$EVTV
Envirotech Vehicles, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923032000 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $100.0K
YoY Change -97.42%
Cost Of Revenue $80.28K
YoY Change -96.08%
Gross Profit $19.74K
YoY Change -98.92%
Gross Profit Margin 19.74%
Selling, General & Admin $2.565M
YoY Change 49.73%
% of Gross Profit 12995.39%
Research & Development $46.73K
YoY Change 86.94%
% of Gross Profit 236.74%
Depreciation & Amortization $34.19K
YoY Change 79.08%
% of Gross Profit 173.2%
Operating Expenses $6.004M
YoY Change 245.39%
Operating Profit -$5.985M
YoY Change -6220.28%
Interest Expense -$2.647K
YoY Change -108.76%
% of Operating Profit
Other Income/Expense, Net -$3.886K
YoY Change -113.42%
Pretax Income -$5.988M
YoY Change -4824.63%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.988M
YoY Change -4824.63%
Net Earnings / Revenue -5986.99%
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$0.40
COMMON SHARES
Basic Shares Outstanding 15.11M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $879.0K
YoY Change -80.89%
Cash & Equivalents $879.0K
Short-Term Investments $0.00
Other Short-Term Assets $162.7K
YoY Change -97.09%
Inventory $6.882M
Prepaid Expenses $909.8K
Receivables $1.624M
Other Receivables $0.00
Total Short-Term Assets $13.59M
YoY Change -37.04%
LONG-TERM ASSETS
Property, Plant & Equipment $356.3K
YoY Change 16.57%
Goodwill $11.29M
YoY Change -78.19%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.4K
YoY Change 133.97%
Total Long-Term Assets $11.83M
YoY Change -77.32%
TOTAL ASSETS
Total Short-Term Assets $13.59M
Total Long-Term Assets $11.83M
Total Assets $25.42M
YoY Change -65.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $739.2K
YoY Change 357.6%
Accrued Expenses $411.3K
YoY Change -64.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $476.5K
YoY Change 1636.52%
Total Short-Term Liabilities $1.627M
YoY Change 21.15%
LONG-TERM LIABILITIES
Long-Term Debt $13.02K
YoY Change -28.58%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $13.02K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.627M
Total Long-Term Liabilities $13.02K
Total Liabilities $1.640M
YoY Change 20.48%
SHAREHOLDERS EQUITY
Retained Earnings -$61.44M
YoY Change 432.62%
Common Stock $151.00
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.78M
YoY Change
Total Liabilities & Shareholders Equity $25.42M
YoY Change -65.53%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.988M
YoY Change -4824.63%
Depreciation, Depletion And Amortization $34.19K
YoY Change 79.08%
Cash From Operating Activities -$969.6K
YoY Change -41.07%
INVESTING ACTIVITIES
Capital Expenditures -$3.670K
YoY Change -90.27%
Acquisitions
YoY Change
Other Investing Activities $1.013M
YoY Change 2686.57%
Cash From Investing Activities $1.016M
YoY Change -72693.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.160K
YoY Change 496.23%
NET CHANGE
Cash From Operating Activities -969.6K
Cash From Investing Activities 1.016M
Cash From Financing Activities -3.160K
Net Change In Cash 43.57K
YoY Change -102.64%
FREE CASH FLOW
Cash From Operating Activities -$969.6K
Capital Expenditures -$3.670K
Free Cash Flow -$965.9K
YoY Change -39.92%

Facts In Submission

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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>
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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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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-align: justify;"><i><b>Concentration of Credit Risk</b></i>—The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at 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>
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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