2017 Q3 Form 10-Q Financial Statement

#000117184317005015 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $68.00K
YoY Change
Cost Of Revenue $50.00K
YoY Change
Gross Profit $18.00K
YoY Change
Gross Profit Margin 26.47%
Selling, General & Admin $11.77M $7.490M $1.120M
YoY Change 100.51% 568.75%
% of Gross Profit 6222.22%
Research & Development $40.00K $460.0K
YoY Change -63.64%
% of Gross Profit
Depreciation & Amortization $4.430K $3.255K $10.00K
YoY Change -67.45%
% of Gross Profit 55.56%
Operating Expenses $11.80M $7.953M $1.077M
YoY Change 97.24% 638.44%
Operating Profit -$11.80M -$7.953M -$1.059M
YoY Change 97.24% 650.99%
Interest Expense $47.00K $147.0K $285.0K
YoY Change -82.85% -48.42%
% of Operating Profit
Other Income/Expense, Net -$163.0K -$125.0K -$285.0K
YoY Change -42.81% -56.14%
Pretax Income -$11.97M -$8.078M -$1.344M
YoY Change 90.88% 501.04%
Income Tax $1.000K
% Of Pretax Income
Net Earnings -$11.97M -$8.078M -$1.344M
YoY Change 90.89% 501.04%
Net Earnings / Revenue -1976.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.52 -$2.42 -$0.39
COMMON SHARES
Basic Shares Outstanding 68.07M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.480M $6.870M $2.580M
YoY Change 157.47% 166.28%
Cash & Equivalents $4.475M $6.868M $2.583M
Short-Term Investments
Other Short-Term Assets $195.0K $203.0K $410.0K
YoY Change -69.05% -50.49%
Inventory $704.0K $434.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.374M $8.505M $2.990M
YoY Change 168.95% 184.45%
LONG-TERM ASSETS
Property, Plant & Equipment $501.0K $446.0K $60.00K
YoY Change 35.41% 643.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $120.0K $140.0K
YoY Change -100.0% -14.29%
Other Assets $130.0K $122.0K
YoY Change
Total Long-Term Assets $631.0K $688.0K $200.0K
YoY Change 5.17% 244.0%
TOTAL ASSETS
Total Short-Term Assets $6.374M $8.505M $2.990M
Total Long-Term Assets $631.0K $688.0K $200.0K
Total Assets $7.005M $9.193M $3.190M
YoY Change 135.86% 188.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $182.0K $179.0K $80.00K
YoY Change 160.0% 123.75%
Accrued Expenses $382.0K $165.0K $100.0K
YoY Change 247.27% 65.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.200M $4.250M $5.330M
YoY Change -15.12% -20.26%
Total Short-Term Liabilities $3.759M $4.589M $5.520M
YoY Change -5.08% -16.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.759M $4.589M $5.520M
Total Long-Term Liabilities $0.00 $0.00 $10.00K
Total Liabilities $3.759M $4.589M $5.520M
YoY Change -21.52% -16.87%
SHAREHOLDERS EQUITY
Retained Earnings -$42.69M -$30.72M
YoY Change
Common Stock $1.000K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.246M $4.604M -$2.330M
YoY Change
Total Liabilities & Shareholders Equity $7.005M $9.193M $3.190M
YoY Change 135.86% 188.18%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$11.97M -$8.078M -$1.344M
YoY Change 90.89% 501.04%
Depreciation, Depletion And Amortization $4.430K $3.255K $10.00K
YoY Change -67.45%
Cash From Operating Activities -$1.250M -$2.670M -$650.0K
YoY Change 177.78% 310.77% -39.25%
INVESTING ACTIVITIES
Capital Expenditures $60.00K -$10.00K $50.00K
YoY Change -80.65% -120.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$500.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$60.00K -$490.0K -$50.00K
YoY Change -80.65% 880.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.080M 9.570M -280.0K
YoY Change 1250.0% -3517.86% -110.0%
NET CHANGE
Cash From Operating Activities -1.250M -2.670M -650.0K
Cash From Investing Activities -60.00K -490.0K -50.00K
Cash From Financing Activities -1.080M 9.570M -280.0K
Net Change In Cash -2.390M 6.410M -980.0K
YoY Change 184.52% -754.08% -160.12%
FREE CASH FLOW
Cash From Operating Activities -$1.250M -$2.670M -$650.0K
Capital Expenditures $60.00K -$10.00K $50.00K
Free Cash Flow -$1.310M -$2.660M -$700.0K
YoY Change 72.37% 280.0% -37.5%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 5%"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></td> <td style="text-align: justify; width: 95%"><div style="display: inline; font-weight: bold;">Organization and operations </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0; text-align: justify; color: #231F20">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0; text-align: justify; color: #231F20">ADOMANI, Inc. (&#x201c;we&#x201d;, &#x201c;us&#x201d;, &#x201c;our&#x201d;, the &#x201c;Company) was incorporated in Florida in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2012 </div>and was reincorporated in Delaware in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016. </div>The Company is a provider of new purpose-built <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-emission electric and hybrid vehicles and replacement drivetrains and as a result is focused on reducing the total cost of vehicle ownership for fleet operators. The Company also provides gas/diesel to all-electric and gas/electric to plug-in hybrid vehicle conversions to school bus and medium to heavy-duty fleet operators. ADOMANI, Inc. is the parent company of its wholly-owned subsidiaries, ADOMANI California, Inc. and ADOMANI China. The Company is headquartered in Newport Beach, CA.</div></div>
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us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1668000
CY2017Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
22000
CY2016Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
49000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1668000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
354000
CY2017Q2 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
500000
CY2016Q4 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
500000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
500000
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
10000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
34000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46000
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassification</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Certain amounts in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> financial statements have been reclassified to conform to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> financial presentation. These reclassifications have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on net loss.</div></div></div>
CY2017Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
10000000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12550000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
184000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
500000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
446000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
417000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1510000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
8000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30718000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21074000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
68000
us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Sales Revenue Net
SalesRevenueNet
68000
us-gaap Share Based Compensation
ShareBasedCompensation
5044000
us-gaap Share Based Compensation
ShareBasedCompensation
1278000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
21586495
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.56
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3600000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
33775000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
30375000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.10
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.56
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.49
CY2017Q1 us-gaap Share Price
SharePrice
10.49
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y328D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y182D
CY2017Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
250000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
726000
CY2017Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1250000
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1250000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
12550000
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
4604000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-2707000
CY2016Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
349042
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
66815898
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
66551134
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
64978905
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
73276408

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