$EVTV
Envirotech Vehicles, Inc.

2022 Q3 Form 10-Q Financial Statement

#000119312522221237 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $3.883M $2.088M $1.109M
YoY Change 447.56% 1008.91% 135.46%
Cost Of Revenue $2.046M $1.260M $691.6K
YoY Change 335.79% 752.07% 120.64%
Gross Profit $1.836M $827.2K $416.9K
YoY Change 666.74% 1950.92% 164.96%
Gross Profit Margin 47.29% 39.62% 37.61%
Selling, General & Admin $1.713M $1.746M $2.948M
YoY Change 24.02% 87.43% 394.45%
% of Gross Profit 93.31% 211.03% 706.97%
Research & Development $25.00K $87.41K $0.00
YoY Change
% of Gross Profit 1.36% 10.57% 0.0%
Depreciation & Amortization $19.09K $18.95K $18.66K
YoY Change 149.58% -30.8% 133.37%
% of Gross Profit 1.04% 2.29% 4.48%
Operating Expenses $1.738M $1.833M $2.948M
YoY Change 25.83% 96.82% 394.45%
Operating Profit $97.78K -$1.006M -$2.531M
YoY Change -108.56% 12.89% 476.74%
Interest Expense $30.20K -$4.516K $12.27K
YoY Change 271.92% -6.64% -1430.8%
% of Operating Profit 30.89%
Other Income/Expense, Net $28.97K -$4.418K -$8.960K
YoY Change -726.99% 114.57% 532.77%
Pretax Income $126.7K -$1.010M -$2.527M
YoY Change -114.95% 13.12% 474.14%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $126.7K -$1.010M -$2.527M
YoY Change -114.9% 13.12% 283.81%
Net Earnings / Revenue 3.26% -48.39% -228.0%
Basic Earnings Per Share $0.01 -$0.07 -$0.20
Diluted Earnings Per Share $0.01 -$0.07 -$169.3K
COMMON SHARES
Basic Shares Outstanding 15.00M 15.00M 14.93M
Diluted Shares Outstanding 15.01M 15.00M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.599M $6.273M $9.039M
YoY Change -73.85% -69.1% 6.17%
Cash & Equivalents $2.623M $4.270M $4.041M
Short-Term Investments $1.976M $2.002M $4.999M
Other Short-Term Assets $5.582M $4.626M $3.679M
YoY Change 12.47% 31.27% 24382.27%
Inventory $3.604M $5.607M $6.736M
Prepaid Expenses $709.6K $47.27K
Receivables $7.804M $4.542M $2.536M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.59M $21.05M $21.99M
YoY Change -11.21% -18.55% 106.53%
LONG-TERM ASSETS
Property, Plant & Equipment $305.6K $287.0K $266.0K
YoY Change -29.03% 19.01% -40.49%
Goodwill $51.78M $51.78M
YoY Change 4.5%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.37K $78.37K $75.87K
YoY Change -54.85% -80.7% 81.25%
Total Long-Term Assets $52.16M $52.14M $52.12M
YoY Change 4.01% 3.88% 4.16%
TOTAL ASSETS
Total Short-Term Assets $21.59M $21.05M $21.99M
Total Long-Term Assets $52.16M $52.14M $52.12M
Total Assets $73.75M $73.19M $74.11M
YoY Change -0.96% -3.74% 22.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.5K $266.5K $170.5K
YoY Change -2.85% 13.71% 19.8%
Accrued Expenses $1.154M $757.6K $753.8K
YoY Change 33.48% -26.66% -43.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $27.44K $29.14K $31.79K
YoY Change -13.68% -90.25% -92.14%
Total Short-Term Liabilities $1.343M $1.053M $956.1K
YoY Change 26.39% -32.75% -48.86%
LONG-TERM LIABILITIES
Long-Term Debt $18.23K $0.00 $5.300K
YoY Change -13.97% -100.0% -60.77%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $5.300K
YoY Change -100.0% -100.0% -97.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.343M $1.053M $956.1K
Total Long-Term Liabilities $0.00 $0.00 $5.300K
Total Liabilities $1.361M $1.053M $961.4K
YoY Change 21.64% -47.35% -53.01%
SHAREHOLDERS EQUITY
Retained Earnings -$11.54M -$11.66M
YoY Change 476.23%
Common Stock $150.00 $150.00
YoY Change -94.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.39M $72.14M $73.15M
YoY Change
Total Liabilities & Shareholders Equity $73.75M $73.19M $74.11M
YoY Change -0.96% -3.74% 22.12%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $126.7K -$1.010M -$2.527M
YoY Change -114.9% 13.12% 283.81%
Depreciation, Depletion And Amortization $19.09K $18.95K $18.66K
YoY Change 149.58% -30.8% 133.37%
Cash From Operating Activities -$1.645M -$2.721M -$3.906M
YoY Change -46.92% -30.62% 34.87%
INVESTING ACTIVITIES
Capital Expenditures -$37.73K -$39.97K -$12.50K
YoY Change -124.32% -78.17%
Acquisitions
YoY Change
Other Investing Activities $36.34K $2.996M $3.000M
YoY Change -99.27% -124.97% -11.07%
Cash From Investing Activities -$1.400K $2.956M $2.988M
YoY Change -100.03% -124.26% -11.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -530.0 -5.290K 112.1K
YoY Change -101.23% -100.03% -98.16%
NET CHANGE
Cash From Operating Activities -1.645M -2.721M -3.906M
Cash From Investing Activities -1.400K 2.956M 2.988M
Cash From Financing Activities -530.0 -5.290K 112.1K
Net Change In Cash -1.647M 229.9K -805.9K
YoY Change -178.51% 698.58% -112.24%
FREE CASH FLOW
Cash From Operating Activities -$1.645M -$2.721M -$3.906M
Capital Expenditures -$37.73K -$39.97K -$12.50K
Free Cash Flow -$1.608M -$2.681M -$3.893M
YoY Change -50.61% -28.29%

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<table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;">Organization and Operations </div></div> </td> </tr> </table> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">zero-emission</div> electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. The Company serves commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities to meet the increasing demand for light to heavy-duty electric vehicles. The Company’s vehicles address the challenges of traditional fuel price cost instability and local, state, and federal regulatory compliance. </div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On March 15, 2021, the Company completed its acquisition of Envirotech Drive Systems, Inc., a Delaware corporation (“EVTDS”), a supplier of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">zero-emission</div> trucks, cargo vans, chassis, and other commercial vehicles. The transaction was completed in accordance with an Agreement and Plan of Merger, dated February 16, 2021 (the “Merger Agreement”), by and among the Company, EVTDS, and EVT Acquisition Company, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”). See Note 3. </div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company was formerly known as ADOMANI, Inc. On May 26, 2021, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation the Company with the Secretary of State of the State of Delaware to change its name from ADOMANI, Inc. to Envirotech Vehicles, Inc., effective as of May 26, 2021. </div> <div style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On February 22, 2022, the Company announced Osceola, Arkansas, as the site of its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">state-of-the-art</div></div></div> manufacturing facility and new corporate offices. The Company has moved into an approximately 580,000 square foot facility<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On June 28, 2022, we effected a 20-for-1 </div></div><div style="display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">stock split of our common stock with no change to authorized shares of common stock. All share, restricted stock unit (“RSU”), and per share or per RSU information through this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the stock split. the shares of common stock retain a par value of </div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">$0.00001 per share. Accordingly an amount equal to the par value of the decreased shares resulting from the reverse stock split was reclassified from “Common Stock” to “Additional paid-capital.” </div></div></div> <div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk</div></div></div></div>—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="background: none;;font-weight:bold;display:inline;"><div style="font-style: normal; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div></div>times it exceeds the $250,000 maximum amount insured by the Federal Deposit Insurance Corporation (“FDIC”). Additionally, the Company maintains cash and short-term securities invested at Arvest Bank, National Association (“Arvest”). Between FDIC and the Securities Investor Protection Corporation (“SIPC”) coverage, funds up to $750,000, which may include cash up to $500,000, are insured. In addition, Arvest provides excess insurance acquired by them from SIPC for unlimited per customer securities up to a $1 billion cap. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the six months ended June 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,091. </div></div>
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CY2022Q2 evtv Employment Contracts Future Minimum Payments Due Thereafter
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CY2022Q2 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2022Q2 us-gaap Contractual Obligation Due In Second And Third Year
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CY2022Q2 us-gaap Contractual Obligation Due In Fourth And Fifth Year
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CY2022Q2 us-gaap Contractual Obligation Due After Fifth Year
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CY2022Q2 evtv Lessee Operating Lease Number Of Leases
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us-gaap Lease And Rental Expense
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CY2021Q2 us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
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