$EVTV
Envirotech Vehicles, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021029755 Filed on May 25, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $470.8K $284.0K
YoY Change 65.77% -32.38%
Cost Of Revenue $313.4K $80.00K
YoY Change 291.79% -79.54%
Gross Profit $157.4K $13.43K
YoY Change 1072.13% -53.71%
Gross Profit Margin 33.42% 4.73%
Selling, General & Admin $596.2K $1.470M
YoY Change -59.45% 0.0%
% of Gross Profit 378.85% 10949.72%
Research & Development $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $7.996K $0.00
YoY Change -100.0%
% of Gross Profit 5.08% 0.0%
Operating Expenses $596.2K $110.7K
YoY Change 438.6% -92.71%
Operating Profit -$438.8K -$97.26K
YoY Change 351.16% -93.47%
Interest Expense -$922.00 $7.000K
YoY Change -113.17% -73.08%
% of Operating Profit
Other Income/Expense, Net -$1.416K $2.000K
YoY Change -170.8% -95.12%
Pretax Income -$440.2K -$97.26K
YoY Change 352.61% -93.29%
Income Tax $218.3K
% Of Pretax Income
Net Earnings -$658.5K -$97.26K
YoY Change 577.06% -93.29%
Net Earnings / Revenue -139.87% -34.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.51K -$0.35
COMMON SHARES
Basic Shares Outstanding 73.23M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.513M $540.0K
YoY Change 1476.56% -93.0%
Cash & Equivalents $8.513M $108.7K
Short-Term Investments $0.00 $50.00K
Other Short-Term Assets $15.03K $1.160M
YoY Change -98.7% -3.17%
Inventory $983.0K $510.0K
Prepaid Expenses $972.2K
Receivables $164.2K $780.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.65M $2.990M
YoY Change 256.11% -68.84%
LONG-TERM ASSETS
Property, Plant & Equipment $446.9K $690.0K
YoY Change -35.23% 375.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.86K $380.0K
YoY Change -88.98% -21.81%
Total Long-Term Assets $50.04M $1.060M
YoY Change 4620.35% 67.99%
TOTAL ASSETS
Total Short-Term Assets $10.65M $2.990M
Total Long-Term Assets $50.04M $1.060M
Total Assets $60.68M $4.050M
YoY Change 1398.36% -60.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.3K $590.0K
YoY Change -75.87% 64.35%
Accrued Expenses $1.323M $870.0K
YoY Change 52.06% 17.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $404.2K
YoY Change
Total Short-Term Liabilities $1.869M $1.470M
YoY Change 27.17% -59.17%
LONG-TERM LIABILITIES
Long-Term Debt $13.51K $0.00
YoY Change
Other Long-Term Liabilities $162.9K $355.0K
YoY Change -54.11% 76.62%
Total Long-Term Liabilities $176.4K $355.0K
YoY Change -50.3% 76.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.869M $1.470M
Total Long-Term Liabilities $176.4K $355.0K
Total Liabilities $2.046M $1.822M
YoY Change 12.29% -52.07%
SHAREHOLDERS EQUITY
Retained Earnings -$60.45M
YoY Change 8.96%
Common Stock $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.64M $2.229M
YoY Change
Total Liabilities & Shareholders Equity $60.68M $4.051M
YoY Change 1397.99% -60.39%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$658.5K -$97.26K
YoY Change 577.06% -93.29%
Depreciation, Depletion And Amortization $7.996K $0.00
YoY Change -100.0%
Cash From Operating Activities -$2.896M -$215.4K
YoY Change 1244.58% -72.87%
INVESTING ACTIVITIES
Capital Expenditures $12.00K
YoY Change 71.43%
Acquisitions -$3.373M
YoY Change
Other Investing Activities $3.373M $2.720M
YoY Change 24.02% -297.1%
Cash From Investing Activities $3.373M $2.708M
YoY Change 24.57% -295.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.415M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.106M -5.820M
YoY Change -204.91% -821.19%
NET CHANGE
Cash From Operating Activities -2.896M -215.4K
Cash From Investing Activities 3.373M 2.708M
Cash From Financing Activities 6.106M -5.820M
Net Change In Cash 6.583M -215.4K
YoY Change -3156.66% -84.32%
FREE CASH FLOW
Cash From Operating Activities -$2.896M -$215.4K
Capital Expenditures $12.00K
Free Cash Flow -$227.4K
YoY Change -71.61%

Facts In Submission

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CY2021Q1 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;) is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve 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. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal regulatory compliance. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 15, 2021, the Company completed its acquisition of Envirotech Drive Systems, Inc., a Delaware corporation (&#8220;EVTDS&#8221;), a supplier of zero-emission trucks, cargo vans, chassis and other commercial vehicles. The transaction was completed in accordance with an Agreement and Plan of Merger, dated February 16, 2021 (the &#8220;Merger Agreement&#8221;), by and among the Company, EVTDS and EVT Acquisition Company, Inc., a Delaware corporation and wholly owned subsidiary of the Company (&#8220;Merger Sub&#8221;). <font style="color:#000000;">See Note 3.</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
CY2021Q1 us-gaap Use Of Estimates
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<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>
CY2021Q1 us-gaap Concentration Risk Credit Risk
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-right:1.07%;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;</font></p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-right:1.07%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 (&#8220;FDIC&#8221;). Additionally, the Company maintains cash and short-term securities invested at Morgan Stanley Private Bank, National Association (&#8220;Morgan Stanley&#8221;). Between FDIC and the Securities Investor Protection Corporation (&#8220;SPIC&#8221;) coverage, funds up to $750,000, which may include cash up to $500,000, are insured. In addition, Morgan Stanley provides excess insurance acquired by them from SPIC for an additional $1.9 million in cash and unlimited per customer securities up to a $1 billion cap.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The restricted cash reported by EVTDS as of December 31, 2020, combined with additional cash raised in 2021, was used to fund both the merger closing requirement of $5,000,000 to ADOMANI, Inc. (see Note 3) and to repay liabilities of EVTDS. The amount of restricted cash and corresponding unpaid current liabilities of EVTDS that is included in the consolidated balance sheet at March 31, 2021 is approximately $258,083. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;margin-right:1.07%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2021, total EVTDS sales were to one customer, ADOMANI, Inc., prior to the merger closing (see Note 3). The customer account was collected within two days of invoicing. In addition, the merged entity recorded additional sales during the two weeks post-merger which were made to two other customers and were collected within weeks of invoicing. Accordingly, customer accounts are reported at the invoiced amount outstanding.</p>
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Files In Submission

Name View Source Status
0001564590-21-029755-index-headers.html Edgar Link pending
0001564590-21-029755-index.html Edgar Link pending
0001564590-21-029755.txt Edgar Link pending
0001564590-21-029755-xbrl.zip Edgar Link pending
adom-10q_20210331.htm Edgar Link pending
adom-20210331.xml Edgar Link completed
adom-20210331.xsd Edgar Link pending
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