Electric Last Mile Solutions, Inc.

2021 Q2 Form 10-Q Financial Statement

#000162828021016908 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2

Balance Sheet

Concept 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.5M
YoY Change
Cash & Equivalents $171.5M
Short-Term Investments
Other Short-Term Assets $49.71M
YoY Change
Inventory $824.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $222.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $192.0M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $198.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $222.1M
Total Long-Term Assets $198.8M
Total Assets $420.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.076M
YoY Change
Accrued Expenses $2.741M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $66.66M
YoY Change
Total Short-Term Liabilities $76.48M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $42.72M
YoY Change
Other Long-Term Liabilities $443.0K
YoY Change
Total Long-Term Liabilities $443.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $76.48M
Total Long-Term Liabilities $443.0K
Total Liabilities $139.2M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$19.84M
YoY Change
Common Stock $12.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $281.6M
YoY Change
Total Liabilities & Shareholders Equity $420.8M
YoY Change

Cashflow Statement

Concept 2021 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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0001784168
dei Amendment Flag
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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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2021
dei Current Fiscal Year End Date
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--12-31
dei Document Type
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10-Q
dei Document Quarterly Report
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dei Document Period End Date
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2021-06-30
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dei Entity File Number
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001-39457
dei Entity Registrant Name
EntityRegistrantName
ELECTRIC LAST MILE SOLUTIONS, INC.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
84-2308711
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1055 W Square Lake Road
dei Entity Address City Or Town
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Troy
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MI
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48098
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888
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825-9111
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NATURE OF BUSINESS<div style="text-align:justify;text-indent:24pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Electric Last Mile Solutions, Inc. (the “Company”) is a commercial electric vehicle solutions company founded for the purpose of designing, engineering, manufacturing and customizing electric “last mile” delivery and utility vehicles. Our core mission is to transform the last mile commercial delivery business by meeting the needs and value considerations of customers who operate in the last mile segment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Business Combination</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company was originally incorporated in the State of Delaware as Forum Merger III Corporation (“Forum”) on June 25, 2019 as a special purpose acquisition company.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On June 25, 2021 (the “Closing Date”), Forum consummated the previously announced transactions contemplated by that certain Agreement and Plan of Merger, dated December 10, 2020, by and among Forum, ELMS Merger Corp., a Delaware corporation and then a wholly owned subsidiary of Forum (“Merger Sub”), Electric Last Mile, Inc., a Delaware corporation (“ELM”), and Jason Luo, in his capacity as the initial shareholder representative to ELM, as amended on May 7, 2021 by Amendment No. 1 to the Agreement and Plan of Merger (as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, on June 25, 2021, Merger Sub merged with and into ELM, with ELM surviving the merger in accordance with the Delaware General Corporation Law as a wholly owned subsidiary of the Company (this transaction and the other transactions contemplated by the Merger Agreement, collectively, the “Business Combination”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In connection with the closing of the Business Combination on June 25, 2021, Forum changed its name from “Forum Merger III Corporation” to “Electric Last Mile Solutions, Inc.” and the Company’s common stock and warrants began trading on The Nasdaq Stock Market under the trading symbols “ELMS” and “ELMSW,” respectively. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Acquisition of EVAP Operations</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On June 25, 2021, in connection with the completion of the Business Combination, ELM completed its acquisition of the Mishawaka, Indiana manufacturing facility (the “ELMS Facility”), which comprises the Electric Vehicle Assembly Plant Operations (“EVAP Operations”).</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">EVAP Operations was a wholly owned component of SF Motors, Inc. (d/b/a SERES) (“SERES”) primarily consisting of the ELMS Facility retooled to manufacture electric passenger vehicles. This acquisition is also referred to as the “SERES Asset Purchase” in this report. Concurrently with the acquisition of EVAP Operations, ELM also entered into agreements for the ability to use certain intellectual property of SERES, procure the supply of inventory from Chongqing Sokon Motor (Group) Imp. &amp; Exp. Co., Ltd. (“Sokon”), an affiliate of SERES, and other arrangements consisting of know-how to manufacture electric commercial vehicles for the North American region and to operate the EVAP Operations on a standalone basis.</span></div>
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported therein. Actual results may differ from those estimates.</span>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit Risk — The Company’s cash and cash equivalents are placed in accounts that exceed federally insured limits as of June 30, 2021 and December 31, 2020. The Company has not experienced any credit loss related to its cash and cash equivalents.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
200000 USD
elm Capitalized Computer Software Useful Life
CapitalizedComputerSoftwareUsefulLife
P5Y
CY2021Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
187438000 USD
CY2021Q2 us-gaap Land
Land
1859000 USD
CY2021Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1906000 USD
CY2021Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
259000 USD
CY2021Q2 elm Computer Equipment Gross
ComputerEquipmentGross
247000 USD
CY2021Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
201000 USD
CY2021Q2 elm Vehicles Gross
VehiclesGross
90000 USD
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
192000000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
191966000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0 USD
CY2021Q2 us-gaap Depreciation
Depreciation
24000 USD
us-gaap Depreciation
Depreciation
34000 USD
CY2021Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
69000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
123000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6195000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
54000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6141000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
38000 USD
CY2021Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
661000 USD
CY2020Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
0 USD
CY2021Q2 elm Intangible And Other Assets Net
IntangibleAndOtherAssetsNet
6802000 USD
CY2020Q4 elm Intangible And Other Assets Net
IntangibleAndOtherAssetsNet
38000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
53000 USD
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
14000 USD
CY2021Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
14000 USD
CY2021Q2 elm Capitalized Computer Software Net Current
CapitalizedComputerSoftwareNetCurrent
200000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2021Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8580375 shares
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
elm Reverse Recapitalization Contingent Consideration Equity Shares
ReverseRecapitalizationContingentConsiderationEquityShares
5250000 shares
CY2021Q2 elm Number Of Classes Of Stock Authorized For Issuance
NumberOfClassesOfStockAuthorizedForIssuance
2 class_of_stock
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q2 elm Number Of Series Of Preferred Stock Authorized For Issuance
NumberOfSeriesOfPreferredStockAuthorizedForIssuance
1 series_of_stock

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