Forza X1, Inc.

2022 Q3 Form 10-Q Financial Statement

#000173112222001485 Filed on August 25, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.94M $258.4K $639.1K
YoY Change
Cash & Equivalents $13.94M $258.4K $639.1K
Short-Term Investments
Other Short-Term Assets $446.7K $33.27K $19.88K
YoY Change
Inventory $16.83K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.39M $308.5K $659.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $631.3K $378.4K $267.7K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $247.1K $221.9K
YoY Change
Total Long-Term Assets $631.3K $625.5K $489.6K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $14.39M $308.5K $659.0K
Total Long-Term Assets $631.3K $625.5K $489.6K
Total Assets $15.02M $934.0K $1.149M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.48K $5.442K $36.98K
YoY Change
Accrued Expenses $11.69K $41.52K $23.90K
YoY Change
Deferred Revenue $4.900K
YoY Change
Short-Term Debt $141.2K $11.16K $59.51K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $197.2K $58.13K $120.4K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $197.2K $58.13K $120.4K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $197.2K $58.13K $120.4K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$2.667M -$1.624M
YoY Change
Common Stock $10.45K $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.82M $875.9K $1.028M
YoY Change
Total Liabilities & Shareholders Equity $15.02M $934.0K $1.149M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
34982
dei City Area Code
CityAreaCode
(772)
dei Local Phone Number
LocalPhoneNumber
429-2525
dei Security12b Title
Security12bTitle
Common Stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
FRZA
dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Shell Company
EntityShellCompany
false
dei Entity Central Index Key
EntityCentralIndexKey
0001901305
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2021Q4 us-gaap Inventory Net
InventoryNet
usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
usd
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40623
dei Entity Registrant Name
EntityRegistrantName
FORZA X1, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
87-3159685
dei Entity Address Address Line1
EntityAddressAddressLine1
3101 S. US-1
dei Entity Address City Or Town
EntityAddressCityOrTown
Ft. Pierce
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2022Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7000000 shares
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
258391 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1803285 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
16831 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
33271 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
88477 usd
CY2022Q2 us-gaap Assets Current
AssetsCurrent
308493 usd
CY2021Q4 us-gaap Assets Current
AssetsCurrent
1891762 usd
CY2022Q2 FRZA Deferred Offering Costs Non Current
DeferredOfferingCostsNonCurrent
247129 usd
CY2021Q4 FRZA Deferred Offering Costs Non Current
DeferredOfferingCostsNonCurrent
105500 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
378382 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
235565 usd
CY2022Q2 us-gaap Assets
Assets
934004 usd
CY2021Q4 us-gaap Assets
Assets
2232827 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
5442 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
13333 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
41524 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
35128 usd
CY2022Q2 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
11164 usd
CY2021Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
641917 usd
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
58130 usd
CY2021Q4 us-gaap Liabilities Current
LiabilitiesCurrent
690378 usd
CY2022Q2 us-gaap Liabilities
Liabilities
58130 usd
CY2021Q4 us-gaap Liabilities
Liabilities
690378 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7000000 shares
CY2022Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
7000000 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7000000 shares
CY2021Q4 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
7000000 shares
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
7000 usd
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
7000 usd
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
2493000 usd
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1993000 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1624126 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-457551 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
875874 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
1542449 usd
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
934004 usd
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2232827 usd
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-19192 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-19192 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
-81357 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-100549 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
1542449 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-514292 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
1028157 usd
CY2022Q2 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
500000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
-652283 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
875874 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_ztkIGBGYpbMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86F_z4mRojGRBARg">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States “U.S. GAAP” required management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Included in those estimates are assumptions about useful life of fixed assets. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
258391 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1803285 usd
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
14500000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_zrZqOAEZutz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_865_zsDHqu5cZzi2">Concentrations of Credit and Business Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company minimizes the concentration of credit risk associated with its cash by maintaining its cash with high quality federally insured financial institutions. However, cash balances in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limit of $<span id="xdx_902_ecustom--FdicInsuredLimit_c20220630_pp0p0" title="FDIC insured limit">250,000</span> are at risk. As of June 30, 2022 and December 31,2021, the Company had $<span id="xdx_900_eus-gaap--CashFDICInsuredAmount_c20220630_pp0p0" title="FDIC excess amount">0</span> and $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_c20211231_pp0p0" title="FDIC excess amount">1,492,019</span>, respectively, in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 FRZA Fdic Insured Limit
FdicInsuredLimit
250000 usd
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1492019 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
395857 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
238773 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17475 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3208 usd
CY2022Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
378382 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
235565 usd
CY2022Q2 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
11164 usd
CY2021Q4 us-gaap Due To Affiliate Current
DueToAffiliateCurrent
641917 usd

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