$EVTV
Envirotech Vehicles, Inc.

2022 Q4 Form 10-Q Financial Statement

#000119312522284630 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.880M $3.883M $709.1K
YoY Change 178.65% 447.56% 343.18%
Cost Of Revenue $1.170M $2.046M $469.6K
YoY Change 233.82% 335.79% 304.84%
Gross Profit $710.0K $1.836M $239.5K
YoY Change 119.0% 666.74% 398.92%
Gross Profit Margin 37.77% 47.29% 33.77%
Selling, General & Admin $1.960M $1.713M $1.382M
YoY Change -64.48% 24.02% 36.79%
% of Gross Profit 276.06% 93.31% 576.9%
Research & Development $40.00K $25.00K $0.00
YoY Change -31.2%
% of Gross Profit 5.63% 1.36% 0.0%
Depreciation & Amortization $40.00K $19.09K $7.650K
YoY Change 46.79% 149.58% -31.98%
% of Gross Profit 5.63% 1.04% 3.19%
Operating Expenses $2.000M $1.738M $1.382M
YoY Change -64.13% 25.83% 36.79%
Operating Profit -$1.290M $97.78K -$1.142M
YoY Change -75.44% -108.56% 18.72%
Interest Expense $10.00K $30.20K $8.120K
YoY Change 385.44% 271.92% 35.33%
% of Operating Profit 30.89%
Other Income/Expense, Net $10.00K $28.97K -$4.620K
YoY Change -726.99% -192.4%
Pretax Income -$38.37M $126.7K -$848.1K
YoY Change 630.85% -114.95% -11.66%
Income Tax $0.00 $0.00 $2.400K
% Of Pretax Income 0.0%
Net Earnings -$38.37M $126.7K -$850.5K
YoY Change 630.85% -114.9% -11.41%
Net Earnings / Revenue -2040.96% 3.26% -119.94%
Basic Earnings Per Share $0.01 -$0.06
Diluted Earnings Per Share -$2.56 $0.01 -$2.891K
COMMON SHARES
Basic Shares Outstanding 15.02M 15.00M 294.3M
Diluted Shares Outstanding 15.01M 14.72M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.101M $4.599M $17.59M
YoY Change -60.3% -73.85% 7894.3%
Cash & Equivalents $2.765M $2.623M $10.58M
Short-Term Investments $2.336M $1.976M $7.007M
Other Short-Term Assets $156.5K $5.582M $4.963M
YoY Change -96.8% 12.47% 368.22%
Inventory $5.671M $3.604M $1.019M
Prepaid Expenses $446.0K $709.6K
Receivables $2.074M $7.804M $746.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.34M $21.59M $24.32M
YoY Change -20.35% -11.21% 1356.09%
LONG-TERM ASSETS
Property, Plant & Equipment $368.5K $305.6K $430.6K
YoY Change 35.41% -29.03% -23.11%
Goodwill $14.68M $51.78M
YoY Change -71.64%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $93.37K $78.37K $173.6K
YoY Change -60.54% -54.85% -38.01%
Total Long-Term Assets $15.14M $52.16M $50.15M
YoY Change -71.03% 4.01% 5800.13%
TOTAL ASSETS
Total Short-Term Assets $18.34M $21.59M $24.32M
Total Long-Term Assets $15.14M $52.16M $50.15M
Total Assets $33.48M $73.75M $74.47M
YoY Change -55.54% -0.96% 2855.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $603.7K $161.5K $166.3K
YoY Change 153.18% -2.85% -74.02%
Accrued Expenses $652.5K $1.154M $864.6K
YoY Change -49.02% 33.48% -3.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $220.0K $27.44K $31.79K
YoY Change 592.04% -13.68% -80.13%
Total Short-Term Liabilities $1.472M $1.343M $1.063M
YoY Change -5.05% 26.39% -37.12%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $18.23K $21.19K
YoY Change 50.94% -13.97% -91.85%
Other Long-Term Liabilities $0.00 $0.00 $35.24K
YoY Change -100.0% -100.0% -86.45%
Total Long-Term Liabilities $0.00 $0.00 $56.43K
YoY Change -100.0% -100.0% -89.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.472M $1.343M $1.063M
Total Long-Term Liabilities $0.00 $0.00 $56.43K
Total Liabilities $1.489M $1.361M $1.119M
YoY Change -4.93% 21.64% -49.13%
SHAREHOLDERS EQUITY
Retained Earnings -$51.93M -$11.54M
YoY Change 539.17%
Common Stock $150.00 $150.00
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.99M $72.39M $73.35M
YoY Change
Total Liabilities & Shareholders Equity $33.48M $73.75M $74.47M
YoY Change -54.32% -0.96% 2855.07%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$38.37M $126.7K -$850.5K
YoY Change 630.85% -114.9% -11.41%
Depreciation, Depletion And Amortization $40.00K $19.09K $7.650K
YoY Change 46.79% 149.58% -31.98%
Cash From Operating Activities $840.0K -$1.645M -$3.100M
YoY Change -127.82% -46.92% 98.71%
INVESTING ACTIVITIES
Capital Expenditures $80.00K -$37.73K $155.1K
YoY Change -124.32% -1651.2%
Acquisitions
YoY Change
Other Investing Activities -$350.0K $36.34K $5.000M
YoY Change -65.79% -99.27% 80.51%
Cash From Investing Activities -$430.0K -$1.400K $5.155M
YoY Change -57.98% -100.03% 86.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -270.0K -530.0 43.03K
YoY Change -84.04% -101.23% -100.8%
NET CHANGE
Cash From Operating Activities 840.0K -1.645M -3.100M
Cash From Investing Activities -430.0K -1.400K 5.155M
Cash From Financing Activities -270.0K -530.0 43.03K
Net Change In Cash 140.0K -1.647M 2.098M
YoY Change -102.44% -178.51% -149.84%
FREE CASH FLOW
Cash From Operating Activities $840.0K -$1.645M -$3.100M
Capital Expenditures $80.00K -$37.73K $155.1K
Free Cash Flow $760.0K -$1.608M -$3.255M
YoY Change -125.17% -50.61% 110.0%

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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;"> <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="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Organization and Operations </div></div></div> </td> </tr> </table> <div style="clear: both; max-height: 0px;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">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="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">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="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;">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> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">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> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">On June 28, 2022, we effected a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">20-for-1</div></div> 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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q</div> has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">paid-in</div> capital.” </div>
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us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
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CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Four And Five Years
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CY2022Q3 evtv Employment Contracts Future Minimum Payments Due In Four And Five Years
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CY2022Q3 us-gaap Contractual Obligation
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CY2022Q3 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2022Q3 us-gaap Contractual Obligation Due In Second And Third Year
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CY2022Q3 us-gaap Contractual Obligation Due In Fourth And Fifth Year
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CY2022Q3 us-gaap Contractual Obligation Due After Fifth Year
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CY2022Q3 us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
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CY2021Q3 us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
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P1Y
CY2022Q3 evtv Lessee Operating Lease Number Of Leases
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9
evtv Sub Lease Commencement Date
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2022-04-01
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us-gaap Operating Leases Rent Expense Net
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CY2021Q3 us-gaap Operating Leases Rent Expense Net
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us-gaap Operating Leases Rent Expense Net
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198161
us-gaap Operating Lease Cost
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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