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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Envirotech Vehicles Inc | NASDAQ:EVTV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0001 | -0.04% | 0.2479 | 0.25 | 0.2548 | 0.2561 | 0.2401 | 0.244 | 136,414 | 17:08:48 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
46-0774222 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, par value $0.00001 per share |
EVTV |
Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
• |
ability to generate demand for our zero-emission commercial fleet vehicles in order to generate revenue; |
• |
dependence upon external sources for the financing of our operations; |
• |
ability to effectively execute our business plan; |
• |
ability and our suppliers’ ability to scale our zero-emission products assembling processes effectively and quickly from low volume production to high volume production; |
• |
ability to manage our expansion, growth and operating expenses and reduce and adequately control the costs and expenses associated with operating our business; |
• |
ability and our manufacturing partners’ ability to navigate the current disruption to the global supply chain and procure the raw materials, parts, and components necessary to produce our vehicles on terms acceptable to us and our customers; |
• |
ability to obtain, retain and grow our customers; |
• |
ability to enter into, sustain and renew strategic relationships on favorable terms; |
• |
ability to achieve and sustain profitability; |
• |
ability to evaluate and measure our current business and future prospects; |
• |
ability to compete and succeed in a highly competitive and evolving industry; |
• |
ability to respond and adapt to changes in electric vehicle technology; and |
• |
ability to protect our intellectual property and to develop, maintain and enhance a strong brand. |
June 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 4,270,421 | $ | 4,846,490 | ||||
Restricted cash |
60,091 | 60,035 | ||||||
Marketable securities |
2,002,472 | 8,002,700 | ||||||
Accounts receivable |
4,542,295 | 1,428,030 | ||||||
Inventory, net |
5,607,135 | 3,850,541 | ||||||
Inventory deposits |
4,518,975 | 4,503,079 | ||||||
Prepaid expenses |
47,268 | 332,514 | ||||||
|
|
|
|
|||||
Total current assets |
21,048,657 | 23,023,389 | ||||||
Property and equipment, net |
286,976 | 272,113 | ||||||
Goodwill |
51,775,667 | 51,775,667 | ||||||
Other non-current assets |
78,369 | 236,639 | ||||||
|
|
|
|
|||||
Total assets |
$ | 73,189,669 | $ | 75,307,808 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 266,486 | $ | 238,464 | ||||
Accrued liabilities |
757,565 | 1,280,020 | ||||||
Notes payable, net |
29,139 | 31,788 | ||||||
|
|
|
|
|||||
Total current liabilities |
1,053,190 | 1,550,272 | ||||||
Long-term liabilities |
||||||||
Other non-current liabilities |
— | 2,427 | ||||||
Notes payable, net |
— | 13,245 | ||||||
|
|
|
|
|||||
Total liabilities |
1,053,190 | 1,565,944 | ||||||
|
|
|
|
|||||
Stockholders’ equity (deficit): |
||||||||
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of June 30, 2022, and December 31, 2021 |
— | — | ||||||
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,000,673 and 14,912,178 issued and outstanding as of June 30, 2022, and December 31, 2021, respectively |
150 | 149 | ||||||
Additional paid-in capital |
83,798,350 | 81,866,075 | ||||||
Accumulated deficit |
(11,662,021 | ) | (8,124,360 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
72,136,479 | 73,741,864 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ | 73,189,669 | $ | 73,307,808 | ||||
|
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
June 30, |
June 30, |
|||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Sales |
$ | 2,087,700 | $ | 188,266 | $ | 3,196,200 | $ | 659,059 | ||||||||
Cost of sales |
1,260,480 | 147,932 | 1,952,042 | 461,366 | ||||||||||||
Gross profit |
827,220 | 40,334 | 1,244,158 | 197,693 | ||||||||||||
Operating expenses |
||||||||||||||||
General and administrative |
1,646,136 | 836,246 | 4,522,984 | 1,422,149 | ||||||||||||
Consulting |
99,518 | 95,108 | 170,318 | 105,358 | ||||||||||||
Research and development |
87,412 | — | 87,412 | — | ||||||||||||
Total operating expenses, net |
1,833,066 | 931,354 | 4,780,714 | 1,527,507 | ||||||||||||
Loss from operations |
(1,005,846 | ) | (891,020 | ) | (3,536,556 | ) | (1,329,814 | ) | ||||||||
Other income (expense): |
||||||||||||||||
Interest income, net |
(4,516 | ) | (4,837 | ) | 7,756 | (5,759 | ) | |||||||||
Other income, net |
98 | 2,778 | (8,861 | ) | 2,284 | |||||||||||
Total other income (expense) |
(4,418 | ) | (2,059 | ) | (1,105 | ) | (3,475 | ) | ||||||||
Loss before income taxes |
(1,010,264 | ) | (893,079 | ) | (3,537,661 | ) | (1,333,289 | ) | ||||||||
Income tax expense |
— | — | — | (218,300 | ) | |||||||||||
Net loss |
$ | (1,010,264 | ) | $ | (893,079 | ) | $ | (3,537,661 | ) | $ | (1,551,589 | ) | ||||
Net loss per share to common stockholders: |
||||||||||||||||
Basic and diluted |
$ | (0.07 | ) | $ | (0.06 | ) | $ | (0.24 | ) | $ | (0.19 | ) | ||||
Weighted shares used in the computation of net loss per share: |
||||||||||||||||
Basic and diluted |
14,996,631 | 13,921,580 | 14,961,938 | 8,137,852 | ||||||||||||
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Stockholders’ Equity (Deficit) |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance, December 31, 2021 |
14,912,178 | $ | 149 | $ | 81,866,075 | $ | (8,124,360 | ) | $ | 73,741,864 | ||||||||||
Common stock issued for cash |
50,000 | 1 | 119,999 | — | 120,000 | |||||||||||||||
Common stock issued for lawsuit settlement |
38,495 | 0 | 197,431 | — | 197,431 | |||||||||||||||
Stock based compensation |
— | — | 1,614,845 | — | 1,614,845 | |||||||||||||||
Net loss |
— | — | — | (2,527,397 | ) | (2,527,397 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, March 31, 2022 |
15,000,673 | $ | 150 | $ | 83,798,350 | $ | (10,651,757 | ) | $ | 73,146,743 | ||||||||||
Net loss |
— | — | — | (1,010,264 | ) | (1,010,264 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, June 30, 2022 |
15,000,673 | $ | 150 | $ | 83,798,350 | $ | (11,662,021 | ) | $ | 72,136,479 |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Stockholders’ Equity (Deficit) |
|||||||||||||||||
Shares |
Amount |
|||||||||||||||||||
Balance, December 31, 2020 |
1 |
$ |
— |
$ |
100 |
$ |
(472,260 |
) |
$ |
(472,160 |
) | |||||||||
Common stock issued for cash |
7,129,887 |
72 |
6,415,139 |
— |
6,415,210 |
|||||||||||||||
Common stock retained in merger |
5,635,348 |
56 |
53,509,466 |
— |
53,509,522 |
|||||||||||||||
Offering costs netted against proceeds common stock |
— |
— |
(156,443 |
) |
— |
(156,443 |
) | |||||||||||||
Net loss |
— |
— |
— |
(658,510 |
) |
(658,510 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, March 31, 2021 |
12,765,236 |
$ |
128 |
$ |
59,768,262 |
$ |
(1,130,770 |
) |
$ |
58,637,619 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common stock issued for cash |
1,936,813 |
19 |
16,322,030 |
— |
16,322,049 |
|||||||||||||||
Offering costs netted against proceeds |
— |
— |
(31,572 |
) |
— |
(31,572 |
) | |||||||||||||
Net loss |
— |
— |
— |
(893,079 |
) |
(893,079 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, June 30, 2021 |
14,702,049 |
$ |
147 |
$ |
76,058,720 |
$ |
(2,023,849 |
) |
$ |
74,035,017 |
||||||||||
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Cash flows from operating activities: |
||||||||
Net loss |
$ | (3,537,661 | ) | $ | (1,551,589 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
37,608 | 35,376 | ||||||
Unrealized loss on marketable securities |
4,137 | (10,190 | ) | |||||
Stock based compensation expense |
1,614,845 | — | ||||||
Changes in assets and liabilities: |
||||||||
Accounts receivable |
(3,114,265 | ) | (146,804 | ) | ||||
Inventory |
(1,756,594 | ) | (1,208,657 | ) | ||||
Inventory deposits |
(15,896 | ) | (292,879 | ) | ||||
Prepaid expenses |
285,245 | (1,950,600 | ) | |||||
Other non-current assets |
158,270 | 265,523 | ||||||
Accounts payable |
28,023 | (239,413 | ) | |||||
Accrued liabilities |
(330,100 | ) | (1,800,582 | ) | ||||
Other non-current liabilities |
— | 82,348 | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
$ | (6,626,389 | ) | $ | (6,817,467 | ) | ||
|
|
|
|
|||||
Cash flows from investing activities: |
||||||||
Purchase of property and equipment, net |
$ | (52,471 | ) | $ | (183,076 | ) | ||
Investment in marketable securities |
(2,003,909 | ) | (12,000,000 | ) | ||||
Sale of marketable securities |
8,000,000 | — | ||||||
Cash acquired in merger |
— | 3,373,332 | ||||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
$ | 5,943,620 | (8,809,744 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of common stock |
$ | 120,000 | $ | 22,737,159 | ||||
Payments for deferred offering costs |
— | (188,015 | ) | |||||
Principal advances from (repayments on) debt |
(13,245 | ) | (309,865 | ) | ||||
|
|
|
|
|||||
Net cash provided by financing activities |
106,755 | 22,239,279 | ||||||
|
|
|
|
|||||
Net change in cash, and restricted cash |
(576,013 | ) | 6,612,067 | |||||
Cash, restricted cash and cash equivalents at the beginning of the period |
4,906,525 | 1,930,132 | ||||||
|
|
|
|
|||||
Cash, restricted cash and cash equivalents at the end of the period |
$ | 4,330,512 | $ | 8,542,199 | ||||
|
|
|
|
|||||
Supplemental cash flow disclosures: |
||||||||
Cash paid for interest expense |
$ | 1,227 | $ | 2,283 | ||||
|
|
|
|
|||||
Cash paid for income taxes |
$ | — | $ | — | ||||
|
|
|
|
|||||
Non-cash common stock lawsuit settlement, reverse stock split rounding |
$ | 199,162 | $ | — | ||||
|
|
|
|
1. |
Organization and Operations |
2. |
Summary of Significant Accounting Policies |
3. |
Merger |
Accounts receivable and other current assets |
$ | 1,680,926 | ||
Property and equipment |
86,873 | |||
Right of use asset |
369,987 | |||
Other assets |
59,510 | |||
Goodwill |
51,775,667 | |||
Accounts payable and accrued expenses |
(820,389 | ) | ||
Lease liability |
(369,987 | ) | ||
Notes payable |
(417,540 | ) | ||
|
|
|||
Purchase price, net of $3,373,332 cash acquired |
$ | 52,365,047 | ||
|
|
Pro forma combined results of operations |
For the three months ended |
For the six months ended |
||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Sales |
$ | 2,087,700 | $ | 188,266 | $ | 3,196,200 | $ | 659,059 | ||||||||
Net loss |
$ | (1,010,264 | ) | $ | (893,079 | ) | $ | (3,537,661 | ) | $ | (1,551,589 | ) |
4. |
Property and Equipment, Net |
June 30, |
December 31, |
|||||||
2022 |
2021 |
|||||||
Furniture and fixtures |
$ | 60,082 | $ | 41,799 | ||||
Leasehold improvements |
40,112 | 28,112 | ||||||
Machinery & equipment |
108,453 | 86,266 | ||||||
Vehicles |
252,725 | 252,724 | ||||||
Test/Demo vehicles |
15,784 | 15,784 | ||||||
|
|
|
|
|||||
Total property and equipment |
477,156 | 424,685 | ||||||
Less accumulated depreciation |
(190,180 | ) | (152,572 | ) | ||||
|
|
|
|
|||||
Net property and equipment |
$ | 286,976 | $ | 272,113 | ||||
|
|
|
|
|||||
|
|
|
|
5. |
Debt |
6. |
Stock Warrants |
Number of |
Exercise |
Remaining |
||||||||||
Shares |
Price |
Contractual Life (years) |
||||||||||
Outstanding warrants expiring January 9, 2023 |
12,833 | $ | 75.00 | 0.58 | ||||||||
Outstanding warrants expiring January 28, 2025 |
431,250 | $ | 10.00 | 2.58 | ||||||||
Outstanding warrants expiring May 7, 2026 |
958,334 | $ | 20.00 | 3.85 | ||||||||
|
|
|
|
|
|
|||||||
Outstanding warrants on June 30, 2022 |
1,402,417 | $ | 17.43 | 3.43 | ||||||||
|
|
|
|
|
|
7. |
Stock Options |
Weighted |
||||||||||||
Average |
||||||||||||
Number of |
Exercise |
Remaining |
||||||||||
Contractual Life |
||||||||||||
Shares |
Price |
(years) |
||||||||||
Outstanding at December 31, 2021 |
338,500 | $ | 5.80 | 6.98 | ||||||||
Options granted during 6 months ended June 30, 2022: |
||||||||||||
Options Granted at $2.00 Exercise Price |
250,000 | $ | 2.00 | |||||||||
Options Granted at $2.40 Exercise Price |
90,893 | $ | 2.40 | |||||||||
Options Granted at $3.62 Exercise Price |
2,762 | $ | 3.62 | |||||||||
Options Granted at $9.00 Exercise Price |
1,111 | $ | 9.00 | |||||||||
Exercised |
(50,000 | ) | $ | 2.40 | ||||||||
Cancelled / Forfeited at $9.00 Exercise Price |
(25,000 | ) | $ | 9.00 | ||||||||
|
|
|||||||||||
Subtotal, as follows: |
608,266 | |||||||||||
Outstanding Options at $2.00 Exercise Price |
250,000 | $ | 2.00 | 9.55 | ||||||||
Outstanding Options at $2.40 Exercise Price |
90,893 | $ | 2.40 | 9.55 | ||||||||
Outstanding Options at $3.62 Exercise Price |
2,762 | $ | 3.62 | 4.59 | ||||||||
Outstanding Options at $9.00 Exercise Price |
257,861 | $ | 9.00 | 8.46 | ||||||||
Outstanding Options at $26.20 Exercise Price |
6,750 | $ | 26.20 | 5.80 | ||||||||
|
|
|
|
|
|
|||||||
Outstanding at June 30, 2022 |
608,266 | $ | 5.30 | 9.02 | ||||||||
|
|
|
|
|
|
8. |
Related Party Transactions |
9. |
Commitments |
Payments due by period |
||||||||||||||||||||
More |
||||||||||||||||||||
Less than |
4 - 5 |
than 5 |
||||||||||||||||||
Total |
one year |
1 - 3 years |
years |
years |
||||||||||||||||
Operating lease obligations |
$ | 13,563 | $ | 12,038 | $ | 1,525 | $ | — | $ | — | ||||||||||
Employment contracts |
2,255,000 | 500,000 | 1,500,000 | 250,000 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 2,268,563 | $ | 512,038 | $ | 1,501,525 | $ | 250,000 | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
10. |
Contingencies |
11. |
Leases |
Six Months Ended June 30, |
||||||||
2022 |
2021 |
|||||||
Lease expenses |
||||||||
Operating lease expenses |
$ | 50,371 | $ | 29,487 | ||||
Short-term lease expenses |
77,796 | 183,515 | ||||||
Total lease cost |
$ | 128,167 | $ | 213,002 | ||||
Other information |
||||||||
Cash paid for the amounts included in the measurement of lease liabilities for operating leases: |
||||||||
Operating cash flows |
$ | 51,160 | $ | 27,906 | ||||
Weighted-average remaining lease term (in years): |
||||||||
Operating leases |
0.80 | 1.56 | ||||||
Weighted-average discount rate: |
||||||||
Operating leases |
14 | % | 14 | % |
12. |
Subsequent Events |
Six months ended June 30, |
||||||||
2022 |
2021 |
|||||||
Cash flows (used in), provided by operating activities |
$ | (6,626,388 | ) | $ | (6,817,467 | ) | ||
Cash flows provided by investing activities |
5,943,620 | (8,809,744 | ) | |||||
Cash flows provided by financing activities |
106,755 | 22,239,279 | ||||||
|
|
|
|
|||||
Net change in cash, restricted cash and cash equivalents |
$ | (576,013 | ) | $ | 6,612,068 | |||
|
|
|
|
Exhibit Number |
Incorporated by Reference |
|||||||||||||||||||||
Exhibit Description |
Form |
File No. |
Exhibit |
Filing Date |
Filed Herewith |
|||||||||||||||||
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer | X | ||||||||||||||||||||
31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer | X | ||||||||||||||||||||
32.1# | 18 U.S.C. Section 1350 Certification of Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | ||||||||||||||||||||
32.2# | 18 U.S.C. Section 1350 Certification of Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | ||||||||||||||||||||
101.INS | Inline XBRL Instance Document* | X | ||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document* | X | ||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | X | ||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | X | ||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | X | ||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document* | X |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
# | The information in Exhibits 32.1 and 32.2 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act (including this Quarterly Report), unless the Registrant specifically incorporates the foregoing information into those documents by reference. |
* | In accordance with Rule 402 of Regulation S-T, this interactive data file is deemed not filed or part of this Quarterly Report for purposes of Sections 11 or 12 of the Securities Act or Section 18 of the Exchange Act and otherwise is not subject to liability under these sections. |
Envirotech Vehicles, Inc. | ||||||
Date: August 15, 2022 | By: | /s/ Phillip W. Oldridge Phillip | ||||
W. Oldridge Chief | ||||||
Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: August 15, 2022 | By: | /s/ Christian S. Rodich | ||||
Christian S. Rodich Chief | ||||||
Financial Officer | ||||||
(Principal Financial and Accounting Officer) |
1 Year Envirotech Vehicles Chart |
1 Month Envirotech Vehicles Chart |
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