2024 Q1 Form 10-Q Financial Statement

#000121390024056743 Filed on June 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $8.308M $15.12M $2.707M
YoY Change 206.87%
Cost Of Revenue $5.831M $10.87M $2.403M
YoY Change 142.64%
Gross Profit $2.477M $4.249M $304.1K
YoY Change 714.54%
Gross Profit Margin 29.81% 28.1% 11.23%
Selling, General & Admin $5.728M
YoY Change
% of Gross Profit 134.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.65K $71.76K $27.31K
YoY Change 74.51%
% of Gross Profit 1.92% 1.69% 8.98%
Operating Expenses $2.568M $5.885M $1.449M
YoY Change 77.22%
Operating Profit -$91.07K -$1.636M -$1.333M
YoY Change -93.17% 199474.1%
Interest Expense -$653.4K $1.244M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$927.0K $171.5K $1.244M
YoY Change -174.51%
Pretax Income -$1.018M -$2.117M -$89.02K
YoY Change 1043.54% 13226.95%
Income Tax $532.3K -$515.4K $250.8K
% Of Pretax Income
Net Earnings -$1.550M -$1.602M -$339.8K
YoY Change 356.25% 50766.92%
Net Earnings / Revenue -18.66% -10.59% -12.55%
Basic Earnings Per Share -$0.05 -$0.05
Diluted Earnings Per Share -$0.05 -$0.02 -$0.05
COMMON SHARES
Basic Shares Outstanding 6.625M shares 14.63M shares
Diluted Shares Outstanding 31.90M shares 24.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.134M
YoY Change
Cash & Equivalents $5.600M $8.100M $237.3K
Short-Term Investments
Other Short-Term Assets $34.01K
YoY Change
Inventory $10.91M $11.80M
Prepaid Expenses $4.548K $34.01K $57.58K
Receivables
Other Receivables
Total Short-Term Assets $16.82M $19.97M $441.0K
YoY Change 3714.72% 2707.22%
LONG-TERM ASSETS
Property, Plant & Equipment $981.8K $968.7K
YoY Change 69.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $593.1K
YoY Change
Total Long-Term Assets $4.735M $5.325M $118.5M
YoY Change -96.0% -95.46%
TOTAL ASSETS
Total Short-Term Assets $16.82M $19.97M $441.0K
Total Long-Term Assets $4.735M $5.325M $118.5M
Total Assets $21.56M $25.29M $118.9M
YoY Change -81.88% -78.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $995.8K $768.8K
YoY Change 57.93%
Accrued Expenses $1.330M $687.0K
YoY Change 347.83%
Deferred Revenue $17.60M
YoY Change 24.22%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.12M $20.90M $1.966M
YoY Change 821.56% 2967.84%
LONG-TERM LIABILITIES
Long-Term Debt $10.68M
YoY Change
Other Long-Term Liabilities $3.727M
YoY Change
Total Long-Term Liabilities $14.41M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.12M $20.90M $1.966M
Total Long-Term Liabilities $14.41M
Total Liabilities $32.88M $35.31M $5.991M
YoY Change 448.76% 650.31%
SHAREHOLDERS EQUITY
Retained Earnings -$11.57M -$10.02M -$4.817M
YoY Change 140.24% 183.29%
Common Stock $3.190K $3.187K $313.00
YoY Change 919.17% 918.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.32M -$10.02M -$4.817M
YoY Change
Total Liabilities & Shareholders Equity $21.56M $25.29M $118.9M
YoY Change -81.88% -78.56%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.550M -$1.602M -$339.8K
YoY Change 356.25% 50766.92%
Depreciation, Depletion And Amortization $47.65K $71.76K $27.31K
YoY Change 74.51%
Cash From Operating Activities -$2.513M -$3.725M -$92.38K
YoY Change 2620.5%
INVESTING ACTIVITIES
Capital Expenditures $528.5K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$60.78K -$528.5K -$12.42K
YoY Change 389.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.687M -$216.5K
YoY Change
NET CHANGE
Cash From Operating Activities -$2.513M -3.725M -$92.38K
Cash From Investing Activities -$60.78K -528.5K -$12.42K
Cash From Financing Activities 7.687M -$216.5K
Net Change In Cash -$2.574M 3.434M -$308.9K
YoY Change 733.31%
FREE CASH FLOW
Cash From Operating Activities -$2.513M -$3.725M -$92.38K
Capital Expenditures $528.5K
Free Cash Flow -$4.253M
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. NATURE OF OPERATIONS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ECD Automotive Design, Inc (the “Company,” “ECD,” “we,” “us,” or “our), formerly known as EF Hutton Acquisition Corporation I (“EFHAC”) (the Company) is engaged in the production and sale of Land Rover vehicles. Since the Company’s commencement of operations in 2013, they have established a facility geared towards producing the most customized Land Rovers with the highest quality of parts and the highest quality labor force building each vehicle. The Company primarily earns revenue from the sale of the customized vehicle directly to the customer. Additionally, revenue is generated from providing repair or upgrade services to customers and from the sale of extended warranties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 12, 2023, ECD completed the business combination contemplated by the merger agreement dated as of March 3, 2023 (the “Merger Agreement”) by and among EFHAC, Humble Imports Inc., d/b/a ECD Auto Design, a Florida corporation (“Humble” or “ECD”), ECD Auto Design UK, Ltd., an England and Wales corporation (the “ECD UK”), EFHAC Merger Sub, Inc., a Florida corporation (“Merger Sub”) and wholly-owned subsidiary of EFHAC, and Scott Wallace, as the Securityholder Representative. At part of the closing Merger Sub merged with and into ECD with ECD as the surviving corporation and becoming a wholly-owned subsidiary of EFHAC. In connection with the Merger, EFHAC changed its name to “ECD Automotive Design Inc.” or such other name designated by E.C.D. by notice to EFHAC. See Note 4 for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The business combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, although EFHAC acquired the outstanding equity interest in ECD in the business combination, EFHAC is treated as the “acquired company” and ECD was treated as the accounting acquirer for financial statement purposes. Accordingly, the Business Combination was treated as the equivalent of ECD issuing stock for the net assets of EFHAC, accompanied by a recapitalization. The net assets of EFHAC are stated at historical cost, with no goodwill or other intangible assets recorded.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, the historical financial statements of ECD became the historical financial statements of the Company upon the consummation of the merger. As a result, the financial statements included in this Annual Report reflect (i) the historical operating results of ECD prior to the merger; (ii) the combined results of EFHAC and ECD following the close of the merger; (iii) the assets and liabilities of ECD at their historical cost and (iv) ECD’s equity structure for all periods presented, as affected by the recapitalization presentation after completion of the merger. See Note 5 - Reverse Capitalization for further details of the merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also consolidates, ECD Audit Design UK LTD (“ECD UK”), a private limited company incorporated on July 16, 2021 in England and Wales. ECD UK was formed for the purpose of procuring parts overseas for the Company. ECD UK is a consolidated variable interest entity (“VIE”) for which the company is the primary beneficiary. The Company is the primary beneficiary of ECD UK as it has both the power to direct the most significant activities impacting on its economic performance and the obligation to absorb losses or receive benefits significant to them.</span></p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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5600000 usd
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5135757 usd
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
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5600000 usd
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in conformity with U.S. 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 periods. Actual results could differ from those estimates. Significant estimates include assumptions used in revenue recognition, useful life of assets, and allowance for doubtful accounts.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation Coverage limit of $250,000. As of March 31, 2024 and December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
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17596512 usd
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CY2024Q1 us-gaap Proceeds From Deposits From Customers
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CY2023 us-gaap Proceeds From Deposits From Customers
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CY2024Q1 us-gaap Deferred Revenue Current
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17596512 usd
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CY2023Q4 us-gaap Customer Advances And Deposits
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575360 usd
CY2024Q1 us-gaap Advertising Expense
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343409 usd
CY2023Q1 us-gaap Advertising Expense
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CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2024Q1 us-gaap Unrecognized Tax Benefits
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Reclassification</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform to the current period presentation in the consolidated financial statements and these accompanying notes. The reclassifications did not have a material impact on the Company’s consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial.</span></p>
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q1 efht Schedule Of Consolidated Statement Of Changes In Stockholders Deficit Text Table Block
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table reconciles the elements of the Business Combination to the condensed consolidated statement of changes in stockholders’ deficit for the year ended December 31, 2023:</span><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; padding-left: 7.25pt; text-indent: -7.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash-trust and cash, net of redemptions</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">241,329</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 7.25pt; text-indent: -7.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: transaction expenses paid</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(241,329</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.25pt; text-indent: -7.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net proceeds from the Business Combination</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-34; font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 7.25pt; text-indent: -7.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: recognition of SPAC closing balance sheet</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(762,710</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 7.25pt; text-indent: -7.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reverse recapitalization, net</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(762,710</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table>
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CY2023Q4 us-gaap Inventory Finished Goods
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CY2023Q1 us-gaap Cost Of Goods And Services Sold Overhead
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CY2024Q1 us-gaap Depreciation
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CY2023Q1 us-gaap Depreciation
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CY2024Q1 us-gaap Operating Lease Liability
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0.0001
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CY2024Q1 us-gaap Preferred Stock Convertible Shares Issuable
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CY2024Q1 efht Percentage Of Conversion Amount
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1.25 pure
CY2024Q1 us-gaap Preferred Stock Convertible Conversion Price
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10
CY2024Q1 efht Percentage Of Ability To Conversion Of Shares
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CY2024Q1 efht Percentage Of Stockholder Beneficial
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0.0499 pure
CY2024Q1 us-gaap Common Stock Shares Authorized
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CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2024Q1 us-gaap Common Stock Shares Issued
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CY2024Q1 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Common Stock Shares Issued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
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CY2024Q1 us-gaap Conversion Of Stock Description
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the Investor provided the Company a Conversion Notice to convert 14,000 shares of its Humble Series A Convertible Preferred Stock into 1,400,000 shares of common stock of Humble (“Humble Common Stock”). Following the Lender’s conversion of 14,000 shares of Humble Series A Convertible Preferred Stock, the Lender held 25,000 shares of Humble Series A Convertible Preferred Stock and an aggregate of 2,500,000 shares of Humble Common Stock.
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18
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CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
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1.9
CY2024Q1 efht Customer Delivery Rate
CustomerDeliveryRate
1.45
CY2024Q1 efht Transportation Rate
TransportationRate
1.25
CY2024Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
24590 usd
CY2023Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
46733 usd
CY2024Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1857 usd
CY2023Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
0 usd
CY2024Q2 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
1250000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
usd
CY2023Q4 efht Deferred Tax Liability Current
DeferredTaxLiabilityCurrent
usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
usd
CY2023Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24000000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31896640 shares
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
usd
CY2024Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
usd
CY2024Q1 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
usd
CY2024Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
CY2024Q1 efht Record Righttouse Asset And Lease Liability
RecordRighttouseAssetAndLeaseLiability
usd
CY2024Q1 us-gaap Business Combination Assets And Liabilities Arising From Contingencies Amount Recognized
BusinessCombinationAssetsAndLiabilitiesArisingFromContingenciesAmountRecognized
usd
CY2024Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
usd
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001922858

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