$ECDA
ECD Automotive Design, Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223018016 Filed on May 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $4.913M $2.707M
YoY Change
Cost Of Revenue $3.185M $2.403M
YoY Change
Gross Profit $1.728M $304.1K
YoY Change
Gross Profit Margin 35.17% 11.23%
Selling, General & Admin $1.320M
YoY Change
% of Gross Profit 76.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.99K $27.31K
YoY Change
% of Gross Profit 3.12% 8.98%
Operating Expenses $1.342M $1.449M
YoY Change
Operating Profit -$868.1K -$1.333M
YoY Change 73528.5% 199474.1%
Interest Expense $1.148M $1.244M
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.148M $1.244M
YoY Change -1937.0%
Pretax Income $280.0K -$89.02K
YoY Change -539.78% 13226.95%
Income Tax $230.6K $250.8K
% Of Pretax Income 82.35%
Net Earnings $49.44K -$339.8K
YoY Change -177.64% 50766.92%
Net Earnings / Revenue 1.01% -12.55%
Basic Earnings Per Share $0.00 -$0.05
Diluted Earnings Per Share $0.00 -$0.05
COMMON SHARES
Basic Shares Outstanding 14.63M shares 14.63M shares 14.63M shares
Diluted Shares Outstanding 24.00M shares 24.00M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.278M
YoY Change
Cash & Equivalents $3.163K $237.3K $546.2K
Short-Term Investments
Other Short-Term Assets $63.13K
YoY Change
Inventory $3.462M $6.066M
Prepaid Expenses $41.58K $57.58K $9.082K
Receivables $2.164M
Other Receivables $33.28K $209.8K
Total Short-Term Assets $151.8K $441.0K $711.3K
YoY Change 2745.17%
LONG-TERM ASSETS
Property, Plant & Equipment $5.096M $570.8K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.99K
YoY Change
Total Long-Term Assets $37.02M $118.5M $117.3M
YoY Change 215059.98%
TOTAL ASSETS
Total Short-Term Assets $151.8K $441.0K $711.3K
Total Long-Term Assets $37.02M $118.5M $117.3M
Total Assets $37.17M $118.9M $118.0M
YoY Change 148302.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $575.4K $486.8K
YoY Change
Accrued Expenses $380.6K $153.4K
YoY Change
Deferred Revenue $14.17M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.474M $1.966M $681.3K
YoY Change 1138.72%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K
YoY Change
Other Long-Term Liabilities $4.239M
YoY Change
Total Long-Term Liabilities $4.739M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.474M $1.966M $681.3K
Total Long-Term Liabilities $4.739M
Total Liabilities $7.499M $5.991M $4.706M
YoY Change 8456.9%
SHAREHOLDERS EQUITY
Retained Earnings -$6.533M -$4.817M -$3.538M
YoY Change 721896.12%
Common Stock $313.00 $313.00 $313.00
YoY Change 8.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.533M -$4.817M -$3.537M
YoY Change
Total Liabilities & Shareholders Equity $37.17M $118.9M $118.0M
YoY Change 148302.71%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $49.44K -$339.8K
YoY Change -177.64% 50766.92%
Depreciation, Depletion And Amortization $53.99K $27.31K
YoY Change
Cash From Operating Activities -$1.078M -$92.38K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $13.72K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.72K -$12.42K
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 -155.2K -$216.5K
YoY Change
NET CHANGE
Cash From Operating Activities -1.078M -$92.38K
Cash From Investing Activities -13.72K -$12.42K
Cash From Financing Activities -155.2K -$216.5K
Net Change In Cash -1.247M -$308.9K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.078M -$92.38K
Capital Expenditures $13.72K
Free Cash Flow -$1.092M
YoY Change

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<p id="xdx_84B_eus-gaap--UseOfEstimates_z4J3OzVi2WCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zvcuImTq64G1">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated 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 0pt 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zFvWb4dENpI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zvKyfqVfvXS7">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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_908_eus-gaap--CashFDICInsuredAmount_iI_c20230331_zR4dtFKhoBrl" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
115000000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1016600 usd
CY2022 EFHT Proceeds From Issuance Of Allocated To Public Rights
ProceedsFromIssuanceOfAllocatedToPublicRights
1329317 usd
CY2022 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
8304420 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
12476505 usd
CY2022 EFHT Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
116826168 usd
CY2023Q1 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
939518 usd
CY2023Q1 EFHT Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
117765686 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
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
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
CY2023Q1 us-gaap Loans Payable
LoansPayable
0 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
0 usd
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3132500 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3132500 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3132500 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3132500 shares
CY2023Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
11500000 shares
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
11500000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11757500 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11757500 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11757500 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11757500 usd

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