$ECDA
ECD Automotive Design, Inc.

2022 Q4 Form 10-Q Financial Statement

#000149315222031344 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit -$29.64K -$1.179K
YoY Change
Interest Expense $126.9K
YoY Change
% of Operating Profit
Other Income/Expense, Net $126.9K -$62.50K
YoY Change
Pretax Income $97.25K -$63.68K
YoY Change
Income Tax $24.39K
% Of Pretax Income 25.08%
Net Earnings $72.86K -$63.68K
YoY Change
Net Earnings / Revenue
Basic Earnings Per Share $0.01
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 14.63M shares 5.048M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $546.2K $632.4K $82.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $6.066M
Prepaid Expenses $9.082K $159.5K
Receivables
Other Receivables $209.8K
Total Short-Term Assets $711.3K $791.9K
YoY Change 2745.17%
LONG-TERM ASSETS
Property, Plant & Equipment $570.8K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $117.3M $116.3M
YoY Change 215059.98%
TOTAL ASSETS
Total Short-Term Assets $711.3K $791.9K
Total Long-Term Assets $117.3M $116.3M
Total Assets $118.0M $117.1M
YoY Change 148302.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $486.8K
YoY Change
Accrued Expenses $153.4K $19.08K
YoY Change
Deferred Revenue $14.17M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $681.3K $392.0K
YoY Change 1138.72%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $681.3K $392.0K
Total Long-Term Liabilities
Total Liabilities $4.706M $4.417M
YoY Change 8456.9%
SHAREHOLDERS EQUITY
Retained Earnings -$3.538M -$3.431M
YoY Change 721896.12%
Common Stock $313.00 $313.00
YoY Change 8.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.537M -$3.430M $22.66K
YoY Change
Total Liabilities & Shareholders Equity $118.0M $117.1M
YoY Change 148302.71%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $72.86K -$63.68K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Registrant Name
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dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zJezOZapKspa" 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><span id="xdx_864_zf3MUxhQvSHa">Use of Estimates</span></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"> </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 unaudited condensed financial statements in conformity with 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.</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">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</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>
CY2022Q3 us-gaap Cash
Cash
632392 usd
CY2021Q4 us-gaap Cash
Cash
25000 usd
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
0 usd
EFHTU Proceeds From Issuance Of Allocated To Public Rights
ProceedsFromIssuanceOfAllocatedToPublicRights
1329317 usd
EFHTU Issuance Costs Allocated To Common Stock
IssuanceCostsAllocatedToCommonStock
8304420 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
11800337 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
115000000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1016600 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_z9Swh9Owq9Bc" 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><span id="xdx_864_zvjIinveI3ef">Concentration of Credit Risk</span></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"> </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 a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $<span id="xdx_905_eus-gaap--CashFDICInsuredAmount_iI_c20220930_zmjKEw0thID" title="Federal deposit insurance corporation coverage, amount">250,000</span>. The Company has not experienced losses on this account.</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>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2508 pure
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.7412 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
116150000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
72860 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8513 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-490 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5047582 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3607152 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2488152 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3132500 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3132500 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2875000 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2875000 shares
CY2022Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
11500000 shares
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
0 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11757500 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0 shares
CY2022Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11757500 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd

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