Forza X1, Inc.

$ Overview Financials Valuation SEC Filings Company Website

2022 Q4 Form 10-Q Financial Statement

#000173112222001869 Filed on November 07, 2022

Income Statement

Concept	2022 Q4	2022 Q3	2021 Q4

Balance Sheet

Concept	2022 Q4	2022 Q3	2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$12.77M	$13.94M
YoY Change
Cash & Equivalents	$12.77M	$13.94M	$1.803M
Short-Term Investments
Other Short-Term Assets	$519.7K	$446.7K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$13.29M	$14.39M	$1.892M
YoY Change	602.36%
LONG-TERM ASSETS
Property, Plant & Equipment	$765.4K	$631.3K	$235.6K
YoY Change	224.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$7.520K
YoY Change
Other Assets	$0.00	$0.00
YoY Change
Total Long-Term Assets	$935.0K	$631.3K	$341.1K
YoY Change	174.14%
TOTAL ASSETS
Total Short-Term Assets	$13.29M	$14.39M	$1.892M
Total Long-Term Assets	$935.0K	$631.3K	$341.1K
Total Assets	$14.22M	$15.02M	$2.233M
YoY Change	536.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$99.03K	$39.48K	$13.33K
YoY Change	642.73%
Accrued Expenses	$92.77K	$11.69K	$35.13K
YoY Change	164.08%
Deferred Revenue	$5.300K	$4.900K
YoY Change
Short-Term Debt	$169.9K	$141.2K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$453.2K	$197.2K	$690.4K
YoY Change	-34.36%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$68.53K
YoY Change
Total Long-Term Liabilities	$68.53K	$0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	$453.2K	$197.2K	$690.4K
Total Long-Term Liabilities	$68.53K	$0.00
Total Liabilities	$521.7K	$197.2K	$690.4K
YoY Change	-24.43%
SHAREHOLDERS EQUITY
Retained Earnings	-$4.088M	-$2.667M	-$457.6K
YoY Change	793.37%
Common Stock	$10.45K	$10.45K	$7.000K
YoY Change	49.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$13.70M	$14.82M	$1.542M
YoY Change
Total Liabilities & Shareholders Equity	$14.22M	$15.02M	$2.233M
YoY Change	536.95%

Cashflow Statement

Concept	2022 Q4	2022 Q3	2021 Q4

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2022Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	13940706	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1803285	usd
	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	Q3
CY2022Q3	us-gaap	Deferred Offering Costs DeferredOfferingCosts		usd
CY2021Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent		usd
CY2020Q4	us-gaap	Stockholders Equity StockholdersEquity		usd
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate		pure
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber		shares
	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised		shares
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2022-09-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-41469
	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	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	Security Exchange Name SecurityExchangeName	NASDAQ
CY2022Q3	us-gaap	Prepaid Expense And Other Assets PrepaidExpenseAndOtherAssets	446685	usd
CY2021Q4	us-gaap	Prepaid Expense And Other Assets PrepaidExpenseAndOtherAssets	88477	usd
CY2022Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-2666789	usd
CY2021Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-457551	usd
CY2022Q3	us-gaap	Stockholders Equity StockholdersEquity	14821405	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	1542449	usd
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	No
CY2022Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	15018644	usd
CY2021Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	2232827	usd
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2021Q1	us-gaap	Profit Loss ProfitLoss	-19192	usd
CY2021Q1	us-gaap	Stockholders Equity StockholdersEquity	-19192	usd
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
CY2021Q2	us-gaap	Profit Loss ProfitLoss	-81357	usd
CY2021Q2	us-gaap	Stockholders Equity StockholdersEquity	-100549	usd
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	false
CY2021Q3	us-gaap	Profit Loss ProfitLoss	-85521	usd
CY2022Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	10450000	shares
CY2021Q3	us-gaap	Stockholders Equity StockholdersEquity	-186070	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	1542449	usd
CY2021Q4	us-gaap	Assets Current AssetsCurrent	1891762	usd
CY2022Q3	us-gaap	Common Stock Value CommonStockValue	10450	usd
CY2022Q3	us-gaap	Assets Current AssetsCurrent	14387391	usd
CY2021Q4	us-gaap	Common Stock Value CommonStockValue	7000	usd
CY2022Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	17477744	usd
CY2021Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	1993000	usd
CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	875874	usd
CY2021Q4	us-gaap	Deferred Offering Costs DeferredOfferingCosts	105500	usd
CY2022Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	631253	usd
CY2021Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	235565	usd
CY2022Q3	us-gaap	Assets Assets	15018644	usd
CY2021Q4	us-gaap	Assets Assets	2232827	usd
CY2022Q3	us-gaap	Accounts Payable Current AccountsPayableCurrent	39484	usd
CY2021Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	13333	usd
CY2022Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	11690	usd
CY2021Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	35128	usd
CY2022Q3	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	4900	usd
CY2022Q3	us-gaap	Due To Affiliate Current DueToAffiliateCurrent	141165	usd
CY2021Q4	us-gaap	Due To Affiliate Current DueToAffiliateCurrent	641917	usd
CY2022Q3	us-gaap	Liabilities Current LiabilitiesCurrent	197239	usd
CY2021Q4	us-gaap	Liabilities Current LiabilitiesCurrent	690378	usd
CY2022Q3	us-gaap	Liabilities Liabilities	197239	usd
CY2021Q4	us-gaap	Liabilities Liabilities	690378	usd
CY2022Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	25000000	shares
CY2021Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	25000000	shares
CY2022Q3	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
CY2022Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	10450000	shares
CY2022Q3	us-gaap	Common Stock Other Shares Outstanding CommonStockOtherSharesOutstanding	10450000	shares
CY2021Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	7000000	shares
CY2021Q4	us-gaap	Common Stock Other Shares Outstanding CommonStockOtherSharesOutstanding	7000000	shares
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
CY2022Q3	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	14829489	usd
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0298	pure
CY2022Q3	us-gaap	Share Based Compensation ShareBasedCompensation	158705	usd
CY2022Q3	us-gaap	Profit Loss ProfitLoss	-1042663	usd
CY2022Q3	us-gaap	Stockholders Equity StockholdersEquity	14821405	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_841_eus-gaap--UseOfEstimates_z9nlLMrrzBHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i><span id="xdx_861_zdK9Ycdj5c52">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States “U.S. GAAP” requires 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: 0pt; text-align: justify"> </p>
CY2022Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	13940706	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1803285	usd
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zsvrVfqtSBOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><span id="xdx_864_zlHVcPXMm2Pg">Concentrations of Credit and Business Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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_90A_ecustom--FdicInsuredLimit_iI_c20220930_zZL8VFykEoA6" title="FDIC insured limit">250,000</span> are at risk. As of September 30, 2022 and December 31, 2021, the Company had $<span id="xdx_905_eus-gaap--CashFDICInsuredAmount_c20220930_pp0p0" title="FDIC excess amount">13,632,579</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>
CY2022Q3	FRZA	Fdic Insured Limit FdicInsuredLimit	250000	usd
CY2022Q3	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	13632579	usd
CY2021Q4	us-gaap	Cash Fdic Insured Amount CashFDICInsuredAmount	1492019	usd
CY2022Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	657616	usd
CY2021Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	238773	usd
CY2022Q3	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	26363	usd
CY2021Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	3208	usd
CY2022Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	631253	usd
CY2021Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	235565	usd
CY2022Q3	us-gaap	Due To Affiliate Current DueToAffiliateCurrent	141165	usd
CY2021Q4	us-gaap	Due To Affiliate Current DueToAffiliateCurrent	641917	usd
	us-gaap	Payments For Rent PaymentsForRent	3400	usd
CY2022Q3	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	8986	usd
CY2021Q4	us-gaap	Accrued Salaries Current AccruedSalariesCurrent	16090	usd
CY2022Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2704	usd
CY2021Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	19038	usd
CY2022Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	11690	usd
CY2021Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	35128	usd
CY2022Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	13940706	usd
CY2022Q3	FRZA	Working Capital WorkingCapital	14190152	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	1803285	usd
CY2021Q4	FRZA	Working Capital WorkingCapital	1201384	usd
	us-gaap	Short Term Lease Payments ShortTermLeasePayments	2200	usd
	us-gaap	Operating Lease Expense OperatingLeaseExpense	2200	usd
CY2022Q3	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding	172500	shares
CY2022Q3	us-gaap	Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1 ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1	6.25
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Expiration Date ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate	2027-08-16
	FRZA	Warrant Activity WarrantActivity	0	usd
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P5Y
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1.15	pure
CY2021Q4	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	0.00
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	816500	shares
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	5.00
	FRZA	Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term2 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm2	P10Y
CY2022Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	816500	shares
CY2022Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	5.00
	us-gaap	Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2 SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2	P9Y10M13D
CY2022Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	47194	shares
CY2022Q3	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	5.00
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P9Y10M13D
CY2022Q3	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares	769306	shares

Files In Submission

Name	View Source	Status
frza-20220930_cal.xml	Edgar Link	unprocessable
0001731122-22-001869-index-headers.html	Edgar Link	pending
0001731122-22-001869-index.html	Edgar Link	pending
0001731122-22-001869.txt	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
0001731122-22-001869-xbrl.zip	Edgar Link	pending
e4195_10-q.htm	Edgar Link	pending
e4195_ex31-1.htm	Edgar Link	pending
e4195_ex31-2.htm	Edgar Link	pending
e4195_ex32-1.htm	Edgar Link	pending
e4195_ex32-2.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
frza-20220930.xsd	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
R17.htm	Edgar Link	pending
R18.htm	Edgar Link	pending
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
R20.htm	Edgar Link	pending
R21.htm	Edgar Link	pending
R22.htm	Edgar Link	pending
R23.htm	Edgar Link	pending
R24.htm	Edgar Link	pending
R25.htm	Edgar Link	pending
R26.htm	Edgar Link	pending
R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
frza-20220930_def.xml	Edgar Link	unprocessable
e4195_10-q_htm.xml	Edgar Link	completed
frza-20220930_pre.xml	Edgar Link	unprocessable
frza-20220930_lab.xml	Edgar Link	unprocessable

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Forza X1, Inc.

2022 Q4 Form 10-Q Financial Statement

#000173112222001869 Filed on November 07, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission