$ECDA
ECD Automotive Design, Inc.

2024 Q3 Form 10-Q Financial Statement

#000121390024070695 Filed on August 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $8.872M $15.12M
YoY Change 80.57%
Cost Of Revenue $6.055M $10.87M
YoY Change 90.07%
Gross Profit $2.817M $4.249M
YoY Change 63.06%
Gross Profit Margin 31.75% 28.1%
Selling, General & Admin $5.728M
YoY Change
% of Gross Profit 134.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.64K $71.76K
YoY Change -35.85%
% of Gross Profit 1.23% 1.69%
Operating Expenses $2.700M $5.885M
YoY Change 101.16%
Operating Profit $117.5K -$1.636M
YoY Change -113.54%
Interest Expense -$653.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.053M $171.5K
YoY Change -191.74%
Pretax Income -$935.8K -$2.117M
YoY Change -434.15%
Income Tax -$9.712K -$515.4K
% Of Pretax Income
Net Earnings -$926.1K -$1.602M
YoY Change -1973.19%
Net Earnings / Revenue -10.44% -10.59%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03 -$0.02
COMMON SHARES
Basic Shares Outstanding 34.65M shares 31.90M shares 6.625M shares
Diluted Shares Outstanding 31.98M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.134M
YoY Change
Cash & Equivalents $5.661M $8.100M
Short-Term Investments
Other Short-Term Assets $34.01K
YoY Change
Inventory $10.12M $11.80M
Prepaid Expenses $174.2K $34.01K
Receivables $105.1K
Other Receivables
Total Short-Term Assets $16.29M $19.97M
YoY Change 10633.43% 2707.22%
LONG-TERM ASSETS
Property, Plant & Equipment $607.6K $968.7K
YoY Change -88.08% 69.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $593.1K
YoY Change
Total Long-Term Assets $5.454M $5.325M
YoY Change -85.27% -95.46%
TOTAL ASSETS
Total Short-Term Assets $16.29M $19.97M
Total Long-Term Assets $5.454M $5.325M
Total Assets $21.75M $25.29M
YoY Change -41.5% -78.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.105M $768.8K
YoY Change 92.04% 57.93%
Accrued Expenses $1.411M $687.0K
YoY Change 270.72% 347.83%
Deferred Revenue $11.47M $17.60M
YoY Change 24.22%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.73M $20.90M
YoY Change 439.1% 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 $18.73M $20.90M
Total Long-Term Liabilities $14.41M
Total Liabilities $33.83M $35.31M
YoY Change 351.18% 650.31%
SHAREHOLDERS EQUITY
Retained Earnings -$12.52M -$10.02M
YoY Change 91.7% 183.29%
Common Stock $435.1K $3.187K
YoY Change 138924.28% 918.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.09M -$10.02M
YoY Change
Total Liabilities & Shareholders Equity $21.75M $25.29M
YoY Change -41.5% -78.56%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$926.1K -$1.602M
YoY Change -1973.19%
Depreciation, Depletion And Amortization $34.64K $71.76K
YoY Change -35.85%
Cash From Operating Activities -$3.725M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $528.5K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$528.5K
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities -3.725M
Cash From Investing Activities -528.5K
Cash From Financing Activities 7.687M
Net Change In Cash 3.434M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$3.725M
Capital Expenditures $528.5K
Free Cash Flow -$4.253M
YoY Change

Facts In Submission

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ECD AUTOMOTIVE DESIGN, INC.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3514882 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5660684 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2278070 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
660086 usd
efht Record Righttouse Asset And Lease Liability
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196796 usd
us-gaap Payments To Acquire Intangible Assets
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1309098 usd
us-gaap Nature Of Operations
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<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"> <b>1. NATURE OF OPERATIONS</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">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.</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">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.</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 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.</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">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.</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 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.</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">In April 2024, the Company acquired certain assets of BNMC Continuation Cars LLC (“BNMC”). See Note 5 for further information.</p>
CY2024Q2 efht Working Capital
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2400000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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4267742 usd
CY2024Q2 us-gaap Line Of Credit Facility Annual Principal Payment
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1500000 usd
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5600000 usd
us-gaap Other General And Administrative Expense
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2304 usd
us-gaap Other Income
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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.</p>
us-gaap Number Of Operating Segments
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1 segment
us-gaap Number Of Reportable Segments
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1 segment
us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>Credit Risk</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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 June 30, 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.</p>
CY2024Q2 us-gaap Cash Fdic Insured Amount
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efht Extended Warranty Term
ExtendedWarrantyTerm
P2Y
CY2024Q2 us-gaap Revenues
Revenues
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CY2023Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
17180042 usd
us-gaap Revenues
Revenues
6575229 usd
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17596512 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
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us-gaap Proceeds From Deposits From Customers
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10077812 usd
CY2023 us-gaap Proceeds From Deposits From Customers
ProceedsFromDepositsFromCustomers
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4781684 usd
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ContractWithCustomerLiabilityCurrent
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ContractWithCustomerLiabilityCurrent
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us-gaap Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
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CY2023 us-gaap Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
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CY2024Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
113165 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
8033 usd
CY2024Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
105132 usd
CY2023Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
0 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
0 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
10119487 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
11799304 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><i>Reclassification</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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.</p>
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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1091525 shares
us-gaap Proceeds From Issuance Of Warrants
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2000000 usd
efht Schedule Of Consolidated Statement Of Changes In Stockholders Deficit Text Table Block
ScheduleOfConsolidatedStatementOfChangesInStockholdersDeficitTextTableBlock
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:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; text-indent: -7.25pt; padding-left: 7.25pt">Cash-trust and cash, net of redemptions</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">241,329</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.25pt; padding-left: 7.25pt">Less: transaction expenses paid</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(241,329</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.25pt; padding-left: 7.25pt">Net proceeds from the Business Combination</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.25pt; padding-left: 7.25pt">Less: recognition of SPAC closing balance sheet</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(762,710</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -7.25pt; padding-left: 7.25pt">Reverse recapitalization, net</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(762,710</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> </table>
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CY2023 efht Recognition Of Spac Closing Balance Sheet
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CY2023 us-gaap Recapitalization Costs
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762710 usd
CY2024Q2 efht Public Shareholders Exercised Outstanding Shares
PublicShareholdersExercisedOutstandingShares
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us-gaap Payments For Repurchase Of Common Stock
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300000 usd
CY2024Q2 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Net
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300000 usd
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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us-gaap Asset Acquisition Consideration Transferred Transaction Cost
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us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
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us-gaap Payments For Deposits
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
950000 usd
CY2024Q2 us-gaap Asset Acquisition Contingent Consideration Liability Current
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300000 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
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CY2024Q2 efht Inventory Work In Progress Shipping And Consumables
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CY2023Q4 efht Inventory Work In Progress Shipping And Consumables
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332105 usd
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InventoryWorkInProgressLabor
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CY2023Q4 efht Inventory Work In Progress Labor
InventoryWorkInProgressLabor
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CY2024Q2 efht Inventory Resale
InventoryResale
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CY2023Q4 efht Inventory Resale
InventoryResale
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CY2024Q2 us-gaap Inventory Finished Goods
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CY2023Q4 us-gaap Inventory Finished Goods
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CY2024Q2 us-gaap Inventory Net
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CY2023Q4 us-gaap Inventory Net
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CY2024Q2 us-gaap Cost Of Goods And Services Sold Overhead
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us-gaap Cost Of Goods And Services Sold Overhead
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CY2023Q2 us-gaap Cost Of Goods And Services Sold Overhead
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us-gaap Cost Of Goods And Services Sold Overhead
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34006 usd
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2024Q2 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q2 us-gaap Depreciation
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us-gaap Depreciation
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CY2023Q2 us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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efht Variable Lease Lease Income Lease Payments
VariableLeaseLeaseIncomeLeasePayments
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efht Variable Lease Lease Income Lease Payments
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CY2023Q2 us-gaap Operating Lease Cost
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140965 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
335284 usd
us-gaap Operating Lease Cost
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CY2024Q2 us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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277650 usd
us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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OperatingLeaseWeightedAverageDiscountRatePercent
0.063 pure
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0.063 pure
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0.063 pure
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0.063 pure
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Product Warranty Accrual Classified Current
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CY2023Q4 efht Late Charge Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease Weighted Average Exercise Price
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6
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CY2024Q2 efht Percentage Of Convertible Note
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CY2024Q2 efht Principal Balance Outstanding
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CY2024Q2 us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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us-gaap Line Of Credit Facility Average Outstanding Amount
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10801 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
709932 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
1243557 usd
CY2024Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
176601 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
353202 usd
CY2024Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
257407 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
514814 usd
CY2024Q2 efht Finance Costs And Other
FinanceCostsAndOther
7618 usd
efht Finance Costs And Other
FinanceCostsAndOther
10752 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
1151548 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
2122325 usd
CY2024Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
20000000 shares
CY2024Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
25000 shares
CY2023Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
25000 shares
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
1.25 pure
CY2024Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
10
CY2024Q2 efht Percentage Of Stockholder Beneficial
PercentageOfStockholderBeneficial
0.0499 pure
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
31874662 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31874662 shares
us-gaap Conversion Of Stock Description
ConversionOfStockDescription
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 holds 25,000 shares of Humble Series A Convertible Preferred Stock and an aggregate of 2,500,000 shares of Humble Common Stock.
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
efht Number Of Days Prior Written Notice Of Redemption
NumberOfDaysPriorWrittenNoticeOfRedemption
P30Y
efht Number Of Trading Days
NumberOfTradingDays
P20D
efht Number Of Trading Days Period Ending Three Business Days
NumberOfTradingDaysPeriodEndingThreeBusinessDays
P30D
CY2024Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
18
CY2024Q2 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
11757500 shares
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
400000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
100000 shares
CY2024Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
14500 usd
CY2024Q1 efht Service Amount Thereafter
ServiceAmountThereafter
12500 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
100000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
1.9
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
60000 usd
efht Incentive Shares
IncentiveShares
20000 shares
CY2024Q2 us-gaap Share Price
SharePrice
0.8
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.971 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y9M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0503 pure
CY2024Q2 us-gaap Investment Company General Partner Advisory Service
InvestmentCompanyGeneralPartnerAdvisoryService
100000 usd
efht Equity Compensation Expense
EquityCompensationExpense
100000 usd
CY2024Q2 efht Equity Compensation Expense
EquityCompensationExpense
100000 usd
efht Customer Delivery Rate
CustomerDeliveryRate
1.45
efht Transportation Rate
TransportationRate
1.25
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
57292 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
46733 usd
CY2024Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
32702 usd
CY2023Q2 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
46733 usd
CY2023Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
0 usd
CY2023Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
0 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
usd
CY2024Q2 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
usd
CY2023Q4 efht Floor Plan Payable
FloorPlanPayable
usd
CY2024Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31898151 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31976585 shares
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
usd
efht Correction Of Shareholder Distribution
CorrectionOfShareholderDistribution
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
efht Record Righttouse Asset And Lease Liability
RecordRighttouseAssetAndLeaseLiability
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
CY2023Q4 us-gaap Business Combination Assets And Liabilities Arising From Contingencies Amount Recognized
BusinessCombinationAssetsAndLiabilitiesArisingFromContingenciesAmountRecognized
usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
usd
CY2024Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
usd
CY2023Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001922858

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