$EVTV
Envirotech Vehicles, Inc.

2023 Q4 Form 10-Q Financial Statement

#000143774923028284 Filed on October 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2023 Q1
Revenue $106.8K $2.133M $523.2K
YoY Change -94.32% 2.16% -52.8%
Cost Of Revenue $118.3K $1.254M $404.8K
YoY Change -89.89% -0.52% -41.46%
Gross Profit -$11.52K $879.0K $118.4K
YoY Change -101.62% 6.26% -71.61%
Gross Profit Margin -10.79% 41.21% 22.62%
Selling, General & Admin $1.392M $2.090M $2.340M
YoY Change -28.98% 19.73% -20.61%
% of Gross Profit 237.77% 1976.97%
Research & Development $60.64K $57.92K $70.89K
YoY Change 51.6% -33.73%
% of Gross Profit 6.59% 59.89%
Depreciation & Amortization $35.06K $30.56K $28.98K
YoY Change -12.35% 61.29% 55.33%
% of Gross Profit 3.48% 24.49%
Operating Expenses $1.453M $2.146M $2.411M
YoY Change -27.37% 17.04% -18.2%
Operating Profit -$1.464M -$1.267M -$2.293M
YoY Change 13.5% 25.91% -9.4%
Interest Expense -$8.620K $13.95K $32.15K
YoY Change -186.2% -408.88% 162.05%
% of Operating Profit
Other Income/Expense, Net $5.750K $12.48K $24.96K
YoY Change -42.5% -382.48% -378.55%
Pretax Income -$3.174M -$1.254M -$2.268M
YoY Change -91.73% 24.13% -10.27%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.174M -$1.254M -$2.268M
YoY Change -91.73% 24.13% -10.27%
Net Earnings / Revenue -2972.95% -58.8% -433.47%
Basic Earnings Per Share -$0.08 -$0.15
Diluted Earnings Per Share -$0.21 -$0.08 -$0.15
COMMON SHARES
Basic Shares Outstanding 15.11M 15.02M 15.02M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $456.7K $1.846M $2.678M
YoY Change -91.05% -70.57% -70.37%
Cash & Equivalents $456.7K $833.3K $1.669M
Short-Term Investments $0.00 $1.013M $1.009M
Other Short-Term Assets $4.077M $162.7K $180.0K
YoY Change 2505.67% -96.48% -95.11%
Inventory $6.831M $6.938M $5.733M
Prepaid Expenses $614.2K $89.22K $284.5K
Receivables $692.1K $2.734M $1.890M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.06M $14.83M $16.00M
YoY Change -34.26% -29.55% -27.26%
LONG-TERM ASSETS
Property, Plant & Equipment $859.6K $390.5K $359.0K
YoY Change 133.3% 36.06% 34.97%
Goodwill $9.584M $14.68M $14.68M
YoY Change -34.73% -71.64%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.6K $138.4K $93.37K
YoY Change 64.47% 76.56% 23.07%
Total Long-Term Assets $10.60M $15.21M $15.13M
YoY Change -30.03% -70.83% -70.96%
TOTAL ASSETS
Total Short-Term Assets $12.06M $14.83M $16.00M
Total Long-Term Assets $10.60M $15.21M $15.13M
Total Assets $22.65M $30.04M $31.13M
YoY Change -32.35% -58.96% -57.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $760.8K $966.4K $884.0K
YoY Change 26.01% 262.66% 418.44%
Accrued Expenses $743.5K $388.0K $357.8K
YoY Change 13.94% -48.78% -52.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $269.3K $10.00K $60.00K
YoY Change 22.39% -65.68% 88.74%
Total Short-Term Liabilities $1.774M $1.361M $1.302M
YoY Change 20.48% 29.2% 36.17%
LONG-TERM LIABILITIES
Long-Term Debt $10.42K $10.00K $20.00K
YoY Change -47.9% 277.36%
Other Long-Term Liabilities $235.6K
YoY Change
Total Long-Term Liabilities $246.1K $10.00K $20.00K
YoY Change 277.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.774M $1.361M $1.302M
Total Long-Term Liabilities $246.1K $10.00K $20.00K
Total Liabilities $2.020M $1.375M $1.317M
YoY Change 35.66% 30.54% 36.99%
SHAREHOLDERS EQUITY
Retained Earnings -$64.61M -$55.45M -$54.20M
YoY Change 24.43% 375.48%
Common Stock $152.00 $150.00 $150.00
YoY Change 1.33% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.63M $28.67M $29.81M
YoY Change
Total Liabilities & Shareholders Equity $22.65M $30.04M $31.13M
YoY Change -32.35% -58.96% -57.99%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.174M -$1.254M -$2.268M
YoY Change -91.73% 24.13% -10.27%
Depreciation, Depletion And Amortization $35.06K $30.56K $28.98K
YoY Change -12.35% 61.29% 55.33%
Cash From Operating Activities -$205.5K -$820.0K -$2.249M
YoY Change -124.47% -69.86% -42.42%
INVESTING ACTIVITIES
Capital Expenditures -$520.00 $20.00K $19.48K
YoY Change -100.65% -150.04% -255.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.330M
YoY Change -100.0% -100.0% -55.67%
Cash From Investing Activities $520.00 -$20.00K $1.310M
YoY Change -100.12% -100.68% -56.15%
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 -217.3K -50.00K -$157.3K
YoY Change -19.51% 845.18% -240.41%
NET CHANGE
Cash From Operating Activities -205.5K -820.0K -$2.249M
Cash From Investing Activities 520.0 -20.00K $1.310M
Cash From Financing Activities -217.3K -50.00K -$157.3K
Net Change In Cash -422.3K -890.0K -$1.096M
YoY Change -401.66% -487.11% 35.98%
FREE CASH FLOW
Cash From Operating Activities -$205.5K -$820.0K -$2.249M
Capital Expenditures -$520.00 $20.00K $19.48K
Free Cash Flow -$205.0K -$840.0K -$2.268M
YoY Change -126.97% -68.67% -41.74%

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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Interest Paid Net
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evtv Noncash Common Stock Lawsuit Settlement
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us-gaap Nature Of Operations
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<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: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Organization and Operations</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </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>
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
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<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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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CY2023Q2 us-gaap Marketable Securities
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CY2023Q2 evtv Inventory Deposits
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
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us-gaap Concentration Risk Credit Risk
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<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:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2023Q2 evtv Maximum Insured Funds Fdic And Spic
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CY2023Q2 evtv Maximum Cash Insured
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Research And Development Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Depreciation
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us-gaap Depreciation
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59545 usd
CY2022Q2 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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25000 usd
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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evtv Class Of Warrant Or Right Exercisable Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightExercisableWeightedAverageRemainingContractualLife
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evtv Class Of Warrants Or Rights Expired During Period
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CY2023Q2 evtv Class Of Warrant Or Right Intrinsic Value
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608266
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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623266
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.24
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P8Y9M18D
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
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117540 usd
CY2022Q2 us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Lease Cost
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117540 usd
us-gaap Lease Cost
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128167 usd
us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14 pure

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