$CHEV
Charging Robotics Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024042456 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $96.00K $119.0K
YoY Change
% of Gross Profit
Research & Development $85.00K $63.00K $40.00K
YoY Change 129.73% 57.5%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $85.00K $182.0K $38.83K
YoY Change 129.73% 368.75% 244.03%
Operating Profit -$181.0K -$182.0K -$38.83K
YoY Change 0.0% 368.75% 244.03%
Interest Expense -$4.000K $1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.000K $2.000K
YoY Change
Pretax Income -$180.0K -$198.0K
YoY Change -0.55%
Income Tax
% Of Pretax Income
Net Earnings -$185.0K -$198.0K -$38.20K
YoY Change -3.14% 418.3% 238.49%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 -$0.02 $0.00
Diluted Earnings Per Share -$0.02 -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 9.151M shares 9.151M shares 314.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.00K $0.00
YoY Change
Cash & Equivalents $38.00K $3.159K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.00K $28.00K $78.78K
YoY Change -82.72% -64.46%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $104.0K $104.0K
YoY Change 22.35%
Long-Term Investments $83.00K $90.00K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $250.0K $257.0K $0.00
YoY Change -10.39%
TOTAL ASSETS
Total Short-Term Assets $52.00K $28.00K $78.78K
Total Long-Term Assets $250.0K $257.0K $0.00
Total Assets $302.0K $285.0K $78.78K
YoY Change -47.93% 261.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.0K $129.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $234.0K $127.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $709.0K $509.0K $65.07K
YoY Change 413.77% 682.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.00K $49.00K
YoY Change
Total Long-Term Liabilities $31.00K $49.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $709.0K $509.0K $65.07K
Total Long-Term Liabilities $31.00K $49.00K
Total Liabilities $740.0K $558.0K $65.07K
YoY Change 295.72% 757.59%
SHAREHOLDERS EQUITY
Retained Earnings -$2.348M -$2.164M -$1.698M
YoY Change 56.12% 27.45%
Common Stock $1.000K $1.000K $31.44K
YoY Change -99.27% -96.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$438.0K -$273.0K $13.72K
YoY Change
Total Liabilities & Shareholders Equity $302.0K $285.0K $78.78K
YoY Change -47.93% 261.75%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$185.0K -$198.0K -$38.20K
YoY Change -3.14% 418.3% 238.49%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$133.0K -$99.00K -$28.91K
YoY Change 242.5% 54.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $4.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$4.000K -$75.00K
YoY Change -94.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 171.0K $95.00K
YoY Change
NET CHANGE
Cash From Operating Activities -133.0K -$99.00K -$28.91K
Cash From Investing Activities 0.000 -$4.000K -$75.00K
Cash From Financing Activities 171.0K $95.00K
Net Change In Cash 38.00K -$8.000K -$103.9K
YoY Change -92.3% -8527.01%
FREE CASH FLOW
Cash From Operating Activities -$133.0K -$99.00K -$28.91K
Capital Expenditures $0.00 $4.000K
Free Cash Flow -$133.0K -$103.0K
YoY Change

Facts In Submission

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CHARGING ROBOTICS INC.
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CY2024Q1 dei Entity Tax Identification Number
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">NOTE 1 – GENERAL</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charging Robotics Inc. (formerly Fuel Doctor Holdings, Inc.) (the “Company”) was incorporated in the State of Delaware on March 25, 2008, as Silver Hill Management Services, Inc. On August 24, 2011, the Company amended its Certificate of Incorporation and changed its name to Fuel Doctor Holdings, Inc. On April 23, 2024, the Company changed its name to Charging Robotics Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 28, 2023, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with the stockholders of Charging Robotics Ltd. (“CR Israel”). Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023 (the “Closing”), the Company acquired 100% of the issued and outstanding stock of Charging Robotics (the “Acquisition”), making CR Israel a wholly owned subsidiary of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CR Israel was formed in February 2021, as an Israeli corporation, with the main goal of developing an innovative wireless electric vehicles (EV) charging technology. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer electricity wirelessly. This module can be used for various products such as robotic and stationary platforms. The robotic platform will include a component which is small enough to fit under the vehicle, and which will automatically position itself for maximum-efficiency charging, and upon charging completion will automatically return to its docking station. CR Israel also developed a Wireless EV Charging System for automatic parking lots based on our wireless electricity transfer module.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 6, 2023, the Company issued a total of 910,000 newly issued shares of the Company’s common stock in respect of a private placement for total proceeds of $500.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 22, 2023, the Company announced that CR Israel received approval for funding from the Israel Innovation Authority (the “IIA”) for a pilot project that includes installing and demonstrating its solution for wireless charging of electric vehicles (EVs) in automated parking systems. The total approved budget for this project is approximately $445, of which the IIA will finance 50%. The Company is now engaged in a pilot project to implement the solution in an APS in Tel Aviv. In December 2023, CR Israel received $77 from the IIA, and on February 14, 2024, CR Israel received an additional $33 from the IIA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On August 28, 2023, the Company filed an amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”), to (i) change its name to Charging Robotics Inc. (the “Name Change”); and (ii) effect a one-for-one hundred fifty reverse stock split (the “Reverse Stock Split”) of its outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">The Company submitted an Issuer Company-Related Action Notification Form to the Financial Industry Regulatory Authority, Inc. (“FINRA”) regarding the Name Change and Reverse Stock Split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">On April 23, 2024, the Company received notice from FINRA that the Name Change and the Reverse Stock Split was announced on FINRA’s daily list and would take effect at market open on April 24, 2024 (the “Market Effective Date”). Accordingly, the FINRA corporate action to effect the Name Change and the Reverse Stock Split was completed on April 23, 2024.</p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of estimates:</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to shares based compensation and Going concern.</p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration of credit risks:</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and restricted bank deposit. Cash and cash equivalents and restricted bank deposit are invested in major banks in Israel and the United States. Such funds in the Israel may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the financial institutions that hold the Company and its subsidiary’ cash and cash equivalents have high credit ratings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company, have no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.</p>
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CY2024Q1 us-gaap Conversion Of Stock Shares Converted1
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CY2021Q4 fdocd Related Party Fee Expense
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10000000 usd
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0.7288 pure
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CY2023Q2 us-gaap Stock Issued During Period Value New Issues
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501000 usd
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
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CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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6150000 shares
CY2022Q1 fdocd Stock Options Granted
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30000 usd
CY2022Q1 us-gaap Share Price
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7410
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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0
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0048 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Interest Expense
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CY2023Q1 us-gaap Payments To Acquire Intangible Assets
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CY2024Q1 us-gaap Proceeds From Related Party Debt
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CY2024Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2024Q1 dei Amendment Flag
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false
CY2024Q1 dei Current Fiscal Year End Date
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CY2024Q1 dei Document Fiscal Period Focus
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Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001459188
CY2024Q1 dei No Trading Symbol Flag
NoTradingSymbolFlag
true

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0001213900-24-042456.txt Edgar Link pending
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ea0205654-10q_charging.htm Edgar Link pending
ea0205654ex31-1_charging.htm Edgar Link pending
ea0205654ex31-2_charging.htm Edgar Link pending
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ea0205654-10q_charging_htm.xml Edgar Link completed
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