$ECDA
ECD Automotive Design, Inc.

2023 Q1 Form 10-K Financial Statement

#000149315223009183 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.707M $12.34M
YoY Change
Cost Of Revenue $2.403M $10.65M
YoY Change
Gross Profit $304.1K $1.695M
YoY Change
Gross Profit Margin 11.23% 13.73%
Selling, General & Admin $3.585M
YoY Change
% of Gross Profit 211.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.31K $72.30K
YoY Change 11.49%
% of Gross Profit 8.98% 4.27%
Operating Expenses $1.449M $3.657M
YoY Change
Operating Profit -$1.333M -$258.3K
YoY Change 199474.1%
Interest Expense $1.244M $1.105M
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.244M $1.042M
YoY Change
Pretax Income -$89.02K $783.8K
YoY Change 13226.95%
Income Tax $250.8K $206.4K
% Of Pretax Income 26.33%
Net Earnings -$339.8K $577.4K
YoY Change 50766.92%
Net Earnings / Revenue -12.55% 4.68%
Basic Earnings Per Share -$0.05 $0.09
Diluted Earnings Per Share -$0.05 $0.09
COMMON SHARES
Basic Shares Outstanding 14.63M shares 14.63M shares 3.434M shares
Diluted Shares Outstanding 24.00M shares 2.952M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.515M
YoY Change 25.15%
Cash & Equivalents $237.3K $546.2K $3.515M
Short-Term Investments
Other Short-Term Assets $68.42K
YoY Change 913.63%
Inventory $6.066M $6.066M
Prepaid Expenses $57.58K $9.082K
Receivables
Other Receivables $209.8K
Total Short-Term Assets $441.0K $711.3K $9.859M
YoY Change 2745.17% 40.08%
LONG-TERM ASSETS
Property, Plant & Equipment $570.8K $4.467M
YoY Change 2274.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.99K
YoY Change -2.19%
Total Long-Term Assets $118.5M $117.3M $4.543M
YoY Change 215059.98% 1609.08%
TOTAL ASSETS
Total Short-Term Assets $441.0K $711.3K $9.859M
Total Long-Term Assets $118.5M $117.3M $4.543M
Total Assets $118.9M $118.0M $14.40M
YoY Change 148302.71% 97.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $486.8K $486.8K
YoY Change 87.87%
Accrued Expenses $153.4K $396.6K
YoY Change 361.27%
Deferred Revenue $14.17M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.966M $681.3K $15.41M
YoY Change 1138.72% 59.02%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K
YoY Change 0.0%
Other Long-Term Liabilities $3.890M
YoY Change
Total Long-Term Liabilities $4.390M
YoY Change 777.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.966M $681.3K $15.41M
Total Long-Term Liabilities $4.390M
Total Liabilities $5.991M $4.706M $19.80M
YoY Change 8456.9% 94.29%
SHAREHOLDERS EQUITY
Retained Earnings -$4.817M -$3.538M
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 -$4.817M -$3.537M -$5.399M
YoY Change
Total Liabilities & Shareholders Equity $118.9M $118.0M $14.40M
YoY Change 148302.71% 97.19%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$339.8K $577.4K
YoY Change 50766.92%
Depreciation, Depletion And Amortization $27.31K $72.30K
YoY Change 11.49%
Cash From Operating Activities -$92.38K -$299.5K
YoY Change 1343.55%
INVESTING ACTIVITIES
Capital Expenditures $539.7K
YoY Change 772.64%
Acquisitions
YoY Change
Other Investing Activities $30.00K
YoY Change
Cash From Investing Activities -$12.42K -$116.2M
YoY Change 187693.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$216.5K $117.0M
YoY Change 17579.18%
NET CHANGE
Cash From Operating Activities -$92.38K -$299.5K
Cash From Investing Activities -$12.42K -$116.2M
Cash From Financing Activities -$216.5K $117.0M
Net Change In Cash -$308.9K $521.2K
YoY Change -9.99%
FREE CASH FLOW
Cash From Operating Activities -$92.38K -$299.5K
Capital Expenditures $539.7K
Free Cash Flow -$839.3K
YoY Change 916.06%

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CY2022 EFHTU Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1 pure
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zYmZ1Eiz7B9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zXYPK9Vm3X57">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash
Cash
546210 usd
CY2021Q4 us-gaap Cash
Cash
25000 usd
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
0 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zmBRrQXuRyq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zvZYDssMHwkd">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 limit of $<span id="xdx_90D_eus-gaap--CashFDICInsuredAmount_iI_c20221231_zEapm3zkwmO2" 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206393 usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
115000000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1016600 usd
CY2022 EFHTU Proceeds From Issuance Of Allocated To Public Rights
ProceedsFromIssuanceOfAllocatedToPublicRights
1329317 usd
CY2022 EFHTU Issuance Costs Allocated To Common Stock
IssuanceCostsAllocatedToCommonStock
8304420 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
12476505 usd
CY2022 EFHTU Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
116826168 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3434247 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2951897 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2500000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.00
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 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
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 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
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3132500 shares
CY2022Q4 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
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
11500000 shares
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
0 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11757500 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0 shares
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11757500 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
CY2022Q4 EFHTU Deferred Tax Assets Startuporganization Expenses
DeferredTaxAssetsStartuporganizationExpenses
28711 usd
CY2021Q4 EFHTU Deferred Tax Assets Startuporganization Expenses
DeferredTaxAssetsStartuporganizationExpenses
103 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
28711 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
103 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
28711 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
103 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
206393 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-28608 usd
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-103 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
28608 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
103 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206393 usd
CY2022Q4 EFHTU Offset Future Taxable Income
OffsetFutureTaxableIncome
0 usd
CY2021Q4 EFHTU Offset Future Taxable Income
OffsetFutureTaxableIncome
0 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
28608 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
103 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.017 pure
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.036 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.210 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure

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