$EVTV
Envirotech Vehicles, Inc.

2023 Q1 Form 10-Q Financial Statement

#000143774923028283 Filed on October 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $523.2K $1.109M
YoY Change -52.8% 135.46%
Cost Of Revenue $404.8K $691.6K
YoY Change -41.46% 120.64%
Gross Profit $118.4K $416.9K
YoY Change -71.61% 164.96%
Gross Profit Margin 22.62% 37.61%
Selling, General & Admin $2.340M $2.948M
YoY Change -20.61% 394.45%
% of Gross Profit 1976.97% 706.97%
Research & Development $70.89K $0.00
YoY Change
% of Gross Profit 59.89% 0.0%
Depreciation & Amortization $28.98K $18.66K
YoY Change 55.33% 133.37%
% of Gross Profit 24.49% 4.48%
Operating Expenses $2.411M $2.948M
YoY Change -18.2% 394.45%
Operating Profit -$2.293M -$2.531M
YoY Change -9.4% 476.74%
Interest Expense $32.15K $12.27K
YoY Change 162.05% -1430.8%
% of Operating Profit
Other Income/Expense, Net $24.96K -$8.960K
YoY Change -378.55% 532.77%
Pretax Income -$2.268M -$2.527M
YoY Change -10.27% 474.14%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.268M -$2.527M
YoY Change -10.27% 283.81%
Net Earnings / Revenue -433.47% -228.0%
Basic Earnings Per Share -$0.15 -$0.20
Diluted Earnings Per Share -$0.15 -$169.3K
COMMON SHARES
Basic Shares Outstanding 15.02M 14.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.678M $9.039M
YoY Change -70.37% 6.17%
Cash & Equivalents $1.669M $4.041M
Short-Term Investments $1.009M $4.999M
Other Short-Term Assets $180.0K $3.679M
YoY Change -95.11% 24382.27%
Inventory $5.733M $6.736M
Prepaid Expenses $284.5K
Receivables $1.890M $2.536M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.00M $21.99M
YoY Change -27.26% 106.53%
LONG-TERM ASSETS
Property, Plant & Equipment $359.0K $266.0K
YoY Change 34.97% -40.49%
Goodwill $14.68M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $93.37K $75.87K
YoY Change 23.07% 81.25%
Total Long-Term Assets $15.13M $52.12M
YoY Change -70.96% 4.16%
TOTAL ASSETS
Total Short-Term Assets $16.00M $21.99M
Total Long-Term Assets $15.13M $52.12M
Total Assets $31.13M $74.11M
YoY Change -57.99% 22.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $884.0K $170.5K
YoY Change 418.44% 19.8%
Accrued Expenses $357.8K $753.8K
YoY Change -52.52% -43.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $60.00K $31.79K
YoY Change 88.74% -92.14%
Total Short-Term Liabilities $1.302M $956.1K
YoY Change 36.17% -48.86%
LONG-TERM LIABILITIES
Long-Term Debt $20.00K $5.300K
YoY Change 277.36% -60.77%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $20.00K $5.300K
YoY Change 277.36% -97.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.302M $956.1K
Total Long-Term Liabilities $20.00K $5.300K
Total Liabilities $1.317M $961.4K
YoY Change 36.99% -53.01%
SHAREHOLDERS EQUITY
Retained Earnings -$54.20M
YoY Change
Common Stock $150.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.81M $73.15M
YoY Change
Total Liabilities & Shareholders Equity $31.13M $74.11M
YoY Change -57.99% 22.12%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.268M -$2.527M
YoY Change -10.27% 283.81%
Depreciation, Depletion And Amortization $28.98K $18.66K
YoY Change 55.33% 133.37%
Cash From Operating Activities -$2.249M -$3.906M
YoY Change -42.42% 34.87%
INVESTING ACTIVITIES
Capital Expenditures $19.48K -$12.50K
YoY Change -255.85%
Acquisitions
YoY Change
Other Investing Activities $1.330M $3.000M
YoY Change -55.67% -11.07%
Cash From Investing Activities $1.310M $2.988M
YoY Change -56.15% -11.44%
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 -$157.3K 112.1K
YoY Change -240.41% -98.16%
NET CHANGE
Cash From Operating Activities -$2.249M -3.906M
Cash From Investing Activities $1.310M 2.988M
Cash From Financing Activities -$157.3K 112.1K
Net Change In Cash -$1.096M -805.9K
YoY Change 35.98% -112.24%
FREE CASH FLOW
Cash From Operating Activities -$2.249M -$3.906M
Capital Expenditures $19.48K -$12.50K
Free Cash Flow -$2.268M -$3.893M
YoY Change -41.74%

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NoncashCommonStockLawsuitSettlement
0 usd
CY2022Q1 evtv Noncash Common Stock Lawsuit Settlement
NoncashCommonStockLawsuitSettlement
197431 usd
CY2023Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
60684 usd
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
60399 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 27pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Organization and Operations</b></p> </td></tr> </tbody></table> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;">Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built <em style="font: inherit;">zero</em>-emission 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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;">On <em style="font: inherit;"> February 22, 2022, </em>the Company announced Osceola, Arkansas, as the site of its state-of-the-art manufacturing facility and new corporate offices. The Company has moved into an approximately 580,000 square foot facility.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;">On <em style="font: inherit;"> June 28, 2022, </em>we effected a 20-for-<em style="font: inherit;">1</em> stock split of our common stock with <em style="font: inherit;">no</em> 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 <em style="font: inherit;">10</em>-Q 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 paid-in capital.”</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;"><b><i>Use of Estimates</i></b>—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions<b><i> </i></b>that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
1009378 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
2336402 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2160732 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
271218 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1889514 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2344909 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
271218 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2073691 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5745850 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
5733421 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5683755 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
12429 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
5671326 usd
CY2023Q1 evtv Inventory Deposits
InventoryDeposits
5169872 usd
CY2022Q4 evtv Inventory Deposits
InventoryDeposits
4829933 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
608266
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1389584
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;"><b><i>Concentration of Credit Risk</i></b>—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at<b><i> </i></b>times it exceeds the <em style="font: inherit;">$250,000</em> 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 <em style="font: inherit;"> may </em>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.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023</em>, 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 $60,684 at <em style="font: inherit;"> March 31, 2023</em>.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p>
CY2023Q1 evtv Maximum Insured Funds Fdic And Spic
MaximumInsuredFundsFdicAndSpic
750000 usd
CY2023Q1 evtv Maximum Cash Insured
MaximumCashInsured
500000 usd
CY2023Q1 evtv Extra Insurance By Spic Cap Unlimited Per Customer Securities
ExtraInsuranceBySpicCapUnlimitedPerCustomerSecurities
1000000000 usd
CY2023Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
60684 usd
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
649643
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
37093047 usd
CY2022Q4 us-gaap Goodwill
Goodwill
14682620 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
70888 usd
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
87144 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
58264 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
124645 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
58264 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
180746 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
58264 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
56890 usd
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M13D
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
633099 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
613618 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
274141 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
245157 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
358958 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
368461 usd
CY2023Q1 us-gaap Depreciation
Depreciation
28984 usd
CY2022Q1 us-gaap Depreciation
Depreciation
18659 usd
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1389584
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.43
CY2023Q1 evtv Class Of Warrant Or Right Exercisable Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightExercisableWeightedAverageRemainingContractualLife
P2Y8M4D
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
958334
CY2023Q1 evtv Class Of Warrants Or Rights Expired During Period
ClassOfWarrantsOrRightsExpiredDuringPeriod
12833
CY2023Q1 evtv Class Of Warrant Or Right Intrinsic Value
ClassOfWarrantOrRightIntrinsicValue
0 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0 pure
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
608266
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M7D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
605297
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.30
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y3M14D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
355670 usd
CY2022Q4 evtv Lessee Operating Lease Number Of Leases
LesseeOperatingLeaseNumberOfLeases
8 pure
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
0 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
56101 usd

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