabilities assumed for the acquisition by EVTDS of ADOMANI, Inc. via the reverse acquisition:
Purchase Price Allocation of ADOMANI, Inc. | |
| | | | |
Accounts receivable and other current assets | | $ | 1,680,926 | |
Property and equipment | | | 86,873 | |
Right of use asset | | | 369,987 | |
Other assets | | | 59,510 | |
Goodwill | | | 51,775,667 | |
Accounts payable and accrued expenses | | | (820,389 | ) |
Lease liability | | | (369,987 | ) |
Notes payable | | | (417,540 | ) |
Purchase price, net of $3,373,332 cash acquired | | $ | 52,365,047 | |
This allocation is based on management’s estimated fair value of the ADOMANI Inc. assets and liabilities at March 15, 2021. ADOMANI, Inc. assets were derived from a total value of $53,509,522, based on 5,635,347 shares of common stock outstanding on March 15, 2021 and the closing price that day of $0.4749 per share. The fair value of certain of the stock options assumed by EVTDS in the Merger of $2,228,757 (see Note 7) was added to reach an adjusted value of $55,738,379. From that amount, total assets acquired of $5,570,628 (including a reduction in the carrying value of finished goods inventory of $26,400 to reflect fair value) were deducted, and total acquired liabilities of $1,607,916 were added in order to arrive at the $51,775,667 of Goodwill recorded, none of which will be deductible for future income tax purposes. The Company incurred approximately $415,472 in transaction costs related to the Merger, which were expensed.
The unaudited consolidated statement of operations for the three months ended March 31, 2021 included $151,793 of revenue and a loss from operations of $(144,015) contributed by ADOMANI, Inc. and its subsidiaries, excluding EVTDS. Since the closing of the Merger on March 15, 2021, primarily due to the fact that EVTDS brought no employees or sales people to the merged entity, and that sales and operating activities have been conducted on a company-wide basis, not on the basis of either EVTDS alone or the ADOMANI entities alone, other than nominal expense items related to EVTDS leases assumed in the Merger (see Notes 9 and 11), all accounting subsequent to the closing of the Merger has been and will continue to be done on a consolidated basis. Therefore, the Company cannot segregate the operating results of operations between the formerly separate entities in the current periods.
Unaudited Pro Forma Financial Information
The following unaudited pro forma financial information presents the combined results of operations for the Company and gives effect to the Merger discussed above as if it had occurred on January 1, 2021. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations for the nine months ended September 30, 2021 that would have been realized if the Merger had occurred on January 1, 2021, nor does it purport to project the results of the merged entity in future periods. The pro forma financial information does not give effect to any anticipated integration costs related to the merged entities.
Pro forma combined results of operations |
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2021 |
|
Sales |
|
$ |
709,092 |
|
|
$ |
1,065,562 |
|
Net income (loss) |
|
$ |
(850,475 |
) |
|
$ |
(5,045,988 |
) |
For purposes of the pro forma disclosures above, there were no adjustments required for the nine months ended September 30, 2022 because there were no transactions between EVTDS and ADOMANI, Inc. during that period. For the three months ended September 30, 2021, there were also no adjustments required, as the quarter reflects the results of operations of the merged entity. For purposes of the pro forma disclosures above, the adjustments for the nine months ended September 30, 2021, reduced sales by $319,000 and increased the net loss by $91,800. The sales adjustments resulted from sale of vehicles by EVTDS to ADOMANI, Inc. However, the actual loss for ADOMANI, Inc. for the period January 1, 2021 through March 15, 2021 that is included in this pro forma information included an adjustment to fully amortize the unamortized stock-based compensation expense related to outstanding stock options that fully vested at the closing of the Merger. This adjustment increased pro forma expenses, and therefore the pro forma net loss, for the three months ended March 31, 2021 by approximately $1,826,623 more than would otherwise have been recorded absent the consummation of the Merger.
4. |
Property and Equipment, Net |
Components of property and equipment, net, consist of the following as of September 30, 2022 and December 31, 2021:
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Furniture and fixtures |
|
$ |
60,082 |
|
|
$ |
41,799 |
|
Leasehold improvements |
|
|
40,112 |
|
|
|
28,112 |
|
Machinery & equipment |
|
|
144,406 |
|
|
|
86,266 |
|
Vehicles |
|
|
252,725 |
|
|
|
252,724 |
|
Test/Demo vehicles |
|
|
15,784 |
|
|
|
15,784 |
|
Total property and equipment |
|
|
513,108 |
|
|
|
424,685 |
|
Less accumulated depreciation |
|
|
(207,491 |
) |
|
|
(152,572 |
) |
Net property and equipment |
|
$ |
305,617 |
|
|
$ |
272,113 |
|
Depreciation expense was $19,093 and $7,655 and was $56,700 and $43,031 for the three and nine months ended September 30, 2022 and 2021, respectively.
On June 15, 2021, the Company entered into an equipment financing agreement with Navitas Credit Corp. in connection with the purchase of certain inventory management software. The $63,576 loan is payable over twenty-four months, beginning in July 2021, with monthly payments of $2,649.
On July 15, 2022, the Company entered into an equipment financing agreement with Wells Fargo in connection with the purchase of facility grounds equipment. The $18,755 loan is payable over 36 months, beginning in August 2022, with monthly payments of $521.
On June 15, 2022, the Company entered into an insurance premium financing agreement with First Funding in connection with the purchase of liability insurance policy. The $214,087 loan is payable over 9 months, beginning in September 2022, with monthly payments of $24,416.
On August 20, 2022, the Company entered into an insurance premium financing agreement with First Funding in connection with the purchase of directors' and officers' insurance policy. The $225,000 loan is payable over 9 months, beginning in July 2022, with monthly payments of $25,608.
As of September 30, 2022, $414,444 is reflected on the consolidated balance sheet as current notes payable and $18,234 is reflected on the consolidated balance sheet as long-term notes payable.
Effective August 4, 2022, EVT secured a line of credit from Centennial Bank. Borrowings under the line of credit bear interest at 2.75% annually. There is no maturity date for the line, but Centennial Bank may at any time, in its sole discretion and without cause, demand the Company immediately repay any and all outstanding obligations under the line of credit in whole or in part. The line is secured by the cash and cash equivalents maintained by the Company in its Centennial Bank accounts. Borrowings under the line may not exceed cash, cash equivalents, and marketable securities balances up to $1,000,000. There was no principal amount outstanding on September 30, 2022 and there is no current plan to borrow from it.
As a result of the Merger closing (see Note 3), as of March 15, 2021, the Company had outstanding warrants to purchase an aggregate of 534,067 shares of common stock, 102,817 of which were exercisable. The warrants were previously issued by ADOMANI, Inc. and assumed in the Merger. In connection with the second closing of the Financing discussed in the Company’s Annual Report on Form 10-K filed with the SEC on April 26, 2022, the Company issued additional warrants to purchase up to 958,333 shares of its common stock, all of which were exercisable as of September 30, 2022. Approximately 27,483 stock warrants have expired in the nine months ending September 30, 2022. The Company’s outstanding warrants as of September 30, 2022 is summarized as follows, and all were exercisable at that date.
| | Number of | | | Exercise | | | Remaining | |
| | Shares | | | Price | | | Contractual Life (years) | |
Outstanding warrants expiring January 9, 2023 | | | 12,833 | | | $ | 75.00 | | | | 0.33 | |
Outstanding warrants expiring January 28, 2025 | | | 431,250 | | | $ | 10.00 | | | | 2.33 | |
Outstanding warrants expiring May 7, 2026 | | | 958,334 | | | $ | 20.00 | | | | 3.60 | |
Outstanding warrants on September 30, 2022 | | | 1,402,417 | | | $ | 17.43 | | | | 3.18 | |
The Warrants issued as part of the Purchase Agreement related to the Financing contain a call provision whereby the Company, after the 13-month anniversary of the issuance date, and if the volume weighted average price of the common stock for such date exceeds four times the exercise price of the warrants for 20 consecutive trading days, may call the Warrants that have not previously been exercised, and the Warrant holders have ten trading days within which to exercise before the Warrants may be cancelled.
As of September 30, 2022, the outstanding warrants have no intrinsic value.
As a result of the Merger closing (see Notes 2 and 3) there were 649,643 fully vested stock options outstanding at March 15, 2021 that were previously issued by ADOMANI, Inc. and assumed in the Merger. The outstanding options at September 30, 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
Number of |
|
|
Exercise |
|
|
Contractual Life |
|
|
|
Shares |
|
|
Price |
|
|
(years) |
|
Outstanding at December 31, 2021 |
|
|
338,500 |
|
|
$ |
5.80 |
|
|
|
6.98 |
|
Options granted during 9 months ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
Options Granted at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
|
|
Options Granted at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
|
|
Options Granted at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
|
|
Options Granted at $9.00 Exercise Price |
|
|
1,111 |
|
|
$ |
9.00 |
|
|
|
|
|
Exercised |
|
|
(50,000 |
) |
|
$ |
2.40 |
|
|
|
|
|
Cancelled / Forfeited at $9.00 Exercise Price |
|
|
(25,000 |
) |
|
$ |
9.00 |
|
|
|
|
|
Subtotal, as follows: |
|
|
608,266 |
|
|
|
|
|
|
|
|
|
Outstanding Options at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
9.30 |
|
Outstanding Options at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
9.30 |
|
Outstanding Options at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
4.34 |
|
Outstanding Options at $9.00 Exercise Price |
|
|
257,861 |
|
|
$ |
9.00 |
|
|
|
8.21 |
|
Outstanding Options at $26.20 Exercise Price |
|
|
6,750 |
|
|
$ |
26.20 |
|
|
|
5.55 |
|
Outstanding at September 30, 2022 |
|
|
608,266 |
|
|
$ |
5.30 |
|
|
|
8.77 |
|
On January 7, 2022, the Company’s Compensation Committee granted Phillip W. Oldridge, the Company’s Chief Executive Officer, options to purchase 150,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth anniversary of grant.
On January 7, 2022, the Company’s Compensation Committee granted Susan M. Emry, the Company’s Executive Vice President, options to purchase 100,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 40,893 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth anniversary of grant.
On January 31, 2022, the Company’s Compensation Committee granted Christian S. Rodich, the Company’s Chief Financial Officer, options to purchase 2,763 shares of common stock at an exercise price of $3.62 per share and options to purchase 1,111 shares of common stock at an exercise price of $9.00 per share. The options vest ratably at 1/60th per month over five years and expire on the tenth anniversary of grant.
On March 15, 2022, options to purchase 50,000 shares of common stock were exercised by the former President and CEO of the Company at a price of $2.40 per share, resulting in a payment to the Company of $120,000. Also on March 15, 2022, options to purchase an aggregate of 25,000 shares of common stock with an exercise price of $9.00 per share were forfeited by the former executive, as they were not exercised prior to their expiration on March 15, 2022.
As of September 30, 2022, outstanding options had intrinsic value of $873,288.
8. |
Related Party Transactions |
The Company has entered into an engagement agreement (the “SRI Services Agreement”) with SRI Professional Services, Incorporated (“SRI”), pursuant to which the Company engaged SRI to provide certain services in connection with the day-to-day operations of the Company, including the issuing of invoices to customers and making payments on behalf of the Company with respect to month-to-month leases of facilities, vehicles and trailers under separate agreements between the Company and SRI, including the SRI Equipment Leases and the SRI Office Leases further described in the following paragraphs in this Note 8, as well as Notes 9 and 11. The term of the SRI Services Agreement will continue for a period of three months unless earlier terminated by the parties in accordance therewith, and it is contemplated that an aggregate of $26,042 will be paid by the Company to SRI in consideration of the services rendered under the SRI Services Agreement. Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, serves as an executive officer and a member of the board of directors of SRI.
The Company has entered into lease agreements with SRI (the “SRI Equipment Leases”), pursuant to which the Company leases equipment used in connection with the operation of its business. The SRI Equipment Leases provide for the leasing of two vehicles that commenced on January 1, 2020 and the combined rent under such leases is $3,880 per month, and a separate SRI Equipment Lease provides for a trailer lease that commenced on December 1, 2019, under which the rent is $3,891 per month. The total monthly payment obligations of the Company under the SRI Equipment Leases is $7,771.
EVTDS has entered into a cancelable month-to-month lease with SRI (the “SRI Office Lease”), pursuant to which EVTDS has leased office and warehouse space in the Porterville, California area for a term that commenced on January 1, 2020. The monthly rent under the SRI Office Lease is $2,730.
The Company has entered into a commercial lease agreement (the “ABCI Office Lease”) with Alpha Bravo Charlie, Inc. (“ABCI”) that commenced on April 1, 2020, for the lease of office space in Porterville, California. The monthly rent for this facility is $2,800. See Notes 9 and 11. Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, is a director of ABCI.
In connection with the closing of the Merger in March 2021, the Company purchased two electric trucks from Mr. Oldridge for an aggregate purchase price of $128,000. The purchase price for such vehicles was paid in full to Mr. Oldridge during the three months ended June 30, 2021. Prior to the closing of the Merger, Mr. Oldridge had permitted the two vehicles to be used by the Company as customer demonstration vehicles for no cost. The purchase price of $64,000 per vehicle was less than the purchase price of $83,000 per vehicle that ADOMANI, Inc. had paid to EVTDS for similar vehicles in prior transactions. One of the vehicles purchased by the Company was subsequently sold to a customer of the Company in March 2021 and the second truck remains in the Company’s inventory at September 30, 2022.
Other Agreements
On December 31, 2021, the Company entered into employment agreements with Phillip W. Oldridge (the “Oldridge Agreement”), its Chief Executive Officer, and with Susan M. Emry (the “Emry Agreement”), its Executive Vice President. According to the Oldridge Agreement, effective as of March 1, 2021, Mr. Oldridge will receive an annual base salary of $300,000, payable in semi-monthly installments consistent with the Company’s payroll practices. Mr. Oldridge will also receive participation in medical insurance, dental insurance, and the Company’s other benefit plans. Under the Oldridge Agreement, Mr. Oldridge will also receive an amount equal to five percent of the net income of the Company on an annual basis and will be eligible for a bonus at the sole discretion of the Company’s Board of Directors (the “Board”). The Oldridge Agreement also provides for an automobile monthly allowance of $1,500. Mr. Oldridge’s employment shall continue until terminated in accordance with the Oldridge Agreement. If Mr. Oldridge is terminated without cause or if he terminates his employment for good reason, Mr. Oldridge will be entitled to receive (i) one-year of base salary, (ii) reimbursement of reimbursable expenses in accordance with the Oldridge Agreement, (iii) any bonus that would have been payable within the twelve months following the date of termination, and (iv) the value of any accrued and unused paid time off as of the date of termination. According to the Emry Agreement, effective on January 1, 2022, Mrs. Emry will receive an annual base salary of $200,000 and will be eligible for a bonus at the sole discretion of the Board. Mrs. Emry will also receive participation in medical insurance, dental insurance, and the Company’s other benefit plans. Mrs. Emry’s employment shall continue until terminated in accordance with the Emry Agreement. If Mrs. Emry is terminated without cause or if she terminates her employment for good reason, Mrs. Emry will be entitled to receive (i) one-year of base salary, (ii) reimbursement of reimbursable expenses in accordance with the Emry Agreement, and (iii) the value of any accrued and unused paid time off as of the date of termination.
The following table summarizes the Company’s future minimum payments under contractual commitments, excluding debt, as of September 30, 2022:
|
|
Payments due by period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
More |
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
than 5 |
|
|
|
Total |
|
|
one year |
|
|
1 - 3 years |
|
|
4 - 5 years |
|
|
years |
|
Operating lease obligations |
|
$ |
11,491 |
|
|
$ |
10,881 |
|
|
$ |
610 |
|
|
$ |
— |
|
|
$ |
— |
|
Employment contracts |
|
|
2,125,000 |
|
|
|
500,000 |
|
|
|
1,500,000 |
|
|
|
125,000 |
|
|
|
— |
|
Total |
|
$ |
2,136,491 |
|
|
$ |
510,881 |
|
|
$ |
1,500,610 |
|
|
$ |
125,000 |
|
|
$ |
— |
|
Except as set forth below, we know of no material, existing or pending, legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.
GreenPower Actions:
On December 17, 2019, GreenPower Motor Company Inc., a public company incorporated under the laws of British Columbia (“GreenPower”), of which Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, previously served as a senior officer and a member of its board of directors, filed a notice of civil claim, captioned GreenPower Motor Company Inc. v. Phillip Oldridge et al., Action No. S-1914285, in the Supreme Court of British Columbia, against Phillip Oldridge, his trust, EVTDS and certain other companies affiliated therewith. The notice of civil claim alleges that Mr. Oldridge breached certain fiduciary duties owed to GreenPower by working with certain parties in direct competition with and at the expense of GreenPower. GreenPower alleges that the Company conspired with Mr. Oldridge to build its business, competing products and unfairly compete with GreenPower. GreenPower seeks general damages, special damages and punitive damages, plus interest and costs against EVTDS. On February 2, 2020, the Company and the other companies affiliated therewith named in the notice of civil claim filed a response to the civil claim in which they denied certain of the allegations and asserted that certain other facts were outside of their knowledge. Fact discovery, through document disclosure and examinations for discoveries, in this matter remain ongoing. We believe that the lawsuit is without merit and intend to vigorously defend the action.
On or about July 18, 2021, GreenPower and GP Greenpower Industries Inc., (collectively “the GreenPower entities”) filed a counterclaim against David Oldridge, Phillip Oldridge, the Company and other companies in Supreme Court of British Columbia Action No. S207532. The counterclaim alleges that David Oldridge, Phillip Oldridge, the Company and other companies committed the tort of abuse of process by causing 42 Design Works Inc., to commence a lawsuit against the GreenPower entities. Additionally, GreenPower entities also advanced claims against David Oldridge, Phillip Oldridge, the Company and other companies for conspiracy. The pleadings in this lawsuit have not closed and we intend to vigorously defend the counterclaim.
On February 8, 2022, GreenPower Motor Company, Inc., a Delaware Corporation, and GreenPower Motor Company Inc., a Canadian Corporation, filed a complaint captioned GreenPower Motor Company, Inc. v. Philip Oldridge, et al., Case No. 5:22-cv-00252 in the United States District Court for the Central District of California. The complaint names the Company and the following affiliated entities, officers, or directors: Phillip Oldridge, Envirotech Electric Vehicles Inc., Envirotech Drive Systems Incorporated US, Envirotech Drive Systems Incorporated Canada, Sue Emry, David Oldridge, S&P Financial and Corporate Services, Inc. GreenPower also named the Philip Oldridge Trust and a purported entity called EVT Motors, Inc., but has since dismissed those parties. The complaint alleges (i) RICO violations, (ii) conspiracy to commit RICO violations, (iii) breach of fiduciary duties, (iv) breach of an employment contract, (v) conversion of GreenPower property, (vi) violation of the Defend Trade Secrets Act, and (vii) violations of California’s Business and Profession Code. The complaint seeks an undisclosed amount of compensatory and punitive damages, injunctive relief to prevent the alleged anti- Competitive behavior, restitution for harm, an award of treble damages, and associate fees and costs. The complaint’s allegations are centered around the same assertions in the pending Canadian litigation.
On May 10, 2022, the Company, together with other defendants, filed a Motion to Dismiss and/or Stay the lawsuit pending the outcome of the Canadian litigation. While hearing on this Motion was set for October 7, 2022, on October 4 the Court cancelled the hearing and indicated it would rule on the Motion without argument. The Court’s ruling on the Motion is still pending. We believe that the lawsuit is without merit and intend to vigorously defend the action.
Mollick/Electric DriveTrain Action:
On August 23, 2018, a purported class action lawsuit captioned M.D. Ariful Mollik v. ADOMANI, Inc. et al., Case No. RIC 1817493, was filed in the Superior Court of the State of California for the County of Riverside against us, certain of our executive officers, Edward R. Monfort, the former Chief Technology Officer and a former director of ADOMANI, Inc., and the two underwriters of our offering of common stock under Regulation A in June 2017. This complaint alleges that documents related to our offering of common stock under Regulation A in June 2017 contained materially false and misleading statements and that all defendants violated Section 12(a)(2) of the Securities Act, and that we and the individual defendants violated Section 15 of the Securities Act, in connection therewith. The plaintiff seeks on behalf of himself and all class members: (i) certification of a class under California substantive law and procedure; (ii) compensatory damages and interest in an amount to be proven at trial; (iii) reasonable costs and expenses incurred in this action, including counsel fees and expert fees; (iv) awarding of rescission or recessionary damages; and (v) equitable relief at the discretion of the court.
Plaintiff’s counsel subsequently filed a first amended complaint, a second amended complaint, a third amended complaint, and a fourth amended complaint. Plaintiff Mollik was replaced by putative class representatives Alan K. Brooks and Electric Drivetrains, LLC (“Electric Drivetrains”). Alan K. Brooks was subsequently dropped as a putative class representative. On October 27, 2020, the Company answered the fourth amended complaint, generally denying the allegations and asserting affirmative defenses.
On July 13, 2021, Electric Drivetrains’ counsel moved to be relieved as counsel and on August 23, 2021, the court granted this motion. On August 23, 2021, the Clerk of Court issued an order to show cause why the complaint should not be stricken and matter dismissed for failure to retain new counsel to Electric Drivetrains. On October 28, 2021, Electric Drivetrains filed a substitution of attorney, substituting J. Ryan Gustafson of Good Gustafson Aumais LLP as its new counsel. On December 10, 2021, the Court vacated the order to show cause. Over the tenure of the action, Electric Drivetrain has dismissed all defendants in the action except for the Company and two former Company executives. Any and all pending cross claims between or among defendants have been resolved and dismissed.
On August 31, 2022, Electric Drivetrains filed its Fifth Amended Complaint, which: i) drops certain class allegations; ii) adds certain state law claims; iii) and drops certain factual allegations but leaves the remaining claims against defendants intact. On October 6, 2022, the Company and remaining defendants filed their respective answer denying the allegations and asserting counterclaims. On the same day, the Company cross claimed against Electric Drivetrains and its managing member. The Court has set a trial setting conference on December 21, 2022. We believe that the lawsuit is without merit and intend to vigorously defend the action.
On June 19, 2019, Alan K. Brooks, an ADOMANI investor, filed a complaint, captioned Alan K. Brooks v. ADOMANI, Inc., et al., Case No. 1-CV-349153 in the Superior Court of California for the County of Santa Clara, against the Company, certain of the Company’s executive officers and directors, two of the underwriters of the Company’s offering of common stock under Regulation A in June 2017, and certain of the underwriters’ personnel, among others (the “Brooks Case”). The complaint alleges that the Company and other defendants breached the terms of an agreement between Mr. Brooks and the Company by refusing to release 1,320,359 shares of ADOMANI, Inc. stock to Mr. Brooks. Mr. Brooks seeks damages of $13,500,000.00 plus interest and attorney’s fees. On September 20, 2019, Mr. Brooks filed his first amended complaint (“FAC”) reasserting his breach of contract claim and alleging five additional claims for (i) violations of Cal. Corp. Code Section 25401, (ii) fraud, negligent misrepresentation, (iv) elder abuse, and (v) unfair competition. We answered the FAC on November 12, 2019, generally denying the allegations in the FAC and asserting affirmative defenses. Fact discovery in this matter remains ongoing. On August 10, 2021, we filed a motion for summary judgement and dismissal of plaintiff’s FAC. The parties participated in two days of mediation with Mark LeHocky. Mr. LeHocky provided the parties with a mediator’s proposal. Both parties accepted the proposal and reduced the proposal to a written settlement agreement. Pursuant to the settlement agreement, the Company has agreed to pay plaintiffs $197,500 in cash and $197,500 in shares of common stock. In addition, the Company’s insurance carrier has agreed to pay plaintiffs $170,000. On January 14, 2022, the parties filed a joint motion for an order approving the fairness of the terms of the settlement agreement. On March 7, 2022, the Court issued an Order approving the settlement and the parties are in the process of effectuating its terms. On April 5, 2022, the Company and Boustead resolved Boustead’s cross claim for indemnification in the Brooks action. This settlement is still subject to court approval. There are no further claims pending in the Brooks action and, if and when the Court approves the settlement, it should be dismissed.
As of September 30, 2022, the Company is a party to nine operating leases. Four of these leases are office or warehouse leases; the remaining five are equipment leases (see Note 8). As disclosed in Note 2, the Company accounts for leases as required by ASC Topic 842. The Company has elected to apply the short-term lease exception to all leases of one year or less. As of September 30, 2022, this exception applies to the six EVTDS leases and to the ADOMANI Inc. Stockton, California lease, which are all month-to-month. In applying the guidance in ASC 842, the Company has determined that all current leases should be classified as operating leases.
The Company has entered into the SRI Equipment Leases (see Note 8). Rent expense under the SRI Equipment Leases for the three and nine months ended September 30, 2022 was $23,312 and $69,936, respectively, and for the three and nine months ended September 30, 2021 was $38,853 and $66,055, respectively.
The Company has entered into the SRI Office Lease (see Note 8). Rent expense under the SRI Office Lease for the three and nine months ended September 30, 2022 was $8,190 and $18,200, respectively, and for the three and nine months ended September 30, 2021 was $4,550 and $11,270, respectively.
The Company has entered into the ABCI Office Lease (see Note 8). Rent expense under the ABCI Office Lease for the three and nine months ended September 30, 2022 was $8,400 and $25,200, respectively, and for the three and nine months ended September 30, 2021 was $8,400 and $25,200, respectively.
The Company has entered into the Toledo Jet Center Lease for office space in the Ft. Lauderdale Florida area effective February 15, 2022. The lease has a one-year term with the option to renew after one year. Rent expense for the Toledo Jet Center Lease for the three and nine months ended September 30, 2022 was $4,815 and $12,038, respectively.
In February 2017, ADOMANI, Inc. signed a lease for storage space in Stockton, California to serve as a location to store vehicles and other equipment utilized for marketing and trade-show purposes. The lease is on a month-to-month basis and can be terminated by either party with 30-days’ notice. The total amount due monthly is $1,000.
In December 2019, ADOMANI, Inc. signed a lease for combined office space and warehouse location in Corona, California. The facility had been used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery inspections, test demo vehicles, and securely store vehicles, equipment, parts and finished goods vehicle inventories prior to November 2020 when ADOMANI, Inc. vacated its former corporate office space in Corona, California, and made such facility the new corporate office location in addition to its prior use. The lease was for a period of 36 months, commencing on January 1, 2020, and terminating on December 31, 2022. The base rent for the term of the lease was $495,720, with $265 due per month for fire sprinkler alarm monitoring and landscape maintenance. The base rent amount due monthly was $13,108 at commencement and would have escalate to $13,906 by its conclusion. However, the Company vacated the premises effective March 31. 2022, and the lease was taken over on April 1, 2022 by its sublease tenant, as discussed below.
On February 4, 2020, ADOMANI, Inc. signed a sublease agreement with Masters Transportation, Inc. (“Masters”) for Masters to occupy a portion of the Corona, California, facility that the Company occupied effective January 1, 2020 (see above). The effective date of the Masters’ sublease was February 1, 2020, and it expires when the Company’s lease on the Corona, California facility expires on December 31, 2022. Under the sublease, Masters is obligated to pay the Company monthly rent payments in an amount equal to $6,000 at commencement and thereafter escalating to $6,365 by its conclusion. On April 1, 2022, Masters took over the remaining lease obligation for the facility.
The Company’s total net rent expense for the three and nine months ended September 30, 2022 was $52,579 and $180,746, respectively, and for the three and nine months ended September 30, 2021 was ($14,841) and $198,161, respectively.
Quantitative information regarding the Company’s leases is as follows:
| | Nine Months Ended September 30, | |
| | 2022 | | | 2021 | |
Lease expenses | | | | | | | | |
Operating lease expenses | | $ | 56,101 | | | $ | 122,001 | |
Short-term lease expenses | | | 124,645 | | | | 76,160 | |
Total lease cost | | $ | 180,746 | | | $ | 198,161 | |
Other information | | | | | | | | |
Cash paid for the amounts included in the measurement of lease liabilities for operating leases: | | | | | | | | |
Operating cash flows | | $ | 56,890 | | | $ | 163,707 | |
Weighted-average remaining lease term (in years): | | | | | | | | |
Operating leases | | | 0.62 | | | | 1.28 | |
Weighted-average discount rate: | | | | | | | | |
Operating leases | | | 14 | % | | | 14 | % |
During the preparation of its Form 10-K for the year ended December 31, 2022, management of the Company identified misstatements with respect to recognition of sales revenue and related cost of sales during each of the three month periods ended March 31, 2022, June 30, 2022 and September 30, 2022. Management identified vehicle sales transactions where sales revenue and related cost of sales were incorrectly recognized upon approval of customer purchase incentives by certain government-sponsored electric vehicle incentive programs. Management determined that such approval did not coincide with a transfer of control under ASC Topic 606, Revenue from Contracts with Customers, and that revenue should have been recognized upon delivery of the vehicles to the customer.
In addition, in an unrelated transaction, the Company reclassed $387,000 from Accrued liabilities to Notes payable, net. This reclassification had no impact on total current liabilities.
The Company has restated its Consolidated Balance Sheet as of September 30, 2022, and the related Consolidated Statement of Operations, Consolidated Statement of Stockholders’ Equity and Consolidated Statement of Cash Flows for the three month and nine month periods ended September 30, 2022 to correct the misstatements described above.
The following table summarizes the effects of the restatement as of September 30, 2022 and for the three month and nine month periods ended September 30, 2022. Corresponding changes were made in the Consolidated Statement of Stockholders’ Equity and Consolidated Statement of Cash Flows. The restatement had no net effect on the cash flows of the Company.
| | September 30, 2022 | |
Consolidated Balance Sheet Information: | | As Previously Reported | | | As Restated | |
Accounts receivable | | $ | 7,804,369 | | | $ | 3,384,936 | |
Inventory, net | | | 3,603,852 | | | | 5,954,375 | |
Inventory deposits | | | 4,812,439 | | | | 4,855,049 | |
Total current assets | | | 21,589,819 | | | | 19,563,519 | |
Total assets | | | 73,749,477 | | | | 71,723,177 | |
Accrued liabilities | | | 1,154,026 | | | | 767,026 | |
Notes payable, net | | | 27,444 | | | | 414,444 | |
Accumulated deficit | | | (11,535,272 | ) | | | (13,561,572 | ) |
Total stockholders’ equity | | | 72,388,228 | | | | 70,361,928 | |
Total liabilities and stockholders’ equity | | | 73,749,477 | | | | 71,723,177 | |
| | Three Months Ended September 30, 2022 | | | Nine Months Ended September 30, 2022 | |
Consolidated Statement of Operations Information: | | As Previously Reported | | | As Restated | | | As Previously Reported | | | As Restated | |
Sales | | $ | 3,882,670 | | | $ | 1,029,280 | | | $ | 7,078,870 | | | $ | 2,625,090 | |
Cost of sales | | | 2,046,491 | | | | 677,855 | | | | 3,998,533 | | | | 1,599,290 | |
Gross profit | | | 1,836,179 | | | | 351,425 | | | | 3,080,337 | | | | 1,025,800 | |
General and administrative expenses | | | 1,619,210 | | | | 1,584,973 | | | | 6,142,194 | | | | 6,113,957 | |
Income (loss) from operations | | | 97,782 | | | | (1,352,735 | ) | | | (3,438,774 | ) | | | (5,465,074 | ) |
Income (loss) before income taxes | | | 126,749 | | | | (1,323,768 | ) | | | (3,410,912 | ) | | | (5,437,212 | ) |
Net income (loss) | | $ | 126,749 | | | $ | (1,323,768 | ) | | $ | (3,410,912 | ) | | $ | (5,437,212 | ) |
Net income (loss) per share – basic and diluted | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.23 | ) | | $ | (0.36 | ) |
The Company evaluates subsequent events through September 22, 2023, which is the date the financial statements were issued or available to be issued.
In March 2023, the Company ("Sublessee") entered into an agreement with Berthaphil, Inc. ("Sublessor") to sublease approximately 3,600 square yards of a warehouse building based in the Clark Freeport Zone in the Philippines. The term of the lease is two years and two months with a turnover date of July 1, 2023 ("turnover date") and a rental commencement date of September 1, 2023. There is a grace period of two months for rental payments, starting from the turnover date. The monthly rent for the first year is $15,000, escalating to $15,750 for the second year and $16,530 for the remaining term. The sublease may be renewed for an additional period that is mutually agreed upon subject to certain terms and conditions. The Company intends to use the leased space as a production facility as it seeks to expand its business presence both in the region and the United States of America.
Be
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of our financial condition and the results of operations should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q (“Quarterly Report”). This discussion contains forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors include, among others, those identified under the “Special Note Regarding Forward-Looking Statements” above, and elsewhere in this Quarterly Report, particularly in Part II, Item 1A “Risk Factors,” below.
Overview
We are a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for light to heavy-duty electric vehicles. Our vehicles address the challenges of traditional fuel price instability and local, state and federal regulatory compliance.
As discussed in Item 1, Notes 2 and 3 to the unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q, as a result of the closing of the Merger on March 15, 2021, the historical results discussed in this section of the Quarterly Report on Form 10-Q are those of EVTDS as of September 30, 2022, which include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries, and for the fiscal periods ended September 30, 2022, which include the consolidated results of operations of EVTDS and Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries for the entire three and nine month periods. The consolidated financial statements and related disclosures as of March 31, 2021 include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries, including EVTDS. The consolidated results of operations for the three months ended March 31, 2021 include the results of operations of EVTDS for the entire period and include the consolidated results of operations of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries for the post-merger period March 16, 2021 through March 31, 2021. On May 26, 2021, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware to change its name from ADOMANI, Inc. to Envirotech Vehicles, Inc., effective as of May 26, 2021.
For the three months ended September 30, 2022 and 2021, we generated sales revenue of $1,029,280 and $709,092, respectively, and our net loss for the three months ended September 30, 2022 was $1,323,768. Our net loss for the three months ended September 30, 2021 was $850,475. For the nine months ended September 30, 2022 and 2021, we generated sales revenue of $2,625,090 and $1,368,151, respectively, and our net losses were $5,437,212 and $2,402,064, respectively. The 2022 loss includes approximately $1.72 million of non-cash net expenses.
Factors Affecting Our Performance
We believe that the growth and future success of our business depend on various opportunities, challenges and other factors, including the following:
COVID-19 pandemic. Global health concerns related to the ongoing COVID-19 pandemic have resulted in social, economic and labor instability in the countries in which we or the third parties with whom we engage operate, and resulted in unexpected legal and regulatory changes, such as travel, social distancing and quarantine policies, boycotts, curtailment of trade, and other business restrictions that have negatively impacted our ability to procure and sell our products and provide our services. Accordingly, our future performance will depend in part upon our ability to successfully respond and adapt to these challenges. We have developed, and continue to develop, plans to address the ongoing effects and help mitigate the potential negative impact of the pandemic on our business.
Availability of government subsidies, rebates and economic incentives. We believe that the availability of government subsidies, rebates, and economic incentives is currently a critical factor considered by our customers when purchasing our zero-emission systems or converting their existing vehicles to zero-emission-electric or hybrids, and that our growth depends in large part on the availability and amounts of these subsidies and economic incentives. As an alternative to being dependent on such funding, however, we are exploring the possibility of leasing our vehicles to our customers as well.
New customers. We are competing with other companies and technologies to help fleet managers and their districts/companies more efficiently and cost-effectively manage their fleet operations. Once these fleet managers have decided they want to buy from us, we still face challenges helping them obtain financing options to reduce the cost barriers to purchasing. We may also encounter customers with inadequate electrical services at their facilities that may delay their ability to purchase from us.
Dependence on external sources of financing of our operations. We have historically depended on external sources for capital to finance our operations. Accordingly, our future performance will depend in part upon our ability to achieve independence from external sources for the financing of our operations.
Investment in growth. We plan to continue to invest for long-term growth. We anticipate that our operating expenses will increase in the foreseeable future as we invest in research and development to enhance our zero-emission electric vehicles and systems; design, develop and manufacture our commercial fleet vehicles and their components; increase our sales and marketing to acquire new customers; and increase our general and administrative functions to support our growing operations. We believe that these investments will contribute to our long-term growth, although they will adversely affect our results of operations in the near term. In addition, the timing of these investments can result in fluctuations in our annual and quarterly operating results.
Zero-emission electric vehicle experience. Our dealer and service network is not currently completely established, although we do have certain agreements in place. One issue they may have, and we may encounter, is finding appropriately trained technicians with zero-emission electric fleet vehicle experience. Our performance will depend on having a robust dealer and service network, which will require appropriately trained technicians to be successful. Because vehicles that utilize our technology are based on a different technology platform than traditional internal combustion engines, individuals with sufficient training in zero-emission electric vehicles may not be available to hire, and we may need to expend significant time and expense training the employees we do hire. If we are not able to attract, assimilate, train or retain additional highly qualified personnel in the future, or do so cost-effectively, our performance would be significantly and adversely affected.
Market growth. We believe the market for all-electric solutions for alternative fuel technology, specifically all-electric vehicles, will continue to grow as more purchases of new zero-emission vehicles and as more conversions of existing fleet vehicles to zero-emission vehicles are made. However, unless the costs to produce such vehicles decrease dramatically, purchases of our products will continue to depend in large part on financing subsidies from government agencies. We cannot be assured of the continued availability, the amounts of such assistance to our customers, or our ability to access such funds.
Sales revenue growth from additional products. We seek to add to our product offerings additional zero-emission vehicles of all sizes to be marketed, sold, warrantied and serviced through our developing distribution and service network, as well as add other ancillary products discussed elsewhere in this report.
Third-party contractors, suppliers and manufacturers. We rely upon third parties to supply us with raw materials, parts, components and services in adequate quantity in a timely manner and at reasonable prices, quality levels, and volumes acceptable to us.
Components of Results of Operations
Sales
Sales are recognized from the sales of new, purpose-built zero-emission electric vehicles and from providing vehicle maintenance and safety inspection services. Sales are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606, as discussed in Note 2 to our unaudited consolidated financial statements included in this Quarterly Report.
Cost of Sales
Cost of sales includes those costs related to the development, manufacture, and distribution of our products. Specifically, we include in cost of sales each of the following: material costs (including commodity costs); freight costs; labor and other costs related to the development and manufacture of our products; and other associated costs. Cost of sales also includes costs related to the valuation of inventory due to impairment, obsolescence, or shrinkage.
General and Administrative Expenses
Selling, general and administrative expenses include all corporate and administrative functions that support our company, including personnel-related expense and stock-based compensation costs; costs related to investor relations activities; warranty costs, including product recall and customer satisfaction program costs; consulting costs; marketing-related expenses; and other expenses that cannot be included in cost of sales.
Consulting and Research and Development Costs
These expenses are related to our consulting and research and development activity.
Other Income/Expenses, Net
Other income/expenses include non-operating income and expenses, including interest income and expense.
Provision for Income Taxes
We account for income taxes in accordance with Financial Accounting Standards Board (“FASB”) ASC 740 “Income Taxes,” which requires the recognition of deferred income tax assets and liabilities for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that we will not realize tax assets through future operations. Because we have incurred only losses to this point, no provision for income taxes has been made in 2022.
Results of Operations
The following discussion compares operating data for the three and nine months ended September 30, 2022 to the corresponding periods ended September 30, 2021:
Sales
Sales were $1,029,280 and $709,092 for the three months ended September 30, 2022 and 2021, respectively, and $2,625,090 and $1,368,151 for the nine months ended September 30, 2022 and 2021, respectively. Sales for the three and nine months ended September 30, 2022, primarily consisted of sales of cargo vans. Sales for the three months ended September 30, 2022 increased by $320,188 or 45% compared to sales for the three months ended September 30, 2021 while sales for the nine months ended September 30, 2022 increased by $1,256,939 or 92% compared to sales for the same period in 2021 primarily due to, among other things, favorable market conditions s more customers took advantage of the various governmental programs that awarded rebates for purchases of electric vehicles.
Cost of Sales
Cost of sales were $677,855 and $469,611 for the three months ended September 30, 2022 and 2021, respectively, and $1,599,290 and $930,977 for the nine months ended September 30, 2022 and 2021, respectively. Cost of sales for the three and nine months ended September 30, 2022 and 2021 consisted of the costs related to the sale of the vehicles sold as described above and, in early 2022, for the costs of providing maintenance and inspection services that have been discontinued.
General and Administrative Expenses
General and administrative expenses were $1,584,973 and $1,344,840 for the three months ended September 30, 2022 and 2021, respectively, an increase of $240,133. The increase was primarily due to $143,821 of professional fees (primarily legal fees); to insurance costs of $136,252, to $100,692 of increased payroll expense; to rents of $94,952, to contract labor costs of $82,503 primarily related to engineering and technical assistance; to advertising and marketing expenses of $78,871; to travel and related expenses of $53,003 related primarily to tradeshows and sales. These increases were partially reduced by a reduction in bad debt expenses of $253,879, non cash stock-based compensation expense of $121,132, and reductions of $40,713 in other general and administrative expenses compared to the 2021 period. The third quarter 2022 general and administrative expenses include $50,000 of non-cash bad debt expense and $19,092 of non-cash depreciation expense. The general and administrative expenses for the three months ended September 30, 2021 included non-cash depreciation expense of $7,655.
General and administrative expenses were $6,113,957 and $2,766,989 for the nine months ended September 30, 2022 and 2021, respectively, an increase of $3,346,968. The increase was primarily related to $1,493,713 non-cash stock-based compensation expense recorded with respect to the stock options granted during the first quarter of 2022. Other increases were due to payroll-related expenses of $643,101; to professional fees of $372,903 (primarily legal fees); to contract labor costs of $273,421 primarily related to engineering and technical assistance; to insurance costs of $271,654; to advertising and marketing expenses of $247,944; to travel and related expenses of $151,594 related primarily to finalizing logistics and moving into the Osceola, Arkansas manufacturing location and tradeshows, information and communications technologies of $78,388, subscriptions and continuing education of $47,162, and to increases in other general and administrative expenses of $75,204. These increases were partially reduced by a reduction in bad debt of $279,879 compared to the 2021 period. The general and administrative expenses for the nine months ended September 30, 2022 include $1,721,545 in non-cash charges, with depreciation expense of $56,700 and bad debt expense related to trade receivables of $50,000 being added to stock-based compensation expense of $1,614,845. The general and administrative expenses for the nine months ended September 30, 2021 included $468,042 in non-cash charges, including $303,879 in bad debt expense unrelated to trade accounts receivable, $121,132 in stock-based compensation expense and depreciation expense of $43,031.
Consulting Expenses
Consulting expenses were $94,187 and $36,735 for the three months ended September 30, 2022 and 2021, respectively, and $264,505 and $142,092 for the nine months ended September 30, 2022 and 2021, respectively. The increase in the current year period was due primarily to payments to an Arkansas state relationship and incentive consulting firm that assisted the Company in securing the manufacturing facility in Osceola, Arkansas and to the cost of the ASC 805 valuation report related to the Merger.
Research and Development Expenses
Research and development expenses were $25,000 and $112,412 for the three and nine months ended September 30, 2022 and no expense was incurred for the three and nine months ended September 30, 2021. The increase in the current year period was due to the development of new product lines which includes a school bus and Class 5 cab over chassis truck.
Cash Flows
The following table summarizes our cash flows from operating, investing, and financing activities for the nine months ended September 30, 2022 and 2021:
|
|
Nine months ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
Cash flows (used in), provided by operating activities |
|
$ |
(8,271,750 |
) |
|
$ |
(9,917,328 |
) |
Cash flows provided by investing activities |
|
|
5,942,221 |
|
|
|
(3,654,626 |
) |
Cash flows provided by financing activities |
|
|
106,234 |
|
|
|
22,282,308 |
|
Net change in cash, restricted cash and cash equivalents |
|
$ |
(2,223,295 |
) |
|
$ |
8,710,354 |
|
Operating Activities
Cash (used in) operating activities is primarily the result of our operating losses, reduced by the impact of non-cash expenses, including non-cash stock-based compensation, and changes in the asset and liability accounts.
Net cash used in operating activities for the nine months ended September 30, 2022 was $8,271,750 versus net cash used in operating activities of $9,917,328 for the nine months ended September 30, 2021, a decrease of $1,645,578. The decrease in net cash used in operating activities was due to decreases in the cash used for inventory deposits of $4,162,695; increases in net non cash items of $1,558,348 (primarily stock-based compensation expense of $1,493,713), a decrease in cash used to reduce accrued liabilities of $1,539,363; a decrease in cash used to increase other liabilities of $629,749; a decrease in cash used to reduce accounts payable of $230,569; and a decrease in other assets of $158,265. These sources of cash were partially offset by an increase in net loss of $3,035,148; an increase in cash used to purchase inventory of $1,311,034; an increase in accounts receivable of $1,222,639, and an increase in prepaid expenses of $1,014,590, resulting in the net reduction of $1,645,578.
We expect cash used in operating activities to fluctuate significantly in future periods as a result of a number of factors, some of which are outside of our control, including, among others: the success we achieve in generating revenue; the success we have in helping our customers obtain financing to subsidize their purchases of our products; our ability to efficiently develop our dealer and service network; the costs of batteries and other materials utilized to make our products; the extent to which we need to invest additional funds in research and development; and the amount of expenses we incur to satisfy future warranty claims.
Investing Activities
Net cash provided by investing activities during the nine months ended September 30, 2022 increased by $9,596,847 to $5,942,221, as compared to cash used in investing activities of $3,654,626 during the nine months ended September 30, 2021. The increase in net cash provided by investing activities during the nine months ended September 30, 2022 is primarily due to a decrease in investments in marketable securities of $9,708,964 and the increased sale of marketable securities of $3,323,461, partially offset by the absence in 2022 of the $3,373,332 cash acquired in merger in 2021 and an increase of $62,246 in capital expenditures.
Financing Activities
Net cash provided by financing activities during the nine months ended September 30, 2022 decreased by $22,176,074 to $106,234 from cash provided by financing activities in 2021 of $22,282,308. The decrease consisted primarily of the pre-merger $6,415,110 proceeds from the issuance of common stock raised by EVTDS in 2021 in anticipation of the Merger; a second common stock offering post-merger which raised $16,274,991, and $90,087 raised in 2021 from the issuance of stock for stock options that were exercised versus $120,000 raised in 2022 from the issuance of stock for stock options that were exercised. The 2021 cash provided was reduced by offering costs of $188,015; there were no offering costs incurred in the 2022 period. The proceeds from the issuance of common stock were further reduced in 2022 by the Company making installment payments of $13,766 on its debt, and in 2021 by EVTDS and ADOMANI, Inc. both repaying their SBA EIDL loans in the combined amount of $309,865.
Liquidity and Capital Resources
As of September 30, 2022, we had cash and cash equivalents of $2,683,230 and marketable securities of $1,976,308, a combined total of $4,659,538 and working capital of approximately $18.2 million. We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operations during the next twelve months and beyond. However, we may not successfully execute our business plan, and if we do not, we may need additional capital to continue our operations and support the increased working capital requirements associated with the fulfillment of purchase orders.
On February 2022, the Company announced Osceola, Arkansas as the site of its state-of-the-art manufacturing facility and new corporate offices. The Company has moved into an approximately 580,000 square foot facility and is currently in final stages of due diligence and contract negotiation with the City of Osceola and the Arkansas Economic Development Commission. However, additional debt and/or equity capital will be required in order to purchase related equipment and set up production lines and is expected to require up to $80 million of additional investment through 2027. Investments and employee hiring requirements over the next 10 years will provide an opportunity for the Company to obtain local tax incentives granted to the Company of up to $27 million, provided that the qualifying expenditures are made. The Company is not currently contractually obligated to make the expenditures.
Line of Credit
Effective August 4, 2022, EVT secured a line of credit from Centennial Bank. Borrowings under the line of credit bear interest at 2.75% annually. There is no maturity date for the line, but Centennial Bank may at any time, in its sole discretion and without cause, demand the Company to immediately repay any and all outstanding obligations under the line of credit in whole or in part. The line is secured by the cash and cash equivalents maintained by the Company in its Centennial Bank accounts. Borrowings under the line may not exceed cash, cash equivalents, and marketable securities balances up to $1,000,000. There was no principal amount outstanding on September 30, 2022 and there is no current plan to borrow from it
Capital Expenditures
We do not have any contractual obligations for ongoing capital expenditures at this time. We do, however, purchase equipment necessary to conduct our operations on an as needed basis and will begin increasing those expenditures as the Company transfers assembly and corporate functions to the newly announced Osceola Arkansas facility.
Contractual Obligations
Other than as disclosed in the unaudited consolidated financial statements in Item 1 of this Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022, the Company has no contractual obligations.
Critical Accounting Policies and Significant Judgments and Estimates
Our consolidated financial statements are prepared in accordance with GAAP. The preparation of our consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, costs and expenses, and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions.
We define our critical accounting policies as those accounting principles generally accepted in the United States of America that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations as well as the specific manner in which we apply those principles.
Smaller Reporting Company Status
We are a “smaller reporting company” as defined in Rule 12b-2 under the Exchange Act. We may continue to be a smaller reporting company if either (i) the market value of our shares held by non-affiliates is less than $250 million or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our shares held by non-affiliates is less than $700 million as of the last business day of our most recently completed second fiscal quarter. We may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not smaller reporting companies, including reduced disclosure about our executive compensation arrangements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
We are exposed to market risks in the ordinary course of our business. We do not currently face material market risks such as interest rate fluctuation risk and foreign currency exchange risk. Our cash and cash equivalents include cash in readily available checking and money market accounts. These investments are not dependent on interest rate fluctuations that may cause the principal amount of these investments to fluctuate, and we do not expect such fluctuation will have a material impact on our financial conditions. If we issue additional debt in the future, we will be subject to interest rate risk. The majority of our expenses are denominated in the U.S. dollar.
We may face risks associated with the costs of raw materials, primarily batteries, as we go into production. To the extent these and other risks materialize, they could have a material effect on our operating results or financial condition. We currently anticipate that our international selling, marketing and administrative costs related to foreign sales, if any, will be largely denominated in United States dollars, which may create foreign currency exchange risk exposure.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of September 30, 2022. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures (a) were not effective to ensure that information that we are required to disclose in reports that we file or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
Due to the staff reductions and voluntary resignations, we experienced beginning in the fourth quarter of 2020 and continuing through the date of this filing, we increased our reliance on outsourced accounting help during such periods and for all periods thereafter through the date of this filing. As a result of such changes, we have been unable to maintain the levels of segregation of duties during such periods at the levels of prior periods, and such changes to our disclosure controls and procedures have significantly affected our internal control over financial reporting during the three months ended September 30, 2022. We have yet to fully resolve such deficiencies as of the date of this filing. We have engaged, and continue to seek additional, experienced accounting professionals with relevant expertise to provide additional accounting services intended to supplement our efforts and mitigate the negative effects of such recent changes to our disclosure controls and procedures.
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. Similarly, an evaluation of controls cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Except as set forth below, we know of no material, existing or pending, legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.
GreenPower Actions:
On December 17, 2019, GreenPower Motor Company Inc., a public company incorporated under the laws of British Columbia (“GreenPower”), of which Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, previously served as a senior officer and a member of its board of directors, filed a notice of civil claim, captioned GreenPower Motor Company Inc. v. Phillip Oldridge et al., Action No. S-1914285, in the Supreme Court of British Columbia, against Phillip Oldridge, his trust, EVTDS and certain other companies affiliated therewith. The notice of civil claim alleges that Mr. Oldridge breached certain fiduciary duties owed to GreenPower by working with certain parties in direct competition with and at the expense of GreenPower. GreenPower alleges that the Company conspired with Mr. Oldridge to build its business, competing products and unfairly compete with GreenPower. GreenPower seeks general damages, special damages and punitive damages, plus interest and costs against EVTDS. On February 2, 2020, the Company and the other companies affiliated therewith named in the notice of civil claim filed a response to the civil claim in which they denied certain of the allegations and asserted that certain other facts were outside of their knowledge. Fact discovery, through document disclosure and examinations for discoveries, in this matter remain ongoing. We believe that the lawsuit is without merit and intend to vigorously defend the action.
On or about July 18, 2021, GreenPower and GP Greenpower Industries Inc., (collectively “the GreenPower entities”) filed a counterclaim against David Oldridge, Phillip Oldridge, the Company and other companies in Supreme Court of British Columbia Action No. S207532. The counterclaim alleges that David Oldridge, Phillip Oldridge, the Company and other companies committed the tort of abuse of process by causing 42 Design Works Inc., to commence a lawsuit against the GreenPower entities. Additionally, GreenPower entities also advanced claims against David Oldridge, Phillip Oldridge, the Company and other companies for conspiracy. The pleadings in this lawsuit have not closed and we intend to vigorously defend the counterclaim.
On February 8, 2022, GreenPower Motor Company, Inc., a Delaware Corporation, and GreenPower Motor Company Inc., a Canadian Corporation, filed a complaint captioned GreenPower Motor Company, Inc. v. Philip Oldridge, et al., Case No. 5:22-cv-00252 in the United States District Court for the Central District of California. The complaint names the Company and the following affiliated entities, officers, or directors: Phillip Oldridge, Envirotech Electric Vehicles Inc., Envirotech Drive Systems Incorporated US, Envirotech Drive Systems Incorporated Canada, Sue Emry, David Oldridge, S&P Financial and Corporate Services, Inc. GreenPower also named the Philip Oldridge Trust and a purported entity called EVT Motors, Inc., but has since dismissed those parties. The complaint alleges (i) RICO violations, (ii) conspiracy to commit RICO violations, (iii) breach of fiduciary duties, (iv) breach of an employment contract, (v) conversion of GreenPower property, (vi) violation of the Defend Trade Secrets Act, and (vii) violations of California’s Business and Profession Code. The complaint seeks an undisclosed amount of compensatory and punitive damages, injunctive relief to prevent the alleged anti- Competitive behavior, restitution for harm, an award of treble damages, and associate fees and costs. The complaint’s allegations are centered around the same assertions in the pending Canadian litigation.
On May 10, 2022, the Company, together with other defendants, filed a Motion to Dismiss and/or Stay the lawsuit pending the outcome of the Canadian litigation. While hearing on this Motion was set for October 7, 2022, on October 4 the Court cancelled the hearing and indicated it would rule on the Motion without argument. The Court’s ruling on the Motion is still pending. We believe that the lawsuit is without merit and intend to vigorously defend the action.
Mollick/Electric DriveTrain Action:
On August 23, 2018, a purported class action lawsuit captioned M.D. Ariful Mollik v. ADOMANI, Inc. et al., Case No. RIC 1817493, was filed in the Superior Court of the State of California for the County of Riverside against us, certain of our executive officers, Edward R. Monfort, the former Chief Technology Officer and a former director of ADOMANI, Inc., and the two underwriters of our offering of common stock under Regulation A in June 2017. This complaint alleges that documents related to our offering of common stock under Regulation A in June 2017 contained materially false and misleading statements and that all defendants violated Section 12(a)(2) of the Securities Act, and that we and the individual defendants violated Section 15 of the Securities Act, in connection therewith. The plaintiff seeks on behalf of himself and all class members: (i) certification of a class under California substantive law and procedure; (ii) compensatory damages and interest in an amount to be proven at trial; (iii) reasonable costs and expenses incurred in this action, including counsel fees and expert fees; (iv) awarding of rescission or recessionary damages; and (v) equitable relief at the discretion of the court.
Plaintiff’s counsel subsequently filed a first amended complaint, a second amended complaint, a third amended complaint, and a fourth amended complaint. Plaintiff Mollik was replaced by putative class representatives Alan K. Brooks and Electric Drivetrains, LLC (“Electric Drivetrains”). Alan K. Brooks was subsequently dropped as a putative class representative. On October 27, 2020, the Company answered the fourth amended complaint, generally denying the allegations and asserting affirmative defenses.
On July 13, 2021, Electric Drivetrains’ counsel moved to be relieved as counsel and on August 23, 2021, the court granted this motion. On August 23, 2021, the Clerk of Court issued an order to show cause why the complaint should not be stricken and matter dismissed for failure to retain new counsel to Electric Drivetrains. On October 28, 2021, Electric Drivetrains filed a substitution of attorney, substituting J. Ryan Gustafson of Good Gustafson Aumais LLP as its new counsel. On December 10, 2021, the Court vacated the order to show cause. Over the tenure of the action, Electric Drivetrain has dismissed all defendants in the action except for the Company and two former Company executives. Any and all pending cross claims between or among defendants have been resolved and dismissed.
On January 20, 2022, Mr. Monfort dismissed his cross-complaint for indemnification against the Company in the Mollik action. On April 8, 2022, the Company and Boustead Securities, LLC (“Boustead”) settled their respective cross-claims against each other in both the Mollik action and Brooks action in exchange for the Company paying fifty thousand dollars ($50,000) in cash and 20,415 shares of common stock and mutual releases between parties. On August 5, 2022, the Santa Clara Superior Court approved this Settlement rendering it finally effective, with consideration being forthcoming. There are no longer any cross claims pending in the Mollik action.
On August 31, 2022, Electric Drivetrains filed its Fifth Amended Complaint, which: i) drops certain class allegations; ii) adds certain state law claims;
iii) and drops certain factual allegations but leaves the remaining claims against defendants intact. On October 6, 2022, the Company and remaining defendants filed their respective answer denying the allegations and asserting counterclaims. On the same day, the Company cross claimed against Electric Drivetrains and its managing member. The Court has set a trial setting conference on December 21, 2022. We believe that the lawsuit is without merit and intend to vigorously defend the action.
ITEM 1A. RISK FACTORS
There were no material changes from the risk factors previously disclosed in the audited financial statements of Envirotech Vehicles, Inc. for the year ended December 31, 2021 as described in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on April 26, 2022.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In connection with the settlement of the Mollik action and Brooks action, the Company issued 20,415 shares to Mr. Brooks on July 12, 2022. These securities were issued in reliance on the exemption under Section 3(a)(10) of the Securities Act of 1933, as amended.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
A list of exhibits is set forth at the end of this Quarterly Report on Form 10-Q for the information required by this item.
# |
The information in Exhibits 32.1 and 32.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act (including this Quarterly Report), unless the Registrant specifically incorporates the foregoing information into those documents by reference. |
* |
In accordance with Rule 402 of Regulation S-T, this interactive data file is deemed not filed or part of this Quarterly Report for purposes of Sections 11 or 12 of the Securities Act or Section 18 of the Exchange Act and otherwise is not subject to liability under these sections. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Envirotech Vehicles, Inc. |
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Date: September 22, 2023 |
By: |
/s/ Phillip W. Oldridge |
|
|
|
Phillip W. Oldridge |
|
|
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
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|
|
|
|
Date: September 22, 2023 |
By: |
/s/ Douglas M. Campoli |
|
|
|
Douglas M. Campoli |
|
|
|
Chief Financial Officer and Treasurer |
|
|
|
(Principal Financial and Accounting Officer) |
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Exhibit 31.1
Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934
I, Phillip W. Oldridge, certify that:
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q/A of Envirotech Vehicles, Inc.;
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|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 22, 2023
By: /s/ Phillip W. Oldridge
Phillip W. Oldridge
Chief Executive Officer
(Principal Executive Officer)
Exhibit 31.2
Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act Of 1934
I, Douglas M. Campoli, certify that:
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q/A of Envirotech Vehicles, Inc.;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 22, 2023
By: /s/ Douglas M. Campoli
Douglas M. Campoli
Chief Financial Officer and Treasurer
(Principal Financial Officer)
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Envirotech Vehicles, Inc. (the “Company”) on Form 10-Q/A for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Phillip W. Oldridge, Chief Executive Officer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
|
(i)
|
the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
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(ii)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: September 22, 2023
By: /s/ Phillip W. Oldridge
Name Phillip W. Oldridge
Title: Chief Executive Officer
(Principal Executive Officer)
A signed original of this written statement required by 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. This certification will not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference.
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Envirotech Vehicles, Inc. (the “Company”) on Form 10-Q/A for the period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas M. Campoli, Chief Financial Officer and Treasurer of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
|
(i)
|
the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and
|
|
(ii)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: September 22, 2023
By: /s/ Douglas M. Campoli
Douglas M. Campoli
Chief Financial Officer and Treasurer
(Principal Financial Officer)
A signed original of this written statement required by 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. This certification will not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference.
v3.23.3
Document And Entity Information - shares
|
9 Months Ended |
|
Sep. 30, 2022 |
Nov. 10, 2022 |
Document Information [Line Items] |
|
|
Entity Central Index Key |
0001563568
|
|
Entity Registrant Name |
Envirotech Vehicles, Inc.
|
|
Amendment Flag |
true
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2022
|
|
Document Type |
10-Q/A
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2022
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-38078
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
46-0774222
|
|
Entity Address, Address Line One |
1425 Ohlendorf Road
|
|
Entity Address, City or Town |
Osceola
|
|
Entity Address, State or Province |
AR
|
|
Entity Address, Postal Zip Code |
72370
|
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City Area Code |
870
|
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Local Phone Number |
970-3355
|
|
Title of 12(b) Security |
Common Stock, par value $0.00001 per share
|
|
Trading Symbol |
EVTV
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
No
|
|
Entity Interactive Data Current |
No
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Entity Ex Transition Period |
false
|
|
Entity Shell Company |
false
|
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Amendment Description |
This Amendment is being filed to reflect the restatement of the Company’s consolidated financial statements, as discussed in Note 12 thereto, and other information related to such restated financial information. Except for Items 1 and 2 of Part I and Item 6 of Part II, no other information is amended by this Form 10-Q/A.
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v3.23.3
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
|
Sep. 30, 2022 |
[1] |
Dec. 31, 2021 |
ASSETS |
|
|
Cash and cash equivalents |
$ 2,623,099
|
$ 4,846,490
|
Restricted cash |
60,131
|
60,035
|
Marketable securities |
1,976,308
|
8,002,700
|
Accounts receivable |
3,384,936
|
1,428,030
|
Inventory, net |
5,954,375
|
3,850,541
|
Inventory deposits |
4,855,049
|
4,503,079
|
Prepaid expenses |
709,621
|
332,514
|
Total current assets |
19,563,519
|
23,023,389
|
Property and equipment, net |
305,617
|
272,113
|
Goodwill |
51,775,667
|
51,775,667
|
Other non-current assets |
78,374
|
236,639
|
Total assets |
71,723,177
|
75,307,808
|
Current liabilities: |
|
|
Accounts payable |
161,545
|
238,464
|
Accrued liabilities |
767,026
|
1,280,020
|
Notes Payable, Current |
414,444
|
31,788
|
Total current liabilities |
1,343,015
|
1,550,272
|
Long-term liabilities |
|
|
Other non-current liabilities |
0
|
2,427
|
Notes payable, net |
18,234
|
13,245
|
Total liabilities |
1,361,249
|
1,565,944
|
Stockholders’ equity (deficit): |
|
|
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of September 30, 2022, and December 31, 2021 |
0
|
0
|
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021,088 and 14,912,189 Issued and outstanding as of September 30, 2022, and December 31, 2021, respectively |
150
|
149
|
Additional paid-in capital |
83,923,350
|
81,866,075
|
Accumulated deficit |
(13,561,572)
|
(8,124,360)
|
Total stockholders’ equity |
70,361,928
|
73,741,864
|
Total liabilities and stockholders’ equity |
$ 71,723,177
|
$ 75,307,808
|
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v3.23.3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
|
Sep. 30, 2022 |
[1] |
Dec. 31, 2021 |
Preferred Stock, Shares Authorized (in shares) |
5,000,000
|
5,000,000
|
Preferred stock, par value (in dollars per share) |
$ 0.00001
|
$ 0.00001
|
Preferred Stock, Shares Outstanding (in shares) |
0
|
0
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Common stock, shares authorized (in shares) |
350,000,000
|
350,000,000
|
Common stock, par value (in dollars per share) |
$ 0.00001
|
$ 0.00001
|
Common stock, shares issued (in shares) |
15,021,088
|
14,912,189
|
Common stock, shares outstanding (in shares) |
15,021,088
|
14,912,189
|
|
|
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- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sales |
$ 1,029,280
|
[1] |
$ 709,092
|
$ 2,625,090
|
|
$ 1,368,151
|
Cost of sales |
677,855
|
[1] |
469,611
|
1,599,290
|
|
930,977
|
Gross profit |
351,425
|
[1] |
239,481
|
1,025,800
|
|
437,174
|
Operating expenses |
|
|
|
|
|
|
General and administrative |
1,584,973
|
[1] |
1,344,840
|
6,113,957
|
|
2,766,989
|
Consulting |
94,187
|
[1] |
36,734
|
264,505
|
|
142,092
|
Research and development |
25,000
|
|
0
|
112,412
|
|
0
|
Total operating expenses, net |
1,704,160
|
[1] |
1,381,574
|
6,490,874
|
|
2,909,081
|
Loss from operations |
(1,352,735)
|
[1] |
(1,142,093)
|
(5,465,074)
|
|
(2,471,907)
|
Other income (expense): |
|
|
|
|
|
|
Interest income, net |
30,200
|
[1] |
8,116
|
37,956
|
|
2,357
|
Other (expense) income |
(1,233)
|
|
285,902
|
(10,094)
|
|
288,186
|
Total other income |
28,967
|
[1] |
294,018
|
27,862
|
|
290,543
|
Loss before income taxes |
(1,323,768)
|
[1] |
(848,075)
|
(5,437,212)
|
|
(2,181,364)
|
Income tax expense |
0
|
[1] |
(2,400)
|
0
|
|
(220,700)
|
Net loss |
$ (1,323,768)
|
[1] |
$ (850,475)
|
$ (5,437,212)
|
[1] |
$ (2,402,064)
|
Net loss per share to common stockholders: |
|
|
|
|
|
|
Basic and diluted (in dollars per share) |
$ (0.09)
|
[1] |
$ (0.06)
|
$ (0.36)
|
|
$ (0.23)
|
Weighted shares used in the computation of net income (loss) per share: |
|
|
|
|
|
|
Basic and diluted (in shares) |
15,013,236
|
[1] |
14,715,694
|
14,981,836
|
|
10,349,101
|
|
|
X |
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v3.23.3
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, December 31, 2021 (in shares) at Dec. 31, 2020 |
|
1
|
|
|
|
|
Balance, December 31, 2021 at Dec. 31, 2020 |
|
$ 0
|
$ 100
|
$ (472,260)
|
$ (472,160)
|
|
Common stock issued for cash (in shares) |
|
7,129,887
|
|
|
|
|
Common stock issued for cash |
|
$ 72
|
6,415,139
|
0
|
6,415,210
|
|
Net loss |
|
$ 0
|
0
|
(658,510)
|
(658,510)
|
|
Common stock retained in merger (in shares) |
|
5,635,348
|
|
|
|
|
Common stock retained in merger |
|
$ 56
|
53,509,466
|
0
|
53,509,522
|
|
Offering costs netted against proceeds |
|
$ 0
|
(156,443)
|
0
|
(156,443)
|
|
Balance, March 31, 2022 (in shares) at Mar. 31, 2021 |
|
12,765,236
|
|
|
|
|
Balance, March 31, 2022 at Mar. 31, 2021 |
|
$ 128
|
59,768,262
|
(1,130,770)
|
58,637,619
|
|
Balance, December 31, 2021 (in shares) at Dec. 31, 2020 |
|
1
|
|
|
|
|
Balance, December 31, 2021 at Dec. 31, 2020 |
|
$ 0
|
100
|
(472,260)
|
(472,160)
|
|
Net loss |
|
|
|
|
(2,402,064)
|
|
Balance, March 31, 2022 (in shares) at Sep. 30, 2021 |
|
14,719,983
|
|
|
|
|
Balance, March 31, 2022 at Sep. 30, 2021 |
|
$ 147
|
76,222,880
|
(2,874,324)
|
73,348,703
|
|
Balance, December 31, 2021 (in shares) at Mar. 31, 2021 |
|
12,765,236
|
|
|
|
|
Balance, December 31, 2021 at Mar. 31, 2021 |
|
$ 128
|
59,768,262
|
(1,130,770)
|
58,637,619
|
|
Common stock issued for cash (in shares) |
|
1,936,813
|
|
|
|
|
Common stock issued for cash |
|
$ 19
|
16,322,030
|
0
|
16,322,049
|
|
Net loss |
|
0
|
0
|
(893,079)
|
(893,079)
|
|
Offering costs netted against proceeds |
|
$ 0
|
(31,572)
|
0
|
(31,572)
|
|
Balance, March 31, 2022 (in shares) at Jun. 30, 2021 |
|
14,702,049
|
|
|
|
|
Balance, March 31, 2022 at Jun. 30, 2021 |
|
$ 147
|
76,058,720
|
(2,023,849)
|
74,035,018
|
|
Common stock issued for cash (in shares) |
|
17,934
|
|
|
|
|
Common stock issued for cash |
|
$ 0
|
43,028
|
0
|
43,028
|
|
Stock based compensation |
|
0
|
121,132
|
0
|
121,132
|
|
Net loss |
|
$ 0
|
0
|
(850,475)
|
(850,475)
|
|
Balance, March 31, 2022 (in shares) at Sep. 30, 2021 |
|
14,719,983
|
|
|
|
|
Balance, March 31, 2022 at Sep. 30, 2021 |
|
$ 147
|
76,222,880
|
(2,874,324)
|
73,348,703
|
|
Balance, December 31, 2021 (in shares) at Dec. 31, 2021 |
|
14,912,189
|
|
|
|
|
Balance, December 31, 2021 at Dec. 31, 2021 |
|
$ 149
|
81,866,075
|
(8,124,360)
|
73,741,864
|
|
Common stock issued for cash (in shares) |
|
50,000
|
|
|
|
|
Common stock issued for cash |
|
$ 1
|
119,999
|
0
|
120,000
|
|
Common stock issued for lawsuit settlement (in shares) |
|
38,484
|
|
|
|
|
Common stock issued for lawsuit settlement |
|
$ 0
|
197,431
|
0
|
197,431
|
|
Stock based compensation |
|
0
|
1,614,845
|
0
|
1,614,845
|
|
Net loss |
|
$ 0
|
0
|
(2,936,862)
|
(2,936,862)
|
|
Balance, March 31, 2022 (in shares) at Mar. 31, 2022 |
|
15,000,673
|
|
|
|
|
Balance, March 31, 2022 at Mar. 31, 2022 |
|
$ 150
|
83,798,350
|
(11,061,222)
|
72,737,278
|
|
Balance, December 31, 2021 (in shares) at Dec. 31, 2021 |
|
14,912,189
|
|
|
|
|
Balance, December 31, 2021 at Dec. 31, 2021 |
|
$ 149
|
81,866,075
|
(8,124,360)
|
73,741,864
|
|
Net loss |
[1] |
|
|
|
(5,437,212)
|
|
Balance, March 31, 2022 (in shares) at Sep. 30, 2022 |
|
15,021,088
|
|
|
|
|
Balance, March 31, 2022 at Sep. 30, 2022 |
|
$ 150
|
83,923,350
|
(13,561,572)
|
70,361,928
|
[2] |
Balance, December 31, 2021 (in shares) at Mar. 31, 2022 |
|
15,000,673
|
|
|
|
|
Balance, December 31, 2021 at Mar. 31, 2022 |
|
$ 150
|
83,798,350
|
(11,061,222)
|
72,737,278
|
|
Net loss |
|
$ 0
|
0
|
(1,176,582)
|
(1,176,582)
|
|
Balance, March 31, 2022 (in shares) at Jun. 30, 2022 |
|
15,000,673
|
|
|
|
|
Balance, March 31, 2022 at Jun. 30, 2022 |
|
$ 150
|
83,798,350
|
(12,237,804)
|
71,560,696
|
|
Common stock issued for lawsuit settlement (in shares) |
|
20,415
|
|
|
|
|
Common stock issued for lawsuit settlement |
|
$ 0
|
125,000
|
0
|
125,000
|
|
Net loss |
|
$ 0
|
0
|
(1,323,768)
|
(1,323,768)
|
[1] |
Balance, March 31, 2022 (in shares) at Sep. 30, 2022 |
|
15,021,088
|
|
|
|
|
Balance, March 31, 2022 at Sep. 30, 2022 |
|
$ 150
|
$ 83,923,350
|
$ (13,561,572)
|
$ 70,361,928
|
[2] |
|
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2022 |
[1] |
Sep. 30, 2021 |
Cash flows from operating activities: |
|
|
Net loss |
$ (5,437,212)
|
$ (2,402,064)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
56,700
|
43,031
|
Unrealized loss on marketable securities |
(6,033)
|
(20,359)
|
Stock based compensation expense |
1,614,845
|
121,132
|
Provision for bad debt |
0
|
303,879
|
Gain on debt forgiveness |
0
|
(290,519)
|
Changes in assets and liabilities: |
|
|
Accounts receivable |
(1,956,906)
|
(734,267)
|
Inventory |
(2,103,834)
|
(792,800)
|
Inventory deposits |
(351,970)
|
(4,514,665)
|
Prepaid expenses |
(377,107)
|
637,483
|
Other assets |
158,265
|
0
|
Accounts payable |
(76,919)
|
(307,488)
|
Accrued liabilities |
(194,907)
|
(1,734,270)
|
Other liabilities |
403,328
|
(226,421)
|
Net cash used in operating activities |
(8,271,750)
|
(9,917,328)
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment, net |
(90,204)
|
(27,958)
|
Investment in marketable securities |
(2,291,036)
|
(12,000,000)
|
Sale of marketable securities |
8,323,461
|
5,000,000
|
Cash acquired in merger |
0
|
3,373,332
|
Net cash provided by (used in) investing activities |
5,942,221
|
(3,654,626)
|
Cash flows from financing activities: |
|
|
Proceeds from issuance of common stock |
120,000
|
22,780,188
|
Payments for deferred offering costs |
0
|
(188,015)
|
Principal repayments on debt |
(13,766)
|
(309,865)
|
Net cash provided by financing activities |
106,234
|
22,282,308
|
Net change in cash, restricted cash and cash equivalents |
(2,223,295)
|
8,710,354
|
Cash, restricted cash and cash equivalents at the beginning of the period |
4,906,525
|
1,930,132
|
Cash, restricted cash and cash equivalents at the end of the period |
2,683,230
|
10,640,486
|
Supplemental cash flow disclosures: |
|
|
Cash paid for interest expense |
2,272
|
4,944
|
Cash paid for income taxes |
0
|
2,400
|
Non-cash common stock lawsuit settlement |
$ 322,431
|
$ 0
|
|
|
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v3.23.3
Note 1 - Organization and Operations
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Nature of Operations [Text Block] |
1. |
Organization and Operations |
Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. The Company serves commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities to meet the increasing demand for light to heavy-duty electric vehicles. The Company’s vehicles address the challenges of traditional fuel price cost instability and local, state, and federal regulatory compliance.
On March 15, 2021, the Company completed its acquisition of Envirotech Drive Systems, Inc., a Delaware corporation (“EVTDS”), a supplier of zero-emission trucks, cargo vans, chassis, and other commercial vehicles. The transaction was completed in accordance with an Agreement and Plan of Merger, dated February 16, 2021 (the “Merger Agreement”), by and among the Company, EVTDS, and EVT Acquisition Company, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). See Note 3.
The Company was formerly known as ADOMANI, Inc. On May 26, 2021, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation the Company with the Secretary of State of the State of Delaware to change its name from ADOMANI, Inc. to Envirotech Vehicles, Inc., effective as of May 26, 2021.
On February 22, 2022, the Company announced Osceola, Arkansas, as the site of its state-of-the-art manufacturing facility and new corporate offices. The Company has moved into an approximately 580,000 square foot facility.
On June 28, 2022, we effected a 20-for-1 stock split of our common stock with no change to authorized shares of common stock. All share, restricted stock unit (“RSU”), and per share or per RSU information through this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.00001 per share. Accordingly, an amount equal to the par value of the decreased shares resulting from the reverse stock split was reclassified from “Common Stock” to “Additional paid-in capital.”
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v3.23.3
Note 2 - Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Significant Accounting Policies [Text Block] |
2. | Summary of Significant Accounting Policies |
Basis of Presentation—The consolidated financial statements and related disclosures of EVTDS (see Note 3) as of September 30, 2022, which include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries, and for the fiscal periods ended September 30, 2022, which include the consolidated results of operations of EVTDS and Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries for the entire three and nine month periods. The consolidated financial statements and related disclosures as of December 31, 2021 include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries, including EVTDS. The consolidated results of operations for the three months ended September 30, 2021 include the results of operations of EVTDS for the entire period and include the consolidated results of operations of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries for the post-merger period March 16, 2021 through September 30, 2021. These consolidated financial statements are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the Company’s opinion, these unaudited financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited financial statements should be read in conjunction with the Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and EVTDS audited financial statements for the years ended December 31, 2021 and 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 26, 2022. The results of operations for the fiscal periods ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year.
Principles of Consolidation—The accompanying financial statements reflect the consolidation of the financial statements of EVTDS, its wholly-owned subsidiary Envirotech Drive Systems Incorporated, Envirotech Vehicles, Inc., ADOMANI California, Inc., Adomani (Nantong) Automotive Technology Co. Ltd. (for periods in 2021 only), ADOMANI ZEV Sales, Inc., Zero Emission Truck and Bus Sales of Arizona, Inc., and ZEV Resources, Inc. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments—The carrying values of the Company’s financial instruments, including cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market data and that require the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis.
Revenue Recognition—The Company recognizes revenue from the sales of zero-emission electric vehicles and vehicle maintenance and inspection services. The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. At September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100% of the reported revenue, with five of the 11 customers accounting for approximately 67% of the year-to-date revenue recorded. In applying ASC Topic 606, the Company is required to:
| (1) | identify any contracts with customers; |
| (2) | determine if multiple performance obligations exist; |
| (3) | determine the transaction price; |
| (4) | allocate the transaction price to the respective obligation; and |
| (5) | recognize the revenue as the obligation is satisfied. |
Product revenue includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation and revenue is recognized when the vehicle is delivered and the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt of the vehicle. At this time, the title of the vehicle is transferred to the customer. The Company provides the option of financing (flooring) to Factory Authorized Representatives (“FARs”) for demo vehicles that are used in their selling process. Flooring agreements are made either expressly or implicitly and last no longer than one year with respect to specific vehicles, as payment for the vehicles is due in full before the first anniversary of the agreement, or upon sale by the FAR of the demo vehicle. The interest rate associated with the flooring agreement is agreed upon at the time of executing the FAR agreement. The Company has elected the practical expedient allowed by ASC Topic 606 where consideration does not need to be adjusted for financing components of the agreement.
Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less to be cash equivalents. The recorded value of our restricted cash and cash equivalents approximates their fair value. The Company had $60,131 and $60,035 restricted cash at September 30, 2022 and at December 31, 2021, respectively. The amounts at both dates relate to balances required by our bank to support certain minor activities. See Concentration of Credit Risk below in this Note.
Marketable Securities—The Company invests in short-term, highly liquid, marketable securities, such as U.S. Treasury notes, U.S. Treasury bonds, and other government-backed securities. The Company classifies these marketable securities as held-to-maturity, as the intent is not to liquidate them prior to the respective stated maturity date. At September 30, 2022, the aggregate amount of the Company’s investments in marketable securities was $1,976,308. These securities had original maturity dates ranging from 154 days to 199 days, and at September 30, 2022, the remaining maturity dates on these securities ranged from 92 days to 182 days. Investments in marketable securities at December 31, 2021 were $8,002,700.
Accounts Receivable and Allowance for Doubtful Accounts—The Company establishes an allowance for bad debts through a review of severalfactors, including historical collection experience, current aging status of the customer accounts, and financial condition of its customers. The Company does not generally require collateral for its accounts receivable. The Company had trade accounts receivable of $3,384,936 as of September 30, 2022. The Company had trade accounts receivable of $1,428,030 as of December 31, 2021 with no allowance for bad debt. A significant portion of the Company’s sales are made to customers who qualify for state-sponsored grant programs which can cover a significant portion, up to all of a vehicle’s purchase price. Grant monies are paid directly to vehicle dealers like the Company after the customer and the dealer meet state requirements related to the transaction; reimbursements to the Company may take two to nine months from the date of request before being received. The Company does not provide an allowance for doubtful accounts related to sales made utilizing state grant funds, as those funds are guaranteed by the state(s) once awarded. The trade accounts receivable balance at September 30, 2022 is from credit-worthy customers, many of whom are our Company’s FARs, the December 31, 2021 balance was in the collection process for guaranteed state grant funding subsequent to that date. Account receivable balances guaranteed by state grant funding as a percentage of total were 82% and 70% on September 30, 2022 and December 31, 2021, respectively. As discussed above, at September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100 percent of the reported revenue, with five of the 11 customers accounting for approximately 67% of the quarterly revenue recorded.
Inventory and Inventory Valuation Allowance—The Company records inventory at the lower of cost or market, and uses a First In, First Out(“FIFO”) accounting valuation methodology and establishes an inventory valuation allowance for vehicles that it does not intend to sell in the future. The Company had finished goods inventory on hand of $5,966,804 as of September 30, 2022 and recorded an inventory valuation allowance of $12,429 related to three vehicles that the Company does not intend to sell in the future as of September 30, 2022, resulting in a net inventory balance of $5,594,375 as of September 30, 2022. The Company had finished goods inventory on hand and a related inventory valuation of $3,862,970 and $12,429 allowance, ressulting in net inventory of $3,850,541 as of December 31, 2021.
Inventory Deposits—Certain of our vendors require the Company to pay upfront deposits before they will commence manufacturing our vehicles, and then require progress deposits through the production cycle and before the finished vehicles are shipped. These deposits are classified as inventory deposits in the Balance Sheet. Upon completion of production acceptance by the Company, and passage of title to the Company, deposits are reclassified to inventory. The Company had inventory deposits of $4,855,049 and $4,503,079 as of September 30, 2022 and December 31, 2021, respectively. Deposits paid to three vendors accounted for approximately 89 percent of the deposits outstanding at September 30, 2022.
Income Taxes—The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.
Accounting for Uncertainty in Income Taxes—The Company evaluates its uncertain tax positions and will recognize a loss contingency when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. At September 30, 2022 and December 31, 2021, respectively, management did not identify any uncertain tax positions.
Net Income (Loss) Per Share—Basic net income (loss) per share is calculated by dividing the Company’s net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the diluted weighted average number of shares of common stock outstanding during the period. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares of common stock adjusted for any potentially dilutive debt or equity securities. As of September 30, 2022, 604,906 shares of the Company’s common stock were subject to issuance upon the exercise of stock options then outstanding and 1,402,417 shares of the Company’s common stock were subject to issuance upon the exercise of warrants then outstanding.
Concentration of Credit Risk—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at times it exceeds the $250,000 maximum amount insured by the Federal Deposit Insurance Corporation (“FDIC”). Additionally, the Company maintains cash and short-term securities invested at Arvest Bank, National Association (“Arvest”). Between FDIC and the Securities Investor Protection Corporation (“SIPC”) coverage, funds up to $750,000, which may include cash up to $500,000, are insured. In addition, Arvest provides excess insurance acquired by them from SIPC for unlimited per customer securities up to a $1 billion cap. During the nine months ended September 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,131 at September 30, 2022.
Impairment of Long-Lived Assets—Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates these assets to determine potential impairment by comparing the carrying amount to the undiscounted estimated future cash flows of the related assets. If the estimated undiscounted cash flows are less than the carrying value of the assets, the assets are written down to their fair value. There was no impairment of long-lived assets, or property and equipment, as of September 30, 2022 and December 31, 2021, respectively.
Goodwill—Goodwill represents the excess acquisition cost over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it can conclude the assessment. If the Company concludes otherwise, the Company is required to perform a quantitative analysis to determine the amount of impairment, if any. The Company has determined that it has one reporting unit, and based on both qualitative and quantitative analysis, it is management’s assessments at September 30,2022 and December 31, 2021 that $51,775,667 in goodwill related to the ADOMANI, Inc. and EVTDS Merger did not experience impairment.
Research and Development—Costs incurred in connection with the development of new products and manufacturing methods are charged to operating expenses as incurred. Research and development costs were $112,412 during the nine months ended September 30, 2022. Research and development costs were $58,139 for the year ended December 31, 2021.
Stock-Based Compensation—The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, “Compensation-Stock Compensation”, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. With respect to the options to purchase 340,893 shares of common stock issued on January 7, 2022 and the options to purchase 3,874 shares of common stock issued on January 31, 2022 (see Note 7), non-cash stock-based compensation expense of $1,614,845 was recorded for the nine months ended September 30, 2022.
Property and Equipment— Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years, except leasehold improvements, which are being amortized over the life of the lease term. Property and equipment qualify for capitalization if the purchase price exceeds $2,000. Major repairs and replacements, which extend the useful lives of equipment, are capitalized and depreciated over the estimated useful lives of the property. All other maintenance and repairs are expensed as incurred.
Leases—The Company accounts for leases as required by ASC Topic 842. The guidance requires companies to recognize leased assets and liabilities on the balance sheet and to disclose key information regarding leasing arrangements.
Recent Accounting Pronouncements—Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a significant impact on the Company’s financial statements.
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v3.23.3
Note 3 - Merger
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
On March 15, 2021, the Company completed its acquisition of EVTDS, a supplier of zero-emission trucks, cargo vans, chassis, and other commercial vehicles. The transaction was completed in accordance with the Merger Agreement, by and among the Company, EVTDS and Merger Sub. As a result of such transaction, Merger Sub was merged with and into EVTDS, with EVTDS surviving as a wholly owned subsidiary of the Company (the “Merger”). In accordance with the terms of the Merger Agreement, at the effective time of the Merger, each outstanding share of the common stock of EVTDS was automatically converted into the right to receive one share of the common stock of the Company. As a result of the Merger, the Company issued an aggregate of 7,129,887 shares of its common stock to the former EVTDS stockholders, which shares represented approximately 56% of the total issued and outstanding shares of common stock of the Company as of immediately following the effective time of the Merger. This exchange of shares and the resulting controlling ownership of EVTDS constitutes a reverse acquisition resulting in a recapitalization of EVTDS and purchase accounting being applied to ADOMANI, Inc. under ASC 805 due to EVTDS being the accounting acquirer and ADOMANI, Inc. being deemed an acquired business. This requires financial reporting from the Merger close date forward to reflect only the historic consolidated results of EVTDS and to include the consolidated results for Envirotech Vehicles, Inc. and subsidiaries from March 16, 2021 forward.
The primary reasons EVTDS consummated the merger with ADOMANI, Inc. were the opportunity to immediately become a public company without the process of doing its own initial public offering, affording it the opportunity to more quickly raise capital and provide liquidity options to its stockholders, at the same time acquiring the infrastructure required of a public company run by people experienced in investor relations and the public company regulatory compliance issues and filings required. In addition, since ADOMANI, Inc. had been the sole customer of EVTDS, the two management teams had experience working with each other and anticipated a smooth transition in addition to obtaining synergies, chief of which was a layer of profit required when two separate entities were involved in making and selling a vehicle that was immediately eliminated upon the Merger close, enabling the purchase price of vehicles to customers to be reduced. The combined entity also was able to exert more pressure on suppliers to reduce vehicle costs, which also supported the price reductions to customers.
At December 31, 2020, EVTDS had subscription restricted cash of $1,793,910 on its balance sheet as a result of offering a restricted subscription agreement to the stockholders of Envirotech Electric Vehicles, Inc., a Canadian entity (“EVT Canada”), to have the right to purchase two shares of EVTDS for every one common share of EVT Canada they owned. The purpose of this subscription agreement was to raise the necessary capital to close the Merger and to provide working capital for EVTDS so that it could pay off certain liabilities and pay for ongoing expenses through the closing of the Merger. A corresponding liability account was also recorded as of December 31, 2020. The total amount raised just prior to the Merger closing was $6,415,110. At the closing of the Merger, EVTDS satisfied its obligation to deliver $5 million in cash to ADOMANI, Inc. and repaid the majority of the items discussed above. This number has decreased to zero in both categories as of December 31, 2021.
EVTDS entered into an exclusive 50-year distribution agreement as of October 4, 2017 to become the sole USA distributor of EVT Canada. This agreement grants EVTDS the exclusive right in the United States to promote sales, including the right to use trademarks, trade names, service marks and logos and to obtain orders based on sales targets for orders. The agreement also provides that EVT Canada. may not independently appoint additional distributors. The Company obtained this agreement in the Merger.
The following table presents the estimated allocation of the purchase price of the assets acquired and liabilities assumed for the acquisition by EVTDS of ADOMANI, Inc. via the reverse acquisition:
Purchase Price Allocation of ADOMANI, Inc. | |
| | | | |
Accounts receivable and other current assets | | $ | 1,680,926 | |
Property and equipment | | | 86,873 | |
Right of use asset | | | 369,987 | |
Other assets | | | 59,510 | |
Goodwill | | | 51,775,667 | |
Accounts payable and accrued expenses | | | (820,389 | ) |
Lease liability | | | (369,987 | ) |
Notes payable | | | (417,540 | ) |
Purchase price, net of $3,373,332 cash acquired | | $ | 52,365,047 | |
This allocation is based on management’s estimated fair value of the ADOMANI Inc. assets and liabilities at March 15, 2021. ADOMANI, Inc. assets were derived from a total value of $53,509,522, based on 5,635,347 shares of common stock outstanding on March 15, 2021 and the closing price that day of $0.4749 per share. The fair value of certain of the stock options assumed by EVTDS in the Merger of $2,228,757 (see Note 7) was added to reach an adjusted value of $55,738,379. From that amount, total assets acquired of $5,570,628 (including a reduction in the carrying value of finished goods inventory of $26,400 to reflect fair value) were deducted, and total acquired liabilities of $1,607,916 were added in order to arrive at the $51,775,667 of Goodwill recorded, none of which will be deductible for future income tax purposes. The Company incurred approximately $415,472 in transaction costs related to the Merger, which were expensed.
The unaudited consolidated statement of operations for the three months ended March 31, 2021 included $151,793 of revenue and a loss from operations of $(144,015) contributed by ADOMANI, Inc. and its subsidiaries, excluding EVTDS. Since the closing of the Merger on March 15, 2021, primarily due to the fact that EVTDS brought no employees or sales people to the merged entity, and that sales and operating activities have been conducted on a company-wide basis, not on the basis of either EVTDS alone or the ADOMANI entities alone, other than nominal expense items related to EVTDS leases assumed in the Merger (see Notes 9 and 11), all accounting subsequent to the closing of the Merger has been and will continue to be done on a consolidated basis. Therefore, the Company cannot segregate the operating results of operations between the formerly separate entities in the current periods.
Unaudited Pro Forma Financial Information
The following unaudited pro forma financial information presents the combined results of operations for the Company and gives effect to the Merger discussed above as if it had occurred on January 1, 2021. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations for the nine months ended September 30, 2021 that would have been realized if the Merger had occurred on January 1, 2021, nor does it purport to project the results of the merged entity in future periods. The pro forma financial information does not give effect to any anticipated integration costs related to the merged entities.
Pro forma combined results of operations |
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2021 |
|
Sales |
|
$ |
709,092 |
|
|
$ |
1,065,562 |
|
Net income (loss) |
|
$ |
(850,475 |
) |
|
$ |
(5,045,988 |
) |
For purposes of the pro forma disclosures above, there were no adjustments required for the nine months ended September 30, 2022 because there were no transactions between EVTDS and ADOMANI, Inc. during that period. For the three months ended September 30, 2021, there were also no adjustments required, as the quarter reflects the results of operations of the merged entity. For purposes of the pro forma disclosures above, the adjustments for the nine months ended September 30, 2021, reduced sales by $319,000 and increased the net loss by $91,800. The sales adjustments resulted from sale of vehicles by EVTDS to ADOMANI, Inc. However, the actual loss for ADOMANI, Inc. for the period January 1, 2021 through March 15, 2021 that is included in this pro forma information included an adjustment to fully amortize the unamortized stock-based compensation expense related to outstanding stock options that fully vested at the closing of the Merger. This adjustment increased pro forma expenses, and therefore the pro forma net loss, for the three months ended March 31, 2021 by approximately $1,826,623 more than would otherwise have been recorded absent the consummation of the Merger.
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v3.23.3
Note 4 - Property and Equipment, Net
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Property, Plant and Equipment Disclosure [Text Block] |
4. |
Property and Equipment, Net |
Components of property and equipment, net, consist of the following as of September 30, 2022 and December 31, 2021:
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Furniture and fixtures |
|
$ |
60,082 |
|
|
$ |
41,799 |
|
Leasehold improvements |
|
|
40,112 |
|
|
|
28,112 |
|
Machinery & equipment |
|
|
144,406 |
|
|
|
86,266 |
|
Vehicles |
|
|
252,725 |
|
|
|
252,724 |
|
Test/Demo vehicles |
|
|
15,784 |
|
|
|
15,784 |
|
Total property and equipment |
|
|
513,108 |
|
|
|
424,685 |
|
Less accumulated depreciation |
|
|
(207,491 |
) |
|
|
(152,572 |
) |
Net property and equipment |
|
$ |
305,617 |
|
|
$ |
272,113 |
|
Depreciation expense was $19,093 and $7,655 and was $56,700 and $43,031 for the three and nine months ended September 30, 2022 and 2021, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Note 5 - Debt
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
On June 15, 2021, the Company entered into an equipment financing agreement with Navitas Credit Corp. in connection with the purchase of certain inventory management software. The $63,576 loan is payable over twenty-four months, beginning in July 2021, with monthly payments of $2,649.
On July 15, 2022, the Company entered into an equipment financing agreement with Wells Fargo in connection with the purchase of facility grounds equipment. The $18,755 loan is payable over 36 months, beginning in August 2022, with monthly payments of $521.
On June 15, 2022, the Company entered into an insurance premium financing agreement with First Funding in connection with the purchase of liability insurance policy. The $214,087 loan is payable over 9 months, beginning in September 2022, with monthly payments of $24,416.
On August 20, 2022, the Company entered into an insurance premium financing agreement with First Funding in connection with the purchase of directors' and officers' insurance policy. The $225,000 loan is payable over 9 months, beginning in July 2022, with monthly payments of $25,608.
As of September 30, 2022, $414,444 is reflected on the consolidated balance sheet as current notes payable and $18,234 is reflected on the consolidated balance sheet as long-term notes payable.
Effective August 4, 2022, EVT secured a line of credit from Centennial Bank. Borrowings under the line of credit bear interest at 2.75% annually. There is no maturity date for the line, but Centennial Bank may at any time, in its sole discretion and without cause, demand the Company immediately repay any and all outstanding obligations under the line of credit in whole or in part. The line is secured by the cash and cash equivalents maintained by the Company in its Centennial Bank accounts. Borrowings under the line may not exceed cash, cash equivalents, and marketable securities balances up to $1,000,000. There was no principal amount outstanding on September 30, 2022 and there is no current plan to borrow from it.
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v3.23.3
Note 6 - Stock Warrants
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Warrants [Text Block] |
As a result of the Merger closing (see Note 3), as of March 15, 2021, the Company had outstanding warrants to purchase an aggregate of 534,067 shares of common stock, 102,817 of which were exercisable. The warrants were previously issued by ADOMANI, Inc. and assumed in the Merger. In connection with the second closing of the Financing discussed in the Company’s Annual Report on Form 10-K filed with the SEC on April 26, 2022, the Company issued additional warrants to purchase up to 958,333 shares of its common stock, all of which were exercisable as of September 30, 2022. Approximately 27,483 stock warrants have expired in the nine months ending September 30, 2022. The Company’s outstanding warrants as of September 30, 2022 is summarized as follows, and all were exercisable at that date.
| | Number of | | | Exercise | | | Remaining | |
| | Shares | | | Price | | | Contractual Life (years) | |
Outstanding warrants expiring January 9, 2023 | | | 12,833 | | | $ | 75.00 | | | | 0.33 | |
Outstanding warrants expiring January 28, 2025 | | | 431,250 | | | $ | 10.00 | | | | 2.33 | |
Outstanding warrants expiring May 7, 2026 | | | 958,334 | | | $ | 20.00 | | | | 3.60 | |
Outstanding warrants on September 30, 2022 | | | 1,402,417 | | | $ | 17.43 | | | | 3.18 | |
The Warrants issued as part of the Purchase Agreement related to the Financing contain a call provision whereby the Company, after the 13-month anniversary of the issuance date, and if the volume weighted average price of the common stock for such date exceeds four times the exercise price of the warrants for 20 consecutive trading days, may call the Warrants that have not previously been exercised, and the Warrant holders have ten trading days within which to exercise before the Warrants may be cancelled.
As of September 30, 2022, the outstanding warrants have no intrinsic value.
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v3.23.3
Note 7 - Stock Options
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
As a result of the Merger closing (see Notes 2 and 3) there were 649,643 fully vested stock options outstanding at March 15, 2021 that were previously issued by ADOMANI, Inc. and assumed in the Merger. The outstanding options at September 30, 2022 consisted of the following:
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
Number of |
|
|
Exercise |
|
|
Contractual Life |
|
|
|
Shares |
|
|
Price |
|
|
(years) |
|
Outstanding at December 31, 2021 |
|
|
338,500 |
|
|
$ |
5.80 |
|
|
|
6.98 |
|
Options granted during 9 months ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
Options Granted at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
|
|
Options Granted at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
|
|
Options Granted at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
|
|
Options Granted at $9.00 Exercise Price |
|
|
1,111 |
|
|
$ |
9.00 |
|
|
|
|
|
Exercised |
|
|
(50,000 |
) |
|
$ |
2.40 |
|
|
|
|
|
Cancelled / Forfeited at $9.00 Exercise Price |
|
|
(25,000 |
) |
|
$ |
9.00 |
|
|
|
|
|
Subtotal, as follows: |
|
|
608,266 |
|
|
|
|
|
|
|
|
|
Outstanding Options at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
9.30 |
|
Outstanding Options at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
9.30 |
|
Outstanding Options at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
4.34 |
|
Outstanding Options at $9.00 Exercise Price |
|
|
257,861 |
|
|
$ |
9.00 |
|
|
|
8.21 |
|
Outstanding Options at $26.20 Exercise Price |
|
|
6,750 |
|
|
$ |
26.20 |
|
|
|
5.55 |
|
Outstanding at September 30, 2022 |
|
|
608,266 |
|
|
$ |
5.30 |
|
|
|
8.77 |
|
On January 7, 2022, the Company’s Compensation Committee granted Phillip W. Oldridge, the Company’s Chief Executive Officer, options to purchase 150,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth anniversary of grant.
On January 7, 2022, the Company’s Compensation Committee granted Susan M. Emry, the Company’s Executive Vice President, options to purchase 100,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 40,893 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth anniversary of grant.
On January 31, 2022, the Company’s Compensation Committee granted Christian S. Rodich, the Company’s Chief Financial Officer, options to purchase 2,763 shares of common stock at an exercise price of $3.62 per share and options to purchase 1,111 shares of common stock at an exercise price of $9.00 per share. The options vest ratably at 1/60th per month over five years and expire on the tenth anniversary of grant.
On March 15, 2022, options to purchase 50,000 shares of common stock were exercised by the former President and CEO of the Company at a price of $2.40 per share, resulting in a payment to the Company of $120,000. Also on March 15, 2022, options to purchase an aggregate of 25,000 shares of common stock with an exercise price of $9.00 per share were forfeited by the former executive, as they were not exercised prior to their expiration on March 15, 2022.
As of September 30, 2022, outstanding options had intrinsic value of $873,288.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Note 8 - Related Party Transactions
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Related Party Transactions Disclosure [Text Block] |
8. |
Related Party Transactions |
The Company has entered into an engagement agreement (the “SRI Services Agreement”) with SRI Professional Services, Incorporated (“SRI”), pursuant to which the Company engaged SRI to provide certain services in connection with the day-to-day operations of the Company, including the issuing of invoices to customers and making payments on behalf of the Company with respect to month-to-month leases of facilities, vehicles and trailers under separate agreements between the Company and SRI, including the SRI Equipment Leases and the SRI Office Leases further described in the following paragraphs in this Note 8, as well as Notes 9 and 11. The term of the SRI Services Agreement will continue for a period of three months unless earlier terminated by the parties in accordance therewith, and it is contemplated that an aggregate of $26,042 will be paid by the Company to SRI in consideration of the services rendered under the SRI Services Agreement. Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, serves as an executive officer and a member of the board of directors of SRI.
The Company has entered into lease agreements with SRI (the “SRI Equipment Leases”), pursuant to which the Company leases equipment used in connection with the operation of its business. The SRI Equipment Leases provide for the leasing of two vehicles that commenced on January 1, 2020 and the combined rent under such leases is $3,880 per month, and a separate SRI Equipment Lease provides for a trailer lease that commenced on December 1, 2019, under which the rent is $3,891 per month. The total monthly payment obligations of the Company under the SRI Equipment Leases is $7,771.
EVTDS has entered into a cancelable month-to-month lease with SRI (the “SRI Office Lease”), pursuant to which EVTDS has leased office and warehouse space in the Porterville, California area for a term that commenced on January 1, 2020. The monthly rent under the SRI Office Lease is $2,730.
The Company has entered into a commercial lease agreement (the “ABCI Office Lease”) with Alpha Bravo Charlie, Inc. (“ABCI”) that commenced on April 1, 2020, for the lease of office space in Porterville, California. The monthly rent for this facility is $2,800. See Notes 9 and 11. Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, is a director of ABCI.
In connection with the closing of the Merger in March 2021, the Company purchased two electric trucks from Mr. Oldridge for an aggregate purchase price of $128,000. The purchase price for such vehicles was paid in full to Mr. Oldridge during the three months ended June 30, 2021. Prior to the closing of the Merger, Mr. Oldridge had permitted the two vehicles to be used by the Company as customer demonstration vehicles for no cost. The purchase price of $64,000 per vehicle was less than the purchase price of $83,000 per vehicle that ADOMANI, Inc. had paid to EVTDS for similar vehicles in prior transactions. One of the vehicles purchased by the Company was subsequently sold to a customer of the Company in March 2021 and the second truck remains in the Company’s inventory at September 30, 2022.
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v3.23.3
Note 9 - Commitments
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Commitments Disclosure [Text Block] |
Other Agreements
On December 31, 2021, the Company entered into employment agreements with Phillip W. Oldridge (the “Oldridge Agreement”), its Chief Executive Officer, and with Susan M. Emry (the “Emry Agreement”), its Executive Vice President. According to the Oldridge Agreement, effective as of March 1, 2021, Mr. Oldridge will receive an annual base salary of $300,000, payable in semi-monthly installments consistent with the Company’s payroll practices. Mr. Oldridge will also receive participation in medical insurance, dental insurance, and the Company’s other benefit plans. Under the Oldridge Agreement, Mr. Oldridge will also receive an amount equal to five percent of the net income of the Company on an annual basis and will be eligible for a bonus at the sole discretion of the Company’s Board of Directors (the “Board”). The Oldridge Agreement also provides for an automobile monthly allowance of $1,500. Mr. Oldridge’s employment shall continue until terminated in accordance with the Oldridge Agreement. If Mr. Oldridge is terminated without cause or if he terminates his employment for good reason, Mr. Oldridge will be entitled to receive (i) one-year of base salary, (ii) reimbursement of reimbursable expenses in accordance with the Oldridge Agreement, (iii) any bonus that would have been payable within the twelve months following the date of termination, and (iv) the value of any accrued and unused paid time off as of the date of termination. According to the Emry Agreement, effective on January 1, 2022, Mrs. Emry will receive an annual base salary of $200,000 and will be eligible for a bonus at the sole discretion of the Board. Mrs. Emry will also receive participation in medical insurance, dental insurance, and the Company’s other benefit plans. Mrs. Emry’s employment shall continue until terminated in accordance with the Emry Agreement. If Mrs. Emry is terminated without cause or if she terminates her employment for good reason, Mrs. Emry will be entitled to receive (i) one-year of base salary, (ii) reimbursement of reimbursable expenses in accordance with the Emry Agreement, and (iii) the value of any accrued and unused paid time off as of the date of termination.
The following table summarizes the Company’s future minimum payments under contractual commitments, excluding debt, as of September 30, 2022:
|
|
Payments due by period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
More |
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
than 5 |
|
|
|
Total |
|
|
one year |
|
|
1 - 3 years |
|
|
4 - 5 years |
|
|
years |
|
Operating lease obligations |
|
$ |
11,491 |
|
|
$ |
10,881 |
|
|
$ |
610 |
|
|
$ |
— |
|
|
$ |
— |
|
Employment contracts |
|
|
2,125,000 |
|
|
|
500,000 |
|
|
|
1,500,000 |
|
|
|
125,000 |
|
|
|
— |
|
Total |
|
$ |
2,136,491 |
|
|
$ |
510,881 |
|
|
$ |
1,500,610 |
|
|
$ |
125,000 |
|
|
$ |
— |
|
|
X |
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v3.23.3
Note 10 - Contingencies
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Legal Matters and Contingencies [Text Block] |
Except as set forth below, we know of no material, existing or pending, legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.
GreenPower Actions:
On December 17, 2019, GreenPower Motor Company Inc., a public company incorporated under the laws of British Columbia (“GreenPower”), of which Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, previously served as a senior officer and a member of its board of directors, filed a notice of civil claim, captioned GreenPower Motor Company Inc. v. Phillip Oldridge et al., Action No. S-1914285, in the Supreme Court of British Columbia, against Phillip Oldridge, his trust, EVTDS and certain other companies affiliated therewith. The notice of civil claim alleges that Mr. Oldridge breached certain fiduciary duties owed to GreenPower by working with certain parties in direct competition with and at the expense of GreenPower. GreenPower alleges that the Company conspired with Mr. Oldridge to build its business, competing products and unfairly compete with GreenPower. GreenPower seeks general damages, special damages and punitive damages, plus interest and costs against EVTDS. On February 2, 2020, the Company and the other companies affiliated therewith named in the notice of civil claim filed a response to the civil claim in which they denied certain of the allegations and asserted that certain other facts were outside of their knowledge. Fact discovery, through document disclosure and examinations for discoveries, in this matter remain ongoing. We believe that the lawsuit is without merit and intend to vigorously defend the action.
On or about July 18, 2021, GreenPower and GP Greenpower Industries Inc., (collectively “the GreenPower entities”) filed a counterclaim against David Oldridge, Phillip Oldridge, the Company and other companies in Supreme Court of British Columbia Action No. S207532. The counterclaim alleges that David Oldridge, Phillip Oldridge, the Company and other companies committed the tort of abuse of process by causing 42 Design Works Inc., to commence a lawsuit against the GreenPower entities. Additionally, GreenPower entities also advanced claims against David Oldridge, Phillip Oldridge, the Company and other companies for conspiracy. The pleadings in this lawsuit have not closed and we intend to vigorously defend the counterclaim.
On February 8, 2022, GreenPower Motor Company, Inc., a Delaware Corporation, and GreenPower Motor Company Inc., a Canadian Corporation, filed a complaint captioned GreenPower Motor Company, Inc. v. Philip Oldridge, et al., Case No. 5:22-cv-00252 in the United States District Court for the Central District of California. The complaint names the Company and the following affiliated entities, officers, or directors: Phillip Oldridge, Envirotech Electric Vehicles Inc., Envirotech Drive Systems Incorporated US, Envirotech Drive Systems Incorporated Canada, Sue Emry, David Oldridge, S&P Financial and Corporate Services, Inc. GreenPower also named the Philip Oldridge Trust and a purported entity called EVT Motors, Inc., but has since dismissed those parties. The complaint alleges (i) RICO violations, (ii) conspiracy to commit RICO violations, (iii) breach of fiduciary duties, (iv) breach of an employment contract, (v) conversion of GreenPower property, (vi) violation of the Defend Trade Secrets Act, and (vii) violations of California’s Business and Profession Code. The complaint seeks an undisclosed amount of compensatory and punitive damages, injunctive relief to prevent the alleged anti- Competitive behavior, restitution for harm, an award of treble damages, and associate fees and costs. The complaint’s allegations are centered around the same assertions in the pending Canadian litigation.
On May 10, 2022, the Company, together with other defendants, filed a Motion to Dismiss and/or Stay the lawsuit pending the outcome of the Canadian litigation. While hearing on this Motion was set for October 7, 2022, on October 4 the Court cancelled the hearing and indicated it would rule on the Motion without argument. The Court’s ruling on the Motion is still pending. We believe that the lawsuit is without merit and intend to vigorously defend the action.
Mollick/Electric DriveTrain Action:
On August 23, 2018, a purported class action lawsuit captioned M.D. Ariful Mollik v. ADOMANI, Inc. et al., Case No. RIC 1817493, was filed in the Superior Court of the State of California for the County of Riverside against us, certain of our executive officers, Edward R. Monfort, the former Chief Technology Officer and a former director of ADOMANI, Inc., and the two underwriters of our offering of common stock under Regulation A in June 2017. This complaint alleges that documents related to our offering of common stock under Regulation A in June 2017 contained materially false and misleading statements and that all defendants violated Section 12(a)(2) of the Securities Act, and that we and the individual defendants violated Section 15 of the Securities Act, in connection therewith. The plaintiff seeks on behalf of himself and all class members: (i) certification of a class under California substantive law and procedure; (ii) compensatory damages and interest in an amount to be proven at trial; (iii) reasonable costs and expenses incurred in this action, including counsel fees and expert fees; (iv) awarding of rescission or recessionary damages; and (v) equitable relief at the discretion of the court.
Plaintiff’s counsel subsequently filed a first amended complaint, a second amended complaint, a third amended complaint, and a fourth amended complaint. Plaintiff Mollik was replaced by putative class representatives Alan K. Brooks and Electric Drivetrains, LLC (“Electric Drivetrains”). Alan K. Brooks was subsequently dropped as a putative class representative. On October 27, 2020, the Company answered the fourth amended complaint, generally denying the allegations and asserting affirmative defenses.
On July 13, 2021, Electric Drivetrains’ counsel moved to be relieved as counsel and on August 23, 2021, the court granted this motion. On August 23, 2021, the Clerk of Court issued an order to show cause why the complaint should not be stricken and matter dismissed for failure to retain new counsel to Electric Drivetrains. On October 28, 2021, Electric Drivetrains filed a substitution of attorney, substituting J. Ryan Gustafson of Good Gustafson Aumais LLP as its new counsel. On December 10, 2021, the Court vacated the order to show cause. Over the tenure of the action, Electric Drivetrain has dismissed all defendants in the action except for the Company and two former Company executives. Any and all pending cross claims between or among defendants have been resolved and dismissed.
On August 31, 2022, Electric Drivetrains filed its Fifth Amended Complaint, which: i) drops certain class allegations; ii) adds certain state law claims; iii) and drops certain factual allegations but leaves the remaining claims against defendants intact. On October 6, 2022, the Company and remaining defendants filed their respective answer denying the allegations and asserting counterclaims. On the same day, the Company cross claimed against Electric Drivetrains and its managing member. The Court has set a trial setting conference on December 21, 2022. We believe that the lawsuit is without merit and intend to vigorously defend the action.
On June 19, 2019, Alan K. Brooks, an ADOMANI investor, filed a complaint, captioned Alan K. Brooks v. ADOMANI, Inc., et al., Case No. 1-CV-349153 in the Superior Court of California for the County of Santa Clara, against the Company, certain of the Company’s executive officers and directors, two of the underwriters of the Company’s offering of common stock under Regulation A in June 2017, and certain of the underwriters’ personnel, among others (the “Brooks Case”). The complaint alleges that the Company and other defendants breached the terms of an agreement between Mr. Brooks and the Company by refusing to release 1,320,359 shares of ADOMANI, Inc. stock to Mr. Brooks. Mr. Brooks seeks damages of $13,500,000.00 plus interest and attorney’s fees. On September 20, 2019, Mr. Brooks filed his first amended complaint (“FAC”) reasserting his breach of contract claim and alleging five additional claims for (i) violations of Cal. Corp. Code Section 25401, (ii) fraud, negligent misrepresentation, (iv) elder abuse, and (v) unfair competition. We answered the FAC on November 12, 2019, generally denying the allegations in the FAC and asserting affirmative defenses. Fact discovery in this matter remains ongoing. On August 10, 2021, we filed a motion for summary judgement and dismissal of plaintiff’s FAC. The parties participated in two days of mediation with Mark LeHocky. Mr. LeHocky provided the parties with a mediator’s proposal. Both parties accepted the proposal and reduced the proposal to a written settlement agreement. Pursuant to the settlement agreement, the Company has agreed to pay plaintiffs $197,500 in cash and $197,500 in shares of common stock. In addition, the Company’s insurance carrier has agreed to pay plaintiffs $170,000. On January 14, 2022, the parties filed a joint motion for an order approving the fairness of the terms of the settlement agreement. On March 7, 2022, the Court issued an Order approving the settlement and the parties are in the process of effectuating its terms. On April 5, 2022, the Company and Boustead resolved Boustead’s cross claim for indemnification in the Brooks action. This settlement is still subject to court approval. There are no further claims pending in the Brooks action and, if and when the Court approves the settlement, it should be dismissed.
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v3.23.3
Note 11 - Leases
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Lessee, Operating Leases [Text Block] |
As of September 30, 2022, the Company is a party to nine operating leases. Four of these leases are office or warehouse leases; the remaining five are equipment leases (see Note 8). As disclosed in Note 2, the Company accounts for leases as required by ASC Topic 842. The Company has elected to apply the short-term lease exception to all leases of one year or less. As of September 30, 2022, this exception applies to the six EVTDS leases and to the ADOMANI Inc. Stockton, California lease, which are all month-to-month. In applying the guidance in ASC 842, the Company has determined that all current leases should be classified as operating leases.
The Company has entered into the SRI Equipment Leases (see Note 8). Rent expense under the SRI Equipment Leases for the three and nine months ended September 30, 2022 was $23,312 and $69,936, respectively, and for the three and nine months ended September 30, 2021 was $38,853 and $66,055, respectively.
The Company has entered into the SRI Office Lease (see Note 8). Rent expense under the SRI Office Lease for the three and nine months ended September 30, 2022 was $8,190 and $18,200, respectively, and for the three and nine months ended September 30, 2021 was $4,550 and $11,270, respectively.
The Company has entered into the ABCI Office Lease (see Note 8). Rent expense under the ABCI Office Lease for the three and nine months ended September 30, 2022 was $8,400 and $25,200, respectively, and for the three and nine months ended September 30, 2021 was $8,400 and $25,200, respectively.
The Company has entered into the Toledo Jet Center Lease for office space in the Ft. Lauderdale Florida area effective February 15, 2022. The lease has a one-year term with the option to renew after one year. Rent expense for the Toledo Jet Center Lease for the three and nine months ended September 30, 2022 was $4,815 and $12,038, respectively.
In February 2017, ADOMANI, Inc. signed a lease for storage space in Stockton, California to serve as a location to store vehicles and other equipment utilized for marketing and trade-show purposes. The lease is on a month-to-month basis and can be terminated by either party with 30-days’ notice. The total amount due monthly is $1,000.
In December 2019, ADOMANI, Inc. signed a lease for combined office space and warehouse location in Corona, California. The facility had been used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery inspections, test demo vehicles, and securely store vehicles, equipment, parts and finished goods vehicle inventories prior to November 2020 when ADOMANI, Inc. vacated its former corporate office space in Corona, California, and made such facility the new corporate office location in addition to its prior use. The lease was for a period of 36 months, commencing on January 1, 2020, and terminating on December 31, 2022. The base rent for the term of the lease was $495,720, with $265 due per month for fire sprinkler alarm monitoring and landscape maintenance. The base rent amount due monthly was $13,108 at commencement and would have escalate to $13,906 by its conclusion. However, the Company vacated the premises effective March 31. 2022, and the lease was taken over on April 1, 2022 by its sublease tenant, as discussed below.
On February 4, 2020, ADOMANI, Inc. signed a sublease agreement with Masters Transportation, Inc. (“Masters”) for Masters to occupy a portion of the Corona, California, facility that the Company occupied effective January 1, 2020 (see above). The effective date of the Masters’ sublease was February 1, 2020, and it expires when the Company’s lease on the Corona, California facility expires on December 31, 2022. Under the sublease, Masters is obligated to pay the Company monthly rent payments in an amount equal to $6,000 at commencement and thereafter escalating to $6,365 by its conclusion. On April 1, 2022, Masters took over the remaining lease obligation for the facility.
The Company’s total net rent expense for the three and nine months ended September 30, 2022 was $52,579 and $180,746, respectively, and for the three and nine months ended September 30, 2021 was ($14,841) and $198,161, respectively.
Quantitative information regarding the Company’s leases is as follows:
| | Nine Months Ended September 30, | |
| | 2022 | | | 2021 | |
Lease expenses | | | | | | | | |
Operating lease expenses | | $ | 56,101 | | | $ | 122,001 | |
Short-term lease expenses | | | 124,645 | | | | 76,160 | |
Total lease cost | | $ | 180,746 | | | $ | 198,161 | |
Other information | | | | | | | | |
Cash paid for the amounts included in the measurement of lease liabilities for operating leases: | | | | | | | | |
Operating cash flows | | $ | 56,890 | | | $ | 163,707 | |
Weighted-average remaining lease term (in years): | | | | | | | | |
Operating leases | | | 0.62 | | | | 1.28 | |
Weighted-average discount rate: | | | | | | | | |
Operating leases | | | 14 | % | | | 14 | % |
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v3.23.3
Note 12 - Restatement
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Error Correction [Text Block] |
During the preparation of its Form 10-K for the year ended December 31, 2022, management of the Company identified misstatements with respect to recognition of sales revenue and related cost of sales during each of the three month periods ended March 31, 2022, June 30, 2022 and September 30, 2022. Management identified vehicle sales transactions where sales revenue and related cost of sales were incorrectly recognized upon approval of customer purchase incentives by certain government-sponsored electric vehicle incentive programs. Management determined that such approval did not coincide with a transfer of control under ASC Topic 606, Revenue from Contracts with Customers, and that revenue should have been recognized upon delivery of the vehicles to the customer.
In addition, in an unrelated transaction, the Company reclassed $387,000 from Accrued liabilities to Notes payable, net. This reclassification had no impact on total current liabilities.
The Company has restated its Consolidated Balance Sheet as of September 30, 2022, and the related Consolidated Statement of Operations, Consolidated Statement of Stockholders’ Equity and Consolidated Statement of Cash Flows for the three month and nine month periods ended September 30, 2022 to correct the misstatements described above.
The following table summarizes the effects of the restatement as of September 30, 2022 and for the three month and nine month periods ended September 30, 2022. Corresponding changes were made in the Consolidated Statement of Stockholders’ Equity and Consolidated Statement of Cash Flows. The restatement had no net effect on the cash flows of the Company.
| | September 30, 2022 | |
Consolidated Balance Sheet Information: | | As Previously Reported | | | As Restated | |
Accounts receivable | | $ | 7,804,369 | | | $ | 3,384,936 | |
Inventory, net | | | 3,603,852 | | | | 5,954,375 | |
Inventory deposits | | | 4,812,439 | | | | 4,855,049 | |
Total current assets | | | 21,589,819 | | | | 19,563,519 | |
Total assets | | | 73,749,477 | | | | 71,723,177 | |
Accrued liabilities | | | 1,154,026 | | | | 767,026 | |
Notes payable, net | | | 27,444 | | | | 414,444 | |
Accumulated deficit | | | (11,535,272 | ) | | | (13,561,572 | ) |
Total stockholders’ equity | | | 72,388,228 | | | | 70,361,928 | |
Total liabilities and stockholders’ equity | | | 73,749,477 | | | | 71,723,177 | |
| | Three Months Ended September 30, 2022 | | | Nine Months Ended September 30, 2022 | |
Consolidated Statement of Operations Information: | | As Previously Reported | | | As Restated | | | As Previously Reported | | | As Restated | |
Sales | | $ | 3,882,670 | | | $ | 1,029,280 | | | $ | 7,078,870 | | | $ | 2,625,090 | |
Cost of sales | | | 2,046,491 | | | | 677,855 | | | | 3,998,533 | | | | 1,599,290 | |
Gross profit | | | 1,836,179 | | | | 351,425 | | | | 3,080,337 | | | | 1,025,800 | |
General and administrative expenses | | | 1,619,210 | | | | 1,584,973 | | | | 6,142,194 | | | | 6,113,957 | |
Income (loss) from operations | | | 97,782 | | | | (1,352,735 | ) | | | (3,438,774 | ) | | | (5,465,074 | ) |
Income (loss) before income taxes | | | 126,749 | | | | (1,323,768 | ) | | | (3,410,912 | ) | | | (5,437,212 | ) |
Net income (loss) | | $ | 126,749 | | | $ | (1,323,768 | ) | | $ | (3,410,912 | ) | | $ | (5,437,212 | ) |
Net income (loss) per share – basic and diluted | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.23 | ) | | $ | (0.36 | ) |
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v3.23.3
Note 13 - Subsequent Event
|
9 Months Ended |
Sep. 30, 2022 |
Notes to Financial Statements |
|
Subsequent Events [Text Block] |
The Company evaluates subsequent events through September 22, 2023, which is the date the financial statements were issued or available to be issued.
In March 2023, the Company ("Sublessee") entered into an agreement with Berthaphil, Inc. ("Sublessor") to sublease approximately 3,600 square yards of a warehouse building based in the Clark Freeport Zone in the Philippines. The term of the lease is two years and two months with a turnover date of July 1, 2023 ("turnover date") and a rental commencement date of September 1, 2023. There is a grace period of two months for rental payments, starting from the turnover date. The monthly rent for the first year is $15,000, escalating to $15,750 for the second year and $16,530 for the remaining term. The sublease may be renewed for an additional period that is mutually agreed upon subject to certain terms and conditions. The Company intends to use the leased space as a production facility as it seeks to expand its business presence both in the region and the United States of America.
Be
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
Basis of Presentation—The consolidated financial statements and related disclosures of EVTDS (see Note 3) as of September 30, 2022, which include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries, and for the fiscal periods ended September 30, 2022, which include the consolidated results of operations of EVTDS and Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and subsidiaries for the entire three and nine month periods. The consolidated financial statements and related disclosures as of December 31, 2021 include the consolidated balance sheet accounts of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries, including EVTDS. The consolidated results of operations for the three months ended September 30, 2021 include the results of operations of EVTDS for the entire period and include the consolidated results of operations of Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and it’s subsidiaries for the post-merger period March 16, 2021 through September 30, 2021. These consolidated financial statements are unaudited, pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the Company’s opinion, these unaudited financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods. These unaudited financial statements should be read in conjunction with the Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) and EVTDS audited financial statements for the years ended December 31, 2021 and 2020 included in the Company’s Annual Report on Form 10-K filed with the SEC on April 26, 2022. The results of operations for the fiscal periods ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year.
|
Consolidation, Policy [Policy Text Block] |
Principles of Consolidation—The accompanying financial statements reflect the consolidation of the financial statements of EVTDS, its wholly-owned subsidiary Envirotech Drive Systems Incorporated, Envirotech Vehicles, Inc., ADOMANI California, Inc., Adomani (Nantong) Automotive Technology Co. Ltd. (for periods in 2021 only), ADOMANI ZEV Sales, Inc., Zero Emission Truck and Bus Sales of Arizona, Inc., and ZEV Resources, Inc. All significant intercompany accounts and transactions have been eliminated.
|
Use of Estimates, Policy [Policy Text Block] |
Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
|
Fair Value of Financial Instruments, Policy [Policy Text Block] |
Fair Value of Financial Instruments—The carrying values of the Company’s financial instruments, including cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market data and that require the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis.
|
Revenue from Contract with Customer [Policy Text Block] |
Revenue Recognition—The Company recognizes revenue from the sales of zero-emission electric vehicles and vehicle maintenance and inspection services. The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. At September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100% of the reported revenue, with five of the 11 customers accounting for approximately 67% of the year-to-date revenue recorded. In applying ASC Topic 606, the Company is required to:
| (1) | identify any contracts with customers; |
| (2) | determine if multiple performance obligations exist; |
| (3) | determine the transaction price; |
| (4) | allocate the transaction price to the respective obligation; and |
| (5) | recognize the revenue as the obligation is satisfied. |
Product revenue includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation and revenue is recognized when the vehicle is delivered and the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt of the vehicle. At this time, the title of the vehicle is transferred to the customer. The Company provides the option of financing (flooring) to Factory Authorized Representatives (“FARs”) for demo vehicles that are used in their selling process. Flooring agreements are made either expressly or implicitly and last no longer than one year with respect to specific vehicles, as payment for the vehicles is due in full before the first anniversary of the agreement, or upon sale by the FAR of the demo vehicle. The interest rate associated with the flooring agreement is agreed upon at the time of executing the FAR agreement. The Company has elected the practical expedient allowed by ASC Topic 606 where consideration does not need to be adjusted for financing components of the agreement.
|
Cash and Cash Equivalents, Policy [Policy Text Block] |
Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with an original or remaining maturity of three months or less to be cash equivalents. The recorded value of our restricted cash and cash equivalents approximates their fair value. The Company had $60,131 and $60,035 restricted cash at September 30, 2022 and at December 31, 2021, respectively. The amounts at both dates relate to balances required by our bank to support certain minor activities. See Concentration of Credit Risk below in this Note.
|
Marketable Securities, Policy [Policy Text Block] |
Marketable Securities—The Company invests in short-term, highly liquid, marketable securities, such as U.S. Treasury notes, U.S. Treasury bonds, and other government-backed securities. The Company classifies these marketable securities as held-to-maturity, as the intent is not to liquidate them prior to the respective stated maturity date. At September 30, 2022, the aggregate amount of the Company’s investments in marketable securities was $1,976,308. These securities had original maturity dates ranging from 154 days to 199 days, and at September 30, 2022, the remaining maturity dates on these securities ranged from 92 days to 182 days. Investments in marketable securities at December 31, 2021 were $8,002,700.
|
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] |
Accounts Receivable and Allowance for Doubtful Accounts—The Company establishes an allowance for bad debts through a review of severalfactors, including historical collection experience, current aging status of the customer accounts, and financial condition of its customers. The Company does not generally require collateral for its accounts receivable. The Company had trade accounts receivable of $3,384,936 as of September 30, 2022. The Company had trade accounts receivable of $1,428,030 as of December 31, 2021 with no allowance for bad debt. A significant portion of the Company’s sales are made to customers who qualify for state-sponsored grant programs which can cover a significant portion, up to all of a vehicle’s purchase price. Grant monies are paid directly to vehicle dealers like the Company after the customer and the dealer meet state requirements related to the transaction; reimbursements to the Company may take two to nine months from the date of request before being received. The Company does not provide an allowance for doubtful accounts related to sales made utilizing state grant funds, as those funds are guaranteed by the state(s) once awarded. The trade accounts receivable balance at September 30, 2022 is from credit-worthy customers, many of whom are our Company’s FARs, the December 31, 2021 balance was in the collection process for guaranteed state grant funding subsequent to that date. Account receivable balances guaranteed by state grant funding as a percentage of total were 82% and 70% on September 30, 2022 and December 31, 2021, respectively. As discussed above, at September 30, 2022, the Company did have a concentration of customers; five customers’ balances account for approximately 64% of the outstanding accounts receivable; for the nine months ended September 30, 2022, 11 customers accounted for 100 percent of the reported revenue, with five of the 11 customers accounting for approximately 67% of the quarterly revenue recorded.
|
Inventory, Policy [Policy Text Block] |
Inventory and Inventory Valuation Allowance—The Company records inventory at the lower of cost or market, and uses a First In, First Out(“FIFO”) accounting valuation methodology and establishes an inventory valuation allowance for vehicles that it does not intend to sell in the future. The Company had finished goods inventory on hand of $5,966,804 as of September 30, 2022 and recorded an inventory valuation allowance of $12,429 related to three vehicles that the Company does not intend to sell in the future as of September 30, 2022, resulting in a net inventory balance of $5,594,375 as of September 30, 2022. The Company had finished goods inventory on hand and a related inventory valuation of $3,862,970 and $12,429 allowance, ressulting in net inventory of $3,850,541 as of December 31, 2021.
|
Inventory Deposits [Policy Text Block] |
Inventory Deposits—Certain of our vendors require the Company to pay upfront deposits before they will commence manufacturing our vehicles, and then require progress deposits through the production cycle and before the finished vehicles are shipped. These deposits are classified as inventory deposits in the Balance Sheet. Upon completion of production acceptance by the Company, and passage of title to the Company, deposits are reclassified to inventory. The Company had inventory deposits of $4,855,049 and $4,503,079 as of September 30, 2022 and December 31, 2021, respectively. Deposits paid to three vendors accounted for approximately 89 percent of the deposits outstanding at September 30, 2022.
|
Income Tax, Policy [Policy Text Block] |
Income Taxes—The Company uses the liability method, where deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.
|
Income Tax Uncertainties, Policy [Policy Text Block] |
Accounting for Uncertainty in Income Taxes—The Company evaluates its uncertain tax positions and will recognize a loss contingency when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. At September 30, 2022 and December 31, 2021, respectively, management did not identify any uncertain tax positions.
|
Earnings Per Share, Policy [Policy Text Block] |
Net Income (Loss) Per Share—Basic net income (loss) per share is calculated by dividing the Company’s net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the diluted weighted average number of shares of common stock outstanding during the period. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares of common stock adjusted for any potentially dilutive debt or equity securities. As of September 30, 2022, 604,906 shares of the Company’s common stock were subject to issuance upon the exercise of stock options then outstanding and 1,402,417 shares of the Company’s common stock were subject to issuance upon the exercise of warrants then outstanding.
|
Concentration Risk, Credit Risk, Policy [Policy Text Block] |
Concentration of Credit Risk—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at times it exceeds the $250,000 maximum amount insured by the Federal Deposit Insurance Corporation (“FDIC”). Additionally, the Company maintains cash and short-term securities invested at Arvest Bank, National Association (“Arvest”). Between FDIC and the Securities Investor Protection Corporation (“SIPC”) coverage, funds up to $750,000, which may include cash up to $500,000, are insured. In addition, Arvest provides excess insurance acquired by them from SIPC for unlimited per customer securities up to a $1 billion cap. During the nine months ended September 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,131 at September 30, 2022.
|
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] |
Impairment of Long-Lived Assets—Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates these assets to determine potential impairment by comparing the carrying amount to the undiscounted estimated future cash flows of the related assets. If the estimated undiscounted cash flows are less than the carrying value of the assets, the assets are written down to their fair value. There was no impairment of long-lived assets, or property and equipment, as of September 30, 2022 and December 31, 2021, respectively.
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Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] |
Goodwill—Goodwill represents the excess acquisition cost over the fair value of the net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it can conclude the assessment. If the Company concludes otherwise, the Company is required to perform a quantitative analysis to determine the amount of impairment, if any. The Company has determined that it has one reporting unit, and based on both qualitative and quantitative analysis, it is management’s assessments at September 30,2022 and December 31, 2021 that $51,775,667 in goodwill related to the ADOMANI, Inc. and EVTDS Merger did not experience impairment.
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Research and Development Expense, Policy [Policy Text Block] |
Research and Development—Costs incurred in connection with the development of new products and manufacturing methods are charged to operating expenses as incurred. Research and development costs were $112,412 during the nine months ended September 30, 2022. Research and development costs were $58,139 for the year ended December 31, 2021.
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Share-Based Payment Arrangement [Policy Text Block] |
Stock-Based Compensation—The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, “Compensation-Stock Compensation”, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered. With respect to the options to purchase 340,893 shares of common stock issued on January 7, 2022 and the options to purchase 3,874 shares of common stock issued on January 31, 2022 (see Note 7), non-cash stock-based compensation expense of $1,614,845 was recorded for the nine months ended September 30, 2022.
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Property, Plant and Equipment, Policy [Policy Text Block] |
Property and Equipment— Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years, except leasehold improvements, which are being amortized over the life of the lease term. Property and equipment qualify for capitalization if the purchase price exceeds $2,000. Major repairs and replacements, which extend the useful lives of equipment, are capitalized and depreciated over the estimated useful lives of the property. All other maintenance and repairs are expensed as incurred.
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Lessee, Leases [Policy Text Block] |
Leases—The Company accounts for leases as required by ASC Topic 842. The guidance requires companies to recognize leased assets and liabilities on the balance sheet and to disclose key information regarding leasing arrangements.
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New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements—Management has considered all recent accounting pronouncements issued, but not effective, and does not believe that they will have a significant impact on the Company’s financial statements.
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v3.23.3
Note 3 - Merger (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
Purchase Price Allocation of ADOMANI, Inc. | |
| | | | |
Accounts receivable and other current assets | | $ | 1,680,926 | |
Property and equipment | | | 86,873 | |
Right of use asset | | | 369,987 | |
Other assets | | | 59,510 | |
Goodwill | | | 51,775,667 | |
Accounts payable and accrued expenses | | | (820,389 | ) |
Lease liability | | | (369,987 | ) |
Notes payable | | | (417,540 | ) |
Purchase price, net of $3,373,332 cash acquired | | $ | 52,365,047 | |
|
Business Acquisition, Pro Forma Information [Table Text Block] |
Pro forma combined results of operations |
|
For the three months ended |
|
|
For the nine months ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2021 |
|
Sales |
|
$ |
709,092 |
|
|
$ |
1,065,562 |
|
Net income (loss) |
|
$ |
(850,475 |
) |
|
$ |
(5,045,988 |
) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.3
Note 4 - Property and Equipment, Net (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Property, Plant and Equipment [Table Text Block] |
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Furniture and fixtures |
|
$ |
60,082 |
|
|
$ |
41,799 |
|
Leasehold improvements |
|
|
40,112 |
|
|
|
28,112 |
|
Machinery & equipment |
|
|
144,406 |
|
|
|
86,266 |
|
Vehicles |
|
|
252,725 |
|
|
|
252,724 |
|
Test/Demo vehicles |
|
|
15,784 |
|
|
|
15,784 |
|
Total property and equipment |
|
|
513,108 |
|
|
|
424,685 |
|
Less accumulated depreciation |
|
|
(207,491 |
) |
|
|
(152,572 |
) |
Net property and equipment |
|
$ |
305,617 |
|
|
$ |
272,113 |
|
|
X |
- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.23.3
Note 6 - Stock Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
| | Number of | | | Exercise | | | Remaining | |
| | Shares | | | Price | | | Contractual Life (years) | |
Outstanding warrants expiring January 9, 2023 | | | 12,833 | | | $ | 75.00 | | | | 0.33 | |
Outstanding warrants expiring January 28, 2025 | | | 431,250 | | | $ | 10.00 | | | | 2.33 | |
Outstanding warrants expiring May 7, 2026 | | | 958,334 | | | $ | 20.00 | | | | 3.60 | |
Outstanding warrants on September 30, 2022 | | | 1,402,417 | | | $ | 17.43 | | | | 3.18 | |
|
X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.23.3
Note 7 - Stock Options (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
Remaining |
|
|
|
Number of |
|
|
Exercise |
|
|
Contractual Life |
|
|
|
Shares |
|
|
Price |
|
|
(years) |
|
Outstanding at December 31, 2021 |
|
|
338,500 |
|
|
$ |
5.80 |
|
|
|
6.98 |
|
Options granted during 9 months ended September 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
Options Granted at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
|
|
Options Granted at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
|
|
Options Granted at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
|
|
Options Granted at $9.00 Exercise Price |
|
|
1,111 |
|
|
$ |
9.00 |
|
|
|
|
|
Exercised |
|
|
(50,000 |
) |
|
$ |
2.40 |
|
|
|
|
|
Cancelled / Forfeited at $9.00 Exercise Price |
|
|
(25,000 |
) |
|
$ |
9.00 |
|
|
|
|
|
Subtotal, as follows: |
|
|
608,266 |
|
|
|
|
|
|
|
|
|
Outstanding Options at $2.00 Exercise Price |
|
|
250,000 |
|
|
$ |
2.00 |
|
|
|
9.30 |
|
Outstanding Options at $2.40 Exercise Price |
|
|
90,893 |
|
|
$ |
2.40 |
|
|
|
9.30 |
|
Outstanding Options at $3.62 Exercise Price |
|
|
2,762 |
|
|
$ |
3.62 |
|
|
|
4.34 |
|
Outstanding Options at $9.00 Exercise Price |
|
|
257,861 |
|
|
$ |
9.00 |
|
|
|
8.21 |
|
Outstanding Options at $26.20 Exercise Price |
|
|
6,750 |
|
|
$ |
26.20 |
|
|
|
5.55 |
|
Outstanding at September 30, 2022 |
|
|
608,266 |
|
|
$ |
5.30 |
|
|
|
8.77 |
|
|
X |
- DefinitionTabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.
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v3.23.3
Note 9 - Commitments (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] |
|
|
Payments due by period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
More |
|
|
|
|
|
|
Less than |
|
|
|
|
|
|
|
|
than 5 |
|
|
|
Total |
|
|
one year |
|
|
1 - 3 years |
|
|
4 - 5 years |
|
|
years |
|
Operating lease obligations |
|
$ |
11,491 |
|
|
$ |
10,881 |
|
|
$ |
610 |
|
|
$ |
— |
|
|
$ |
— |
|
Employment contracts |
|
|
2,125,000 |
|
|
|
500,000 |
|
|
|
1,500,000 |
|
|
|
125,000 |
|
|
|
— |
|
Total |
|
$ |
2,136,491 |
|
|
$ |
510,881 |
|
|
$ |
1,500,610 |
|
|
$ |
125,000 |
|
|
$ |
— |
|
|
X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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v3.23.3
Note 11 - Leases (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Lease, Cost [Table Text Block] |
| | Nine Months Ended September 30, | |
| | 2022 | | | 2021 | |
Lease expenses | | | | | | | | |
Operating lease expenses | | $ | 56,101 | | | $ | 122,001 | |
Short-term lease expenses | | | 124,645 | | | | 76,160 | |
Total lease cost | | $ | 180,746 | | | $ | 198,161 | |
Other information | | | | | | | | |
Cash paid for the amounts included in the measurement of lease liabilities for operating leases: | | | | | | | | |
Operating cash flows | | $ | 56,890 | | | $ | 163,707 | |
Weighted-average remaining lease term (in years): | | | | | | | | |
Operating leases | | | 0.62 | | | | 1.28 | |
Weighted-average discount rate: | | | | | | | | |
Operating leases | | | 14 | % | | | 14 | % |
|
X |
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v3.23.3
Note 12 - Restatement (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
Notes Tables |
|
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] |
| | September 30, 2022 | |
Consolidated Balance Sheet Information: | | As Previously Reported | | | As Restated | |
Accounts receivable | | $ | 7,804,369 | | | $ | 3,384,936 | |
Inventory, net | | | 3,603,852 | | | | 5,954,375 | |
Inventory deposits | | | 4,812,439 | | | | 4,855,049 | |
Total current assets | | | 21,589,819 | | | | 19,563,519 | |
Total assets | | | 73,749,477 | | | | 71,723,177 | |
Accrued liabilities | | | 1,154,026 | | | | 767,026 | |
Notes payable, net | | | 27,444 | | | | 414,444 | |
Accumulated deficit | | | (11,535,272 | ) | | | (13,561,572 | ) |
Total stockholders’ equity | | | 72,388,228 | | | | 70,361,928 | |
Total liabilities and stockholders’ equity | | | 73,749,477 | | | | 71,723,177 | |
| | Three Months Ended September 30, 2022 | | | Nine Months Ended September 30, 2022 | |
Consolidated Statement of Operations Information: | | As Previously Reported | | | As Restated | | | As Previously Reported | | | As Restated | |
Sales | | $ | 3,882,670 | | | $ | 1,029,280 | | | $ | 7,078,870 | | | $ | 2,625,090 | |
Cost of sales | | | 2,046,491 | | | | 677,855 | | | | 3,998,533 | | | | 1,599,290 | |
Gross profit | | | 1,836,179 | | | | 351,425 | | | | 3,080,337 | | | | 1,025,800 | |
General and administrative expenses | | | 1,619,210 | | | | 1,584,973 | | | | 6,142,194 | | | | 6,113,957 | |
Income (loss) from operations | | | 97,782 | | | | (1,352,735 | ) | | | (3,438,774 | ) | | | (5,465,074 | ) |
Income (loss) before income taxes | | | 126,749 | | | | (1,323,768 | ) | | | (3,410,912 | ) | | | (5,437,212 | ) |
Net income (loss) | | $ | 126,749 | | | $ | (1,323,768 | ) | | $ | (3,410,912 | ) | | $ | (5,437,212 | ) |
Net income (loss) per share – basic and diluted | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.23 | ) | | $ | (0.36 | ) |
|
X |
- DefinitionTabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.
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- DefinitionArea of a real estate property.
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v3.23.3
Note 2 - Summary of Significant Accounting Policies (Details Textual)
|
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
12 Months Ended |
|
Jan. 31, 2022
shares
|
Jan. 07, 2022
shares
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
|
Jun. 30, 2022 |
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 15, 2021
shares
|
Restricted Cash and Cash Equivalents |
|
|
$ 60,131
|
|
|
|
$ 60,131
|
|
|
$ 60,035
|
|
Marketable Securities |
|
|
1,976,308
|
|
|
|
1,976,308
|
|
|
8,002,700
|
|
Accounts Receivable, before Allowance for Credit Loss, Current |
|
|
3,384,936
|
|
|
|
3,384,936
|
|
|
1,428,030
|
|
Accounts Receivable, Allowance for Credit Loss, Current |
|
|
0
|
|
|
|
0
|
|
|
0
|
|
Inventory, Finished Goods, Gross |
|
|
5,966,804
|
|
|
|
5,966,804
|
|
|
3,862,970
|
|
Inventory Valuation Reserves |
|
|
|
|
|
|
|
|
|
12,429
|
|
Inventory, Net |
|
|
5,954,375
|
[1] |
|
|
5,954,375
|
[1] |
|
3,850,541
|
|
Inventory Deposits |
|
|
4,855,049
|
[1] |
|
|
4,855,049
|
[1] |
|
4,503,079
|
|
Unrecognized Tax Benefits |
|
|
$ 0
|
|
|
|
$ 0
|
|
|
0
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | shares |
|
|
604,906
|
|
|
|
604,906
|
|
|
|
649,643
|
Class of Warrant or Right, Outstanding (in shares) | shares |
|
|
1,402,417
|
|
|
|
1,402,417
|
|
|
|
534,067
|
Maximum Insured Funds, FDIC and SPIC |
|
|
$ 750,000
|
|
|
|
$ 750,000
|
|
|
|
|
Maximum Cash Insured |
|
|
500,000
|
|
|
|
500,000
|
|
|
|
|
Extra Insurance by SPIC, Cap, Unlimited Per Customer Securities |
|
|
1,000,000,000
|
|
|
|
1,000,000,000
|
|
|
|
|
Restricted Cash, Current |
|
|
60,131
|
[1] |
|
|
60,131
|
[1] |
|
60,035
|
|
Impairment, Long-Lived Asset, Held-for-Use |
|
|
|
|
|
|
$ 0
|
|
|
0
|
|
Number of Reporting Units |
|
|
|
|
|
|
1
|
|
|
|
|
Goodwill |
|
|
51,775,667
|
[1] |
|
|
$ 51,775,667
|
[1] |
|
51,775,667
|
|
Research and Development Expense |
|
|
25,000
|
|
$ 0
|
|
$ 112,412
|
|
$ 0
|
58,139
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares |
3,874
|
340,893
|
|
|
|
|
50,000
|
|
|
|
|
Share-Based Payment Arrangement, Expense |
|
|
|
|
|
|
$ 1,614,845
|
|
|
|
|
Adomani Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
51,775,667
|
|
|
|
51,775,667
|
|
|
$ 51,775,667
|
|
Approximation [Member] |
|
|
|
|
|
|
|
|
|
|
|
Inventory, Net |
|
|
5,594,375
|
|
|
|
5,594,375
|
|
|
|
|
Three Vehicles [Member] |
|
|
|
|
|
|
|
|
|
|
|
Inventory Valuation Reserves |
|
|
$ 12,429
|
|
|
|
$ 12,429
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment, Useful Life (Year) |
|
|
3 years
|
|
|
|
3 years
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment, Useful Life (Year) |
|
|
5 years
|
|
|
|
5 years
|
|
|
|
|
Held-to-maturity Marketable Securities [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Investment, Maturity Period (Day) |
|
|
|
|
|
|
154 days
|
|
|
|
|
Investment, Remaining Maturity Period (Day) |
|
|
|
|
|
|
92 days
|
|
|
|
|
Held-to-maturity Marketable Securities [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Investment, Maturity Period (Day) |
|
|
|
|
|
|
199 days
|
|
|
|
|
Investment, Remaining Maturity Period (Day) |
|
|
|
|
|
|
182 days
|
|
|
|
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of Major Customers |
|
|
|
|
|
|
5
|
|
|
|
|
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member] |
|
|
|
|
|
|
|
|
|
|
|
Concentration Risk, Percentage |
|
|
|
|
|
|
64.00%
|
|
|
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of Major Customers |
|
|
|
|
|
|
5
|
|
|
|
|
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Customers [Member] |
|
|
|
|
|
|
|
|
|
|
|
Concentration Risk, Percentage |
|
|
|
|
|
|
67.00%
|
|
|
|
|
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] |
|
|
|
|
|
|
|
|
|
|
|
Concentration Risk, Percentage |
|
|
|
|
|
70.00%
|
82.00%
|
|
|
|
|
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of Vendors |
|
|
|
|
|
|
3
|
|
|
|
|
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | Three Suppliers [Member] |
|
|
|
|
|
|
|
|
|
|
|
Concentration Risk, Percentage |
|
|
|
|
|
|
89.00%
|
|
|
|
|
Fair Value, Recurring [Member] |
|
|
|
|
|
|
|
|
|
|
|
Assets, Fair Value Disclosure |
|
|
$ 0
|
|
|
|
$ 0
|
|
|
|
|
Liabilities, Fair Value Disclosure |
|
|
$ 0
|
|
|
|
$ 0
|
|
|
|
|
|
|
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v3.23.3
Note 3 - Merger (Details Textual) - USD ($)
|
|
|
2 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Mar. 15, 2021 |
Oct. 04, 2017 |
Mar. 14, 2021 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Proceeds from Issuance of Common Stock |
|
|
|
|
|
$ 120,000
|
[1] |
$ 22,780,188
|
|
|
Common Stock, Shares, Outstanding (in shares) |
|
|
|
|
|
15,021,088
|
[2] |
|
14,912,189
|
|
Assets |
|
|
|
|
|
$ 71,723,177
|
[2] |
|
$ 75,307,808
|
|
Goodwill |
|
|
|
|
|
$ 51,775,667
|
[2] |
|
51,775,667
|
|
EVTDS [Member] |
|
|
|
|
|
|
|
|
|
|
Restricted Cash |
|
|
|
|
|
|
|
|
$ 0
|
$ 1,793,910
|
Proceeds from Issuance of Common Stock |
|
|
$ 6,415,110
|
|
|
|
|
|
|
|
Cash |
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
EVTDS [Member] | EVT Canada [Member] |
|
|
|
|
|
|
|
|
|
|
Distribution Agreement, Term (Year) |
|
50 years
|
|
|
|
|
|
|
|
|
Adomani Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Common Stock, Value, Outstanding |
$ 53,509,522
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding (in shares) |
5,635,347
|
|
|
|
|
|
|
|
|
|
Share Price (in dollars per share) |
$ 0.4749
|
|
|
|
|
|
|
|
|
|
Assets |
$ 55,738,379
|
|
|
|
|
|
|
|
|
|
Adomani Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) |
7,129,887
|
|
|
|
|
|
|
|
|
|
Business Combination, Equity Interest Issued, Percentage of Outstanding Stock |
56.00%
|
|
|
|
|
|
|
|
|
|
Business Combination, Stock Options Assumed |
$ 2,228,757
|
|
|
|
|
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets |
5,570,628
|
|
|
|
|
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities |
1,607,916
|
|
|
|
|
|
|
|
|
|
Goodwill |
51,775,667
|
|
|
|
|
|
|
|
|
|
Business Combination, Acquisition Related Costs |
415,472
|
|
|
|
|
|
|
|
|
|
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual |
|
|
|
|
$ 151,793
|
|
|
|
|
|
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual |
|
|
|
|
(144,015)
|
|
|
|
|
|
Business Acquisition, Pro Forma Revenue |
|
|
|
$ 709,092
|
|
|
|
1,065,562
|
|
|
Business Acquisition, Pro Forma Net Income (Loss) |
|
|
|
$ (850,475)
|
|
|
|
$ (5,045,988)
|
|
|
Adomani Inc [Member] | Sale of Vehicles [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Revenue |
|
|
|
|
319,000
|
|
|
|
|
|
Business Acquisition, Pro Forma Net Income (Loss) |
|
|
|
|
(91,800)
|
|
|
|
|
|
Adomani Inc [Member] | Fully Amortize Stock-based Compensation Expense [Member] |
|
|
|
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Net Income (Loss) |
|
|
|
|
$ (1,826,623)
|
|
|
|
|
|
Adomani Inc [Member] | Fair Value Adjustment [Member] |
|
|
|
|
|
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory |
$ 26,400
|
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.23.3
Note 3 - Merger - Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($)
|
Sep. 30, 2022 |
[1] |
Dec. 31, 2021 |
Mar. 15, 2021 |
Goodwill |
$ 51,775,667
|
$ 51,775,667
|
|
Adomani Inc [Member] |
|
|
|
Accounts receivable and other current assets |
|
|
$ 1,680,926
|
Property and equipment |
|
|
86,873
|
Right of use asset |
|
|
369,987
|
Other assets |
|
|
59,510
|
Goodwill |
|
|
51,775,667
|
Accounts payable and accrued expenses |
|
|
820,389
|
Lease liability |
|
|
369,987
|
Notes payable |
|
|
417,540
|
Purchase price, net of $3,373,332 cash acquired |
|
|
$ 52,365,047
|
|
|
X |
- DefinitionThe amount of right of use asset recognized as of the acquisition date.
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Note 3 - Merger - Purchase Price of Assets Acquired and Liabilities Assumed (Details) (Parentheticals)
|
Mar. 15, 2021
USD ($)
|
Adomani Inc [Member] |
|
Cash acquired |
$ 3,373,332
|
X |
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v3.23.3
Note 3 - Merger - Pro Forma Information (Details) - Adomani Inc [Member] - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2021 |
Sep. 30, 2021 |
Sales |
$ 709,092
|
$ 1,065,562
|
Net income (loss) |
$ (850,475)
|
$ (5,045,988)
|
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Note 4 - Property and Equipment, Net (Details Textual) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Depreciation |
$ 19,093
|
$ 7,655
|
$ 56,700
|
$ 43,031
|
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- DefinitionThe amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
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Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)
|
Sep. 30, 2022 |
Dec. 31, 2021 |
Total property and equipment |
$ 513,108
|
|
$ 424,685
|
Less accumulated depreciation |
(207,491)
|
|
(152,572)
|
Net property and equipment |
305,617
|
[1] |
272,113
|
Furniture and Fixtures [Member] |
|
|
|
Total property and equipment |
60,082
|
|
41,799
|
Leasehold Improvements [Member] |
|
|
|
Total property and equipment |
40,112
|
|
28,112
|
Machinery and Equipment [Member] |
|
|
|
Total property and equipment |
144,406
|
|
86,266
|
Vehicles [Member] |
|
|
|
Total property and equipment |
252,725
|
|
252,724
|
Test/Demo Vehicles [Member] |
|
|
|
Total property and equipment |
$ 15,784
|
|
$ 15,784
|
|
|
X |
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v3.23.3
Note 5 - Debt (Details Textual) - USD ($)
|
Aug. 20, 2022 |
Jul. 15, 2022 |
Jun. 15, 2022 |
Jun. 15, 2021 |
Sep. 30, 2022 |
Aug. 04, 2022 |
Dec. 31, 2021 |
Notes Payable, Current |
|
|
|
|
$ 414,444
|
[1] |
|
$ 31,788
|
Notes Payable, Noncurrent |
|
|
|
|
18,234
|
[1] |
|
$ 13,245
|
Insurance Premium Financing Agreement With First Funding [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
$ 214,087
|
|
|
|
|
|
Debt Instrument, Term (Month) |
|
|
9 months
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
|
$ 24,416
|
|
|
|
|
|
Insurance Premium Financing Agreement With First Funding 2 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
$ 225,000
|
|
|
|
|
|
|
|
Debt Instrument, Term (Month) |
9 months
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
$ 25,608
|
|
|
|
|
|
|
|
Centennial Bank Line of Credit [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
2.75%
|
|
Debt Instrument, Covenant, Maximum Amount of Borrowing in Excess of Current Assets |
|
|
|
|
|
|
$ 1,000,000
|
|
Long-Term Line of Credit |
|
|
|
|
$ 0
|
|
|
|
Equipment Financing Agreement [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
$ 63,576
|
|
|
|
|
Debt Instrument, Term (Month) |
|
|
|
24 months
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
|
|
$ 2,649
|
|
|
|
|
Facility Grounds Equipment Loans [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
$ 18,755
|
|
|
|
|
|
|
Debt Instrument, Term (Month) |
|
36 months
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
$ 521
|
|
|
|
|
|
|
|
|
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- DefinitionRepresents the amount of maximum amount of borrowings in excess of current assets on a covenant of a debt instrument.
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v3.23.3
Note 6 - Stock Warrants (Details Textual) - USD ($) $ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2022 |
Apr. 26, 2022 |
Mar. 15, 2021 |
Class of Warrant or Right, Outstanding (in shares) |
1,402,417
|
|
534,067
|
Class Of Warrant Or Right, Exercisable (in shares) |
|
|
102,817
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) |
|
958,333
|
|
Class of Warrants or Rights, Expired During Period (in shares) |
27,483
|
|
|
Class of Warrant or Right, Intrinsic Value |
$ 0
|
|
|
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v3.23.3
Note 7 - Stock Options (Details Textual) - USD ($)
|
|
|
|
9 Months Ended |
|
Mar. 15, 2022 |
Jan. 31, 2022 |
Jan. 07, 2022 |
Sep. 30, 2022 |
Mar. 15, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) |
|
|
|
604,906
|
649,643
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value |
|
|
|
$ 873,288
|
|
Option at 2.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
|
250,000
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
|
$ 2.00
|
|
Options at $2.40 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
|
90,893
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
|
$ 2.40
|
|
Options at 3.62 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
|
2,762
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
|
$ 3.62
|
|
Options at 9.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
|
1,111
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
|
$ 9.00
|
|
Chief Executive Officer [Member] | Option at 2.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
150,000
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
$ 2.00
|
|
|
Chief Executive Officer [Member] | Options at $2.40 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
50,000
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
$ 2.40
|
|
|
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) |
|
|
10 years
|
|
|
Executive Vice President [Member] | Option at 2.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
100,000
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
$ 2.00
|
|
|
Executive Vice President [Member] | Options at $2.40 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
|
40,893
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
|
$ 2.40
|
|
|
Executive Vice President [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) |
|
|
10 years
|
|
|
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) |
|
10 years
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
5 years
|
|
|
|
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Option [Member] | Vesting Monthly [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage |
|
1.67%
|
|
|
|
Chief Financial Officer [Member] | Options at 3.62 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
2,763
|
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
$ 3.62
|
|
|
|
Chief Financial Officer [Member] | Options at 9.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
|
1,111
|
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
|
$ 9.00
|
|
|
|
Former President and CEO [Member] | Options at $2.40 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
50,000
|
|
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
$ 2.40
|
|
|
|
|
Proceeds from Stock Options Exercised |
$ 120,000
|
|
|
|
|
Former President and CEO [Member] | Options at 9.00 [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) |
25,000
|
|
|
|
|
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) |
$ 9.00
|
|
|
|
|
X |
- DefinitionAmount of cash inflow from exercise of option under share-based payment arrangement.
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v3.23.3
Note 7 - Stock Options - Stock Options Outstanding (Details) - $ / shares
|
|
|
9 Months Ended |
12 Months Ended |
Jan. 31, 2022 |
Jan. 07, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Outstanding (in shares) |
|
|
338,500
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 5.80
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
8 years 9 months 7 days
|
6 years 11 months 23 days
|
Exercised (in shares) |
(3,874)
|
(340,893)
|
(50,000)
|
|
Exercised, weighted average exercise price (in dollars per share) |
|
|
$ 2.40
|
|
Outstanding (in shares) |
|
|
608,266
|
338,500
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 5.30
|
$ 5.80
|
Option at 2.00 [Member] |
|
|
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
9 years 3 months 18 days
|
|
Options Granted (in shares) |
|
|
250,000
|
|
Options Granted, weighted average exercise price (in dollars per share) |
|
|
$ 2.00
|
|
Outstanding (in shares) |
|
|
250,000
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 2.00
|
|
Options at $2.40 [Member] |
|
|
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
9 years 3 months 18 days
|
|
Options Granted (in shares) |
|
|
90,893
|
|
Options Granted, weighted average exercise price (in dollars per share) |
|
|
$ 2.40
|
|
Outstanding (in shares) |
|
|
90,893
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 2.40
|
|
Options at 3.62 [Member] |
|
|
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
4 years 4 months 2 days
|
|
Options Granted (in shares) |
|
|
2,762
|
|
Options Granted, weighted average exercise price (in dollars per share) |
|
|
$ 3.62
|
|
Outstanding (in shares) |
|
|
2,762
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 3.62
|
|
Options at 9.00 [Member] |
|
|
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
8 years 2 months 15 days
|
|
Options Granted (in shares) |
|
|
1,111
|
|
Options Granted, weighted average exercise price (in dollars per share) |
|
|
$ 9.00
|
|
Cancelled / Forfeited (in shares) |
|
|
(25,000)
|
|
Cancelled / Forfeited, weighted average exercise price (in dollars per share) |
|
|
$ 9.00
|
|
Outstanding (in shares) |
|
|
257,861
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 9.00
|
|
Options at 26.20 [Member] |
|
|
|
|
Outstanding, weighted average remaining contractual term (Year) |
|
|
5 years 6 months 18 days
|
|
Outstanding (in shares) |
|
|
6,750
|
|
Outstanding Options, weighted average exercise price (in dollars per share) |
|
|
$ 26.20
|
|
X |
- DefinitionThe number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
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v3.23.3
Note 8 - Related Party Transactions (Details Textual) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Apr. 01, 2020 |
Jan. 01, 2020 |
Dec. 01, 2019 |
Payments to Acquire Property, Plant, and Equipment |
|
|
$ 90,204
|
[1] |
$ 27,958
|
|
|
|
Chief Executive Officer [Member] | Two Vehicles [Member] |
|
|
|
|
|
|
|
|
Payments to Acquire Property, Plant, and Equipment |
$ 128,000
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Vehicles [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
$ 64,000
|
|
|
|
|
|
|
EVTDS [Member] | Vehicles [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction, Purchases from Related Party |
|
$ 83,000
|
|
|
|
|
|
|
SRI Services Agreement [Member] | SRI Professional Services, Incorporated [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction, Expected Cost |
|
|
$ 26,042
|
|
|
|
|
|
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] |
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
|
$ 7,771
|
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] | Two Vehicles [Member] |
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
$ 3,880
|
|
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] | Trailer [Member] |
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
|
$ 3,891
|
S R I Office Lease [Member] | SRI Professional Services, Incorporated [Member] |
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
$ 2,730
|
|
A B C I Office Lease [Member] | Alpha Bravo Charlie, Inc. (“ABCI”) [Member] |
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
$ 2,800
|
|
|
|
|
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v3.23.3
Note 9 - Commitments - Future Minimum Payments (Details)
|
Sep. 30, 2022
USD ($)
|
Lessee, Operating Lease, Liability, to be Paid |
$ 11,491
|
Operating lease obligations, less than one year |
10,881
|
Operating lease obligations, year 1-3 |
610
|
Employment contracts |
2,125,000
|
Employment contracts, less than one year |
500,000
|
Employment contracts, year 1-3 |
1,500,000
|
Employment contracts, year 4-5 |
125,000
|
Total |
2,136,491
|
Total, less than one year |
510,881
|
Total, year 1-3 |
1,500,610
|
Total, year 4-5 |
$ 125,000
|
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v3.23.3
Note 10 - Contingencies (Details Textual) - Alan K. Brooks v. ADOMANI, Inc [Member] - USD ($)
|
Aug. 10, 2021 |
Jun. 19, 2019 |
Number of Shares Refused To Release (in shares) |
|
1,320,359
|
Loss Contingency, Damages Sought, Value |
|
$ 13,500,000.00
|
Payments for Legal Settlements |
$ 197,500
|
|
Stock Issued During the Period, Value, Settlement of Litigation Claims |
197,500
|
|
Cash Paid by Insurance Company |
$ 170,000
|
|
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v3.23.3
Note 11 - Leases (Details Textual)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
|
Feb. 15, 2022 |
Feb. 04, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Feb. 28, 2017
USD ($)
|
Lessee, Operating Lease, Number of Leases |
9
|
|
9
|
|
|
|
|
|
|
Operating Lease, Expense |
$ 52,579
|
|
$ 180,746
|
$ 198,161
|
|
|
|
|
|
Lessee, Operating Lease, Liability, to be Paid |
$ 11,491
|
|
$ 11,491
|
|
|
|
|
|
|
Operating Lease, Expense (Income) |
|
$ (14,841)
|
|
|
|
|
|
|
|
Office and Warehouse Leases [Member] |
|
|
|
|
|
|
|
|
|
Lessee, Operating Lease, Number of Leases |
4
|
|
4
|
|
|
|
|
|
|
Equipment Leases [Member] |
|
|
|
|
|
|
|
|
|
Lessee, Operating Lease, Number of Leases |
5
|
|
5
|
|
|
|
|
|
|
S R I Equipment Leases [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease, Expense |
$ 23,312
|
38,853
|
$ 69,936
|
66,055
|
|
|
|
|
|
S R I Office Lease [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease, Expense |
8,190
|
4,550
|
18,200
|
11,270
|
|
|
|
|
|
A B C I Office Lease [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease, Expense |
8,400
|
$ 8,400
|
25,200
|
$ 25,200
|
|
|
|
|
|
Toledo Jet Center [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease, Expense |
$ 4,815
|
|
$ 12,038
|
|
|
|
|
|
|
Lessee, Operating Lease, Term of Contract (Year) |
|
|
|
|
|
1 year
|
|
|
|
Lessee, Operating Lease, Renewal Term (Year) |
|
|
|
|
|
1 year
|
|
|
|
Storage Space In Stockton California1 [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
|
|
$ 1,000
|
Warehouse Space In Corona California [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
|
$ 13,108
|
|
Lessee, Operating Lease, Liability, to be Paid |
|
|
|
|
|
|
|
495,720
|
|
Warehouse Space In Corona California [Member] | Masters Transportation Inc1 [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
$ 6,000
|
|
|
Warehouse Space In Corona California [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
$ 13,906
|
|
|
|
|
Warehouse Space In Corona California [Member] | Forecast [Member] | Masters Transportation Inc1 [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
$ 6,365
|
|
|
|
|
Warehouse Space In Corona California [Member] | Fire Sprinkler Alarm Monitoring And Landscape Maintenance [Member] |
|
|
|
|
|
|
|
|
|
Operating Lease Monthly Payment |
|
|
|
|
|
|
|
$ 265
|
|
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v3.23.3
Note 11 - Leases - Schedule of Information Regarding Leases (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
Lease expenses |
|
|
Operating lease expenses |
$ 56,101
|
$ 122,001
|
Short-term lease expenses |
124,645
|
76,160
|
Total lease cost |
180,746
|
198,161
|
Operating cash flows |
$ 56,890
|
$ 163,707
|
Operating leases (Year) |
7 months 13 days
|
1 year 3 months 10 days
|
Operating leases |
14.00%
|
14.00%
|
X |
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v3.23.3
Note 12 - Restatement - Summary of Restatement (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Accounts receivable |
$ 3,384,936
|
[1] |
|
|
|
|
|
$ 3,384,936
|
[1] |
|
$ 1,428,030
|
|
Inventory, net |
5,954,375
|
[1] |
|
|
|
|
|
5,954,375
|
[1] |
|
3,850,541
|
|
Inventory deposits |
4,855,049
|
[1] |
|
|
|
|
|
4,855,049
|
[1] |
|
4,503,079
|
|
Total current assets |
19,563,519
|
[1] |
|
|
|
|
|
19,563,519
|
[1] |
|
23,023,389
|
|
Total assets |
71,723,177
|
[1] |
|
|
|
|
|
71,723,177
|
[1] |
|
75,307,808
|
|
Accrued liabilities |
767,026
|
|
|
|
|
|
|
767,026
|
|
|
|
|
Notes payable, net |
414,444
|
|
|
|
|
|
|
414,444
|
|
|
|
|
Accumulated deficit |
(13,561,572)
|
[1] |
|
|
|
|
|
(13,561,572)
|
[1] |
|
(8,124,360)
|
|
Total stockholders’ equity |
70,361,928
|
[1] |
$ 71,560,696
|
$ 72,737,278
|
$ 73,348,703
|
$ 74,035,018
|
$ 58,637,619
|
70,361,928
|
[1] |
$ 73,348,703
|
73,741,864
|
$ (472,160)
|
Total liabilities and stockholders’ equity |
71,723,177
|
[1] |
|
|
|
|
|
71,723,177
|
[1] |
|
$ 75,307,808
|
|
Sales |
1,029,280
|
[2] |
|
|
709,092
|
|
|
2,625,090
|
|
1,368,151
|
|
|
Cost of sales |
677,855
|
[2] |
|
|
469,611
|
|
|
1,599,290
|
|
930,977
|
|
|
Gross profit |
351,425
|
[2] |
|
|
239,481
|
|
|
1,025,800
|
|
437,174
|
|
|
General and administrative expenses |
1,584,973
|
[2] |
|
|
1,344,840
|
|
|
6,113,957
|
|
2,766,989
|
|
|
Income (loss) from operations |
(1,352,735)
|
[2] |
|
|
(1,142,093)
|
|
|
(5,465,074)
|
|
(2,471,907)
|
|
|
Income (loss) before income taxes |
(1,323,768)
|
[2] |
|
|
(848,075)
|
|
|
(5,437,212)
|
|
(2,181,364)
|
|
|
Net income (loss) |
$ (1,323,768)
|
[2] |
$ (1,176,582)
|
$ (2,936,862)
|
$ (850,475)
|
$ (893,079)
|
$ (658,510)
|
$ (5,437,212)
|
[2] |
$ (2,402,064)
|
|
|
Net income (loss) per share – basic and diluted (in dollars per share) |
$ (0.09)
|
[2] |
|
|
$ (0.06)
|
|
|
$ (0.36)
|
|
$ (0.23)
|
|
|
Previously Reported [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
$ 7,804,369
|
|
|
|
|
|
|
$ 7,804,369
|
|
|
|
|
Inventory, net |
3,603,852
|
|
|
|
|
|
|
3,603,852
|
|
|
|
|
Inventory deposits |
4,812,439
|
|
|
|
|
|
|
4,812,439
|
|
|
|
|
Total current assets |
21,589,819
|
|
|
|
|
|
|
21,589,819
|
|
|
|
|
Total assets |
73,749,477
|
|
|
|
|
|
|
73,749,477
|
|
|
|
|
Accrued liabilities |
1,154,026
|
|
|
|
|
|
|
1,154,026
|
|
|
|
|
Notes payable, net |
27,444
|
|
|
|
|
|
|
27,444
|
|
|
|
|
Accumulated deficit |
(11,535,272)
|
|
|
|
|
|
|
(11,535,272)
|
|
|
|
|
Total stockholders’ equity |
72,388,228
|
|
|
|
|
|
|
72,388,228
|
|
|
|
|
Total liabilities and stockholders’ equity |
73,749,477
|
|
|
|
|
|
|
73,749,477
|
|
|
|
|
Sales |
3,882,670
|
|
|
|
|
|
|
7,078,870
|
|
|
|
|
Cost of sales |
2,046,491
|
|
|
|
|
|
|
3,998,533
|
|
|
|
|
Gross profit |
1,836,179
|
|
|
|
|
|
|
3,080,337
|
|
|
|
|
General and administrative expenses |
1,619,210
|
|
|
|
|
|
|
6,142,194
|
|
|
|
|
Income (loss) from operations |
97,782
|
|
|
|
|
|
|
(3,438,774)
|
|
|
|
|
Income (loss) before income taxes |
126,749
|
|
|
|
|
|
|
(3,410,912)
|
|
|
|
|
Net income (loss) |
$ 126,749
|
|
|
|
|
|
|
$ (3,410,912)
|
|
|
|
|
Net income (loss) per share – basic and diluted (in dollars per share) |
$ 0.01
|
|
|
|
|
|
|
$ (0.23)
|
|
|
|
|
|
|
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v3.23.3
Note 13 - Subsequent Event (Details Textual) - Forecast [Member] - Sublease of Warehouse Building in Clark Freeport Zone in Philippines [Member]
|
1 Months Ended |
Mar. 31, 2023
USD ($)
yd²
|
Area of Real Estate Property (Square Foot) | yd² |
3,600
|
Lessor, Operating Lease, Grace Period (Month) |
2 months
|
Lessor, Operating Lease, Monthly Rent, First Year |
$ 15,000
|
Lessor, Operating Lease, Monthly Rent, Year Two |
15,750
|
Lessor, Operating Lease, Monthly Rent, Remaining Term |
$ 16,530
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