2024 Q3 Form 10-Q Financial Statement

#000143774924026785 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $812.8K
YoY Change -100.0% -61.89%
Cost Of Revenue $133.9K $608.9K
YoY Change 66.82% -51.44%
Gross Profit -$133.9K $203.8K
YoY Change -778.44% -76.81%
Gross Profit Margin 25.08%
Selling, General & Admin $1.451M $1.467M
YoY Change -43.44% -29.82%
% of Gross Profit 719.62%
Research & Development $20.47K $61.62K
YoY Change -56.2% 6.37%
% of Gross Profit 30.23%
Depreciation & Amortization $36.30K $36.66K
YoY Change 6.17% 19.95%
% of Gross Profit 17.99%
Operating Expenses $1.471M $1.528M
YoY Change -75.49% -28.76%
Operating Profit -$1.605M -$1.325M
YoY Change -73.18% 4.58%
Interest Expense -$30.87K -$1.067K
YoY Change 1066.38% -107.65%
% of Operating Profit
Other Income/Expense, Net $370.3K $569.4K
YoY Change -9630.01% 4462.89%
Pretax Income -$1.235M -$755.1K
YoY Change -79.38% -39.79%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.235M -$755.1K
YoY Change -79.38% -39.79%
Net Earnings / Revenue -92.9%
Basic Earnings Per Share -$0.08 -$0.05
Diluted Earnings Per Share -$0.08 -$0.05
COMMON SHARES
Basic Shares Outstanding 15.69M 16.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $682.7K $437.1K
YoY Change -22.34% -76.33%
Cash & Equivalents $682.7K $437.1K
Short-Term Investments
Other Short-Term Assets $177.9K $136.7K
YoY Change 9.36% -15.99%
Inventory $6.703M $6.703M
Prepaid Expenses $726.6K $426.8K
Receivables $1.090M $1.426M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.24M $11.99M
YoY Change -9.96% -19.16%
LONG-TERM ASSETS
Property, Plant & Equipment $441.7K $384.3K
YoY Change 23.99% -1.58%
Goodwill $9.584M $9.584M
YoY Change -15.12% -34.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $252.8K $160.2K
YoY Change 37.87% 15.75%
Total Long-Term Assets $10.60M $10.52M
YoY Change -10.44% -30.83%
TOTAL ASSETS
Total Short-Term Assets $12.24M $11.99M
Total Long-Term Assets $10.60M $10.52M
Total Assets $22.83M $22.51M
YoY Change -10.18% -25.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.082M $960.8K
YoY Change 46.43% -0.59%
Accrued Expenses $1.114M $864.5K
YoY Change 170.91% 122.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $590.3K $1.264M
YoY Change 23.88% 12540.6%
Total Short-Term Liabilities $3.572M $4.281M
YoY Change 119.51% 214.62%
LONG-TERM LIABILITIES
Long-Term Debt $308.7K $7.290K
YoY Change 2271.2% -27.1%
Other Long-Term Liabilities $0.00 $71.55K
YoY Change
Total Long-Term Liabilities $308.7K $78.84K
YoY Change 2271.2% 688.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.572M $4.281M
Total Long-Term Liabilities $308.7K $78.84K
Total Liabilities $3.880M $4.360M
YoY Change 136.59% 217.13%
SHAREHOLDERS EQUITY
Retained Earnings -$71.13M -$69.90M
YoY Change 15.78% 26.06%
Common Stock $170.00 $159.00
YoY Change 12.58% 6.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.95M $18.15M
YoY Change
Total Liabilities & Shareholders Equity $22.83M $22.51M
YoY Change -10.18% -25.07%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$1.235M -$755.1K
YoY Change -79.38% -39.79%
Depreciation, Depletion And Amortization $36.30K $36.66K
YoY Change 6.17% 19.95%
Cash From Operating Activities -$1.148M -$965.0K
YoY Change 18.43% 17.68%
INVESTING ACTIVITIES
Capital Expenditures $93.74K $135.3K
YoY Change -2654.22% 576.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$93.74K -$135.3K
YoY Change -109.22% 576.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.488M 488.0K
YoY Change -47177.22% -1075.98%
NET CHANGE
Cash From Operating Activities -1.148M -965.0K
Cash From Investing Activities -93.74K -135.3K
Cash From Financing Activities 1.488M 488.0K
Net Change In Cash 245.6K -612.3K
YoY Change 463.64% -31.2%
FREE CASH FLOW
Cash From Operating Activities -$1.148M -$965.0K
Capital Expenditures $93.74K $135.3K
Free Cash Flow -$1.242M -$1.100M
YoY Change 28.59% 30.99%

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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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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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us-gaap Interest Paid Net
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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. (the “Company”), including its consolidated subsidiaries, 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>
us-gaap Use Of Estimates
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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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CY2023Q4 us-gaap Inventory Valuation Reserves
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CY2024Q2 evtv Inventory Deposits
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5644030
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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1389584
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;"><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 <em style="font: inherit;"> may </em>maintain 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. There were <em style="font: inherit;">no</em> short-term securities invested at Arvest Bank at <em style="font: inherit;"> June 30, 2024.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q2 evtv Maximum Insured Funds Fdic And Spic
MaximumInsuredFundsFdicAndSpic
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CY2024Q2 evtv Maximum Cash Insured
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us-gaap Impairment Of Long Lived Assets Held For Use
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CY2024Q2 us-gaap Goodwill
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CY2023 us-gaap Goodwill Impairment Loss
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CY2023Q4 us-gaap Goodwill
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CY2024Q2 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2023Q2 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q2 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2024Q2 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q2 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2024Q2 us-gaap Long Term Debt
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CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.43
evtv Class Of Warrant Or Right Exercisable Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightExercisableWeightedAverageRemainingContractualLife
P1Y5M4D
evtv Class Of Warrants Or Rights Expired During Period
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12833
CY2024Q2 evtv Class Of Warrant Or Right Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5644030
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5644030
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3474307
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2024Q2 us-gaap Operating Lease Liability Current
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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us-gaap Operating Lease Cost
OperatingLeaseCost
178536 usd
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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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y3M
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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175849 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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248873 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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