Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ENVIROTECH VEHICLES, INC. | |
Entity Central Index Key | 0001563568 | |
Trading Symbol | EVTV | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 15,021,088 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-38078 | |
Entity Tax Identification Number | 46-0774222 | |
Entity Address, Address Line One | 1425 Ohlendorf Road | |
Entity Address, City or Town | Osceola | |
Entity Address, State or Province | AR | |
Entity Address, Postal Zip Code | 72370 | |
City Area Code | 870 | |
Local Phone Number | 970-3355 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 2,623,099 | $ 4,846,490 |
Restricted cash | 60,131 | 60,035 |
Marketable securities | 1,976,308 | 8,002,700 |
Accounts receivable | 7,804,369 | 1,428,030 |
Inventory, net | 3,603,852 | 3,850,541 |
Inventory deposits | 4,812,439 | 4,503,079 |
Prepaid expenses | 709,621 | 332,514 |
Total current assets | 21,589,819 | 23,023,389 |
Property and equipment, net | 305,617 | 272,113 |
Goodwill | 51,775,667 | 51,775,667 |
Other non-current assets | 78,374 | 236,639 |
Total assets | 73,749,477 | 75,307,808 |
Current liabilities: | ||
Accounts payable | 161,545 | 238,464 |
Accrued liabilities | 1,154,026 | 1,280,020 |
Notes payable, net | 27,444 | 31,788 |
Total current liabilities | 1,343,015 | 1,550,272 |
Long-term liabilities | ||
Other non-current liabilities | 0 | 2,427 |
Notes payable, net | 18,234 | 13,245 |
Total liabilities | 1,361,249 | 1,565,944 |
Stockholders' equity (deficit): | ||
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of September 30, 2022, and December 31, 2021 | ||
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021,088 and 14,912,178 Issued and outstanding as of September 30, 2022, and December 31, 2021, respectively | 150 | 149 |
Additional paid-in capital | 83,923,350 | 81,866,075 |
Accumulated deficit | (11,535,272) | (8,124,360) |
Total stockholders' equity | 72,388,228 | 73,741,864 |
Total liabilities and stockholders' equity | $ 73,749,477 | $ 73,307,808 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares issued (in shares) | 15,021,088 | 14,912,189 |
Common stock, shares outstanding (in shares) | 15,021,088 | 14,912,189 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Sales | $ 3,882,670 | $ 709,092 | $ 7,078,870 | $ 1,368,151 |
Cost of sales | 2,046,491 | 469,611 | 3,998,533 | 930,977 |
Gross profit | 1,836,179 | 239,481 | 3,080,337 | 437,174 |
Operating expenses: | ||||
General and administrative | 1,619,210 | 1,344,840 | 6,142,194 | 2,766,989 |
Consulting | 94,187 | 36,734 | 264,505 | 142,092 |
Research and development | 25,000 | 0 | 112,412 | 0 |
Total operating expenses, net | 1,738,397 | 1,381,574 | 6,519,111 | 2,909,081 |
Income (loss) from operations | 97,782 | (1,142,093) | (3,438,774) | (2,471,907) |
Other income (expense): | ||||
Interest income, net | 30,200 | 8,116 | 37,956 | 2,357 |
Other income | (1,233) | 285,902 | (10,094) | 288,186 |
Total other income | 28,967 | 294,018 | 27,862 | 290,543 |
Income (loss) before income taxes | 126,749 | (848,075) | (3,410,912) | (2,181,364) |
Income tax expense | 0 | (2,400) | 0 | (220,700) |
Net income (loss) | $ 126,749 | $ (850,475) | $ (3,410,912) | $ (2,402,064) |
Net income (loss) per share to common stockholders: | ||||
Basic | $ 0.01 | $ (0.06) | $ (0.23) | $ (0.23) |
Diluted | $ 0.01 | $ (0.06) | $ (0.23) | $ (0.23) |
Weighted shares used in the computation of net income (loss) per share: | ||||
Basic | 15,013,236 | 14,715,694 | 14,981,836 | 10,349,101 |
Diluted | 15,013,236 | 14,715,694 | 14,981,836 | 10,349,101 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2020 | $ (472,160) | $ 0 | $ 100 | $ (472,260) |
Balance (in shares) at Dec. 31, 2020 | 1 | |||
Common stock issued for cash | 6,415,210 | $ 72 | 6,415,139 | |
Common stock issued for cash (in shares) | 7,129,887 | |||
Common stock issued in merger | 53,509,522 | $ 56 | 53,509,466 | |
Common stock issued for merger (in shares) | 5,635,348 | |||
Offering costs netted against proceeds common stock | (156,443) | (156,443) | ||
Net loss | (658,510) | (658,510) | ||
Balance at Mar. 31, 2021 | 58,637,619 | $ 128 | 59,768,262 | (1,130,770) |
Balance (in shares) at Mar. 31, 2021 | 12,765,236 | |||
Balance at Dec. 31, 2020 | (472,160) | $ 0 | 100 | (472,260) |
Balance (in shares) at Dec. 31, 2020 | 1 | |||
Net loss | (2,402,064) | |||
Balance at Sep. 30, 2021 | 73,348,703 | $ 147 | 76,222,880 | (2,874,324) |
Balance (in shares) at Sep. 30, 2021 | 14,719,983 | |||
Balance at Mar. 31, 2021 | 58,637,619 | $ 128 | 59,768,262 | (1,130,770) |
Balance (in shares) at Mar. 31, 2021 | 12,765,236 | |||
Common stock issued for cash | 16,322,049 | $ 19 | 16,322,030 | |
Common stock issued for cash (in shares) | 1,936,813 | |||
Offering costs netted against proceeds common stock | (31,572) | (31,572) | ||
Net loss | (893,079) | (893,079) | ||
Balance at Jun. 30, 2021 | 74,035,018 | $ 147 | 76,058,720 | (2,023,849) |
Balance (in shares) at Jun. 30, 2021 | 14,702,049 | |||
Common stock issued for cash | 43,028 | 43,028 | ||
Common stock issued for cash (in shares) | 17,934 | |||
Stock based compensation | 121,132 | 121,132 | ||
Net loss | (850,475) | (850,475) | ||
Balance at Sep. 30, 2021 | 73,348,703 | $ 147 | 76,222,880 | (2,874,324) |
Balance (in shares) at Sep. 30, 2021 | 14,719,983 | |||
Balance at Dec. 31, 2021 | 73,741,864 | $ 149 | 81,866,075 | (8,124,360) |
Balance (in shares) at Dec. 31, 2021 | 14,912,189 | |||
Common stock issued for cash | 120,000 | $ 1 | 119,999 | |
Common stock issued for cash (in shares) | 50,000 | |||
Common stock issued for lawsuit settlement (in shares) | 38,484 | |||
Common stock issued for lawsuit settlement | 197,431 | $ 0 | 197,431 | |
Stock based compensation | 1,614,845 | 1,614,845 | ||
Net loss | (2,527,397) | (2,527,397) | ||
Balance at Mar. 31, 2022 | 73,146,743 | $ 150 | 83,798,350 | (10,651,757) |
Balance (in shares) at Mar. 31, 2022 | 15,000,673 | |||
Balance at Dec. 31, 2021 | 73,741,864 | $ 149 | 81,866,075 | (8,124,360) |
Balance (in shares) at Dec. 31, 2021 | 14,912,189 | |||
Net loss | (3,410,912) | |||
Balance at Sep. 30, 2022 | 72,388,228 | $ 150 | 83,923,350 | (11,535,272) |
Balance (in shares) at Sep. 30, 2022 | 15,021,088 | |||
Balance at Mar. 31, 2022 | 73,146,743 | $ 150 | 83,798,350 | (10,651,757) |
Balance (in shares) at Mar. 31, 2022 | 15,000,673 | |||
Net loss | (1,010,264) | (1,010,264) | ||
Balance at Jun. 30, 2022 | 72,136,479 | $ 150 | 83,798,350 | (11,662,021) |
Balance (in shares) at Jun. 30, 2022 | 15,000,673 | |||
Common stock issued for lawsuit settlement (in shares) | 20,415 | |||
Common stock issued for lawsuit settlement | 125,000 | 125,000 | ||
Net loss | 126,749 | 126,749 | ||
Balance at Sep. 30, 2022 | $ 72,388,228 | $ 150 | $ 83,923,350 | $ (11,535,272) |
Balance (in shares) at Sep. 30, 2022 | 15,021,088 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (3,410,912) | $ (2,402,064) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 56,700 | 43,031 |
Unrealized loss on marketable securities | (6,033) | (20,359) |
Stock based compensation expense | 1,614,845 | 121,132 |
Provision for bad debt | 50,000 | 303,879 |
Gain on debt forgiveness | 0 | (290,519) |
Changes in assets and liabilities: | ||
Accounts receivable | (6,426,339) | (734,267) |
Inventory | 246,689 | (792,800) |
Inventory deposits | (309,360) | (4,514,665) |
Prepaid expenses | (377,107) | 637,483 |
Other non-current assets | 158,265 | 0 |
Accounts payable | (76,919) | (307,488) |
Accrued liabilities | 192,093 | (1,734,270) |
Other non-current liabilities | 16,328 | (226,421) |
Net cash used in operating activities | (8,271,750) | (9,917,328) |
Cash flows from investing activities: | ||
Purchase of property and equipment, net | (90,204) | (27,958) |
Investment in marketable securities | (2,291,036) | (12,000,000) |
Sale of marketable securities | 8,323,461 | 5,000,000 |
Cash acquired in merger | 0 | 3,373,332 |
Net cash provided by (used in) investing activities | 5,942,221 | (3,654,626) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 120,000 | 22,780,188 |
Payments for deferred offering costs | 0 | (188,015) |
Principal repayments on debt | (13,766) | (309,865) |
Net cash provided by financing activities | 106,234 | 22,282,308 |
Net change in cash, restricted cash and cash equivalents | (2,223,295) | 8,710,354 |
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 | 2,683,230 | 10,640,486 |
Supplemental cash flow disclosures: | ||
Cash paid for interest expense | 2,272 | 4,944 |
Cash paid for income taxes | 0 | 2,400 |
Non-cash common stock lawsuit settlement | $ 322,431 | $ 0 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built zero-emission On March 15, 2021, the Company completed its acquisition of Envirotech Drive Systems, Inc., a Delaware corporation (“EVTDS”), a supplier of zero-emission The Company was formerly known as ADOMANI, Inc. On May 26, 2021, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation the Company with the Secretary of State of the State of Delaware to change its name from ADOMANI, Inc. to Envirotech Vehicles, Inc., effective as of May 26, 2021. On February 22, 2022, the Company announced Osceola, Arkansas, as the site of its state-of-the-art On June 28, 2022, we effected a 20-for-1 10-Q paid-in |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation 10-K Principles of Consolidation Use of Estimates Fair Value of Financial Instruments Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market data and that require the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis. Revenue Recognition zero-emission In applying ASC Topic 606, the Company is required to: (1) identify any contracts with customers; (2) determine if multiple performance obligations exist; (3) determine the transaction price; (4) allocate the transaction price to the respective obligation; and (5) recognize the revenue as the obligation is satisfied. Product revenue also includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation with revenue recognition occurring at the time title transfers. Transfer of title occurs when the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt. The Company provides the option of financing (flooring) to Factory Authorized Representatives (“FARs”) for demo vehicles that are used in their selling process. Flooring agreements are made either expressly or implicitly and last no longer than one year with respect to specific vehicles, as payment for the vehicles is due in full before the first anniversary of the agreement, or upon sale by the FAR of the demo vehicle. The interest rate associated with the flooring agreement is agreed upon at the time of executing the FAR agreement. The Company has elected the practical expedient allowed by ASC Topic 606 where consideration does not need to be adjusted for financing components of the agreement. Cash and Cash Equivalents Marketable Securities held-to-maturity, Accounts Receivable and Allowance for Doubtful Accounts— as of September 30, 2022 and a recorded allowance for bad debt of based on a review of factors noted above, resulting in a net trade accounts receivable balance of $7,804,369. The Company had trade accounts receivable of $1,428,030 as of December 31, 2021 with no allowance for bad debt. A significant portion of the Company’s sales are made to customers who qualify for state-sponsored grant programs which can cover a significant portion, up to all of a vehicle’s purchase price. Grant monies are paid directly to vehicle dealers like the Company after the customer and the dealer meet state requirements related to the transaction; reimbursements to the Company may take two to nine months from the date of request before being received. The Company does not provide an allowance for doubtful accounts related to sales made utilizing state grant funds, as those funds are guaranteed by the state(s) once awarded. The trade accounts receivable balance at September 30, 2022 is from credit-worthy customers, many of whom are our Company’s FARs, the December 31, 2021 balance was in the collection process for guaranteed state grant funding subsequent to that date. Account receivable balances guaranteed by state grant funding as a percentage of total wer Inventory and Inventory Valuation Allowance — Inventory Deposits— Upon Income Taxes where Accounting for Uncertainty in Income Taxes— Net Income (Loss) Per Share Diluted net loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the diluted weighted average number of shares of common stock outstanding during the period Concentration of Credit Risk During the nine months ended September 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,131 at September 30, 2022. Impairment of Long-Lived Assets Goodwill — $ in goodwill related to the ADOMANI, Inc. and EVTDS Merger did not experience impairment. Research and Development Stock-Based Compensation paid-in non-cash Property and Equipment three Leases Recent Accounting Pronouncements |
Merger
Merger | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Merger | 3. Merger On March 15, 2021, the Company completed its acquisition of EVTDS, a supplier of zero-emission The primary reasons EVTDS consummated the merger with ADOMANI, Inc. were the opportunity to immediately become a public company without the process of doing its own initial public offering, affording it the opportunity to more quickly raise capital and provide liquidity options to its stockholders, at the same time acquiring the infrastructure required of a public company run by people experienced in investor relations and the public company regulatory compliance issues and filings required. In addition, since ADOMANI, Inc. had been the sole customer of EVTDS, the two management teams had experience working with each other and anticipated a smooth transition in addition to obtaining synergies, chief of which was a layer of profit required when two separate entities were involved in making and selling a vehicle that was immediately eliminated upon the Merger close, enabling the purchase price of vehicles to customers to be reduced. The combined entity also was able to exert more pressure on suppliers to reduce vehicle costs, which also supported the price reductions to customers. At December 31, 2020, EVTDS had subscription restricted cash of $1,793,910 on its balance sheet as a result of offering a restricted subscription agreement to the stockholders of Envirotech Electric Vehicles, Inc., a Canadian entity (“EVT Canada”), to have the right to purchase two shares of EVTDS for every one common share of EVT Canada they owned. The purpose of this subscription agreement was to raise the necessary capital to close the Merger and to provide working capital for EVTDS so that it could pay off certain liabilities and pay for ongoing expenses through the closing of the Merger. A corresponding liability account was also recorded as of December 31, 2020. The total amount raised just prior to the Merger closing was $6,415,110. At the closing of the Merger, EVTDS satisfied its obligation to deliver $5 million in cash to ADOMANI, Inc. and repaid the majority of the items discussed above. This number has decreased to zero in both categories as of December 31, 2021. EVTDS entered into an exclusive 50-year The following table presents the estimated allocation of the purchase price of the assets acquired and liabilities assumed for the acquisition by EVTDS of ADOMANI, Inc. via the reverse acquisition: Purchase Price Allocation of ADOMANI, Inc. 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 This allocation is based on management’s estimated fair value of the ADOMANI Inc. assets and liabilities at March 15, 2021. ADOMANI, Inc. assets were derived from a total value of $53,509,522, based on 5,635,347 shares of common stock outstanding on March 15, 2021 and the closing price that day of $0.4749 per share. The fair value of certain of the stock options assumed by EVTDS in the Merger of $2,228,757 (see Note 7) was added to reach an adjusted value of $55,738,379. From that amount, total assets acquired of $5,570,628 (including a reduction in the carrying value of finished goods inventory of $26,400 to reflect fair value) were deducted, and total acquired liabilities of $1,607,916 were added in order to arrive at the $51,775,667 of Goodwill recorded, none of which will be deductible for future income tax purposes. The Company incurred approximately $415,472 in transaction costs related to the Merger, which were expensed. The unaudited consolidated statement of operations for the three months ended March 31, 2021 included $151,793 of revenue and a loss from operations of $(144,015) contributed by ADOMANI, Inc. and its subsidiaries, excluding EVTDS. Since the closing of the Merger on March 15, 2021, primarily due to the fact that EVTDS brought no employees or sales people to the merged entity, and that sales and operating activities have been conducted on a company-wide basis, not on the basis of either EVTDS alone or the ADOMANI entities alone, other than nominal expense items related to EVTDS leases assumed in the Merger (see Notes 9 and 11), all accounting subsequent to the closing of the Merger has been and will continue to be done on a consolidated basis. Therefore, the Company cannot segregate the operating results of operations between the formerly separate entities in the current periods. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents the combined results of operations for the Company and gives effect to the Merger discussed above as if it had occurred on January 1, 2021. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations for the nine months ended September 30, 2021 that would have been realized if the Merger had occurred on January 1, 2021, nor does it purport to project the results of the merged entity in future periods. The pro forma financial information does not give effect to any anticipated integration costs related to the merged entities. Pro forma combined results of operations For the three months ended For the nine months ended September 30, 2021 September 30, 2021 Sales $ 709,092 $ 1,065,562 Net income (loss) $ (850,475 ) $ (5,045,988 ) For purposes of the pro forma disclosures above, there were no adjustments required for the nine months ended September 30, 2022 because there were no transactions between EVTDS and ADOMANI, Inc. during that period. For the three months ended September 30, 2021, there were also no adjustments required, as the quarter reflects the results of operations of the merged entity. For purposes of the pro forma disclosures above, the adjustments for the nine months ended September 30, 2021, reduced sales by $ and increased the net loss by $ . The sales adjustments resulted from sale of vehicles by EVTDS to ADOMANI, Inc. However, the actual loss for ADOMANI, Inc. for the period January 1, 2021 through March 15, 2021 that is included in this pro forma information included an adjustment to fully amortize the unamortized stock-based compensation expense related to outstanding stock options that fully vested at the closing of the Merger. This adjustment increased pro forma expenses, and therefore the pro forma net loss, for the three months ended March 31, 2021 by approximately $ more than would otherwise have been recorded absent the consummation of the Merger. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, Net | 4. Property and Equipment, Net Components of property and equipment, net, consist of the following as of September 30, 2022 and December 31, 2021: September 30, December 31, 2022 2021 Furniture and fixtures $ 60,082 $ 41,799 Leasehold improvements 40,112 28,112 Machinery & equipment 144,406 86,266 Vehicles 252,725 252,724 Test/Demo vehicles 15,784 15,784 Total property and equipment 513,108 424,685 Less accumulated depreciation (207,491 ) (152,572 ) Net property and equipment $ 305,617 $ 272,113 Depreciation expense was $19,093 and $7,655 and was $56,700 and $43,031 for the three and nine months ended September 30, 2022 and 2021, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt On June 15, 2021, the Company entered into an equipment financing agreement with Navitas Credit Corp. in connection with the purchase of certain inventory management software. The $63,576 loan is payable over twenty-four months, beginning in July 2021, with monthly payments of $2,648.99. On July 15, 2022, the Company entered into an equipment financing agreement with Wells Fargo in connection with the purchase of facility grounds equipment. The $18,755 loan is payable over 36 months, beginning in August 2022, with monthly payments of $521. As of September 30, 2022, $27,444 is reflected on the consolidated balance sheet as current notes payable. Effective August 4, 2022, EVT secured a line of credit from Centennial Bank. Borrowings under the line of credit bear interest at 2.75% annually. There is no maturity date for the line, but Centennial Bank may at any time, in its sole discretion and without cause, demand the Company immediately repay any and all outstanding obligations under the line of credit in whole or in part. The line is secured by the cash and cash equivalents maintained by the Company in its Centennial Bank accounts. Borrowings under the line may not exceed cash, cash equivalents, and marketable securities balances up to $1,000,000. There was no principal amount outstanding on September 30, 2022 and there is no current plan to borrow from it. |
Stock Warrants
Stock Warrants | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stock Warrants | 6. Stock Warrants As a result of the Merger closing (see Note 3), as of March 15, 2021, the Company had outstanding warrants to purchase an aggregate of 534,067 shares of common stock, 102,817 of which were exercisable. The warrants were previously issued by ADOMANI, Inc. and assumed in the Merger. In connection with the second closing of the Financing discussed in the Company’s Annual Report on Form 10-K Number of Exercise Remaining Shares Price Contractual Life (years) Outstanding warrants expiring January 9, 2023 12,833 $ 75.00 0.33 Outstanding warrants expiring January 28, 2025 431,250 $ 10.00 2.33 Outstanding warrants expiring May 7, 2026 958,334 $ 20.00 3.60 Outstanding warrants on September 30, 2022 1,402,417 $ 17.43 3.18 The Warrants issued as part of the Purchase Agreement related to the Financing contain a call provision whereby the Company, after the 13-month As of September 30, 2022, the outstanding warrants have no intrinsic value. |
Stock Options
Stock Options | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stock Options | 7. Stock Options As a result of the Merger closing (see Notes 2 and 3) there were 649,643 fully vested stock options outstanding at March 15, 2021 that were previously issued by ADOMANI, Inc. and assumed in the Merger. The outstanding options at September 30, 2022 consisted of the following: Number of Exercise Weighted Outstanding at December 31, 2021 338,500 $ 5.80 6.98 Options granted during 9 months ended September 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 9.30 Outstanding Options at $2.40 Exercise Price 90,893 $ 2.40 9.30 Outstanding Options at $3.62 Exercise Price 2,762 $ 3.62 4.34 Outstanding Options at $9.00 Exercise Price 257,861 $ 9.00 8.21 Outstanding Options at $26.20 Exercise Price 6,750 $ 26.20 5.55 Outstanding at September 30, 2022 608,266 $ 5.30 8.77 On January 7, 2022, the Company’s Compensation Committee granted Phillip W. Oldridge, the Company’s Chief Executive Officer, options to purchase 150,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 50,000 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth On January 7, 2022, the Company’s Compensation Committee granted Susan M. Emry, the Company’s Executive Vice President, options to purchase 100,000 shares of common stock at an exercise price of $2.00 per share and options to purchase 40,893 shares of common stock at an exercise price of $2.40 per share. The options vested immediately and expire on the tenth anniversary of grant. On January 31, 2022, the Company’s Compensation Committee granted Christian S. Rodich, the Company’s Chief Financial Officer, options to purchase 2,763 shares of common stock at an exercise price of $3.62 per share and options to purchase 1,111 shares of common stock at an exercise price of $9.00 per share. The options vest ratably at 1/60th per month over five years and expire on the tenth On March 15, 2022, options to purchase 50,000 shares of common stock were exercised by the former President and CEO of the Company at a price of $2.40 per share, resulting in a payment to the Company of $120,000. Also on March 15, 2022, options to purchase an aggregate of 25,000 shares of common stock with an exercise price of $9.00 per share were forfeited by the former executive, as they were not exercised prior to their expiration on March 15, 2022. As of September 30, 2022, outstanding options had intrinsic value of $873,288. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions The Company has entered into an engagement agreement (the “SRI Services Agreement”) with SRI Professional Services, Incorporated (“SRI”), pursuant to which the Company engaged SRI to provide certain services in connection with the day-to-day month-to-month The Company has entered into lease agreements with SRI (the “SRI Equipment Leases”), pursuant to which the Company leases equipment used in connection with the operation of its business. The SRI Equipment Leases provide for the leasing of two EVTDS has entered into a cancelable month-to-month The Company has entered into a commercial lease agreement (the “ABCI Office Lease”) with Alpha Bravo Charlie, Inc. (“ABCI”) that commenced on April 1, 2020, for the lease of office space in Porterville, California. The monthly rent for this facility is $2,800. See Notes 9 and 11. Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, is a director of ABCI. In connection with the closing of the Merger in March 2021, the Company purchased two |
Commitments Other Agreements
Commitments Other Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Other Agreements | 9. Commitments Other Agreements On December 31, 2021, the Company entered into employment agreements with Phillip W. Oldridge (the “Oldridge Agreement”), its Chief Executive Officer, and with Susan M. Emry (the “Emry Agreement”), its Executive Vice President. According to the Oldridge Agreement, effective as of March 1, 2021, Mr. Oldridge will receive an annual base salary of $300,000, payable in semi-monthly installments consistent with the Company’s payroll practices. Mr. Oldridge will also receive participation in medical insurance, dental insurance, and the Company’s other benefit plans. Under the Oldridge Agreement, Mr. Oldridge will also receive an amount equal to five percent of the net income of the Company on an annual basis and will be eligible for a bonus at the sole discretion of the Company’s Board of Directors (the “Board”). The Oldridge Agreement also provides for an automobile monthly allowance of $1,500. Mr. Oldridge’s employment shall continue until terminated in accordance with the Oldridge Agreement. If Mr. Oldridge is terminated without cause or if he terminates his employment for good reason, Mr. Oldridge will be entitled to receive (i) one-year (i) one-year The following table summarizes the Company’s future minimum payments under contractual commitments, excluding debt, as of September 30, 2022: Payments due by period Total Less than 1 - 3 years 4 - 5 years More Operating lease obligations $ 11,491 $ 10,881 $ 610 $ — $ — Employment contracts 2,125,000 500,000 1,500,000 125,000 — Total $ 2,136,491 $ 510,881 $ 1,500,610 $ 125,000 $ — |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 10. Contingencies Except as set forth below, we know of no material, existing or pending, legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest. GreenPower Actions: On December 17, 2019, GreenPower Motor Company Inc., a public company incorporated under the laws of British Columbia (“GreenPower”), of which Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, previously served as a senior officer and a member of its board of directors, filed a notice of civil claim, captioned GreenPower Motor Company Inc. v. Phillip Oldridge et al., Action No. S-1914285, On or about July 18, 2021, GreenPower and GP Greenpower Industries Inc., (collectively “the GreenPower entities”) filed a counterclaim against David Oldridge, Phillip Oldridge, the Company and other companies in Supreme Court of British Columbia Action No. S207532. The counterclaim alleges that David Oldridge, Phillip Oldridge, the Company and other companies committed the tort of abuse of process by causing 42 Design Works Inc., to commence a lawsuit against the GreenPower entities. Additionally, GreenPower entities also advanced claims against David Oldridge, Phillip Oldridge, the Company and other companies for conspiracy. The pleadings in this lawsuit have not closed and we intend to vigorously defend the counterclaim. On February 8, 2022, GreenPower Motor Company, Inc., a Delaware Corporation, and GreenPower Motor Company Inc., a Canadian Corporation, filed a complaint captioned GreenPower Motor Company, Inc. v. Philip Oldridge, et al., Case No. 5:22-cv-00252 On May 10, 2022, the Company, together with other defendants, filed a Motion to Dismiss and/or Stay the lawsuit pending the outcome of the Canadian litigation. While hearing on this Motion was set for October 7, 2022, on October 4 the Court cancelled the hearing and indicated it would rule on the Motion without argument. The Court’s ruling on the Motion is still pending. We believe that the lawsuit is without merit and intend to vigorously defend the action. Mollick/Electric DriveTrain Action: On August 23, 2018, a purported class action lawsuit captioned M.D. Ariful Mollik v. ADOMANI, Inc. et al., Case No. RIC 1817493, was filed in the Superior Court of the State of California for the County of Riverside against us, certain of our executive officers, Edward R. Monfort, the former Chief Technology Officer and a former director of ADOMANI, Inc., and the two underwriters of our offering of common stock under Regulation A in June 2017. This complaint alleges that documents related to our offering of common stock under Regulation A in June 2017 contained materially false and misleading statements and that all defendants violated Section 12(a)(2) of the Securities Act, and that we and the individual defendants violated Section 15 of the Securities Act, in connection therewith. The plaintiff seeks on behalf of himself and all class members: (i) certification of a class under California substantive law and procedure; (ii) compensatory damages and interest in an amount to be proven at trial; (iii) reasonable costs and expenses incurred in this action, including counsel fees and expert fees; (iv) awarding of rescission or recessionary damages; and (v) equitable relief at the discretion of the court. Plaintiff’s counsel subsequently filed a first amended complaint, a second amended complaint, a third amended complaint, and a fourth amended complaint. Plaintiff Mollik was replaced by putative class representatives Alan K. Brooks and Electric Drivetrains, LLC (“Electric Drivetrains”). Alan K. Brooks was subsequently dropped as a putative class representative. On October 27, 2020, the Company answered the fourth amended complaint, generally denying the allegations and asserting affirmative defenses. On July 13, 2021, Electric Drivetrains’ counsel moved to be relieved as counsel and on August 23, 2021, the court granted this motion. On August 23, 2021, the Clerk of Court issued an order to show cause why the complaint should not be stricken and matter dismissed for failure to retain new counsel to Electric Drivetrains. On October 28, 2021, Electric Drivetrains filed a substitution of attorney, substituting J. Ryan Gustafson of Good Gustafson Aumais LLP as its new counsel. On December 10, 2021, the Court vacated the order to show cause. Over the tenure of the action, Electric Drivetrain has dismissed all defendants in the action except for the Company and two former Company executives. Any and all pending cross claims between or among defendants have been resolved and dismissed. On August 31, 2022, Electric Drivetrains filed its Fifth Amended Complaint, which: i) drops certain class allegations; ii) adds certain state law claims; iii) and drops certain factual allegations but leaves the remaining claims against defendants intact. On October 6, 2022, the Company and remaining defendants filed their respective answer denying the allegations and asserting counterclaims. On the same day, the Company cross claimed against Electric Drivetrains and its managing member. The Court has set a trial setting conference on December 21, 2022. We believe that the lawsuit is without merit and intend to vigorously defend the action. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 11. Leases As of September 30, 2022, the Company is a party to nine operating leases. Four of these leases are office or warehouse leases; the remaining five are equipment leases (see Note 8). As disclosed in Note 2, the Company accounts for leases as required by ASC Topic 842. The Company has elected to apply the short-term lease exception to all leases of one year or less. As of September 30, 2022, this exception applies to the six EVTDS leases and to the ADOMANI Inc. Stockton, California lease, which are all month-to-month. The Company has entered into the SRI Equipment Leases (see Note 8). Rent expense under the SRI Equipment Leases for the three and nine months ended September 30, 2022 was $23,312 and $69,936, respectively, and for the three and nine months ended September 30, 2021 was $38,853 and $66,055, respectively. The Company has entered into the SRI Office Lease (see Note 8). Rent expense under the SRI Office Lease for the three and nine months ended September 30, 2022 was $8,190 and $18,200, respectively, and for the three and nine months ended September 30, 2021 was $4,550 and $11,270, respectively. The Company has entered into the ABCI Office Lease (see Note 8). Rent expense under the ABCI Office Lease for the three and nine months ended September 30, 2022 was $8,400 and $25,200, respectively, and for the three and nine months ended September 30, 2021 was $8,400 and $25,200, respectively. The Company has entered into the Toledo Jet Center Lease for office space in the Ft. Lauderdale Florida area effective February 15, 2022. The lease has a one-year In February 2017, ADOMANI, Inc. signed a lease for storage space in Stockton, California to serve as a location to store vehicles and other equipment utilized for marketing and trade-show purposes. The lease is on a month-to-month 30-days’ In December 2019, ADOMANI, Inc. signed a lease for combined office space and warehouse location in Corona, California. The facility had been used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery On February 4, 2020, ADOMANI, Inc. signed a sublease agreement with Masters Transportation, Inc. (“Masters”) for Masters to occupy a portion of the Corona, California, facility that the Company occupied effective January 1, 2020 (see above). The effective date of the Masters’ sublease was February 1, 2020, and it expires when the Company’s lease on the Corona, California facility expires on December 31, 2022. Under the sublease, Masters is obligated to pay the Company monthly rent payments in an amount equal to $6,000 at commencement and thereafter escalating to $6,365 by its conclusion. On April 1, 2022 , The Company’s total net rent expense for the three and nine months ended September 30, 2022 was $52,579 and $180,746, respectively, and for the three and nine months ended September 30, 2021 was ($14,841) and $198,161, respectively. Quantitative information regarding the Company’s leases is as follows: Nine Months Ended September 30, 2022 2021 Lease expenses Operating lease expenses $ 56,101 $ 122,001 Short-term lease expenses 124,645 76,160 Total lease cost $ 180,746 $ 198,161 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 56,890 $ 163,707 Weighted-average remaining lease term (in years): Operating leases 0.62 1.28 Weighted-average discount rate: Operating leases 14 % 14 % |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 10-K |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market data and that require the reporting entity to develop its own assumptions. The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis. |
Revenue Recognition | Revenue Recognition zero-emission In applying ASC Topic 606, the Company is required to: (1) identify any contracts with customers; (2) determine if multiple performance obligations exist; (3) determine the transaction price; (4) allocate the transaction price to the respective obligation; and (5) recognize the revenue as the obligation is satisfied. Product revenue also includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation with revenue recognition occurring at the time title transfers. Transfer of title occurs when the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt. The Company provides the option of financing (flooring) to Factory Authorized Representatives (“FARs”) for demo vehicles that are used in their selling process. Flooring agreements are made either expressly or implicitly and last no longer than one year with respect to specific vehicles, as payment for the vehicles is due in full before the first anniversary of the agreement, or upon sale by the FAR of the demo vehicle. The interest rate associated with the flooring agreement is agreed upon at the time of executing the FAR agreement. The Company has elected the practical expedient allowed by ASC Topic 606 where consideration does not need to be adjusted for financing components of the agreement. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Marketable Securities | Marketable Securities held-to-maturity, |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts— as of September 30, 2022 and a recorded allowance for bad debt of based on a review of factors noted above, resulting in a net trade accounts receivable balance of $7,804,369. The Company had trade accounts receivable of $1,428,030 as of December 31, 2021 with no allowance for bad debt. A significant portion of the Company’s sales are made to customers who qualify for state-sponsored grant programs which can cover a significant portion, up to all of a vehicle’s purchase price. Grant monies are paid directly to vehicle dealers like the Company after the customer and the dealer meet state requirements related to the transaction; reimbursements to the Company may take two to nine months from the date of request before being received. The Company does not provide an allowance for doubtful accounts related to sales made utilizing state grant funds, as those funds are guaranteed by the state(s) once awarded. The trade accounts receivable balance at September 30, 2022 is from credit-worthy customers, many of whom are our Company’s FARs, the December 31, 2021 balance was in the collection process for guaranteed state grant funding subsequent to that date. Account receivable balances guaranteed by state grant funding as a percentage of total wer |
Inventory and Inventory Valuation Allowance | Inventory and Inventory Valuation Allowance — |
Inventory Deposits | Inventory Deposits— Upon |
Income Taxes | Income Taxes where |
Accounting for Uncertainty in Income Taxes | Accounting for Uncertainty in Income Taxes— |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Diluted net loss per share is calculated by dividing the Company’s net loss applicable to common stockholders by the diluted weighted average number of shares of common stock outstanding during the period |
Concentration of Credit Risk | Concentration of Credit Risk During the nine months ended September 30, 2022, the Company’s bank required compensating balances for a subsidiary’s potential lease exposure and for the Company’s credit card limit, resulting in restricted cash of $60,131 at September 30, 2022. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Goodwill | Goodwill — $ in goodwill related to the ADOMANI, Inc. and EVTDS Merger did not experience impairment. |
Research and Development | Research and Development |
Stock-Based Compensation | Stock-Based Compensation paid-in non-cash |
Property and Equipment | Property and Equipment three |
Leases | Leases |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Merger (Tables)
Merger (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the estimated allocation of the purchase price of the assets acquired and liabilities assumed for the acquisition by EVTDS of ADOMANI, Inc. via the reverse acquisition: Purchase Price Allocation of ADOMANI, Inc. 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 |
Unaudited Pro Forma Results | The pro forma financial information does not give effect to any anticipated integration costs related to the merged entities. Pro forma combined results of operations For the three months ended For the nine months ended September 30, 2021 September 30, 2021 Sales $ 709,092 $ 1,065,562 Net income (loss) $ (850,475 ) $ (5,045,988 ) |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment, Net | Components of property and equipment, net, consist of the following as of September 30, 2022 and December 31, 2021: September 30, December 31, 2022 2021 Furniture and fixtures $ 60,082 $ 41,799 Leasehold improvements 40,112 28,112 Machinery & equipment 144,406 86,266 Vehicles 252,725 252,724 Test/Demo vehicles 15,784 15,784 Total property and equipment 513,108 424,685 Less accumulated depreciation (207,491 ) (152,572 ) Net property and equipment $ 305,617 $ 272,113 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | The Company’s outstanding warrants as of September 30, 2022 is summarized as follows, and all were exercisable at that date. Number of Exercise Remaining Shares Price Contractual Life (years) Outstanding warrants expiring January 9, 2023 12,833 $ 75.00 0.33 Outstanding warrants expiring January 28, 2025 431,250 $ 10.00 2.33 Outstanding warrants expiring May 7, 2026 958,334 $ 20.00 3.60 Outstanding warrants on September 30, 2022 1,402,417 $ 17.43 3.18 |
Stock Options (Tables)
Stock Options (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock Options Outstanding | The outstanding options at September 30, 2022 consisted of the following: Number of Exercise Weighted Outstanding at December 31, 2021 338,500 $ 5.80 6.98 Options granted during 9 months ended September 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 9.30 Outstanding Options at $2.40 Exercise Price 90,893 $ 2.40 9.30 Outstanding Options at $3.62 Exercise Price 2,762 $ 3.62 4.34 Outstanding Options at $9.00 Exercise Price 257,861 $ 9.00 8.21 Outstanding Options at $26.20 Exercise Price 6,750 $ 26.20 5.55 Outstanding at September 30, 2022 608,266 $ 5.30 8.77 |
Commitments Other Agreements (T
Commitments Other Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Payments Under Contractual Commitments | The following table summarizes the Company’s future minimum payments under contractual commitments, excluding debt, as of September 30, 2022: Payments due by period Total Less than 1 - 3 years 4 - 5 years More Operating lease obligations $ 11,491 $ 10,881 $ 610 $ — $ — Employment contracts 2,125,000 500,000 1,500,000 125,000 — Total $ 2,136,491 $ 510,881 $ 1,500,610 $ 125,000 $ — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Information Regarding Leases | Quantitative information regarding the Company’s leases is as follows: Nine Months Ended September 30, 2022 2021 Lease expenses Operating lease expenses $ 56,101 $ 122,001 Short-term lease expenses 124,645 76,160 Total lease cost $ 180,746 $ 198,161 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 56,890 $ 163,707 Weighted-average remaining lease term (in years): Operating leases 0.62 1.28 Weighted-average discount rate: Operating leases 14 % 14 % |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | 9 Months Ended | |||
Sep. 30, 2022 $ / shares | Jun. 28, 2022 $ / shares | Feb. 22, 2022 ft² | Dec. 31, 2021 $ / shares | |
Area of Land | ft² | 580,000 | |||
Stock split | 20-for-1 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 07, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Mar. 15, 2021 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Aggregate amount of the Investment in marketable securities | $ 1,976,308 | $ 1,976,308 | $ 8,002,700 | ||||
Accounts receivable, after allowance for credit loss, current | 7,804,369 | 7,804,369 | 1,428,030 | ||||
Accounts receivable, allowance for credit loss, current | 50,000 | 50,000 | 0 | ||||
Inventory, net | 3,603,852 | 3,603,852 | 3,850,541 | ||||
Inventory Valuation Reserves | 12,429 | 12,429 | |||||
Inventory Deposits | $ 4,812,439 | $ 4,812,439 | $ 4,503,079 | ||||
Shares subject to issuance upon exercise of stock options then outstanding | 608,266 | 608,266 | 338,500 | ||||
Shares subject to issuance upon exercise of warrants then outstanding | 1,402,417 | 1,402,417 | 534,067 | ||||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 250,000 | ||||||
Time Deposits, at or Above FDIC Insurance Limit | $ 750,000 | 750,000 | |||||
Cash, FDIC Insured Amount | 500,000 | 500,000 | |||||
Unlimited per customer securities cap | 1,000,000,000 | ||||||
Restricted cash and unpaid current liabilities | 60,131 | 60,131 | $ 60,035 | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | |||||
Research And Development Expense | 25,000 | $ 0 | 112,412 | $ 0 | 58,139 | ||
Property, Plant, and Equipment, Threshold for Capitalization of Purchases | 2,000 | ||||||
Restricted cash | 60,131 | 60,131 | 60,035 | ||||
Stock-based compensation expense | 1,614,845 | ||||||
Finished goods Inventory | 3,616,281 | $ 3,616,281 | 3,862,970 | ||||
Valuation allowance inventory | 12,429 | ||||||
Percentage on cost of sales | 89% | ||||||
Goodwill | 51,775,667 | $ 51,775,667 | 51,775,667 | ||||
Accounts receivable, before allowance for credit loss, current | 7,854,369 | $ 7,854,369 | 1,428,030 | ||||
A D O M A N I Inc. [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Goodwill | $ 51,775,667 | ||||||
Debt Securities Period One [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Term of note | 154 days | 92 days | |||||
Debt Securities Period Two [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Term of note | 199 days | 182 days | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customer [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 50% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customers [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 82% | 70% | |||||
Customer Concentration Risk [Member] | Sales Revenue Net Member | Two Customer [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 100% | ||||||
Customer Concentration Risk [Member] | Sales Revenue Net Member | One Or Two Customer [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 48% | ||||||
Customer Concentration Risk [Member] | Sales Revenue Net Member | Eleven Customers [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 100% | ||||||
Customer Concentration Risk [Member] | Sales Revenue Net Member | Three Out Of Eleven Customers [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Concentration Risk, Percentage | 48% | ||||||
Property, Plant, and Equipment Other than Leasehold Improvements [Member] | Minimum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Property, Plant, and Equipment Other than Leasehold Improvements [Member] | Maximum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||
Envirotech Drive Systems Inc | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 60,131 | $ 60,131 | |||||
Common Stock [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Shares subject to issuance upon exercise of stock options then outstanding | 604,906 | 604,906 | |||||
Shares subject to issuance upon exercise of warrants then outstanding | 1,402,417 | 1,402,417 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 340,893 | ||||||
Fair Value, Recurring | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Merger - Narrative (Details)
Merger - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Mar. 15, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||||||||||
Common stock, shares outstanding (in shares) | 15,021,088 | 15,021,088 | 14,912,189 | ||||||||
Finished goods Inventory | $ 3,616,281 | $ 3,616,281 | $ 3,862,970 | ||||||||
Goodwill | 51,775,667 | 51,775,667 | 51,775,667 | ||||||||
Net loss | $ 126,749 | $ (1,010,264) | $ (2,527,397) | $ (850,475) | $ (893,079) | $ (658,510) | $ (3,410,912) | $ (2,402,064) | |||
Fair value of stock options of goodwill | $ 55,738,379 | ||||||||||
E V T D S | |||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||||||||||
Restricted Cash | $ 1,793,910 | ||||||||||
Amount raised | 6,415,110 | ||||||||||
Cash | $ 5,000,000 | ||||||||||
Fair value of stock options of goodwill | 2,228,757 | ||||||||||
E V T D S | Liability [Member] | |||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||||||||||
Restricted Cash | 0 | ||||||||||
Outstanding Cash | $ 0 | ||||||||||
A D O M A N I Inc | |||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||||||||||
Common Stock, Value, Outstanding | $ 53,509,522 | ||||||||||
Common stock, shares outstanding (in shares) | 5,635,347 | ||||||||||
Share Price | $ 0.4749 | ||||||||||
Assets acquired | $ 5,570,628 | ||||||||||
Finished goods Inventory | 26,400 | ||||||||||
Liabilities acquired | 1,607,916 | ||||||||||
Goodwill | 51,775,667 | ||||||||||
Transaction costs | $ 415,472 | ||||||||||
Increase Decrease In Revenue | 319,000 | ||||||||||
Increase Decrease In Net Income Loss | $ 91,800 | ||||||||||
Net loss | $ 1,826,623 | ||||||||||
Envirotech Drive Systems Inc | |||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||||||||||
Common stock voting rights description | converted into the right to receive one share of the common stock of the Company | ||||||||||
Common stock issued for cash (in shares) | 7,129,887 | ||||||||||
Percentage of share issued and outstanding common stock | 56% |
Merger - Assets and Liabilities
Merger - Assets and Liabilities Acquired (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Goodwill | $ 51,775,667 | $ 51,775,667 |
A D O M A N I Inc | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||
Accounts receivable and other current assets | 1,680,926,000 | |
Property and equipment | 86,873,000 | |
Right of use asset | 369,987,000 | |
Other assets | 59,510,000 | |
Goodwill | 51,775,667,000 | |
Accounts payable and accrued expenses | (820,389,000) | |
Lease liability | (369,987,000) | |
Notes payable | (417,540,000) | |
Purchase price, net of $3,373,332 cash acquired | $ 52,365,047,000 |
Merger - Pro Forma Calculations
Merger - Pro Forma Calculations (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Combinations [Abstract] | ||
Sales | $ 709,092 | $ 1,065,562 |
Net income (loss) | $ (850,475) | $ (5,045,988) |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 513,108 | $ 424,685 |
Less accumulated depreciation | (207,491) | (152,572) |
Property and equipment, net | 305,617 | 272,113 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 60,082 | 41,799 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 40,112 | 28,112 |
Machinery & equipment | ||
Property and equipment, gross | 144,406 | 86,266 |
Vehicles [Member] | ||
Property and equipment, gross | 252,725 | 252,724 |
Test/Demo Vehicles [Member] | ||
Property and equipment, gross | $ 15,784 | $ 15,784 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation expense | $ 19,093 | $ 7,655 | $ 56,700 | $ 43,031 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 9 Months Ended | |||
Aug. 04, 2022 | Jul. 15, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Notes payable, net | $ 27,444 | $ 31,788 | ||
LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment | $ 521 | 2,648.99 | ||
Economic Injury Disaster Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | |||
Line of credit borrowing description | Borrowings under the line may not exceed cash, cash equivalents, and marketable securities balances up to $1,000,000. | |||
Line of credit interest rate during the period | 2.75% | |||
Principal amount outstanding | 0 | |||
Inventory Software Loan | ||||
Debt Instrument [Line Items] | ||||
Notes payable, net | 27,444 | |||
Long-term Debt | $ 63,576,000 | |||
Debt Instrument, Payment Terms | twenty-four | |||
Facility Grounds Equipment Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 18,755,000 | |||
Debt Instrument, Payment Terms | 36 |
Stock Warrants - Additional Inf
Stock Warrants - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Mar. 15, 2021 | |
Class Of Warrant Or Right [Line Items] | ||
Warrant to purchase of common stock | 1,402,417 | 534,067 |
Class Of Warrant Or Right Exercisable | 102,817 | |
Class of warrant expird | 27,483 | |
Second Closing [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Issuance of warrant to purchase common stock | 958,333 |
Stock Warrants - Warrant Activi
Stock Warrants - Warrant Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Mar. 15, 2021 | |
Class Of Warrant Or Right [Line Items] | ||
Shares subject to issuance upon exercise of warrants then outstanding | 1,402,417 | 534,067 |
Exercise price of warrants issued | $ 17.43 | |
Remaining Contractual Life | 3 years 2 months 4 days | |
Warrants Expiring January 2023 [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Shares subject to issuance upon exercise of warrants then outstanding | 12,833 | |
Exercise price of warrants issued | $ 75 | |
Remaining Contractual Life | 3 months 29 days | |
Warrants Expiring January 2025 [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Shares subject to issuance upon exercise of warrants then outstanding | 431,250 | |
Exercise price of warrants issued | $ 10 | |
Remaining Contractual Life | 2 years 3 months 29 days | |
Warrants Expiring May 2026 [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Shares subject to issuance upon exercise of warrants then outstanding | 958,334 | |
Exercise price of warrants issued | $ 20 | |
Remaining Contractual Life | 3 years 7 months 6 days |
Stock Warrants - Warrant Acti_2
Stock Warrants - Warrant Activity (Parenthetical) (Details) | Sep. 30, 2022 |
Warrants Expiring January 2023 [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Maturity Date | Jan. 09, 2023 |
Warrants Expiring January 2025 [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Maturity Date | Jan. 28, 2025 |
Warrants Expiring May 2026 [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Maturity Date | May 07, 2026 |
Warrants on September 30, 2022 [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Maturity Date | Sep. 30, 2022 |
Stock Options - Additional Info
Stock Options - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||||
Mar. 15, 2022 USD ($) $ / shares shares | Jan. 31, 2022 ANNIVERSARY $ / shares shares | Jan. 07, 2022 ANNIVERSARY $ / shares shares | Sep. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 $ / shares | Mar. 15, 2021 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise Price | $ 5.3 | $ 5.8 | ||||
Exercise price of warrants issued | $ 17.43 | |||||
Exercise Price $9.00 [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares forfeited | shares | 25,000 | |||||
Exercise price of options forfeited | $ 9 | |||||
Philip Oldridge [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 150,000 | |||||
Exercise price of warrants issued | $ 2 | |||||
Exercise price of shares granted | $ 2.4 | |||||
Anniversary Of Grant | ANNIVERSARY | 10 | |||||
Option to purchase common shares | shares | 50,000 | |||||
Susan M. Emry [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of Shares, Granted | shares | 40,893 | |||||
Exercise price of shares granted | $ 2.4 | |||||
Option to purchase common shares | shares | 100,000 | |||||
Common stock, exercise price | $ 2 | |||||
Christian S. Rodich [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of Shares, Granted | shares | 1,111 | |||||
Exercise price of shares granted | $ 9 | |||||
Anniversary Of Grant | ANNIVERSARY | 10 | |||||
Option to purchase common shares | shares | 2,763 | |||||
Common stock, exercise price | $ 3.62 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 1/60th per month over five years | |||||
Former President And Ceo [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 50,000 | |||||
Exercise Price | $ 2.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 120,000 | |||||
Stock Option [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vested , stock options outstanding | shares | 649,643 | |||||
Intrinsic value, stock options outstanding | $ | $ 873,288 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Options Outstanding (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 608,266 | 338,500 |
Exercise Price | $ 5.3 | $ 5.8 |
Contractual Life(in years) | 8 years 9 months 7 days | 6 years 11 months 23 days |
Option Granted 2.00 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 250,000 | |
Exercise Price | $ 2 | |
Option Granted 2.40 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 90,893 | |
Exercise Price | $ 2.4 | |
Option Granted 3.62 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 2,762 | |
Exercise Price | $ 3.62 | |
Option Granted 9.00 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 1,111 | |
Exercise Price | $ 9 | |
Exercised | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 50,000 | |
Exercise Price | $ 2.4 | |
Forfeited 9.00 | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 25,000 | |
Exercise Price | $ 9 | |
Outstanding Options at 2.00 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 250,000 | |
Exercise Price | $ 2 | |
Contractual Life(in years) | 9 years 3 months 18 days | |
Outstanding Options at 2.40 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 90,893 | |
Exercise Price | $ 2.4 | |
Contractual Life(in years) | 9 years 3 months 18 days | |
Outstanding Options at 3.62 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 2,762 | |
Exercise Price | $ 3.62 | |
Contractual Life(in years) | 4 years 4 months 2 days | |
Outstanding Options at 9.00 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 257,861 | |
Exercise Price | $ 9 | |
Contractual Life(in years) | 8 years 2 months 15 days | |
Outstanding Options at 26.20 [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Shares subject to issuance upon exercise of stock options then outstanding | 6,750 | |
Exercise Price | $ 26.2 | |
Contractual Life(in years) | 5 years 6 months 18 days |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) ElectricTruck Lease | |
ABCI Office Lease | ||
Related Party Transaction [Line Items] | ||
Operating Lease Monthly Payment | $ 2,800 | |
SRI Professional Services, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Account paid in consideration of the service rendered | 26,042 | |
Operating Lease Monthly Payment | 7,771 | |
SRI Professional Services, Inc. [Member] | SRI Leases Vehicles | ||
Related Party Transaction [Line Items] | ||
Operating Lease Monthly Payment | $ 3,880 | |
Number of properties purchased | Lease | 2 | |
SRI Professional Services, Inc. [Member] | SRI Leases Trailers | ||
Related Party Transaction [Line Items] | ||
Lease Commencement Date | Dec. 01, 2019 | |
Operating Lease Monthly Payment | $ 3,891 | |
SRI Professional Services, Inc. [Member] | E V T D S | ||
Related Party Transaction [Line Items] | ||
Lease Commencement Date | Jan. 01, 2020 | |
Operating Lease Monthly Payment | $ 2,730 | |
Alpha Bravo Charlie, Inc. | Electric Truck | ||
Related Party Transaction [Line Items] | ||
Number of properties purchased | ElectricTruck | 2 | |
Aggregrate purchase price | $ 128,000 | $ 83,000 |
Related party transaction, description of transaction | One of the vehicles purchased by the Company was subsequently sold to a customer of the Company in March 2021 and the second truck remains in the Company’s inventory at September 30, 2022. | |
Alpha Bravo Charlie, Inc. | Electric Truck | Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Aggregrate purchase price | $ 64,000 |
Commitments Other Agreements -
Commitments Other Agreements - Narrative Information (Details) - Oldridge Agreement [Member] - USD ($) | 9 Months Ended | ||
Jan. 01, 2022 | Mar. 01, 2021 | Sep. 30, 2022 | |
Operating Leased Assets [Line Items] | |||
Officers Compensation | $ 200,000 | $ 300,000 | |
Automobile Monthly Allowance | $ 1,500 |
Commitments Other Agreements _2
Commitments Other Agreements - Future Minimum Payments Under Contractual Commitments (Details) | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease obligations, Total | $ 11,491 |
Operating lease obligations, Less than one year | 10,881 |
Operating lease obligations, 1-3 years | 610 |
Operating lease obligations, 4-5 years | 0 |
Operating lease obligations, more than 5 years | 0 |
Employment contracts, Total | 2,125,000 |
Employment contracts, Less than one year | 500,000 |
Employment contracts, 1-3 years | 1,500,000 |
Employment contracts, 4-5 years | 125,000 |
Employment contracts, More than 5 years | 0 |
Total | 2,136,491 |
Total, Less than one year | 510,881 |
Total, 1-3 years | 1,500,610 |
Total, 4-5 years | 125,000 |
Total, More than 5 years | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Feb. 04, 2020 USD ($) | Dec. 31, 2019 USD ($) | Feb. 28, 2017 USD ($) | Sep. 30, 2022 USD ($) Lease | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Lease | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 23,312 | $ 38,853 | $ 69,936 | $ 66,055 | ||||
Base rent for term of lease | 11,491 | 11,491 | ||||||
Operating Leases, Rent Expense, Net | $ 52,579 | 14,841 | $ 180,746 | 198,161 | ||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | ||||||
Sub Lease Commencement Date | Apr. 01, 2022 | |||||||
Number of lease | Lease | 9 | 9 | ||||||
SRI Office Lease | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 8,190 | 4,550 | $ 18,200 | 11,270 | ||||
ABCI Office Lease | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | 8,400 | $ 8,400 | 25,200 | $ 25,200 | ||||
Operating Lease Monthly Payment | $ 2,800 | $ 2,800 | ||||||
Storage Space in Stockton, California [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease Monthly Payment | $ 1,000 | |||||||
Operating lease termination notice period | 30 days | |||||||
Warehouse Space in Corona, California [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease Monthly Payment | $ 13,108 | |||||||
Operating lease, contract term | 36 months | |||||||
Lease expiration date | Dec. 31, 2022 | |||||||
Base rent for term of lease | $ 495,720 | |||||||
Lease Commencement Date | Jan. 01, 2020 | |||||||
Warehouse Space in Corona, California [Member] | Forecast | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating lease monthly payment escalated | $ 13,906 | |||||||
Warehouse Space in Corona, California [Member] | Fire Sprinkler Alarm Monitoring and Landscape Maintenance [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease Monthly Payment | $ 265 | |||||||
Corporate Office in Corona, California [Member] | Masters Transportation, Inc. [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Lease Monthly Payment | $ 6,000 | |||||||
Lease agreement effective date | Feb. 01, 2020 | |||||||
Operating lease monthly payment, escalated amount | $ 6,365 | |||||||
Toledo Jet Center [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating lease, contract term | 1 year | 1 year | ||||||
Toledo Jet Center [Member] | FLORIDA | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Lease Commencement Date | Feb. 15, 2022 | |||||||
Toledo Jet Center [Member] | Office Space [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Operating Leases, Rent Expense | $ 4,815 | $ 12,038 | ||||||
Equipment Leases [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Number of lease | Lease | 5 | 5 |
Leases - Information Regarding
Leases - Information Regarding Leases (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Lease expenses | ||
Operating lease expenses | $ 56,101 | $ 122,001 |
Short-term lease expenses | 124,645 | 76,160 |
Total lease cost | 180,746 | 198,161 |
Operating cash flows | $ 56,890 | $ 163,707 |
Operating leases | 7 months 13 days | 1 year 3 months 10 days |
Operating leases | 14% | 14% |