$EVTV
Envirotech Vehicles, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053740 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2020 Q1
Revenue $160.0K $130.0K $284.0K
YoY Change -97.21% -97.04% -32.38%
Cost Of Revenue $116.0K $83.00K $80.00K
YoY Change -97.82% -97.96% -79.54%
Gross Profit $48.00K $47.00K $13.43K
YoY Change -88.65% -85.54% -53.71%
Gross Profit Margin 30.0% 36.15% 4.73%
Selling, General & Admin $1.010M $1.160M $1.470M
YoY Change -38.04% -24.68% 0.0%
% of Gross Profit 2104.17% 2468.09% 10949.72%
Research & Development $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $11.25K $35.38K $0.00
YoY Change -10.48% 202.93% -100.0%
% of Gross Profit 23.43% 75.27% 0.0%
Operating Expenses $1.010M $95.41K $110.7K
YoY Change -38.45% -94.19% -92.71%
Operating Profit -$962.0K -$93.66K -$97.26K
YoY Change -21.02% -92.88% -93.47%
Interest Expense $6.000K $7.000K $7.000K
YoY Change -73.91% 250.0% -73.08%
% of Operating Profit
Other Income/Expense, Net $5.000K $7.000K $2.000K
YoY Change -121.74% -68.18% -95.12%
Pretax Income -$960.0K -$86.66K -$97.26K
YoY Change -21.18% -93.3% -93.29%
Income Tax
% Of Pretax Income
Net Earnings -$960.0K -$86.66K -$97.26K
YoY Change -21.18% -93.3% -93.29%
Net Earnings / Revenue -600.0% -66.66% -34.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$13.04K -$0.30 -$0.35
COMMON SHARES
Basic Shares Outstanding 73.60M 73.23M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.0K $880.0K $540.0K
YoY Change -97.2% -88.79% -93.0%
Cash & Equivalents $224.0K $883.9K $108.7K
Short-Term Investments $0.00 $50.00K
Other Short-Term Assets $1.060M $81.00K $1.160M
YoY Change -39.39% -95.41% -3.17%
Inventory $350.0K $431.5K $510.0K
Prepaid Expenses $945.0K
Receivables $30.00K $8.500K $780.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.670M $2.350M $2.990M
YoY Change -87.15% -81.37% -68.84%
LONG-TERM ASSETS
Property, Plant & Equipment $560.0K $122.3K $690.0K
YoY Change 318.71% -15.49% 375.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $280.0K $783.0K $380.0K
YoY Change -40.43% 67.31% -21.81%
Total Long-Term Assets $850.0K $905.0K $1.060M
YoY Change 41.9% 47.63% 67.99%
TOTAL ASSETS
Total Short-Term Assets $1.670M $2.350M $2.990M
Total Long-Term Assets $850.0K $905.0K $1.060M
Total Assets $2.520M $3.255M $4.050M
YoY Change -81.47% -75.39% -60.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $640.0K $610.0K $590.0K
YoY Change -80.0% -75.27% 64.35%
Accrued Expenses $900.0K $732.0K $870.0K
YoY Change 4.65% -14.39% 17.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $160.0K $120.0K
YoY Change
Total Short-Term Liabilities $1.690M $1.457M $1.470M
YoY Change -81.26% -80.88% -59.17%
LONG-TERM LIABILITIES
Long-Term Debt $260.0K $300.0K $0.00
YoY Change
Other Long-Term Liabilities $260.0K $305.0K $355.0K
YoY Change 56.63% 66.67% 76.62%
Total Long-Term Liabilities $520.0K $305.0K $355.0K
YoY Change 213.25% 66.67% 76.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.690M $1.457M $1.470M
Total Long-Term Liabilities $520.0K $305.0K $355.0K
Total Liabilities $2.200M $2.059M $1.822M
YoY Change -76.05% -73.62% -52.07%
SHAREHOLDERS EQUITY
Retained Earnings -$61.55M -$60.45M
YoY Change 8.43% 8.96%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $320.0K $1.196M $2.229M
YoY Change
Total Liabilities & Shareholders Equity $2.520M $3.255M $4.051M
YoY Change -81.48% -75.39% -60.39%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$960.0K -$86.66K -$97.26K
YoY Change -21.18% -93.3% -93.29%
Depreciation, Depletion And Amortization $11.25K $35.38K $0.00
YoY Change -10.48% 202.93% -100.0%
Cash From Operating Activities -$1.560M -$70.00K -$215.4K
YoY Change 136.36% -95.68% -72.87%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $0.00 $12.00K
YoY Change 71.43%
Acquisitions
YoY Change
Other Investing Activities $2.770M $50.00K $2.720M
YoY Change 925.93% -79.17% -297.1%
Cash From Investing Activities $2.760M $50.00K $2.708M
YoY Change 885.71% -78.26% -295.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.410M 410.0K -5.820M
YoY Change -932.31% -77.22% -821.19%
NET CHANGE
Cash From Operating Activities -1.560M -70.00K -215.4K
Cash From Investing Activities 2.760M 50.00K 2.708M
Cash From Financing Activities -5.410M 410.0K -5.820M
Net Change In Cash -4.210M 390.0K -215.4K
YoY Change -1659.26% -4.88% -84.32%
FREE CASH FLOW
Cash From Operating Activities -$1.560M -$70.00K -$215.4K
Capital Expenditures -$10.00K $0.00 $12.00K
Free Cash Flow -$1.550M -$70.00K -$227.4K
YoY Change 134.85% -95.68% -71.61%

Facts In Submission

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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Entity Interactive Data Current
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dei Security12b Title
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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;) is a provider of new purpose-built zero-emission electric vehicles focused on total cost of ownership. We are also a provider of advanced zero-emission electric drivetrain systems for integration in new buses and medium to heavy-duty commercial fleet vehicles. The Company also provides re-power conversion kits to replace conventional drivetrain systems for combustion powered vehicles with zero-emission electric drivetrain systems.&nbsp;&nbsp;The Company&#8217;s vehicles and drivetrain systems 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>
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PropertyPlantAndEquipmentThresholdForCapitalizationOfPurchases
2000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
247032
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
212887
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
135980
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
101044
CY2020Q3 us-gaap Depreciation
Depreciation
11246
us-gaap Depreciation
Depreciation
34936
us-gaap Depreciation
Depreciation
35914
CY2020Q1 us-gaap Foreclosed Assets
ForeclosedAssets
582000
CY2019Q1 adom Consulting Arrangement Monthly Fee
ConsultingArrangementMonthlyFee
8200
CY2019Q4 adom Operating Lease Liability Other Non Current Assets
OperatingLeaseLiabilityOtherNonCurrentAssets
218504
CY2020Q3 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
334914
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
7556323
adom Class Of Warrant Or Right Issued During Period
ClassOfWarrantOrRightIssuedDuringPeriod
0
CY2020Q3 adom Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
7556323
CY2019Q4 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
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.45
CY2020Q3 adom Class Of Warrant Or Right Exercisable Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisableExercisePriceOfWarrantsOrRights
4.45
CY2019 adom Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualLife
P2Y9M18D
adom Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualLife
P2Y
adom Class Of Warrant Or Right Exercisale Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightExercisaleWeightedAverageRemainingContractualLife
P2Y
CY2020Q3 adom Class Of Warrant Or Right Intrinsic Value
ClassOfWarrantOrRightIntrinsicValue
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25617338
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4235000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15947902
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
11058519
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.16
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.14
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.26
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.27
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y9M18D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
717379000000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
510843
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
213429
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two And Three Years
OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears
297414
CY2020Q3 adom Employment Contracts Future Minimum Payments Due
EmploymentContractsFutureMinimumPaymentsDue
283167
CY2020Q3 adom Employment Contracts Future Minimum Payments Due Next Twelve Months
EmploymentContractsFutureMinimumPaymentsDueNextTwelveMonths
245667
CY2020Q3 adom Employment Contracts Future Minimum Payments Due In Two And Three Years
EmploymentContractsFutureMinimumPaymentsDueInTwoAndThreeYears
37500
CY2020Q3 us-gaap Contractual Obligation
ContractualObligation
794010
CY2020Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
459096
CY2019Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
13500000.00
CY2019Q2 adom Number Of Shares Refused To Release
NumberOfSharesRefusedToRelease
1320359
CY2020Q2 us-gaap Foreclosed Assets
ForeclosedAssets
582000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
382742
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14
CY2020Q3 adom Operating Lease Liability Other Non Current Assets
OperatingLeaseLiabilityOtherNonCurrentAssets
452703
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
198075
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
70492
CY2020Q3 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
adom:CurrentLiabilitiesRelatingToRouAssetMember
CY2019Q4 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
adom:CurrentLiabilitiesRelatingToRouAssetMember
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
254628
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
148012
CY2020Q3 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
adom:NonCurrentLiabilitiesRelatingToRouAssetMember
CY2019Q4 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
adom:NonCurrentLiabilitiesRelatingToRouAssetMember
us-gaap Operating Lease Payments
OperatingLeasePayments
87199
us-gaap Operating Lease Payments
OperatingLeasePayments
203308
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D

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