$EVTV
Envirotech Vehicles, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019026614 Filed on July 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q3 2018 Q2
Revenue $4.388M $2.619M $744.0K
YoY Change 489.78%
Cost Of Revenue $4.063M $2.528M $722.0K
YoY Change 462.74%
Gross Profit $325.0K $91.00K $22.00K
YoY Change 1377.27%
Gross Profit Margin 7.41% 3.47% 2.96%
Selling, General & Admin $1.540M $1.570M $3.920M
YoY Change -60.71% -86.66% -47.66%
% of Gross Profit 473.85% 1725.27% 17818.18%
Research & Development $102.7K $50.00K $440.4K
YoY Change -76.69% 25.0% -4.25%
% of Gross Profit 31.59% 54.95% 2001.97%
Depreciation & Amortization $11.68K $11.11K $8.236K
YoY Change 41.79% 150.7% 153.03%
% of Gross Profit 3.59% 12.2% 37.44%
Operating Expenses $1.641M $1.616M $4.357M
YoY Change -62.34% -86.31% -45.22%
Operating Profit -$1.316M -$1.525M -$4.335M
YoY Change -69.64% -87.08% -45.49%
Interest Expense $2.000K $43.00K $52.00K
YoY Change -96.15% -8.51% -64.63%
% of Operating Profit
Other Income/Expense, Net $22.00K $44.00K $151.0K
YoY Change -85.43% -126.99% -220.8%
Pretax Income -$1.294M -$1.481M -$4.184M
YoY Change -69.07% -87.62% -48.21%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.294M -$1.481M -$4.184M
YoY Change -69.07% -87.62% -48.21%
Net Earnings / Revenue -29.49% -56.55% -562.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.36 -$0.41 -$1.16
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.850M $7.810M $7.670M
YoY Change 2.35% 74.33% 11.64%
Cash & Equivalents $2.797M $7.811M $7.670M
Short-Term Investments $5.060M
Other Short-Term Assets $1.763M $1.546M $2.796M
YoY Change -36.95% 692.82% 1277.34%
Inventory
Prepaid Expenses
Receivables $2.667M $1.573M $1.199M
Other Receivables $314.3K $300.0K $1.000M
Total Short-Term Assets $12.61M $11.23M $12.67M
YoY Change -0.41% 76.18% 48.91%
LONG-TERM ASSETS
Property, Plant & Equipment $144.7K $145.0K $152.9K
YoY Change -5.34% -71.06% -65.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $468.0K $533.0K $350.0K
YoY Change 33.71% 310.0% 186.89%
Total Long-Term Assets $613.0K $678.0K $503.0K
YoY Change 21.87% 7.45% -26.89%
TOTAL ASSETS
Total Short-Term Assets $12.61M $11.23M $12.67M
Total Long-Term Assets $613.0K $678.0K $503.0K
Total Assets $13.23M $11.91M $13.17M
YoY Change 0.44% 69.99% 43.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.467M $1.005M $607.0K
YoY Change 306.43% 452.2% 239.11%
Accrued Expenses $855.0K $706.0K $805.0K
YoY Change 6.21% 84.82% 387.88%
Deferred Revenue
YoY Change
Short-Term Debt $4.300M $1.400M $1.800M
YoY Change 138.89%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $7.622M $3.111M $3.212M
YoY Change 137.3% -17.24% -30.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $183.0K $236.0K $253.0K
YoY Change -27.67%
Total Long-Term Liabilities $183.0K $236.0K $253.0K
YoY Change -27.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.622M $3.111M $3.212M
Total Long-Term Liabilities $183.0K $236.0K $253.0K
Total Liabilities $7.805M $3.347M $3.465M
YoY Change 125.25% -10.96% -24.49%
SHAREHOLDERS EQUITY
Retained Earnings -$56.77M -$52.72M -$51.24M
YoY Change 10.79% 23.51% 66.8%
Common Stock $1.000K $1.000K $1.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.421M $8.561M $9.703M
YoY Change
Total Liabilities & Shareholders Equity $13.23M $11.91M $13.17M
YoY Change 0.44% 69.99% 43.24%

Cashflow Statement

Concept 2019 Q2 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.294M -$1.481M -$4.184M
YoY Change -69.07% -87.62% -48.21%
Depreciation, Depletion And Amortization $11.68K $11.11K $8.236K
YoY Change 41.79% 150.7% 153.03%
Cash From Operating Activities -$1.620M $230.0K -$2.350M
YoY Change -31.06% -118.4% -11.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $70.00K
YoY Change -100.0% -100.0% -800.0%
Acquisitions
YoY Change
Other Investing Activities $240.0K $300.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $230.0K $300.0K -$70.00K
YoY Change -428.57% -600.0% -85.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.800M -380.0K 1.880M
YoY Change -4.26% -64.81% -80.36%
NET CHANGE
Cash From Operating Activities -1.620M 230.0K -2.350M
Cash From Investing Activities 230.0K 300.0K -70.00K
Cash From Financing Activities 1.800M -380.0K 1.880M
Net Change In Cash 410.0K 150.0K -540.0K
YoY Change -175.93% -106.28% -108.42%
FREE CASH FLOW
Cash From Operating Activities -$1.620M $230.0K -$2.350M
Capital Expenditures $0.00 $0.00 $70.00K
Free Cash Flow -$1.620M $230.0K -$2.420M
YoY Change -33.06% -117.56% -9.02%

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us-gaap Nature Of Operations
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Organization and Operations</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ADOMANI, Inc. (&#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221; or the &#8220;Company&#8221;) designs and causes to be designed advanced zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles. The Company also designs and causes to be designed re-power conversion kits to replace conventional drivetrain systems for combustion powered vehicles with zero-emission electric or hybrid drivetrain systems. The Company is also a provider of new zero-emission electric and hybrid vehicles focused on total cost of ownership. The Company&#8217;s drivetrain systems and vehicles are designed to help fleet operators unlock the benefits of green technology and address the challenges of local, state and federal regulatory compliance and traditional-fuel price cost instability.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;font-style:normal;">&#8212;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions 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.</font></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk<font style="font-weight:normal;font-style:normal;">&#8212;The Company has credit risks related to cash and cash equivalents on deposit with a federally insured bank, as at times it exceeds the $250,000 maximum amount insured by the Federal Deposit Insurance Corporation.</font></p>
CY2019Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
314340
CY2018Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
143734
CY2019Q2 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
20000
CY2018Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
70000
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
adom Number Of Customer
NumberOfCustomer
1
adom Allowance For Doubtful Other Receivable Current Write Offs
AllowanceForDoubtfulOtherReceivableCurrentWriteOffs
50000
CY2019Q2 adom Inventory Deposits
InventoryDeposits
988956
CY2018Q4 adom Inventory Deposits
InventoryDeposits
882050
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
102656
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
440433
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
147656
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
596367
adom Property Plant And Equipment Threshold For Capitalization Of Purchases
PropertyPlantAndEquipmentThresholdForCapitalizationOfPurchases
2000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
235850
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
217868
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
91131
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
67777
CY2019Q2 us-gaap Depreciation
Depreciation
11678
CY2018Q2 us-gaap Depreciation
Depreciation
8236
us-gaap Depreciation
Depreciation
23354
us-gaap Depreciation
Depreciation
16473
CY2019Q1 adom Consulting Arrangement Monthly Fee
ConsultingArrangementMonthlyFee
7500
CY2019Q1 adom Consulting Monthly Cash Fee Paid
ConsultingMonthlyCashFeePaid
2500
CY2019Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7556323
CY2018Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7556323
adom Class Of Warrant Or Right Issued During Period
ClassOfWarrantOrRightIssuedDuringPeriod
0
CY2019Q2 adom Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
7556323
CY2018Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.45
adom Class Of Warrant Or Right Issued During Period Exercise Price
ClassOfWarrantOrRightIssuedDuringPeriodExercisePrice
0
CY2019Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.45
CY2019Q2 adom Class Of Warrant Or Right Exercisable Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisableExercisePriceOfWarrantsOrRights
4.45
CY2018 adom Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualLife
P3Y9M18D
adom Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualLife
P3Y3M18D
adom Class Of Warrant Or Right Exercisale Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightExercisaleWeightedAverageRemainingContractualLife
P3Y3M18D
CY2019Q2 adom Class Of Warrant Or Right Intrinsic Value
ClassOfWarrantOrRightIntrinsicValue
0
CY2019Q1 adom Sales And Marketing Expertise Consulting Fees Per Month
SalesAndMarketingExpertiseConsultingFeesPerMonth
7500
CY2019Q1 adom Sales And Marketing Expertise Consulting Fees Cash Payable Per Month
SalesAndMarketingExpertiseConsultingFeesCashPayablePerMonth
2500
CY2019Q1 adom Sales And Marketing Expertise Consulting Fees Share Issuable Per Month
SalesAndMarketingExpertiseConsultingFeesShareIssuablePerMonth
5000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24728422
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1095000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25617338
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
71084
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
135000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9735291
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.15
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.31
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.16
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.13
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y7M6D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4600000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2019-12-31
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
444426
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
119466
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two And Three Years
OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears
241344
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four And Five Years
OperatingLeasesFutureMinimumPaymentsDueInFourAndFiveYears
83616
CY2019Q2 adom Employment Contracts Future Minimum Payments Due
EmploymentContractsFutureMinimumPaymentsDue
546000
CY2019Q2 adom Employment Contracts Future Minimum Payments Due Next Twelve Months
EmploymentContractsFutureMinimumPaymentsDueNextTwelveMonths
246000
CY2019Q2 adom Employment Contracts Future Minimum Payments Due In Two And Three Years
EmploymentContractsFutureMinimumPaymentsDueInTwoAndThreeYears
300000
CY2019Q2 us-gaap Contractual Obligation
ContractualObligation
990426
CY2019Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
365466
CY2019Q2 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
541344
CY2019Q2 us-gaap Contractual Obligation Due In Fourth And Fifth Year
ContractualObligationDueInFourthAndFifthYear
83616

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0001564590-19-026614.txt Edgar Link pending
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adom-10q_20190630.htm Edgar Link pending
adom-20190630.xml Edgar Link completed
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adom-20190630_cal.xml Edgar Link unprocessable
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