Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001563568 | |
Entity Registrant Name | Envirotech Vehicles, Inc. | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38078 | |
Entity Incorporation, State or Country Code | DE | |
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 | 951 | |
Local Phone Number | 407-9860 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Trading Symbol | EVTV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 299,929,841 | |
Amendment Description | This Amendment is being filed to reflect the restatement of the Company’s consolidated financial statements, as discussed in Note 13 thereto, and other information related to such restated financial information. Except for Items 1 and 2 of Part I and Item 6 of Part II, no other information is amended by this Form 10-Q/A. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | [1] | Dec. 31, 2021 |
ASSETS | |||
Cash and cash equivalents | $ 4,040,542 | $ 4,846,490 | |
Restricted cash | 60,063 | 60,035 | |
Marketable securities | 4,998,500 | 8,002,700 | |
Accounts receivable | 1,517,382 | 1,428,030 | |
Inventory, net | 7,286,306 | 3,850,541 | |
Inventory deposits | 3,470,965 | 4,503,079 | |
Prepaid expenses | 207,395 | 332,514 | |
Total current assets | 21,581,153 | 23,023,389 | |
Property and equipment, net | 265,955 | 272,113 | |
Goodwill | 51,775,667 | 51,775,667 | |
Other non-current assets | 75,869 | 236,639 | |
Total assets | 73,698,644 | 75,307,808 | |
Current liabilities: | |||
Accounts payable | 170,524 | 238,464 | |
Accrued liabilities | 753,756 | 1,280,020 | |
Notes Payable, Current | 31,788 | 31,788 | |
Total current liabilities | 956,068 | 1,550,272 | |
Long-term liabilities | |||
Other non-current liabilities | 0 | 2,427 | |
Notes payable, net | 5,298 | 13,245 | |
Total liabilities | 961,366 | 1,565,944 | |
Stockholders’ equity (deficit): | |||
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of March 31, 2022, and December 31, 2021 | 0 | 0 | |
Common stock, 350,000,000 authorized, $0.00001 par value per share, 299,929,841 and 298,160,160 issued and outstanding as of March 31, 2022, and December 31, 2021, respectively | 2,999 | 2,981 | |
Additional paid-in capital | 83,795,501 | 81,863,243 | |
Accumulated deficit | (11,061,222) | (8,124,360) | |
Total stockholders’ equity | 72,737,278 | 73,741,864 | |
Total liabilities and stockholders’ equity | $ 73,698,644 | $ 75,307,808 | |
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | [1] | Dec. 31, 2021 |
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 Outstanding (in shares) | 0 | 0 | |
Preferred stock, shares issued (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) | 299,929,841 | 298,160,160 | |
Common stock, shares outstanding (in shares) | 299,929,841 | 298,160,160 | |
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | [1] | Mar. 31, 2021 | |
Sales | $ 89,900 | $ 470,793 | |
Cost of sales | 76,427 | 313,434 | |
Gross profit | 13,473 | 157,359 | |
Operating expenses: | |||
General and administrative | 2,882,848 | 585,903 | |
Consulting | 70,800 | 10,250 | |
Total operating expenses, net | 2,953,648 | 596,153 | |
Loss from operations | (2,940,175) | (438,794) | |
Other income (expense): | |||
Interest income (expense), net | 12,272 | (922) | |
Other expense | (8,959) | (494) | |
Total other income (expense) | 3,313 | (1,416) | |
Loss before income taxes | (2,936,862) | (440,210) | |
Income tax expense | 0 | (218,300) | |
Net loss | $ (2,936,862) | $ (658,510) | |
Net loss per share to common stockholders: | |||
Basic and diluted (in dollars per share) | $ (0.01) | $ (0.01) | |
Weighted shares used in the computation of net loss per share: | |||
Basic and diluted (in shares) | 298,537,193 | 45,374,856 | |
[1]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13. |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance, December 31, 2021 (in shares) at Dec. 31, 2020 | 1 | ||||
Balance, December 31, 2021 at Dec. 31, 2020 | $ 100 | $ 0 | $ (472,260) | $ (472,160) | |
Common stock issued for cash (in shares) | 142,558,000 | ||||
Common stock issued for cash | $ 1,425 | 6,413,785 | 0 | 6,415,210 | |
Net loss | $ 0 | 0 | (658,510) | (658,510) | |
Common stock retained in merger (in shares) | 112,675,558 | ||||
Common stock retained in merger | $ 1,027 | 53,508,495 | 0 | 53,509,522 | |
Offering costs netted against proceeds common stock | $ 0 | (156,443) | 0 | (156,443) | |
Balance, March 31, 2022 (in shares) at Mar. 31, 2021 | 255,233,559 | ||||
Balance, March 31, 2022 at Mar. 31, 2021 | $ 2,552 | 59,765,837 | (1,130,770) | 58,637,619 | |
Balance, December 31, 2021 (in shares) at Dec. 31, 2021 | 298,160,160 | ||||
Balance, December 31, 2021 at Dec. 31, 2021 | $ 2,981 | 81,863,243 | (8,124,360) | 73,741,864 | |
Common stock issued for cash (in shares) | 1,000,000 | ||||
Common stock issued for cash | $ 10 | 119,990 | 0 | 120,000 | |
Common stock issued for lawsuit settlement (in shares) | 769,681 | ||||
Common stock issued for lawsuit settlement | $ 8 | 197,423 | 0 | 197,431 | |
Stock based compensation | 0 | 1,614,845 | 0 | 1,614,845 | |
Net loss | $ 0 | 0 | (2,936,862) | (2,936,862) | [1] |
Balance, March 31, 2022 (in shares) at Mar. 31, 2022 | 299,929,841 | ||||
Balance, March 31, 2022 at Mar. 31, 2022 | $ 2,999 | $ 83,795,501 | $ (11,061,222) | $ 72,737,278 | [2] |
[1]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13.[2]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | [1] | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (2,936,862) | $ (658,510) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 18,659 | 7,996 | |
Unrealized loss on marketable securities | 4,137 | 0 | |
Stock based compensation expense | 1,614,845 | 0 | |
Changes in assets and liabilities: | |||
Accounts receivable | (89,352) | (151,824) | |
Inventory | (3,435,765) | (331,361) | |
Inventory deposits | 1,032,114 | 0 | |
Prepaid expenses | 125,119 | 38,705 | |
Other non-current assets | 160,770 | 244,487 | |
Accounts payable | (67,940) | (416,461) | |
Accrued liabilities | (331,259) | (1,530,046) | |
Other non-current liabilities | 0 | (98,866) | |
Net cash (used in) operating activities | (3,905,534) | (2,895,880) | |
Cash flows from investing activities: | |||
Purchase of property and equipment, net | (12,502) | 0 | |
Investment in marketable securities | (999,937) | 0 | |
Sale of marketable securities | 4,000,000 | 0 | |
Cash acquired in merger | 0 | 3,373,332 | |
Net cash provided by investing activities | 2,987,561 | 3,373,332 | |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 120,000 | 6,415,110 | |
Payments for deferred offering costs | 0 | (156,443) | |
Principal advances from (repayments on) debt | (7,947) | (152,835) | |
Net cash provided by financing activities | 112,053 | 6,105,832 | |
Net change in cash, and restricted cash | (805,920) | 6,583,284 | |
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 | 4,100,605 | 8,513,416 | |
Supplemental cash flow disclosures: | |||
Cash paid for interest expense | 0 | 0 | |
Cash paid for income taxes | 0 | 0 | |
Non-cash common stock lawsuit settlement | $ 197,431 | $ 0 | |
[1]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13. |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization and Operations Envirotech Vehicles, Inc. (“we”, “us”, “our” or the “Company”) is a provider of purpose-built zero On March 15, 2021, zero February 16, 2021 ( 3. The Company was formerly known as ADOMANI, Inc. On May 26, 2021, May 26, 2021. On February 22, 2022, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation 3 March 31, 2022, March 31, 2022, three December 31, 2021 three March 31, 2021 March 16, 2021 March 31, 2021. December 31, 2021 2020 10 April 26 , 2022. March 31, 2022 not Principles of Consolidation Use of Estimates Fair Value of Financial Instruments No. 820, three Level 1: Level 2: Level 3: no The Company does not Revenue Recognition zero 606, March 31, 2022, five three March 31, 2022, one In applying ASC Topic 606, ( 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 includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation and revenue is recognized when the vehicle is delivered, and the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt of the vehicle. At this time, the title of the vehicle is transferred to the customer. 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 one first 606 not Cash and Cash Equivalents three March 31, 2022 December 31, 2021, Marketable Securities not March 31, 2022, March 31, 2022, December 31, 2021 Accounts Receivable and Allowance for Doubtful Accounts not March 31, 2022 December 31, 2021, may two six not March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021. March 31, 2022, five three March 31, 2022, one Inventory and Inventory Valuation Allowance— not March 31, 2022 three not March 31, 2022, March 31, 2022. December 31, 2021. Inventory Deposits— March 31, 2022 December 31, 2021, two March 31, 2022; one two three March 31, 2022. Income Taxes Accounting for Uncertainty in Income Taxes March 31, 2022 December 31, 2021, not Net 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. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares of common stock adjusted for any potentially dilutive debt or equity securities. As of March 31, 2022, Concentration of Credit Risk $250,000 may During the three March 31, 2022, Impairment of Long-Lived Assets may not March 31, 2022 December 31, 2021, Goodwill not not first not not not one March 31, 2022 December 31, 2021 not Research and Development December 31, 2021. three March 31, 2022. Stock-Based Compensation 718, January 7, 2022 77, 471 January 31, 2022 ( 7 three March 31, 2022. Property and Equipment three five $2,000. Leases 842. Recent Accounting Pronouncements not not |
Note 3 - Merger
Note 3 - Merger | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 3. Merger On March 15, 2021, zero one 805 March 16, 2021 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 2 At December 31, 2020, two one December 31, 2020. December 31, 2021. EVTDS entered into an exclusive 50-year distribution agreement as of October 4, 2017 may not 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. March 15, 2021 7 none The unaudited consolidated statement of operations for the three March 31, 2021 March 15, 2021, no not 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. not three March 31, 2021 January 1, 2021, not For the three months ended Pro forma combined results of operations March 31, 2021 Sales $ 168,204 Net loss $ (3,302,434 ) For purposes of the pro forma disclosures above, the adjustments for the three March 31, 2021, January 1, 2021 March 15, 2021 three March 31, 2021 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and Equipment, Net Components of property and equipment, net, consist of the following as of March 31, 2022 December 31, 2021: March 31, December 31, 2022 2021 Furniture and fixtures $ 54,300 $ 41,799 Leasehold improvements 28,112 28,112 Machinery & equipment 86,266 86,266 Vehicles 252,724 252,724 Test/Demo vehicles 15,784 15,784 Total property and equipment 437,186 424,685 Less accumulated depreciation (171,231 ) (152,572 ) Net property and equipment $ 265,955 $ 272,113 Depreciation expense was $18,659 and $7,996, respectively, for the three March 31, 2022, March 31, 2021. |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt On June 15, 2021, twenty-four July 2021, March 31, 2022, Effective May 2, 2018, 30 no may may not March 31, 2022, $8.1 million; there was no principal amount outstanding at that date. The line of credit and related interest expense was repaid in full on February 3, 2020. no |
Note 6 - Stock Warrants
Note 6 - Stock Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Warrants [Text Block] | 6. Stock Warrants As a result of the Merger closing (see Note 3 March 15, 2021, second 10 April 26, 2022, March 31, 2022. March 31, 2022 Number of Exercise Remaining Shares Price Contractual Life (years) Outstanding warrants expiring June 9, 2022 199,659 $ 6.00 0.21 Outstanding warrants expiring June 9, 2022 350,000 $ 5.00 0.21 Outstanding warrants expiring January 9, 2023 256,667 $ 3.75 0.78 Outstanding warrants expiring January 28, 2025 8,625,001 $ 0.50 3.75 Outstanding warrants expiring May 7, 2026 19,166,667 $ 1.00 3.46 Outstanding warrants on December 31, 2021 28,597,994 $ 0.96 4.10 Outstanding warrants on March 31, 2022 28,597,994 $ 0.96 3.89 The Warrants issued as part of the Purchase Agreement related to the Financing contain a call provision whereby the Company, after the 13 four 20 may not ten may As of March 31, 2022, |
Note 7 - Stock Options
Note 7 - Stock Options | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. Stock Options As a result of the Merger closing (see Notes 2 3 March 15, 2021 March 31, 2022 Weighted Average Remaining Number of Exercise Contractual Life Shares Price (years) Outstanding at December 31, 2021 6,770,000 $ 0.29 6.98 Options granted during 3 months ended March 31, 2022: Options Granted at $0.10 Exercise Price 5,000,000 $ 0.10 Options Granted at $0.12 Exercise Price 1,817,855 $ 0.12 Options Granted at $0.181 Exercise Price 55,249 $ 0.181 Options Granted at $0.45 Exercise Price 22,222 $ 0.45 Exercised (1,000,000 ) $ 0.12 Cancelled / Forfeited at $0.45 Exercise Price (500,000 ) $ 0.45 Subtotal, as follows: 12,165,326 Outstanding Options at $0.10 Exercise Price 5,000,000 $ 0.10 9.80 Outstanding Options at $0.12 Exercise Price 1,817,855 $ 0.12 9.80 Outstanding Options at $0.181 Exercise Price 55,249 $ 0.181 4.84 Outstanding Options at $0.45 Exercise Price 5,157,222 $ 0.45 8.71 Outstanding Options at $1.31 Exercise Price 135,000 $ 1.31 6.05 Outstanding at March 31, 2022 12,165,326 $ 0.27 9.27 On January 7, 2022, tenth On January 7, 2022, tenth On January 31, 2022, 1/60th five tenth On March 15, 2022, March 15, 2022, not March 15, 2022. As of March 31, 2022, |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 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 operations of the Company, including the issuing of invoices to customers and making payments on behalf of the Company with respect to month-to-month leases of facilities, vehicles and trailers under separate agreements between the Company and SRI, including the SRI Equipment Leases and the SRI Office Leases further described in the following paragraphs in this Note 8, 9 11. three 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 January 1, 2020 December 1, 2019, EVTDS has entered into a cancelable month-to-month lease with SRI (the “SRI Office Lease”), pursuant to which EVTDS has leased office and warehouse space in the Porterville, California area for a term that commenced on January 1, 2020. 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, 9 11. In connection with the closing of the Merger in March, 2021, two three June 30, 2021. Prior to the closing of the Merger, Mr. Oldridge had permitted the two no March 2021 second March 31, 2022. |
Note 9 - Commitments
Note 9 - Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 9. Commitments Operating Leases The Company has entered into the SRI Equipment Leases (see Note 8 three March 31, 2022 three March 31, 2021. The Company has entered into the SRI Office Lease (see Note 8 three March 31, 2022 three March 31, 2021. The Company has entered into the ABCI Office Lease (see Note 8 three March 31, 2022 March 31, 2021, The Company has entered into the Toledo Jet Center Lease for office space in the Ft. Lauderdale Florida area commencing February 15, 2022. The lease has a one one three March 31, 2022 In February 2017, 30 In December 2019, November 2020 36 January 1, 2020, December 31, 2022. March 31. 2022, April 1, 2022 On February 4, 2020, January 1, 2020 ( February 1, 2020, December 31, 2022. April 1, 2022 12. The Company’s total net rent expense for the three March 31, 2022 2021 11 12. Other Agreements On December 31, 2021, March 1, 2021, five one twelve January 1, 2022, one The following table summarizes the Company’s future minimum payments under contractual commitments, excluding debt, as of March 31, 2022: Payments due by period More Less than 4 5 than 5 Total one year 1 - 3 years years years Operating lease obligations $ 19,292 $ 16,853 $ 2,439 $ — $ — Employment contracts 2,375,000 500,000 1,500,000 375,000 — Total $ 2,394,292 $ 516,853 $ 1,502,439 $ 375,000 $ — |
Note 10 - Contingencies
Note 10 - Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 10. Contingencies Except as set forth below, we know of no no On December 17, 2019, No. 1914285, February 2, 2020, On or about July 18, 2021, No. S207532. 42 not On February 8, 2022, No. 5:22 00252 The Company has been served and its response to the Complaint is due May 10, 2022. On August 23, 2018, No. 1817493, two June 2017. June 2017 12 2 15 first second third fourth October 27, 2020, fourth November 5, 2019, 1 December 10, 2019, January 14, 2020, January 15, 2020, 145 February 18, 2020, On March 2, 2021, March 17, 2021, June 2, 2021, September 28, 2021; October 28, 2021; November 29, 2021; December 13, 2021 July 13, 2021, August 23, 2021, August 23, 2021, not October 28, 2021, December 10, 2021, January 20, 2022, March 28, 2022, June 16, 2022. On January 20, 2022, April 8, 2022, fifty thousand one hundred twenty five thousand no On June 19, 2019, No. 1 349153 two June 2017, September 20, 2019, first five 25401, November 12, 2019, August 10, 2021, two January 14, 2022, March 7, 2022, April 5, 2022, no On February 3, 2020, April 13, 2020, No. 20ST 14275, January 14, 2021, March 15, 2022. |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. Leases As of March 31, 2022, nine five 9 2, 842. one March 31, 2022, six 842, During the year ended December 31, 2020, 10 842, March 15, 2021, March 31, 2022, April 1, 2022 9 12. Quantitative information regarding the Company’s leases is as follows: Three Months Ended March 31, 2022 2021 Lease expenses Operating lease expenses $ 44,641 $ 11,415 Short-term lease expenses $ 28,408 $ 57,846 Total lease cost $ 73,049 $ 69,261 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 45,430 $ 28,673 Weighted-average remaining lease term (in years): Operating leases 1.02 2.04 Weighted-average discount rate: Operating leases 14 % 14 % |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Event The Company evaluates subsequent events through September 22, 2023, Beginning April 1, 2022 9 11 December 31, 2022. April 1, 2022. On August 5, 2022 April 8, 2022 fifty thousand 10 Effective August 4, 2022, no may may not In March 2023, two two July 1, 2023 ( September 1, 2023. two first second may |
Note 13 - Restatement
Note 13 - Restatement | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 13. Restatement During the preparation of its Form 10 December 31, 2022, three March 31, 2022, June 30, 2022 September 30, 2022. not 606, Revenue from Contracts with Customers The Company has restated its Consolidated Balance Sheet as of March 31, 2022, three March 31, 2022 The following table summarizes the effects of the restatement as of and for the three March 31, 2022. no As Previously Reported As Restated Consolidated Balance Sheet Information: Accounts receivable $ 2,535,982 $ 1,517,382 Inventory, net 6,736,161 7,286,306 Total current assets 21,990,618 21,581,153 Total assets 74,108,109 73,698,644 Accumulated deficit (10,651,757 ) (11,061,222 ) Total stockholders’ equity 73,146,743 72,737,278 Total liabilities and stockholders’ equity 74,108,109 73,698,644 Consolidated Statement of Operations Information: Sales $ 1,108,500 $ 89,900 Cost of sales 691,562 76,427 Gross profit 416,938 13,473 Loss from operations (2,530,710 ) (2,940,175 ) Loss before income taxes (2,527,397 ) (2,936,862 ) Net loss (2,527,397 ) (2,936,862 ) Net loss per share – basic and diluted (0.01 ) (0.01 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 3 March 31, 2022, March 31, 2022, three December 31, 2021 three March 31, 2021 March 16, 2021 March 31, 2021. December 31, 2021 2020 10 April 26 , 2022. March 31, 2022 not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments No. 820, three Level 1: Level 2: Level 3: no The Company does not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition zero 606, March 31, 2022, five three March 31, 2022, one In applying ASC Topic 606, ( 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 includes the sale of electric trucks and cargo vans. These sales represent a single performance obligation and revenue is recognized when the vehicle is delivered, and the customer has accepted the vehicle and signed the appropriate documentation acknowledging receipt of the vehicle. At this time, the title of the vehicle is transferred to the customer. 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 one first 606 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three March 31, 2022 December 31, 2021, |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities not March 31, 2022, March 31, 2022, December 31, 2021 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts not March 31, 2022 December 31, 2021, may two six not March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021. March 31, 2022, five three March 31, 2022, one |
Inventory, Policy [Policy Text Block] | Inventory and Inventory Valuation Allowance— not March 31, 2022 three not March 31, 2022, March 31, 2022. December 31, 2021. |
Inventory Deposits [Policy Text Block] | Inventory Deposits— March 31, 2022 December 31, 2021, two March 31, 2022; one two three March 31, 2022. |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Income Tax Uncertainties, Policy [Policy Text Block] | Accounting for Uncertainty in Income Taxes March 31, 2022 December 31, 2021, not |
Earnings Per Share, Policy [Policy Text Block] | Net 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. The diluted weighted average number of shares of common stock outstanding is the basic weighted number of shares of common stock adjusted for any potentially dilutive debt or equity securities. As of March 31, 2022, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk $250,000 may During the three March 31, 2022, |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not March 31, 2022 December 31, 2021, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not not first not not not one March 31, 2022 December 31, 2021 not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development December 31, 2021. three March 31, 2022. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718, January 7, 2022 77, 471 January 31, 2022 ( 7 three March 31, 2022. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three five $2,000. |
Lessee, Leases [Policy Text Block] | Leases 842. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements not not |
Note 3 - Merger (Tables)
Note 3 - Merger (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the three months ended Pro forma combined results of operations March 31, 2021 Sales $ 168,204 Net loss $ (3,302,434 ) |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Furniture and fixtures $ 54,300 $ 41,799 Leasehold improvements 28,112 28,112 Machinery & equipment 86,266 86,266 Vehicles 252,724 252,724 Test/Demo vehicles 15,784 15,784 Total property and equipment 437,186 424,685 Less accumulated depreciation (171,231 ) (152,572 ) Net property and equipment $ 265,955 $ 272,113 |
Note 6 - Stock Warrants (Tables
Note 6 - Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Exercise Remaining Shares Price Contractual Life (years) Outstanding warrants expiring June 9, 2022 199,659 $ 6.00 0.21 Outstanding warrants expiring June 9, 2022 350,000 $ 5.00 0.21 Outstanding warrants expiring January 9, 2023 256,667 $ 3.75 0.78 Outstanding warrants expiring January 28, 2025 8,625,001 $ 0.50 3.75 Outstanding warrants expiring May 7, 2026 19,166,667 $ 1.00 3.46 Outstanding warrants on December 31, 2021 28,597,994 $ 0.96 4.10 Outstanding warrants on March 31, 2022 28,597,994 $ 0.96 3.89 |
Note 7 - Stock Options (Tables)
Note 7 - Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Weighted Average Remaining Number of Exercise Contractual Life Shares Price (years) Outstanding at December 31, 2021 6,770,000 $ 0.29 6.98 Options granted during 3 months ended March 31, 2022: Options Granted at $0.10 Exercise Price 5,000,000 $ 0.10 Options Granted at $0.12 Exercise Price 1,817,855 $ 0.12 Options Granted at $0.181 Exercise Price 55,249 $ 0.181 Options Granted at $0.45 Exercise Price 22,222 $ 0.45 Exercised (1,000,000 ) $ 0.12 Cancelled / Forfeited at $0.45 Exercise Price (500,000 ) $ 0.45 Subtotal, as follows: 12,165,326 Outstanding Options at $0.10 Exercise Price 5,000,000 $ 0.10 9.80 Outstanding Options at $0.12 Exercise Price 1,817,855 $ 0.12 9.80 Outstanding Options at $0.181 Exercise Price 55,249 $ 0.181 4.84 Outstanding Options at $0.45 Exercise Price 5,157,222 $ 0.45 8.71 Outstanding Options at $1.31 Exercise Price 135,000 $ 1.31 6.05 Outstanding at March 31, 2022 12,165,326 $ 0.27 9.27 |
Note 9 - Commitments (Tables)
Note 9 - Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Payments due by period More Less than 4 5 than 5 Total one year 1 - 3 years years years Operating lease obligations $ 19,292 $ 16,853 $ 2,439 $ — $ — Employment contracts 2,375,000 500,000 1,500,000 375,000 — Total $ 2,394,292 $ 516,853 $ 1,502,439 $ 375,000 $ — |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 Lease expenses Operating lease expenses $ 44,641 $ 11,415 Short-term lease expenses $ 28,408 $ 57,846 Total lease cost $ 73,049 $ 69,261 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 45,430 $ 28,673 Weighted-average remaining lease term (in years): Operating leases 1.02 2.04 Weighted-average discount rate: Operating leases 14 % 14 % |
Note 13 - Restatement (Tables)
Note 13 - Restatement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As Previously Reported As Restated Consolidated Balance Sheet Information: Accounts receivable $ 2,535,982 $ 1,517,382 Inventory, net 6,736,161 7,286,306 Total current assets 21,990,618 21,581,153 Total assets 74,108,109 73,698,644 Accumulated deficit (10,651,757 ) (11,061,222 ) Total stockholders’ equity 73,146,743 72,737,278 Total liabilities and stockholders’ equity 74,108,109 73,698,644 Consolidated Statement of Operations Information: Sales $ 1,108,500 $ 89,900 Cost of sales 691,562 76,427 Gross profit 416,938 13,473 Loss from operations (2,530,710 ) (2,940,175 ) Loss before income taxes (2,527,397 ) (2,936,862 ) Net loss (2,527,397 ) (2,936,862 ) Net loss per share – basic and diluted (0.01 ) (0.01 ) |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) | Feb. 22, 2022 ft² |
Facility in Osceola, Arkansas [Member] | |
Area of Real Estate Property (Square Foot) | 580,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 shares | Jan. 07, 2022 shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Mar. 15, 2021 shares | ||
Restricted Cash and Cash Equivalents | $ 60,063 | $ 60,035 | ||||
Marketable Securities | 4,998,500 | 8,002,700 | ||||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,517,382 | 1,428,030 | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | ||||
Inventory, Finished Goods, Gross | 3,862,970 | |||||
Inventory Valuation Reserves | 12,429 | |||||
Inventory, Net | 7,286,306 | [1] | 3,850,541 | |||
Inventory Deposits | 3,470,965 | [1] | 4,503,079 | |||
Unrecognized Tax Benefits | $ 0 | $ 0 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | shares | 12,165,326 | 6,770,000 | ||||
Class of Warrant or Right, Outstanding (in shares) | shares | 28,597,994 | 28,597,994 | 10,681,327 | |||
Maximum Insured Funds, FDIC and SPIC | $ 750,000 | |||||
Maximum Cash Insured | 500,000 | |||||
Extra Insurance from SPIC, Maximum Cash | 1,900,000 | |||||
Extra Insurance by SPIC, Cap, Unlimited Per Customer Securities | 1,000,000,000 | |||||
Restricted Cash, Current | 60,063 | [1] | $ 60,035 | |||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | 0 | ||||
Number of Reporting Units | 1 | |||||
Goodwill | $ 51,775,667 | [1] | 51,775,667 | |||
Research and Development Expense | $ 0 | 58,139 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares | 77,471 | 6,817,855 | 1,000,000 | |||
Share-Based Payment Arrangement, Expense | $ 1,614,845 | |||||
Adomani Inc [Member] | ||||||
Goodwill | 51,775,667 | $ 51,775,667 | ||||
Three Vehicles [Member] | ||||||
Inventory, Finished Goods, Gross | 7,298,735 | |||||
Inventory Valuation Reserves | 12,429 | |||||
Inventory, Net | $ 7,286,306 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Held-to-maturity Marketable Securities [Member] | Minimum [Member] | ||||||
Investment, Maturity Period (Day) | 122 days | |||||
Investment, Remaining Maturity Period (Day) | 14 days | |||||
Held-to-maturity Marketable Securities [Member] | Maximum [Member] | ||||||
Investment, Maturity Period (Day) | 364 days | |||||
Investment, Remaining Maturity Period (Day) | 77 days | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Number of Major Customers | 5 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member] | ||||||
Concentration Risk, Percentage | 82% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||
Number of Major Customers | 1 | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 100% | |||||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | ||||||
Number of Vendors [Member] | 2 | |||||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | Two Vendors [Member] | ||||||
Concentration Risk, Percentage | 95% | |||||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | ||||||
Number of Vendors [Member] | 1 | |||||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | One Vendor [Member] | ||||||
Concentration Risk, Percentage | 98% | |||||
Fair Value, Recurring [Member] | ||||||
Assets, Fair Value Disclosure | $ 0 | |||||
Liabilities, Fair Value Disclosure | $ 0 | |||||
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Note 3 - Merger (Details Textua
Note 3 - Merger (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | ||||||
Mar. 15, 2021 | Oct. 04, 2017 | Mar. 14, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Proceeds from Issuance of Common Stock | $ 120,000 | [1] | $ 6,415,110 | |||||
Common Stock, Shares, Outstanding (in shares) | 299,929,841 | [2] | 298,160,160 | |||||
Assets | $ 73,698,644 | [2] | $ 75,307,808 | |||||
Goodwill | $ 51,775,667 | [2] | 51,775,667 | |||||
EVTDS [Member] | ||||||||
Restricted Cash | $ 0 | $ 1,793,910 | ||||||
Proceeds from Issuance of Common Stock | $ 6,415,110 | |||||||
Cash | $ 5,000,000 | |||||||
EVTDS [Member] | EVT Canada [Member] | ||||||||
Distribution Agreement, Term (Year) | 50 years | |||||||
Adomani Inc [Member] | ||||||||
Common Stock, Value, Outstanding | $ 53,509,622 | |||||||
Common Stock, Shares, Outstanding (in shares) | 112,675,558 | |||||||
Share Price (in dollars per share) | $ 0.4749 | |||||||
Assets | $ 55,738,379 | |||||||
Adomani Inc [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 142,558,001 | |||||||
Business Combination, Equity Interest Issued, Percentage of Outstanding Stock | 56% | |||||||
Business Combination, Stock Options Assumed | $ 2,228,757 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 5,570,628 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,607,916 | |||||||
Goodwill | 51,775,667 | |||||||
Business Combination, Acquisition Related Costs | 415,472 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 151,793 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (144,015) | |||||||
Business Acquisition, Pro Forma Revenue | 168,204 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | (3,302,434) | |||||||
Adomani Inc [Member] | Sale of Vehicles [Member] | ||||||||
Business Acquisition, Pro Forma Revenue | 319,000 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | (91,800) | |||||||
Adomani Inc [Member] | Fully Amortize Stock-based Compensation Expense [Member] | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (1,826,623) | |||||||
Adomani Inc [Member] | Fair Value Adjustment [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 26,400 | |||||||
[1]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13.[2]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Note 3 - Merger - Purchase Pric
Note 3 - Merger - Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 31, 2022 | [1] | Dec. 31, 2021 | Mar. 15, 2021 |
Goodwill | $ 51,775,667 | $ 51,775,667 | ||
Adomani Inc [Member] | ||||
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 | |||
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Note 3 - Merger - Pro Forma Inf
Note 3 - Merger - Pro Forma Information (Details) - Adomani Inc [Member] | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Sales | $ 168,204 |
Net loss | $ (3,302,434) |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation | $ 18,659 | $ 7,996 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Components of Property and equipment, Net (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Total property and equipment | $ 437,186 | $ 424,685 | |
Less accumulated depreciation | (171,231) | (152,572) | |
Net property and equipment | 265,955 | [1] | 272,113 |
Furniture and Fixtures [Member] | |||
Total property and equipment | 54,300 | 41,799 | |
Leasehold Improvements [Member] | |||
Total property and equipment | 28,112 | 28,112 | |
Machinery and Equipment [Member] | |||
Total property and equipment | 86,266 | 86,266 | |
Vehicles [Member] | |||
Total property and equipment | 252,724 | 252,724 | |
Test/Demo Vehicles [Member] | |||
Total property and equipment | $ 15,784 | $ 15,784 | |
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Jun. 15, 2021 | May 02, 2018 | Mar. 31, 2022 | Dec. 31, 2021 | |
Notes Payable, Current | $ 31,788 | [1] | $ 31,788 | ||
Notes Payable, Noncurrent | 5,298 | [1] | $ 13,245 | ||
Line of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Cash, Cash Equivalents, and Marketable Securities | 95% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,100,000 | ||||
Long-Term Line of Credit | 0 | ||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||
Equipment Financing Agreement [Member] | |||||
Debt Instrument, Face Amount | $ 63,576 | ||||
Debt Instrument, Term (Month) | 24 months | ||||
Debt Instrument, Periodic Payment | $ 2,648.99 | ||||
Notes Payable, Current | 31,788 | ||||
Notes Payable, Noncurrent | $ 5,298 | ||||
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13. |
Note 6 - Stock Warrants (Detail
Note 6 - Stock Warrants (Details Textual) - USD ($) $ in Thousands | Apr. 26, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 15, 2021 |
Class of Warrant or Right, Outstanding (in shares) | 28,597,994 | 28,597,994 | 10,681,327 | |
Class Of Warrant Or Right, Exercisable (in shares) | 2,056,326 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 19,166,667 | |||
Class of Warrant or Right, Intrinsic Value | $ 0 |
Note 6 - Stock Warrants - Summa
Note 6 - Stock Warrants - Summary of Warrants (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 15, 2021 | |
Number of shares (in shares) | 28,597,994 | 28,597,994 | 10,681,327 |
Exercise price (in dollars per share) | $ 0.96 | $ 0.96 | |
Remaining contractual life (Year) | 3 years 10 months 20 days | 4 years 1 month 6 days | |
Warrant One [Member] | |||
Number of shares (in shares) | 199,659 | ||
Exercise price (in dollars per share) | $ 6 | ||
Remaining contractual life (Year) | 2 months 15 days | ||
Warrant Two [Member] | |||
Number of shares (in shares) | 350,000 | ||
Exercise price (in dollars per share) | $ 5 | ||
Remaining contractual life (Year) | 2 months 15 days | ||
Warrant Three [Member] | |||
Number of shares (in shares) | 256,667 | ||
Exercise price (in dollars per share) | $ 3.75 | ||
Remaining contractual life (Year) | 9 months 10 days | ||
Warrant Four [Member] | |||
Number of shares (in shares) | 8,625,001 | ||
Exercise price (in dollars per share) | $ 0.50 | ||
Remaining contractual life (Year) | 3 years 9 months | ||
Warrant Five [Member] | |||
Number of shares (in shares) | 19,166,667 | ||
Exercise price (in dollars per share) | $ 1 | ||
Remaining contractual life (Year) | 3 years 5 months 15 days |
Note 7 - Stock Options (Details
Note 7 - Stock Options (Details Textual) - USD ($) | 3 Months Ended | ||||
Mar. 15, 2022 | Jan. 31, 2022 | Jan. 07, 2022 | Mar. 31, 2022 | Mar. 15, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 12,992,857 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 77,471 | 6,817,855 | 1,000,000 | ||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.12 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,491,870 | ||||
Option at 0.10 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 5,000,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.10 | ||||
Option at 0.12 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,817,855 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.12 | ||||
Option at0.181 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 55,249 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.181 | ||||
Option at 0.45 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 22,222 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.45 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 500,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.45 | ||||
Chief Executive Officer [Member] | Option at 0.10 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 3,000,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.10 | ||||
Chief Executive Officer [Member] | Option at 0.12 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,000,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.12 | ||||
Chief Executive Officer [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Executive Vice President [Member] | Option at 0.10 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,000,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.10 | ||||
Executive Vice President [Member] | Option at 0.12 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 817,855 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.12 | ||||
Executive Vice President [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||
Chief Financial Officer [Member] | Share-Based Payment Arrangement, Option [Member] | Vesting Monthly [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 1.67% | ||||
Chief Financial Officer [Member] | Option at0.181 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 55,249 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.181 | ||||
Chief Financial Officer [Member] | Option at 0.45 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 22,222 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.45 | ||||
Former President and CEO [Member] | Option at 0.12 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 1,000,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.12 | ||||
Proceeds from Stock Options Exercised | $ 120,000 | ||||
Former President and CEO [Member] | Option at 0.45 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 500,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.45 |
Note 7 - Stock Options - Stock
Note 7 - Stock Options - Stock Options Outstanding (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 07, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 6,770,000 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.29 | |||
Outstanding, weighted average remaining contractual term (Year) | 9 years 3 months 7 days | 6 years 11 months 23 days | ||
Exercised (in shares) | (77,471) | (6,817,855) | (1,000,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0.12 | |||
Outstanding (in shares) | 12,165,326 | 6,770,000 | ||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.29 | ||
Option at 0.10 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 9 years 9 months 18 days | |||
Options Granted (in shares) | 5,000,000 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 0.10 | |||
Outstanding (in shares) | 5,000,000 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.10 | |||
Option at 0.12 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 9 years 9 months 18 days | |||
Options Granted (in shares) | 1,817,855 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 0.12 | |||
Outstanding (in shares) | 1,817,855 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.12 | |||
Option at0.181 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 4 years 10 months 2 days | |||
Options Granted (in shares) | 55,249 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 0.181 | |||
Outstanding (in shares) | 55,249 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.181 | |||
Option at 0.45 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 8 years 8 months 15 days | |||
Options Granted (in shares) | 22,222 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 0.45 | |||
Cancelled / Forfeited (in shares) | (500,000) | |||
Cancelled / Forfeited, weighted average exercise price (in dollars per share) | $ 0.45 | |||
Outstanding (in shares) | 5,157,222 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 0.45 | |||
Option at 1.31 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 6 years 18 days | |||
Outstanding (in shares) | 135,000 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 1.31 |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Apr. 01, 2020 | Jan. 01, 2020 | Dec. 01, 2019 | ||
Payments to Acquire Property, Plant, and Equipment | $ 12,502 | [1] | $ 0 | ||||
Chief Executive Officer [Member] | Two Vehicles [Member] | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 128,000 | ||||||
Chief Executive Officer [Member] | Vehicles [Member] | Maximum [Member] | |||||||
Related Party Transaction, Purchases from Related Party | 64,000 | ||||||
EVTDS [Member] | Vehicles [Member] | Maximum [Member] | |||||||
Related Party Transaction, Purchases from Related Party | $ 83,000 | ||||||
SRI Services Agreement [Member] | SRI Professional Services, Incorporated [Member] | |||||||
Related Party Transaction, Expected Cost | 26,042 | ||||||
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] | |||||||
Operating Lease Monthly Payment | $ 7,771 | ||||||
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] | Two Vehicles [Member] | |||||||
Operating Lease Monthly Payment | $ 3,880 | ||||||
S R I Equipment Leases [Member] | SRI Professional Services, Incorporated [Member] | Trailer [Member] | |||||||
Operating Lease Monthly Payment | $ 3,891 | ||||||
S R I Office Lease [Member] | SRI Professional Services, Incorporated [Member] | |||||||
Operating Lease Monthly Payment | $ 910 | ||||||
A B C I Office Lease [Member] | Alpha Bravo Charlie, Inc. (“ABCI”) [Member] | |||||||
Operating Lease Monthly Payment | $ 2,800 | ||||||
[1]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13. |
Note 9 - Commitments (Details T
Note 9 - Commitments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Apr. 20, 2020 | Dec. 31, 2019 | Feb. 28, 2017 | |
Operating Lease, Expense | $ 73,049 | $ 57,846 | |||||
Lessee, Operating Lease, Liability, to be Paid | 19,292 | ||||||
Chief Executive Officer [Member] | |||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 300,000 | ||||||
Automobile Monthly Allowance | 1,500 | ||||||
Executive Vice President [Member] | |||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 200,000 | ||||||
S R I Equipment Leases [Member] | |||||||
Operating Lease, Expense | 23,312 | 19,432 | |||||
S R I Office Lease [Member] | |||||||
Operating Lease, Expense | 2,730 | 5,810 | |||||
A B C I Office Lease [Member] | |||||||
Operating Lease, Expense | 8,400 | $ 8,400 | |||||
Toledo Jet Center [Member] | |||||||
Operating Lease, Expense | $ 2,405 | ||||||
Storage Space In Stockton California1 [Member] | |||||||
Operating Lease Monthly Payment | $ 1,000 | ||||||
Warehouse Space In Corona California [Member] | |||||||
Operating Lease Monthly Payment | $ 13,108 | ||||||
Lessee, Operating Lease, Liability, to be Paid | 495,720 | ||||||
Warehouse Space In Corona California [Member] | Masters Transportation Inc1 [Member] | |||||||
Operating Lease Monthly Payment | $ 6,000 | ||||||
Warehouse Space In Corona California [Member] | Forecast [Member] | |||||||
Operating Lease Monthly Payment | $ 13,906 | ||||||
Warehouse Space In Corona California [Member] | Forecast [Member] | Masters Transportation Inc1 [Member] | |||||||
Operating Lease Monthly Payment | $ 6,365 | ||||||
Warehouse Space In Corona California [Member] | Fire Sprinkler Alarm Monitoring And Landscape Maintenance [Member] | |||||||
Operating Lease Monthly Payment | $ 265 |
Note 9 - Commitments - Future M
Note 9 - Commitments - Future Minimum Payments (Details) | Mar. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid | $ 19,292 |
Operating lease obligations, less than one year | 16,853 |
Operating lease obligations, year 1-3 | 2,439 |
Operating lease obligations, year 4-5 | 0 |
Operating lease obligations, more than five years | 0 |
Employment contracts | 2,375,000 |
Employment contracts, less than one year | 500,000 |
Employment contracts, year 1-3 | 1,500,000 |
Employment contracts, year 4-5 | 375,000 |
Employment contracts, more than five years | 0 |
Total | 2,394,292 |
Total, less than one year | 516,853 |
Total, year 1-3 | 1,502,439 |
Total, year 4-5 | 375,000 |
Total, more than five years | $ 0 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) - USD ($) | Apr. 08, 2022 | Aug. 10, 2021 | Jun. 19, 2019 | Feb. 03, 2020 |
Repossessed Assets | $ 582,000 | |||
Alan K. Brooks v. ADOMANI, Inc [Member] | ||||
Stock Issued During the Period, Value, Settlement of Litigation Claims | $ 197,500 | |||
Number of Shares Refused To Release (in shares) | 1,320,359 | |||
Loss Contingency, Damages Sought, Value | $ 13,500,000 | |||
Payments for Legal Settlements | 197,500 | |||
Cash Paid by Insurance Company | $ 170,000 | |||
Adomani Inc [Member] | Brooks And Mollick Action [Member] | Subsequent Event [Member] | ||||
Loss Contingency Accrual, Payments | $ 50,000 | |||
Stock Issued During the Period, Value, Settlement of Litigation Claims | $ 125,000 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | Mar. 31, 2022 | Mar. 15, 2021 USD ($) |
Lessee, Operating Lease, Number of Leases | 9 | |
Operating Lease, Right-of-Use Asset | $ 238,365 | |
Equipment Leases [Member] | ||
Lessee, Operating Lease, Number of Leases | 5 |
Note 11 - Leases - Schedule of
Note 11 - Leases - Schedule of Information Regarding Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease expenses | ||
Operating lease expenses | $ 44,641 | $ 11,415 |
Short-term lease expenses | 28,408 | 57,846 |
Total lease cost | 73,049 | 69,261 |
Operating cash flows | $ 45,430 | $ 28,673 |
Operating leases (Year) | 1 year 7 days | 2 years 14 days |
Operating leases | 14% | 14% |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) - Forecast [Member] | 1 Months Ended | ||
Aug. 05, 2022 USD ($) shares | Mar. 31, 2023 USD ($) yd² | Aug. 04, 2022 USD ($) | |
Sublease of Warehouse Building in Clark Freeport Zone in Philippines [Member] | |||
Area of Real Estate Property (Square Foot) | yd² | 3,600 | ||
Lessor, Operating Lease, Grace Period (Month) | 2 months | ||
Lessor, Operating Lease, Monthly Rent, First Year | $ 15,000 | ||
Lessor, Operating Lease, Monthly Rent, Year Two | 15,750 | ||
Lessor, Operating Lease, Monthly Rent, Remaining Term | $ 16,530 | ||
Centennial Bank Line of Credit [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | ||
Debt Instrument, Covenant, Maximum Amount of Borrowing in Excess of Current Assets | $ 1,000,000 | ||
Company vs Boustead Securities [Member] | Adomani Inc [Member] | |||
Stock Issued During the Period, Value, Settlement of Litigation Claims | $ 50,000 | ||
Stock Issued During Period, Shares, Legal Settlements (in shares) | shares | 20,415 |
Note 13 - Restatement - Summary
Note 13 - Restatement - Summary of Restatement (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Accounts receivable | $ 1,517,382 | [1] | $ 1,428,030 | ||
Inventory, net | 7,286,306 | [1] | 3,850,541 | ||
Total current assets | 21,581,153 | [1] | 23,023,389 | ||
Total assets | 73,698,644 | [1] | 75,307,808 | ||
Accumulated deficit | (11,061,222) | [1] | (8,124,360) | ||
Total stockholders’ equity | 72,737,278 | [1] | $ 58,637,619 | 73,741,864 | $ (472,160) |
Total liabilities and stockholders’ equity | 73,698,644 | [1] | $ 75,307,808 | ||
Sales | 89,900 | [2] | 470,793 | ||
Cost of sales | 76,427 | [2] | 313,434 | ||
Gross profit | 13,473 | [2] | 157,359 | ||
Loss from operations | (2,940,175) | [2] | (438,794) | ||
Loss before income taxes | (2,936,862) | [2] | (440,210) | ||
Net loss | $ (2,936,862) | [2] | $ (658,510) | ||
Net loss per share – basic and diluted (in dollars per share) | $ (0.01) | [2] | $ (0.01) | ||
Previously Reported [Member] | |||||
Accounts receivable | $ 2,535,982 | ||||
Inventory, net | 6,736,161 | ||||
Total current assets | 21,990,618 | ||||
Total assets | 74,108,109 | ||||
Accumulated deficit | (10,651,757) | ||||
Total stockholders’ equity | 73,146,743 | ||||
Total liabilities and stockholders’ equity | 74,108,109 | ||||
Sales | 1,108,500 | ||||
Cost of sales | 691,562 | ||||
Gross profit | 416,938 | ||||
Loss from operations | (2,530,710) | ||||
Loss before income taxes | (2,527,397) | ||||
Net loss | $ (2,527,397) | ||||
Net loss per share – basic and diluted (in dollars per share) | $ (0.01) | ||||
[1]The Consolidated Balance Sheet as of March 31, 2022 has been restated. See Note 13.[2]The Consolidated Statement of Operations for the three months ended March 31, 2022 has been restated. See Note 13. |