2023 Q3 Form 10-Q Financial Statement

#000121390023065538 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.110M $1.760M $1.499M
YoY Change -45.15% 17.41% 109.0%
Cost Of Revenue $2.962M $3.524M $6.104M
YoY Change -57.6% -42.27% 87.94%
Gross Profit -$1.852M -$1.764M -$4.605M
YoY Change -62.68% -61.7% 81.97%
Gross Profit Margin -166.82% -100.18% -307.13%
Selling, General & Admin $4.417M $3.990M $6.856M
YoY Change -40.49% -41.81% 64.17%
% of Gross Profit
Research & Development $1.164M $1.538M $3.716M
YoY Change -82.15% -58.62% 40.45%
% of Gross Profit
Depreciation & Amortization $629.0K $677.0K $810.0K
YoY Change -17.99% -16.42% 114.29%
% of Gross Profit
Operating Expenses $5.774M $5.524M $10.57M
YoY Change -58.63% -47.75% 54.97%
Operating Profit -$7.626M -$7.288M -$15.18M
YoY Change -59.69% -51.98% 62.27%
Interest Expense $715.6K $210.7K $124.2K
YoY Change 742.44% 69.67% 162.25%
% of Operating Profit
Other Income/Expense, Net -$6.417M -$5.914M $45.94K
YoY Change 7562.53% -12973.37% -38.98%
Pretax Income -$14.04M -$13.20M -$17.40M
YoY Change -17.22% -24.13% 111.01%
Income Tax $7.042K $3.200K
% Of Pretax Income
Net Earnings -$14.04M -$13.21M -$17.40M
YoY Change -17.22% -24.11% 111.05%
Net Earnings / Revenue -1264.86% -750.33% -1160.8%
Basic Earnings Per Share -$1.58 -$1.71 -$0.44
Diluted Earnings Per Share -$1.58 -$1.71 -$439.8K
COMMON SHARES
Basic Shares Outstanding 8.806M shares 7.338M 39.57M
Diluted Shares Outstanding 8.955M shares 7.733M shares 1.979M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.8K $1.346M $5.013M
YoY Change -94.48% -73.15% -86.97%
Cash & Equivalents $232.8K $1.346M $5.013M
Short-Term Investments
Other Short-Term Assets $656.0K $970.2K $4.574M
YoY Change -87.83% -78.79% 39.36%
Inventory $10.89M $11.06M $11.44M
Prepaid Expenses
Receivables $346.9K $98.41K $324.2K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.60M $15.22M $24.10M
YoY Change -46.33% -36.86% -49.84%
LONG-TERM ASSETS
Property, Plant & Equipment $27.12M $28.16M $27.41M
YoY Change -7.9% 2.72% 29.19%
Goodwill
YoY Change
Intangibles $8.412M $8.623M $9.465M
YoY Change -9.12% -8.89%
Long-Term Investments
YoY Change
Other Assets $116.3K $135.0K $117.5K
YoY Change -2.82% 14.89% -6.6%
Total Long-Term Assets $36.47M $37.91M $38.63M
YoY Change -9.5% -1.86% 0.41%
TOTAL ASSETS
Total Short-Term Assets $13.60M $15.22M $24.10M
Total Long-Term Assets $36.47M $37.91M $38.63M
Total Assets $50.07M $53.13M $62.73M
YoY Change -23.72% -15.3% -27.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.659M $6.007M $2.758M
YoY Change 108.94% 117.82% 98.99%
Accrued Expenses $2.143M $890.0K $2.711M
YoY Change -54.45% -67.17% 107.64%
Deferred Revenue
YoY Change
Short-Term Debt $7.289M $7.840M $1.248M
YoY Change -15.97% 528.39% -4.01%
Long-Term Debt Due $744.1K $753.9K $850.4K
YoY Change -41.99% -11.35% -8.5%
Total Short-Term Liabilities $29.49M $25.41M $9.838M
YoY Change 49.11% 158.33% 52.34%
LONG-TERM LIABILITIES
Long-Term Debt $6.186M $6.454M $8.316M
YoY Change -7.6% -22.39% 399.34%
Other Long-Term Liabilities $2.927M $826.3K $1.401M
YoY Change 156.04% -41.0% 760.5%
Total Long-Term Liabilities $9.113M $7.280M $9.716M
YoY Change 16.27% -25.07% 431.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.49M $25.41M $9.838M
Total Long-Term Liabilities $9.113M $7.280M $9.716M
Total Liabilities $38.61M $32.69M $19.55M
YoY Change 39.79% 67.2% 136.0%
SHAREHOLDERS EQUITY
Retained Earnings -$201.0M -$187.0M -$134.4M
YoY Change 32.85% 39.17%
Common Stock $192.0M $191.8M $167.0M
YoY Change 8.36% 14.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.164M $20.44M $43.18M
YoY Change
Total Liabilities & Shareholders Equity $50.07M $53.13M $62.73M
YoY Change -23.72% -15.3% -27.5%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$14.04M -$13.21M -$17.40M
YoY Change -17.22% -24.11% 111.05%
Depreciation, Depletion And Amortization $629.0K $677.0K $810.0K
YoY Change -17.99% -16.42% 114.29%
Cash From Operating Activities -$5.164M -$4.820M -$12.63M
YoY Change -65.01% -61.85% 48.97%
INVESTING ACTIVITIES
Capital Expenditures $1.570K $319.2K -$4.123M
YoY Change -100.04% -107.74% -68.62%
Acquisitions
YoY Change
Other Investing Activities $175.6K $0.00 $0.00
YoY Change -8046.15% -100.0%
Cash From Investing Activities $174.0K -$319.2K -$4.123M
YoY Change -104.62% -92.26% -68.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.880M 2.721M 16.54M
YoY Change -78.11% -83.55% 23.09%
NET CHANGE
Cash From Operating Activities -5.164M -4.820M -12.63M
Cash From Investing Activities 174.0K -319.2K -4.123M
Cash From Financing Activities 3.880M 2.721M 16.54M
Net Change In Cash -1.110M -2.418M -215.4K
YoY Change 39.6% 1022.75% -97.37%
FREE CASH FLOW
Cash From Operating Activities -$5.164M -$4.820M -$12.63M
Capital Expenditures $1.570K $319.2K -$4.123M
Free Cash Flow -$5.166M -$5.139M -$8.512M
YoY Change -53.02% -39.62% -282.81%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1: NATURE OF OPERATIONS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arcimoto, Inc. (the “Company”) was incorporated in the State of Oregon on November 21, 2007. The Company’s mission is to catalyze the global shift to a sustainable transportation system. Over the past 16 years, the Company has developed a new vehicle platform designed around the needs of everyday drivers. Having approximately one-third the weight and one-third of the footprint of the average car, the Arcimoto platform’s purpose is to bring the joy of ultra-efficient, pure electric driving to the masses. To date, the Company currently has two vehicle products built on this platform that target specific niches in the vehicle market: its flagship product, the Fun Utility Vehicle® (“FUV®”), for everyday consumer trips, and the Deliverator® for last-mile delivery and general fleet utility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, two wholly-owned subsidiaries of the Company were formed, Arcimoto Property Holding Company, LLC and APHC Holdings, LLC. APHC Holdings, LLC is the parent of Arcimoto Property Holding Company, LLC. Arcimoto Property Holding Company, LLC is the borrower in a loan obtained on February 17, 2023 for $6,000,000 that is secured by a guarantee provided by Arcimoto, Inc. and the real estate owned by the Company.</p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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The loan (i) has an initial term of six months with the possibility of a further six month extension upon the satisfaction of certain conditions; (ii) has an interest rate equal to 20% per annum of the first six months (with the possibility of retroactive reduction to 10% if repaid in full within such six (6) months without an event of default having occurred) and zero percent (0%) per annum for the six (6) month extension period; (iii) requires an upfront fee to Lender of $600,000 on the date the loan is made (and an additional facility fee to Lender of $300,000 if the loan is not repaid in full within the first six (6) months or if an event of default occurs); (iv) requires that, in the event of prepayment, a minimum of $600,000 in interest must have been paid (with the possibility of reduction to $300,000 if repaid in full within the first six (6) months if no event of default has occurred); (v) provides that $500,000 of the loan amount is retained as a holdback by Lender for disbursement to Borrower only after certain construction is completed at the real property and the cost of such construction is paid in full by Borrower; (vi) contemplates an increase in the interest rate if an event of default occurs; (vii) is fully guaranteed by Holdings and is subject to a limited recourse guaranty by the Company. The $500,000 holdback was received by the Company during the quarter ended June 30, 2023. On July 14, 2023, the Company extended the maturity date of the loan six months to February 2024.
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023Q2 us-gaap Finance Lease Interest Expense
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