$PEV
PHOENIX MOTOR INC.

2023 Q3 Form 10-Q Financial Statement

#000141057823001873 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $288.0K $1.158M
YoY Change -29.58% -22.75%
Cost Of Revenue $293.0K $1.219M
YoY Change 1.74% 3.83%
Gross Profit -$5.000K -$61.00K
YoY Change -104.13% -118.77%
Gross Profit Margin -1.74% -5.27%
Selling, General & Admin $2.531M $3.100M
YoY Change -34.21% 35.37%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.00K $480.0K
YoY Change -88.0% -43.86%
% of Gross Profit
Operating Expenses $2.531M $3.100M
YoY Change -34.21% 35.37%
Operating Profit -$2.536M -$3.161M
YoY Change -31.94% 60.87%
Interest Expense -$117.0K $0.00
YoY Change 5750.0% -100.0%
% of Operating Profit
Other Income/Expense, Net -$175.0K $6.000K
YoY Change -14.22% -88.46%
Pretax Income -$2.711M -$3.155M
YoY Change -31.02% 64.92%
Income Tax $0.00 $22.00K
% Of Pretax Income
Net Earnings -$2.711M -$3.177M
YoY Change -31.02% 65.04%
Net Earnings / Revenue -941.32% -274.35%
Basic Earnings Per Share -$0.13 -$0.15
Diluted Earnings Per Share -$0.13 -$0.15
COMMON SHARES
Basic Shares Outstanding 21.29M 21.29M
Diluted Shares Outstanding 21.29M 21.26M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.0K $380.0K
YoY Change -85.88% -95.11%
Cash & Equivalents $186.0K $382.0K
Short-Term Investments
Other Short-Term Assets $98.00K $74.00K
YoY Change 25.64% 29.82%
Inventory $2.038M $2.190M
Prepaid Expenses
Receivables $1.058M $1.771M
Other Receivables $132.0K $75.00K
Total Short-Term Assets $4.340M $5.709M
YoY Change -63.8% -65.51%
LONG-TERM ASSETS
Property, Plant & Equipment $2.243M $2.775M
YoY Change 15.5% 86.99%
Goodwill $4.271M $4.271M
YoY Change 0.0% 0.0%
Intangibles $1.240M $1.394M
YoY Change -33.3% -30.78%
Long-Term Investments
YoY Change
Other Assets $402.0K $430.0K
YoY Change 60.8% 72.0%
Total Long-Term Assets $11.39M $12.29M
YoY Change 33.49% 53.24%
TOTAL ASSETS
Total Short-Term Assets $4.340M $5.709M
Total Long-Term Assets $11.39M $12.29M
Total Assets $15.73M $18.00M
YoY Change -23.35% -26.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.963M $2.031M
YoY Change 57.67% -13.68%
Accrued Expenses $670.0K $648.0K
YoY Change 12.79% -26.36%
Deferred Revenue $2.116M $1.650M
YoY Change 88.26% 107.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000K $3.000K
YoY Change -72.0% -70.0%
Total Short-Term Liabilities $6.693M $6.175M
YoY Change 76.6% 26.95%
LONG-TERM LIABILITIES
Long-Term Debt $146.0K $143.0K
YoY Change -1.35% -13.33%
Other Long-Term Liabilities $2.597M $2.810M
YoY Change
Total Long-Term Liabilities $146.0K $143.0K
YoY Change -1.35% -13.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.693M $6.175M
Total Long-Term Liabilities $146.0K $143.0K
Total Liabilities $10.68M $10.30M
YoY Change 171.28% 104.75%
SHAREHOLDERS EQUITY
Retained Earnings -$37.23M -$34.52M
YoY Change 54.9% 71.69%
Common Stock $8.000K $8.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.045M $7.700M
YoY Change
Total Liabilities & Shareholders Equity $15.73M $18.00M
YoY Change -23.35% -26.75%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.711M -$3.177M
YoY Change -31.02% 65.04%
Depreciation, Depletion And Amortization $54.00K $480.0K
YoY Change -88.0% -43.86%
Cash From Operating Activities -$864.0K -$590.0K
YoY Change -85.28% -147.66%
INVESTING ACTIVITIES
Capital Expenditures -$604.0K $700.0K
YoY Change -15.41% 4.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $604.0K -$700.0K
YoY Change -184.59% -174.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.00K 1.540M
YoY Change -52.94% -88.04%
NET CHANGE
Cash From Operating Activities -864.0K -590.0K
Cash From Investing Activities 604.0K -700.0K
Cash From Financing Activities 64.00K 1.540M
Net Change In Cash -196.0K 250.0K
YoY Change -96.96% -98.34%
FREE CASH FLOW
Cash From Operating Activities -$864.0K -$590.0K
Capital Expenditures -$604.0K $700.0K
Free Cash Flow -$260.0K -$1.290M
YoY Change -94.96% -327.92%

Facts In Submission

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
420000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-491000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-93000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1678000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8374000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
766000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
273000
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
400000
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
400000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-766000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
265000
us-gaap Repayments Of Debt
RepaymentsOfDebt
4000
us-gaap Repayments Of Debt
RepaymentsOfDebt
5000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1676000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1676000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
13438000
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
7000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1464000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1227000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2687000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13440000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
243000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5331000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
389000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2683000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
632000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8014000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
382000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7764000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
632000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8014000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
270000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
36000
pev Non Cash Activity Of Derivative Liability Recorded As Debt Discount
NonCashActivityOfDerivativeLiabilityRecordedAsDebtDiscount
294000
pev Number Of Primary Categories
NumberOfPrimaryCategories
4
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1158000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1499000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2939000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2170000
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1650000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1230000
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease Before Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseBeforeAllowanceForCreditLossNoncurrent
295000
us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
99000
CY2023Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
114000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
135000
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
74000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
74000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
43000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
43000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
11000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
171000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
14000
CY2023Q2 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
157000
CY2023Q2 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
138000
CY2023Q2 us-gaap Sales Type Lease Net Investment In Lease Before Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseBeforeAllowanceForCreditLossNoncurrent
295000
us-gaap Lease Income
LeaseIncome
78000
us-gaap Net Income Loss
NetIncomeLoss
-5955000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1678000
CY2023Q2 pev Working Capital Deficit
WorkingCapitalDeficit
466000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1771000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1510000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
35000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
234000
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1346000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2251000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
979000
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
844000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1330000
CY2023Q2 us-gaap Inventory Net
InventoryNet
2190000
CY2022Q4 us-gaap Inventory Net
InventoryNet
4560000
us-gaap Inventory Write Down
InventoryWriteDown
98000
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2023Q2 pev Prepaid Expenses Current
PrepaidExpensesCurrent
771000
CY2022Q4 pev Prepaid Expenses Current
PrepaidExpensesCurrent
947000
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
82000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
28000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1041000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1344000
CY2023Q2 pev Prepaid Payments For Show Car Model Development Current
PrepaidPaymentsForShowCarModelDevelopmentCurrent
763000
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17500000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0004
CY2022Q4 pev Maximum Value Of Common Stock It May Sell
MaximumValueOfCommonStockItMaySell
10000000
CY2022Q4 pev Maximum Value Of Common Stock It May Sell
MaximumValueOfCommonStockItMaySell
10000000
CY2022Q4 pev Number Of Common Stock May Sell To Investor
NumberOfCommonStockMaySellToInvestor
4035086
CY2022Q4 pev Stock Issued During Period Shares Issues As Commitment Fee Shares For Standby Equity Purchase Agreement
StockIssuedDuringPeriodSharesIssuesAsCommitmentFeeSharesForStandbyEquityPurchaseAgreement
61421
CY2022Q4 pev Number Of Common Stock May Sell To Investor
NumberOfCommonStockMaySellToInvestor
4035086
CY2022Q4 pev Structuring Fee Expenses
StructuringFeeExpenses
20000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
652000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M2D
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
75000
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
168000
CY2023Q2 us-gaap Other Commitment
OtherCommitment
1596000
pev Expected Term Of Payment Of Other Commitments
ExpectedTermOfPaymentOfOtherCommitments
P1Y

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pev-20230630_cal.xml Edgar Link unprocessable
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0001410578-23-001873-index.html Edgar Link pending
0001410578-23-001873.txt Edgar Link pending
0001410578-23-001873-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pev-20230630.xsd Edgar Link pending
pev-20230630x10q.htm Edgar Link pending
pev-20230630xex31d1.htm Edgar Link pending
pev-20230630xex31d2.htm Edgar Link pending
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pev-20230630x10q_htm.xml Edgar Link completed
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pev-20230630_def.xml Edgar Link unprocessable
pev-20230630_lab.xml Edgar Link unprocessable
pev-20230630_pre.xml Edgar Link unprocessable