2023 Q4 Form 10-Q Financial Statement

#000141057823002467 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.122M $288.0K
YoY Change 78.3% -29.58%
Cost Of Revenue $3.398M $293.0K
YoY Change 126.99% 1.74%
Gross Profit -$276.0K -$5.000K
YoY Change -208.66% -104.13%
Gross Profit Margin -8.84% -1.74%
Selling, General & Admin $15.26M $2.531M
YoY Change 217.3% -34.21%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $294.0K $54.00K
YoY Change 6.14% -88.0%
% of Gross Profit
Operating Expenses $15.26M $2.531M
YoY Change 217.3% -34.21%
Operating Profit -$15.54M -$2.536M
YoY Change 241.04% -31.94%
Interest Expense -$925.0K -$117.0K
YoY Change 92400.0% 5750.0%
% of Operating Profit
Other Income/Expense, Net $808.0K -$175.0K
YoY Change 3266.67% -14.22%
Pretax Income -$20.62M -$2.711M
YoY Change 354.95% -31.02%
Income Tax $22.00K $0.00
% Of Pretax Income
Net Earnings -$20.65M -$2.711M
YoY Change 355.94% -31.02%
Net Earnings / Revenue -661.27% -941.32%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$0.97 -$0.13
COMMON SHARES
Basic Shares Outstanding 21.29M 21.29M
Diluted Shares Outstanding 21.29M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.00K $186.0K
YoY Change -77.7% -85.88%
Cash & Equivalents $31.00K $186.0K
Short-Term Investments
Other Short-Term Assets $3.521M $98.00K
YoY Change 12475.0% 25.64%
Inventory $1.796M $2.038M
Prepaid Expenses $100.0K
Receivables $451.0K $1.058M
Other Receivables $217.0K $132.0K
Total Short-Term Assets $6.016M $4.340M
YoY Change -22.08% -63.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.119M $2.243M
YoY Change -55.1% 15.5%
Goodwill $4.271M $4.271M
YoY Change 0.0% 0.0%
Intangibles $1.240M
YoY Change -33.3%
Long-Term Investments
YoY Change
Other Assets $230.0K $402.0K
YoY Change -49.78% 60.8%
Total Long-Term Assets $5.620M $11.39M
YoY Change -55.82% 33.49%
TOTAL ASSETS
Total Short-Term Assets $6.016M $4.340M
Total Long-Term Assets $5.620M $11.39M
Total Assets $11.64M $15.73M
YoY Change -43.08% -23.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.529M $1.963M
YoY Change 159.68% 57.67%
Accrued Expenses $2.229M $670.0K
YoY Change 242.92% 12.79%
Deferred Revenue $167.0K $2.116M
YoY Change -86.42% 88.26%
Short-Term Debt $961.0K $0.00
YoY Change
Long-Term Debt Due $1.325M $7.000K
YoY Change 44066.67% -72.0%
Total Short-Term Liabilities $10.88M $6.693M
YoY Change 127.21% 76.6%
LONG-TERM LIABILITIES
Long-Term Debt $684.0K $146.0K
YoY Change 365.31% -1.35%
Other Long-Term Liabilities $4.910M $2.597M
YoY Change 52.25%
Total Long-Term Liabilities $5.594M $146.0K
YoY Change 3705.44% -1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.88M $6.693M
Total Long-Term Liabilities $5.594M $146.0K
Total Liabilities $16.48M $10.68M
YoY Change 101.87% 171.28%
SHAREHOLDERS EQUITY
Retained Earnings -$49.21M -$37.23M
YoY Change 72.28% 54.9%
Common Stock $9.000K $8.000K
YoY Change 12.5% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.839M $5.045M
YoY Change
Total Liabilities & Shareholders Equity $11.64M $15.73M
YoY Change -43.08% -23.35%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$20.65M -$2.711M
YoY Change 355.94% -31.02%
Depreciation, Depletion And Amortization $294.0K $54.00K
YoY Change 6.14% -88.0%
Cash From Operating Activities -$1.110M -$864.0K
YoY Change 78.17% -85.28%
INVESTING ACTIVITIES
Capital Expenditures -$69.00K -$604.0K
YoY Change -112.28% -15.41%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $69.00K $604.0K
YoY Change -112.28% -184.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.888M 64.00K
YoY Change 55442.86% -52.94%
NET CHANGE
Cash From Operating Activities -1.110M -864.0K
Cash From Investing Activities 69.00K 604.0K
Cash From Financing Activities 3.888M 64.00K
Net Change In Cash 2.847M -196.0K
YoY Change -341.68% -96.96%
FREE CASH FLOW
Cash From Operating Activities -$1.110M -$864.0K
Capital Expenditures -$69.00K -$604.0K
Free Cash Flow -$1.041M -$260.0K
YoY Change -12.15% -94.96%

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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000
us-gaap Inventory Write Down
InventoryWriteDown
124000
pev Forgiveness Of Ppp Loan
ForgivenessOfPppLoan
586000
us-gaap Share Based Compensation
ShareBasedCompensation
202000
us-gaap Share Based Compensation
ShareBasedCompensation
947000
pev Warranty Reserve
WarrantyReserve
-30000
pev Warranty Reserve
WarrantyReserve
-35000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
565000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
251000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-442000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
221000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1901000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3532000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-989000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3145000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
604000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-541000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
20000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-185000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-23000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-237000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
886000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
321000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-735000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-36000
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
103000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2542000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14243000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
162000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
722000
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
-162000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-449000
us-gaap Repayments Of Debt
RepaymentsOfDebt
7000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
541000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1676000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
481000
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 Stock Options Exercised
ProceedsFromStockOptionsExercised
138000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1227000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2751000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13576000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
47000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1116000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
436000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1567000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
186000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1317000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
436000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1567000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7000
us-gaap Interest Paid Net
InterestPaidNet
6000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
497000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
75000
pev Non Cash Activity Of Derivative Liability Recorded As Debt Discount
NonCashActivityOfDerivativeLiabilityRecordedAsDebtDiscount
294000
pev Number Of Primary Categories
NumberOfPrimaryCategories
4
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
288000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
409000
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2116000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1230000
CY2023Q3 pev Sales Type Lease Net Investment On Lease
SalesTypeLeaseNetInvestmentOnLease
194000
us-gaap Sales Type Lease Selling Profit Loss
SalesTypeLeaseSellingProfitLoss
99000
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
131000
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
126000
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
257000
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
30000
CY2023Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
227000
CY2023Q3 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
61000
CY2023Q3 us-gaap Sales Type Lease Net Investment In Lease Before Allowance For Credit Loss Noncurrent
SalesTypeLeaseNetInvestmentInLeaseBeforeAllowanceForCreditLossNoncurrent
288000
us-gaap Lease Income
LeaseIncome
94000
us-gaap Net Income Loss
NetIncomeLoss
-8666000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2542000
CY2023Q3 pev Working Capital Deficit
WorkingCapitalDeficit
2353000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
10000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1058000
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
CY2023Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1234000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2251000
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
979000
CY2023Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
804000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1330000
CY2023Q3 us-gaap Inventory Net
InventoryNet
2038000
CY2022Q4 us-gaap Inventory Net
InventoryNet
4560000
us-gaap Inventory Write Down
InventoryWriteDown
124000
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2023Q3 pev Prepaid Expenses Current
PrepaidExpensesCurrent
410000
CY2022Q4 pev Prepaid Expenses Current
PrepaidExpensesCurrent
947000
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
57000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
234000
CY2023Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
111000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
135000
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
98000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
28000
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
676000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1344000
CY2023Q3 pev Prepaid Expenses For Model Car Development Current
PrepaidExpensesForModelCarDevelopmentCurrent
402000
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
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
505000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
536000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M2D
CY2023Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
132000
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
168000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
78000
CY2023Q3 us-gaap Other Commitment
OtherCommitment
2900000
pev Expected Term Of Payment Of Other Commitments
ExpectedTermOfPaymentOfOtherCommitments
P1Y
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
25000

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