$EVTV
Envirotech Vehicles, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021045192 Filed on August 19, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q4
Revenue $709.1K $188.3K $40.00K
YoY Change 343.18% 44.82% -98.01%
Cost Of Revenue $469.6K $147.9K $20.00K
YoY Change 304.84% 78.23% -98.92%
Gross Profit $239.5K $40.33K $20.00K
YoY Change 398.92% -14.18% -87.5%
Gross Profit Margin 33.77% 21.42% 50.0%
Selling, General & Admin $1.382M $931.4K $930.0K
YoY Change 36.79% -19.71% -33.57%
% of Gross Profit 576.9% 2309.09% 4650.0%
Research & Development $0.00 $0.00 $70.00K
YoY Change
% of Gross Profit 0.0% 0.0% 350.0%
Depreciation & Amortization $7.650K $27.38K $0.00
YoY Change -31.98% -22.6% -100.0%
% of Gross Profit 3.19% 67.88% 0.0%
Operating Expenses $1.382M $931.4K $1.010M
YoY Change 36.79% 876.21% -25.19%
Operating Profit -$1.142M -$891.0K -$990.0K
YoY Change 18.72% 851.39% -16.81%
Interest Expense $8.120K -$4.837K -$70.00K
YoY Change 35.33% -169.1% 600.0%
% of Operating Profit
Other Income/Expense, Net -$4.620K -$2.059K $10.00K
YoY Change -192.4% -129.41% 0.0%
Pretax Income -$848.1K -$893.1K -$1.050M
YoY Change -11.66% 930.61% -11.76%
Income Tax $2.400K $0.00
% Of Pretax Income
Net Earnings -$850.5K -$893.1K -$1.050M
YoY Change -11.41% 930.61% -11.91%
Net Earnings / Revenue -119.94% -474.37% -2625.0%
Basic Earnings Per Share -$0.06 -$0.06
Diluted Earnings Per Share -$2.891K -$0.06 -$12.78K
COMMON SHARES
Basic Shares Outstanding 294.3M 13.92M
Diluted Shares Outstanding 14.72M 13.92M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.59M $20.30M $4.136M
YoY Change 7894.3% 2206.53% -42.56%
Cash & Equivalents $10.58M $8.287M $4.136M
Short-Term Investments $7.007M $12.01M $0.00
Other Short-Term Assets $4.963M $3.524M $15.00K
YoY Change 368.22% 4250.96% -63.41%
Inventory $1.019M $1.860M $0.00
Prepaid Expenses $3.269M $1.083M
Receivables $746.6K $159.2K $13.61K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.32M $25.84M $1.939M
YoY Change 1356.09% 999.63% -79.88%
LONG-TERM ASSETS
Property, Plant & Equipment $430.6K $241.1K $227.6K
YoY Change -23.11% 97.17% 103.46%
Goodwill $49.55M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $173.6K $406.0K $242.0K
YoY Change -38.01% -48.15% -57.46%
Total Long-Term Assets $50.15M $50.19M $469.6K
YoY Change 5800.13% 5446.3% -31.04%
TOTAL ASSETS
Total Short-Term Assets $24.32M $25.84M $1.939M
Total Long-Term Assets $50.15M $50.19M $469.6K
Total Assets $74.47M $76.04M $2.409M
YoY Change 2855.07% 2235.95% -76.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.3K $234.4K $345.4K
YoY Change -74.02% -61.58% -17.37%
Accrued Expenses $864.6K $1.033M $2.383M
YoY Change -3.94% 41.12% 267.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $31.79K $298.8K $200.0K
YoY Change -80.13% 148.96%
Total Short-Term Liabilities $1.063M $1.566M $2.728M
YoY Change -37.12% 7.49% -60.39%
LONG-TERM LIABILITIES
Long-Term Debt $21.19K $45.30K $210.0K
YoY Change -91.85% -84.9%
Other Long-Term Liabilities $35.24K $388.9K $216.0K
YoY Change -86.45% 27.5% 45.95%
Total Long-Term Liabilities $56.43K $388.9K $216.0K
YoY Change -89.15% 27.5% 45.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.063M $1.566M $2.728M
Total Long-Term Liabilities $56.43K $388.9K $216.0K
Total Liabilities $1.119M $2.000M $2.881M
YoY Change -49.13% -2.85% -59.05%
SHAREHOLDERS EQUITY
Retained Earnings -$2.024M -$472.3K
YoY Change -96.71% -99.2%
Common Stock $2.940K $100.00
YoY Change 194.0% -90.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $73.35M $74.04M -$472.2K
YoY Change
Total Liabilities & Shareholders Equity $74.47M $76.04M $2.409M
YoY Change 2855.07% 2235.95% -76.65%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$850.5K -$893.1K -$1.050M
YoY Change -11.41% 930.61% -11.91%
Depreciation, Depletion And Amortization $7.650K $27.38K $0.00
YoY Change -31.98% -22.6% -100.0%
Cash From Operating Activities -$3.100M -$3.922M -$1.400M
YoY Change 98.71% 5502.27% -7.28%
INVESTING ACTIVITIES
Capital Expenditures $155.1K -$183.1K $0.00
YoY Change -1651.2%
Acquisitions
YoY Change
Other Investing Activities $5.000M -$12.00M $0.00
YoY Change 80.51% -24100.0% -100.0%
Cash From Investing Activities $5.155M -$12.18M $0.00
YoY Change 86.78% -24466.14% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.029M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.03K 16.13M 5.320M
YoY Change -100.8% 3834.99% 511.49%
NET CHANGE
Cash From Operating Activities -3.100M -3.922M -1.400M
Cash From Investing Activities 5.155M -12.18M 0.000
Cash From Financing Activities 43.03K 16.13M 5.320M
Net Change In Cash 2.098M 28.79K 3.920M
YoY Change -149.84% -92.62% 186.13%
FREE CASH FLOW
Cash From Operating Activities -$3.100M -$3.922M -$1.400M
Capital Expenditures $155.1K -$183.1K $0.00
Free Cash Flow -$3.255M -$3.739M -$1.400M
YoY Change 110.0% 5240.73% -7.28%

Facts In Submission

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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:0pt;text-indent:0%;font-size:6pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;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;">Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) 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:12pt;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 (“EVTDS”), 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 “Merger Agreement”), by and among the Company, EVTDS and EVT Acquisition Company, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). <span style="color:#000000;">See Note 3. </span></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<span style="font-weight:normal;font-style:normal;">—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.</span></p>
CY2021Q2 us-gaap Marketable Securities
MarketableSecurities
12010190
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0
CY2021Q2 us-gaap Inventory Net
InventoryNet
1860320
CY2020Q4 us-gaap Inventory Net
InventoryNet
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2021Q2 adom Inventory Deposits
InventoryDeposits
2877875
CY2020Q4 adom Inventory Deposits
InventoryDeposits
0
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
218300
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
218300
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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<span style="font-weight:normal;font-style:normal;">—</span></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 (“FDIC”). Additionally, the Company maintains cash and short-term securities invested at Morgan Stanley Private Bank, National Association (“Morgan Stanley”). Between FDIC and the Securities Investor Protection Corporation (“SPIC”) 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 June 30, 2021 is approximately $<span>254,913</span>. </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. The Company sold two vehicles during the last week of the three months ended June 30, 2021, and expects to be paid for them promptly and in full. Accordingly, customer accounts are reported at the invoiced amount outstanding.</p>
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
250000
CY2021Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
750000
CY2021Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
500000
adom Excess Insurance Acquired From Spic In Cash
ExcessInsuranceAcquiredFromSPICInCash
1900000
adom Unlimited Per Customer Securities Cap
UnlimitedPerCustomerSecuritiesCap
1000000000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.14
adom Property Plant And Equipment Threshold For Capitalization Of Purchases
PropertyPlantAndEquipmentThresholdForCapitalizationOfPurchases
2000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
CY2021Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
188266000
CY2020Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
131590000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
363470000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
422047000
CY2021Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-893079000
CY2020Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1191907000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4195513000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2557146000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
358802
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
252018
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
117669
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
24457
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
241133
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
227561
CY2021Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0
CY2021Q2 us-gaap Depreciation
Depreciation
27380
us-gaap Depreciation
Depreciation
0
CY2020Q2 us-gaap Depreciation
Depreciation
35376
us-gaap Depreciation
Depreciation
0
CY2020 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
153668
CY2020Q1 us-gaap Foreclosed Assets
ForeclosedAssets
582000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12992857
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.29
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12398573
CY2021Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.29
CY2021Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4029000
CY2021Q2 us-gaap Lease Deposit Liability
LeaseDepositLiability
11616
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
53735
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
255233559
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10681327
CY2021Q1 adom Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
2056326
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
29847994
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.09
CY2021Q3 adom Operating Lease Payment Exchange From Lease Obligation
OperatingLeasePaymentExchangeFromLeaseObligation
60630
CY2021Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
132949
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
190796
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
46252
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
78104
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
150000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
96680
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Two And Three Years
OperatingLeasesFutureMinimumPaymentsDueInTwoAndThreeYears
53140
CY2021Q2 adom Employment Contracts Future Minimum Payments Due
EmploymentContractsFutureMinimumPaymentsDue
75000
CY2021Q2 adom Employment Contracts Future Minimum Payments Due Next Twelve Months
EmploymentContractsFutureMinimumPaymentsDueNextTwelveMonths
75000
CY2021Q2 us-gaap Contractual Obligation
ContractualObligation
225000
CY2021Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
171680
CY2021Q2 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
53140
us-gaap Operating Lease Cost
OperatingLeaseCost
29487
CY2019Q2 adom Number Of Shares Refused To Release
NumberOfSharesRefusedToRelease
1320359
CY2019Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
13500000.00
us-gaap Short Term Lease Cost
ShortTermLeaseCost
183515
us-gaap Short Term Lease Cost
ShortTermLeaseCost
78104
us-gaap Lease Cost
LeaseCost
213002
us-gaap Lease Cost
LeaseCost
78104
us-gaap Operating Lease Payments
OperatingLeasePayments
27906

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