Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 10, 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 870 | |
Local Phone Number | 970-3355 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Trading Symbol | EVTV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,021,088 | |
Amendment Description | This Amendment is being filed to reflect the restatement of the Company’s consolidated financial statements, as discussed in Note 12 thereto, and other information related to such restated financial information. Except for Items 1 and 2 of Part I and Item 6 of Part II, no other information is amended by this Form 10-Q/A. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | [1] | 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 | 3,384,936 | 1,428,030 | |
Inventory, net | 5,954,375 | 3,850,541 | |
Inventory deposits | 4,855,049 | 4,503,079 | |
Prepaid expenses | 709,621 | 332,514 | |
Total current assets | 19,563,519 | 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 | 71,723,177 | 75,307,808 | |
Current liabilities: | |||
Accounts payable | 161,545 | 238,464 | |
Accrued liabilities | 767,026 | 1,280,020 | |
Notes Payable, Current | 414,444 | 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 | 0 | 0 | |
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021,088 and 14,912,189 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 | (13,561,572) | (8,124,360) | |
Total stockholders’ equity | 70,361,928 | 73,741,864 | |
Total liabilities and stockholders’ equity | $ 71,723,177 | $ 75,307,808 | |
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 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) | 15,021,088 | 14,912,189 | |
Common stock, shares outstanding (in shares) | 15,021,088 | 14,912,189 | |
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
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 | |||
Sales | $ 1,029,280 | [1] | $ 709,092 | $ 2,625,090 | $ 1,368,151 | |
Cost of sales | 677,855 | [1] | 469,611 | 1,599,290 | 930,977 | |
Gross profit | 351,425 | [1] | 239,481 | 1,025,800 | 437,174 | |
Operating expenses | ||||||
General and administrative | 1,584,973 | [1] | 1,344,840 | 6,113,957 | 2,766,989 | |
Consulting | 94,187 | [1] | 36,734 | 264,505 | 142,092 | |
Research and development | 25,000 | 0 | 112,412 | 0 | ||
Total operating expenses, net | 1,704,160 | [1] | 1,381,574 | 6,490,874 | 2,909,081 | |
Loss from operations | (1,352,735) | [1] | (1,142,093) | (5,465,074) | (2,471,907) | |
Other income (expense): | ||||||
Interest income, net | 30,200 | [1] | 8,116 | 37,956 | 2,357 | |
Other (expense) income | (1,233) | 285,902 | (10,094) | 288,186 | ||
Total other income | 28,967 | [1] | 294,018 | 27,862 | 290,543 | |
Loss before income taxes | (1,323,768) | [1] | (848,075) | (5,437,212) | (2,181,364) | |
Income tax expense | 0 | [1] | (2,400) | 0 | (220,700) | |
Net loss | $ (1,323,768) | [1] | $ (850,475) | $ (5,437,212) | [1] | $ (2,402,064) |
Net loss per share to common stockholders: | ||||||
Basic and diluted (in dollars per share) | $ (0.09) | [1] | $ (0.06) | $ (0.36) | $ (0.23) | |
Weighted shares used in the computation of net income (loss) per share: | ||||||
Basic and diluted (in shares) | 15,013,236 | [1] | 14,715,694 | 14,981,836 | 10,349,101 | |
[1]The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12. |
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 | $ 0 | $ 100 | $ (472,260) | $ (472,160) | ||
Common stock issued for cash (in shares) | 7,129,887 | |||||
Common stock issued for cash | $ 72 | 6,415,139 | 0 | 6,415,210 | ||
Net loss | $ 0 | 0 | (658,510) | (658,510) | ||
Common stock retained in merger (in shares) | 5,635,348 | |||||
Common stock retained in merger | $ 56 | 53,509,466 | 0 | 53,509,522 | ||
Offering costs netted against proceeds | $ 0 | (156,443) | 0 | (156,443) | ||
Balance, March 31, 2022 (in shares) at Mar. 31, 2021 | 12,765,236 | |||||
Balance, March 31, 2022 at Mar. 31, 2021 | $ 128 | 59,768,262 | (1,130,770) | 58,637,619 | ||
Balance, December 31, 2021 (in shares) at Dec. 31, 2020 | 1 | |||||
Balance, December 31, 2021 at Dec. 31, 2020 | $ 0 | 100 | (472,260) | (472,160) | ||
Net loss | (2,402,064) | |||||
Balance, March 31, 2022 (in shares) at Sep. 30, 2021 | 14,719,983 | |||||
Balance, March 31, 2022 at Sep. 30, 2021 | $ 147 | 76,222,880 | (2,874,324) | 73,348,703 | ||
Balance, December 31, 2021 (in shares) at Mar. 31, 2021 | 12,765,236 | |||||
Balance, December 31, 2021 at Mar. 31, 2021 | $ 128 | 59,768,262 | (1,130,770) | 58,637,619 | ||
Common stock issued for cash (in shares) | 1,936,813 | |||||
Common stock issued for cash | $ 19 | 16,322,030 | 0 | 16,322,049 | ||
Net loss | 0 | 0 | (893,079) | (893,079) | ||
Offering costs netted against proceeds | $ 0 | (31,572) | 0 | (31,572) | ||
Balance, March 31, 2022 (in shares) at Jun. 30, 2021 | 14,702,049 | |||||
Balance, March 31, 2022 at Jun. 30, 2021 | $ 147 | 76,058,720 | (2,023,849) | 74,035,018 | ||
Common stock issued for cash (in shares) | 17,934 | |||||
Common stock issued for cash | $ 0 | 43,028 | 0 | 43,028 | ||
Stock based compensation | 0 | 121,132 | 0 | 121,132 | ||
Net loss | $ 0 | 0 | (850,475) | (850,475) | ||
Balance, March 31, 2022 (in shares) at Sep. 30, 2021 | 14,719,983 | |||||
Balance, March 31, 2022 at Sep. 30, 2021 | $ 147 | 76,222,880 | (2,874,324) | 73,348,703 | ||
Balance, December 31, 2021 (in shares) at Dec. 31, 2021 | 14,912,189 | |||||
Balance, December 31, 2021 at Dec. 31, 2021 | $ 149 | 81,866,075 | (8,124,360) | 73,741,864 | ||
Common stock issued for cash (in shares) | 50,000 | |||||
Common stock issued for cash | $ 1 | 119,999 | 0 | 120,000 | ||
Common stock issued for lawsuit settlement (in shares) | 38,484 | |||||
Common stock issued for lawsuit settlement | $ 0 | 197,431 | 0 | 197,431 | ||
Stock based compensation | 0 | 1,614,845 | 0 | 1,614,845 | ||
Net loss | $ 0 | 0 | (2,936,862) | (2,936,862) | ||
Balance, March 31, 2022 (in shares) at Mar. 31, 2022 | 15,000,673 | |||||
Balance, March 31, 2022 at Mar. 31, 2022 | $ 150 | 83,798,350 | (11,061,222) | 72,737,278 | ||
Balance, December 31, 2021 (in shares) at Dec. 31, 2021 | 14,912,189 | |||||
Balance, December 31, 2021 at Dec. 31, 2021 | $ 149 | 81,866,075 | (8,124,360) | 73,741,864 | ||
Net loss | [1] | (5,437,212) | ||||
Balance, March 31, 2022 (in shares) at Sep. 30, 2022 | 15,021,088 | |||||
Balance, March 31, 2022 at Sep. 30, 2022 | $ 150 | 83,923,350 | (13,561,572) | 70,361,928 | [2] | |
Balance, December 31, 2021 (in shares) at Mar. 31, 2022 | 15,000,673 | |||||
Balance, December 31, 2021 at Mar. 31, 2022 | $ 150 | 83,798,350 | (11,061,222) | 72,737,278 | ||
Net loss | $ 0 | 0 | (1,176,582) | (1,176,582) | ||
Balance, March 31, 2022 (in shares) at Jun. 30, 2022 | 15,000,673 | |||||
Balance, March 31, 2022 at Jun. 30, 2022 | $ 150 | 83,798,350 | (12,237,804) | 71,560,696 | ||
Common stock issued for lawsuit settlement (in shares) | 20,415 | |||||
Common stock issued for lawsuit settlement | $ 0 | 125,000 | 0 | 125,000 | ||
Net loss | $ 0 | 0 | (1,323,768) | (1,323,768) | [1] | |
Balance, March 31, 2022 (in shares) at Sep. 30, 2022 | 15,021,088 | |||||
Balance, March 31, 2022 at Sep. 30, 2022 | $ 150 | $ 83,923,350 | $ (13,561,572) | $ 70,361,928 | [2] | |
[1]The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12.[2]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | [1] | Sep. 30, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (5,437,212) | $ (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 | 0 | 303,879 | |
Gain on debt forgiveness | 0 | (290,519) | |
Changes in assets and liabilities: | |||
Accounts receivable | (1,956,906) | (734,267) | |
Inventory | (2,103,834) | (792,800) | |
Inventory deposits | (351,970) | (4,514,665) | |
Prepaid expenses | (377,107) | 637,483 | |
Other assets | 158,265 | 0 | |
Accounts payable | (76,919) | (307,488) | |
Accrued liabilities | (194,907) | (1,734,270) | |
Other liabilities | 403,328 | (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 | |
[1]The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12. |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 9 Months Ended |
Sep. 30, 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, On June 28, 2022, 1 no 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation 3 September 30, 2022, September 30, 2022, three nine December 31, 2021 three September 30, 2021 March 16, 2021 September 30, 2021. December 31, 2021 2020 10 April 26, 2022. September 30, 2022 not Principles of Consolidation 2021 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, September 30, 2022, five nine September 30, 2022, 11 100% five 11 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 September 30, 2022 December 31, 2021, Marketable Securities not September 30, 2022, September 30, 2022, December 31, 2021 Accounts Receivable and Allowance for Doubtful Accounts —The Company establishes an allowance for bad debts through a review of several not September 30, 2022. December 31, 2021 no may two nine not September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021, September 30, 2022, five ing accounts receivable; for the nine September 30, 2022, 11 100 five 11 Inventory and Inventory Valuation Allowance —The Company records inventory at the lower of cost or market, and uses a First In, First Out not September 30, 2022 three not September 30, 2022, September 30, 2022. December 31, 2021. Inventory Deposits September 30, 2022 December 31, 2021, three September 30, 2022. Income Taxes Accounting for Uncertainty in Income Taxes September 30, 2022 December 31, 2021, not 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. 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 September 30, 2022, Concentration of Credit Risk $250,000 may During the nine September 30, 2022, September 30, 2022. Impairment of Long-Lived Assets may not September 30, 2022 December 31, 2021, Goodwill not not first not not not one September 30,2022 December 31, 2021 not Research and Development nine September 30, 2022. December 31, 2021. Stock-Based Compensation 718, January 7, 2022 January 31, 2022 ( 7 nine September 30, 2022. Property and Equipment three five $2,000. Leases 842. Recent Accounting Pronouncements not not |
Note 3 - Merger
Note 3 - Merger | 9 Months Ended |
Sep. 30, 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 two 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 $ 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 9 11 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 nine September 30, 2021 January 1, 2021, not 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 nine September 30, 2022 no three September 30, 2021, no nine September 30, 2021, January 1, 2021 March 15, 2021 three March 31, 2021 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment, Net | 9 Months Ended |
Sep. 30, 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 September 30, 2022 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 nine September 30, 2022 2021, |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Debt On June 15, 2021, twenty-four July 2021, On July 15, 2022, August 2022, On June 15, 2022, September 2022, On August 20, 2022, July 2022, As of September 30, 2022, Effective August 4, 2022, no may may not September 30, 2022 no |
Note 6 - Stock Warrants
Note 6 - Stock Warrants | 9 Months Ended |
Sep. 30, 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, September 30, 2022. nine September 30, 2022. September 30, 2022 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 four 20 may not ten may As of September 30, 2022, |
Note 7 - Stock Options
Note 7 - Stock Options | 9 Months Ended |
Sep. 30, 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 September 30, 2022 Weighted Average Remaining Number of Exercise Contractual Life Shares Price (years) 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, 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 September 30, 2022, |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 9 Months Ended |
Sep. 30, 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. two no March 2021 second September 30, 2022. |
Note 9 - Commitments
Note 9 - Commitments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 9. Commitments 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 September 30, 2022: Payments due by period More Less than than 5 Total one year 1 - 3 years 4 - 5 years years 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 $ — |
Note 10 - Contingencies
Note 10 - Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 10. Contingencies Except as set forth below, we know of no no GreenPower Actions: 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 On May 10, 2022, October 7, 2022, October 4 Mollick/Electric DriveTrain Action: On August 23, 2018, No. 1817493, two June 2017. June 2017 12 2 15 Plaintiff’s counsel subsequently filed a first second third fourth October 27, 2020, fourth On July 13, 2021, August 23, 2021, August 23, 2021, not October 28, 2021, December 10, 2021, two On August 31, 2022, October 6, 2022, December 21, 2022. 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 |
Note 11 - Leases
Note 11 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. Leases As of September 30, 2022, nine Four five 8 2, 842. one September 30, 2022, six 842, The Company has entered into the SRI Equipment Leases (see Note 8 three nine September 30, 2022 three nine September 30, 2021 The Company has entered into the SRI Office Lease (see Note 8 three nine September 30, 2022 three nine September 30, 2021 The Company has entered into the ABCI Office Lease (see Note 8 three nine September 30, 2022 three nine September 30, 2021 The Company has entered into the Toledo Jet Center Lease for office space in the Ft. Lauderdale Florida area effective February 15, 2022. one one three nine September 30, 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, The Company’s total net rent expense for the three nine September 30, 2022 three nine September 30, 2021 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 % |
Note 12 - Restatement
Note 12 - Restatement | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Error Correction [Text Block] | 12. 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 In addition, in an unrelated transaction, the Company reclassed $387,000 from Accrued liabilities to Notes payable, net. This reclassification had no The Company has restated its Consolidated Balance Sheet as of September 30, 2022, three nine September 30, 2022 The following table summarizes the effects of the restatement as of September 30, 2022 three nine September 30, 2022. no September 30, 2022 Consolidated Balance Sheet Information: As Previously Reported As Restated Accounts receivable $ 7,804,369 $ 3,384,936 Inventory, net 3,603,852 5,954,375 Inventory deposits 4,812,439 4,855,049 Total current assets 21,589,819 19,563,519 Total assets 73,749,477 71,723,177 Accrued liabilities 1,154,026 767,026 Notes payable, net 27,444 414,444 Accumulated deficit (11,535,272 ) (13,561,572 ) Total stockholders’ equity 72,388,228 70,361,928 Total liabilities and stockholders’ equity 73,749,477 71,723,177 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Consolidated Statement of Operations Information: As Previously Reported As Restated As Previously Reported As Restated Sales $ 3,882,670 $ 1,029,280 $ 7,078,870 $ 2,625,090 Cost of sales 2,046,491 677,855 3,998,533 1,599,290 Gross profit 1,836,179 351,425 3,080,337 1,025,800 General and administrative expenses 1,619,210 1,584,973 6,142,194 6,113,957 Income (loss) from operations 97,782 (1,352,735 ) (3,438,774 ) (5,465,074 ) Income (loss) before income taxes 126,749 (1,323,768 ) (3,410,912 ) (5,437,212 ) Net income (loss) $ 126,749 $ (1,323,768 ) $ (3,410,912 ) $ (5,437,212 ) Net income (loss) per share – basic and diluted $ 0.01 $ (0.09 ) $ (0.23 ) $ (0.36 ) |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events The Company evaluates subsequent events through September 22, 2023, In March 2023, two two July 1, 2023 ( September 1, 2023. two first second may Be |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 3 September 30, 2022, September 30, 2022, three nine December 31, 2021 three September 30, 2021 March 16, 2021 September 30, 2021. December 31, 2021 2020 10 April 26, 2022. September 30, 2022 not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation 2021 |
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, September 30, 2022, five nine September 30, 2022, 11 100% five 11 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 September 30, 2022 December 31, 2021, |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities not September 30, 2022, September 30, 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 —The Company establishes an allowance for bad debts through a review of several not September 30, 2022. December 31, 2021 no may two nine not September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021, September 30, 2022, five ing accounts receivable; for the nine September 30, 2022, 11 100 five 11 |
Inventory, Policy [Policy Text Block] | Inventory and Inventory Valuation Allowance —The Company records inventory at the lower of cost or market, and uses a First In, First Out not September 30, 2022 three not September 30, 2022, September 30, 2022. December 31, 2021. |
Inventory Deposits [Policy Text Block] | Inventory Deposits September 30, 2022 December 31, 2021, three September 30, 2022. |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Income Tax Uncertainties, Policy [Policy Text Block] | Accounting for Uncertainty in Income Taxes September 30, 2022 December 31, 2021, not |
Earnings Per Share, Policy [Policy Text Block] | 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. 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 September 30, 2022, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk $250,000 may During the nine September 30, 2022, September 30, 2022. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not September 30, 2022 December 31, 2021, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not not first not not not one September 30,2022 December 31, 2021 not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development nine September 30, 2022. December 31, 2021. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718, January 7, 2022 January 31, 2022 ( 7 nine September 30, 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) | 9 Months Ended |
Sep. 30, 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 $ 52,365,047 |
Business Acquisition, Pro Forma Information [Table Text Block] | 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 ) |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 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 |
Note 6 - Stock Warrants (Tables
Note 6 - Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 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 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 |
Note 7 - Stock Options (Tables)
Note 7 - Stock Options (Tables) | 9 Months Ended |
Sep. 30, 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 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 |
Note 9 - Commitments (Tables)
Note 9 - Commitments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Payments due by period More Less than than 5 Total one year 1 - 3 years 4 - 5 years years 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 $ — |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 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 % |
Note 12 - Restatement (Tables)
Note 12 - Restatement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | September 30, 2022 Consolidated Balance Sheet Information: As Previously Reported As Restated Accounts receivable $ 7,804,369 $ 3,384,936 Inventory, net 3,603,852 5,954,375 Inventory deposits 4,812,439 4,855,049 Total current assets 21,589,819 19,563,519 Total assets 73,749,477 71,723,177 Accrued liabilities 1,154,026 767,026 Notes payable, net 27,444 414,444 Accumulated deficit (11,535,272 ) (13,561,572 ) Total stockholders’ equity 72,388,228 70,361,928 Total liabilities and stockholders’ equity 73,749,477 71,723,177 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Consolidated Statement of Operations Information: As Previously Reported As Restated As Previously Reported As Restated Sales $ 3,882,670 $ 1,029,280 $ 7,078,870 $ 2,625,090 Cost of sales 2,046,491 677,855 3,998,533 1,599,290 Gross profit 1,836,179 351,425 3,080,337 1,025,800 General and administrative expenses 1,619,210 1,584,973 6,142,194 6,113,957 Income (loss) from operations 97,782 (1,352,735 ) (3,438,774 ) (5,465,074 ) Income (loss) before income taxes 126,749 (1,323,768 ) (3,410,912 ) (5,437,212 ) Net income (loss) $ 126,749 $ (1,323,768 ) $ (3,410,912 ) $ (5,437,212 ) Net income (loss) per share – basic and diluted $ 0.01 $ (0.09 ) $ (0.23 ) $ (0.36 ) |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) | Jun. 28, 2022 $ / shares | Sep. 30, 2022 $ / shares | [1] | Feb. 22, 2022 ft² | Dec. 31, 2021 $ / shares |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||
Facility in Osceola, Arkansas [Member] | |||||
Area of Real Estate Property (Square Foot) | ft² | 580,000 | ||||
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2022 shares | Jan. 07, 2022 shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Jun. 30, 2022 | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Mar. 15, 2021 shares | |||
Restricted Cash and Cash Equivalents | $ 60,131 | $ 60,131 | $ 60,035 | ||||||||
Marketable Securities | 1,976,308 | 1,976,308 | 8,002,700 | ||||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 3,384,936 | 3,384,936 | 1,428,030 | ||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | 0 | ||||||||
Inventory, Finished Goods, Gross | 5,966,804 | 5,966,804 | 3,862,970 | ||||||||
Inventory Valuation Reserves | 12,429 | ||||||||||
Inventory, Net | 5,954,375 | [1] | 5,954,375 | [1] | 3,850,541 | ||||||
Inventory Deposits | 4,855,049 | [1] | 4,855,049 | [1] | 4,503,079 | ||||||
Unrecognized Tax Benefits | $ 0 | $ 0 | 0 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | shares | 604,906 | 604,906 | 649,643 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 1,402,417 | 1,402,417 | 534,067 | ||||||||
Maximum Insured Funds, FDIC and SPIC | $ 750,000 | $ 750,000 | |||||||||
Maximum Cash Insured | 500,000 | 500,000 | |||||||||
Extra Insurance by SPIC, Cap, Unlimited Per Customer Securities | 1,000,000,000 | 1,000,000,000 | |||||||||
Restricted Cash, Current | 60,131 | [1] | 60,131 | [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 | [1] | 51,775,667 | ||||||
Research and Development Expense | 25,000 | $ 0 | $ 112,412 | $ 0 | 58,139 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares | 3,874 | 340,893 | 50,000 | ||||||||
Share-Based Payment Arrangement, Expense | $ 1,614,845 | ||||||||||
Adomani Inc [Member] | |||||||||||
Goodwill | 51,775,667 | 51,775,667 | $ 51,775,667 | ||||||||
Approximation [Member] | |||||||||||
Inventory, Net | 5,594,375 | 5,594,375 | |||||||||
Three Vehicles [Member] | |||||||||||
Inventory Valuation Reserves | $ 12,429 | $ 12,429 | |||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | |||||||||
Maximum [Member] | |||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | |||||||||
Held-to-maturity Marketable Securities [Member] | Minimum [Member] | |||||||||||
Investment, Maturity Period (Day) | 154 days | ||||||||||
Investment, Remaining Maturity Period (Day) | 92 days | ||||||||||
Held-to-maturity Marketable Securities [Member] | Maximum [Member] | |||||||||||
Investment, Maturity Period (Day) | 199 days | ||||||||||
Investment, Remaining Maturity Period (Day) | 182 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 | 64% | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||||||
Number of Major Customers | 5 | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Customers [Member] | |||||||||||
Concentration Risk, Percentage | 67% | ||||||||||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||||
Concentration Risk, Percentage | 70% | 82% | |||||||||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | |||||||||||
Number of Vendors | 3 | ||||||||||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | Three Suppliers [Member] | |||||||||||
Concentration Risk, Percentage | 89% | ||||||||||
Fair Value, Recurring [Member] | |||||||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |||||||||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||||||||
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Note 3 - Merger (Details Textua
Note 3 - Merger (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Mar. 15, 2021 | Oct. 04, 2017 | Mar. 14, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Proceeds from Issuance of Common Stock | $ 120,000 | [1] | $ 22,780,188 | |||||||
Common Stock, Shares, Outstanding (in shares) | 15,021,088 | [2] | 14,912,189 | |||||||
Assets | $ 71,723,177 | [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 | $ 53,509,522 | |||||||||
Common Stock, Shares, Outstanding (in shares) | 5,635,347 | |||||||||
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) | 7,129,887 | |||||||||
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 | $ 709,092 | 1,065,562 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (850,475) | $ (5,045,988) | ||||||||
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 Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12.[2]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Note 3 - Merger - Purchase Pric
Note 3 - Merger - Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 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 September 30, 2022 has been restated. See Note 12. |
Note 3 - Merger - Purchase Pr_2
Note 3 - Merger - Purchase Price of Assets Acquired and Liabilities Assumed (Details) (Parentheticals) | Mar. 15, 2021 USD ($) |
Adomani Inc [Member] | |
Cash acquired | $ 3,373,332 |
Note 3 - Merger - Pro Forma Inf
Note 3 - Merger - Pro Forma Information (Details) - Adomani Inc [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Sales | $ 709,092 | $ 1,065,562 |
Net income (loss) | $ (850,475) | $ (5,045,988) |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation | $ 19,093 | $ 7,655 | $ 56,700 | $ 43,031 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Total property and equipment | $ 513,108 | $ 424,685 | |
Less accumulated depreciation | (207,491) | (152,572) | |
Net property and equipment | 305,617 | [1] | 272,113 |
Furniture and Fixtures [Member] | |||
Total property and equipment | 60,082 | 41,799 | |
Leasehold Improvements [Member] | |||
Total property and equipment | 40,112 | 28,112 | |
Machinery and Equipment [Member] | |||
Total property and equipment | 144,406 | 86,266 | |
Vehicles [Member] | |||
Total property and equipment | 252,725 | 252,724 | |
Test/Demo Vehicles [Member] | |||
Total property and equipment | $ 15,784 | $ 15,784 | |
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Aug. 20, 2022 | Jul. 15, 2022 | Jun. 15, 2022 | Jun. 15, 2021 | Sep. 30, 2022 | Aug. 04, 2022 | Dec. 31, 2021 | |
Notes Payable, Current | $ 414,444 | [1] | $ 31,788 | |||||
Notes Payable, Noncurrent | 18,234 | [1] | $ 13,245 | |||||
Insurance Premium Financing Agreement With First Funding [Member] | ||||||||
Debt Instrument, Face Amount | $ 214,087 | |||||||
Debt Instrument, Term (Month) | 9 months | |||||||
Debt Instrument, Periodic Payment | $ 24,416 | |||||||
Insurance Premium Financing Agreement With First Funding 2 [Member] | ||||||||
Debt Instrument, Face Amount | $ 225,000 | |||||||
Debt Instrument, Term (Month) | 9 months | |||||||
Debt Instrument, Periodic Payment | $ 25,608 | |||||||
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 | |||||||
Long-Term Line of Credit | $ 0 | |||||||
Equipment Financing Agreement [Member] | ||||||||
Debt Instrument, Face Amount | $ 63,576 | |||||||
Debt Instrument, Term (Month) | 24 months | |||||||
Debt Instrument, Periodic Payment | $ 2,649 | |||||||
Facility Grounds Equipment Loans [Member] | ||||||||
Debt Instrument, Face Amount | $ 18,755 | |||||||
Debt Instrument, Term (Month) | 36 months | |||||||
Debt Instrument, Periodic Payment | $ 521 | |||||||
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12. |
Note 6 - Stock Warrants (Detail
Note 6 - Stock Warrants (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Apr. 26, 2022 | Mar. 15, 2021 | |
Class of Warrant or Right, Outstanding (in shares) | 1,402,417 | 534,067 | |
Class Of Warrant Or Right, Exercisable (in shares) | 102,817 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 958,333 | ||
Class of Warrants or Rights, Expired During Period (in shares) | 27,483 | ||
Class of Warrant or Right, Intrinsic Value | $ 0 |
Note 6 - Stock Warrants - Summa
Note 6 - Stock Warrants - Summary of Warrants (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Mar. 15, 2021 | |
Number of shares (in shares) | 1,402,417 | 534,067 |
Exercise price (in dollars per share) | $ 17.43 | |
Remaining contractual life (Year) | 3 years 2 months 4 days | |
Warrant One [Member] | ||
Number of shares (in shares) | 12,833 | |
Exercise price (in dollars per share) | $ 75 | |
Remaining contractual life (Year) | 3 months 29 days | |
Warrant Two [Member] | ||
Number of shares (in shares) | 431,250 | |
Exercise price (in dollars per share) | $ 10 | |
Remaining contractual life (Year) | 2 years 3 months 29 days | |
Warrant Three [Member] | ||
Number of shares (in shares) | 958,334 | |
Exercise price (in dollars per share) | $ 20 | |
Remaining contractual life (Year) | 3 years 7 months 6 days |
Note 6 - Stock Warrants - Sum_2
Note 6 - Stock Warrants - Summary of Warrants (Details) (Parentheticals) | Sep. 30, 2022 |
Warrant One [Member] | |
Maturity date | Jan. 09, 2023 |
Warrant Two [Member] | |
Maturity date | Jan. 28, 2025 |
Warrant Three [Member] | |
Maturity date | May 07, 2026 |
Note 7 - Stock Options (Details
Note 7 - Stock Options (Details Textual) - USD ($) | 9 Months Ended | ||||
Mar. 15, 2022 | Jan. 31, 2022 | Jan. 07, 2022 | Sep. 30, 2022 | Mar. 15, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 604,906 | 649,643 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 873,288 | ||||
Option at 2.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 250,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2 | ||||
Options at $2.40 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 90,893 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | ||||
Options at 3.62 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,762 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.62 | ||||
Options at 9.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,111 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 9 | ||||
Chief Executive Officer [Member] | Option at 2.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 150,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2 | ||||
Chief Executive Officer [Member] | Options at $2.40 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | ||||
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 2.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 100,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2 | ||||
Executive Vice President [Member] | Options at $2.40 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 40,893 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | ||||
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] | Options at 3.62 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 2,763 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.62 | ||||
Chief Financial Officer [Member] | Options at 9.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 1,111 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 9 | ||||
Former President and CEO [Member] | Options at $2.40 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 50,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | ||||
Proceeds from Stock Options Exercised | $ 120,000 | ||||
Former President and CEO [Member] | Options at 9.00 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 25,000 | ||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 9 |
Note 7 - Stock Options - Stock
Note 7 - Stock Options - Stock Options Outstanding (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Jan. 07, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 338,500 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 5.80 | |||
Outstanding, weighted average remaining contractual term (Year) | 8 years 9 months 7 days | 6 years 11 months 23 days | ||
Exercised (in shares) | (3,874) | (340,893) | (50,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.40 | |||
Outstanding (in shares) | 608,266 | 338,500 | ||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 5.30 | $ 5.80 | ||
Option at 2.00 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 9 years 3 months 18 days | |||
Options Granted (in shares) | 250,000 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 2 | |||
Outstanding (in shares) | 250,000 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 2 | |||
Options at $2.40 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 9 years 3 months 18 days | |||
Options Granted (in shares) | 90,893 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 2.40 | |||
Outstanding (in shares) | 90,893 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 2.40 | |||
Options at 3.62 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 4 years 4 months 2 days | |||
Options Granted (in shares) | 2,762 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 3.62 | |||
Outstanding (in shares) | 2,762 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 3.62 | |||
Options at 9.00 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 8 years 2 months 15 days | |||
Options Granted (in shares) | 1,111 | |||
Options Granted, weighted average exercise price (in dollars per share) | $ 9 | |||
Cancelled / Forfeited (in shares) | (25,000) | |||
Cancelled / Forfeited, weighted average exercise price (in dollars per share) | $ 9 | |||
Outstanding (in shares) | 257,861 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 9 | |||
Options at 26.20 [Member] | ||||
Outstanding, weighted average remaining contractual term (Year) | 5 years 6 months 18 days | |||
Outstanding (in shares) | 6,750 | |||
Outstanding Options, weighted average exercise price (in dollars per share) | $ 26.20 |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 01, 2020 | Jan. 01, 2020 | Dec. 01, 2019 | ||
Payments to Acquire Property, Plant, and Equipment | $ 90,204 | [1] | $ 27,958 | |||||
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 | $ 2,730 | |||||||
A B C I Office Lease [Member] | Alpha Bravo Charlie, Inc. (“ABCI”) [Member] | ||||||||
Operating Lease Monthly Payment | $ 2,800 | |||||||
[1]The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12. |
Note 9 - Commitments (Details T
Note 9 - Commitments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 21, 2021 | |
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 |
Note 9 - Commitments - Future M
Note 9 - Commitments - Future Minimum Payments (Details) | Sep. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid | $ 11,491 |
Operating lease obligations, less than one year | 10,881 |
Operating lease obligations, year 1-3 | 610 |
Employment contracts | 2,125,000 |
Employment contracts, less than one year | 500,000 |
Employment contracts, year 1-3 | 1,500,000 |
Employment contracts, year 4-5 | 125,000 |
Total | 2,136,491 |
Total, less than one year | 510,881 |
Total, year 1-3 | 1,500,610 |
Total, year 4-5 | $ 125,000 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) - Alan K. Brooks v. ADOMANI, Inc [Member] - USD ($) | Aug. 10, 2021 | Jun. 19, 2019 |
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 | |
Stock Issued During the Period, Value, Settlement of Litigation Claims | 197,500 | |
Cash Paid by Insurance Company | $ 170,000 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Feb. 15, 2022 | Feb. 04, 2020 USD ($) | Dec. 31, 2019 USD ($) | Feb. 28, 2017 USD ($) | |
Lessee, Operating Lease, Number of Leases | 9 | 9 | |||||||
Operating Lease, Expense | $ 52,579 | $ 180,746 | $ 198,161 | ||||||
Lessee, Operating Lease, Liability, to be Paid | $ 11,491 | $ 11,491 | |||||||
Operating Lease, Expense (Income) | $ (14,841) | ||||||||
Office and Warehouse Leases [Member] | |||||||||
Lessee, Operating Lease, Number of Leases | 4 | 4 | |||||||
Equipment Leases [Member] | |||||||||
Lessee, Operating Lease, Number of Leases | 5 | 5 | |||||||
S R I Equipment Leases [Member] | |||||||||
Operating Lease, Expense | $ 23,312 | 38,853 | $ 69,936 | 66,055 | |||||
S R I Office Lease [Member] | |||||||||
Operating Lease, Expense | 8,190 | 4,550 | 18,200 | 11,270 | |||||
A B C I Office Lease [Member] | |||||||||
Operating Lease, Expense | 8,400 | $ 8,400 | 25,200 | $ 25,200 | |||||
Toledo Jet Center [Member] | |||||||||
Operating Lease, Expense | $ 4,815 | $ 12,038 | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||||||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||||||||
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 11 - Leases - Schedule of
Note 11 - Leases - Schedule of 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 (Year) | 7 months 13 days | 1 year 3 months 10 days |
Operating leases | 14% | 14% |
Note 12 - Restatement (Details
Note 12 - Restatement (Details Textual) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Amount Reclassified From Accrued Liabilities to Notes Payable, Net [Member] | |
Prior Period Reclassification Adjustment | $ 387,000 |
Note 12 - Restatement - Summary
Note 12 - Restatement - Summary of Restatement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
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 | |||
Accounts receivable | $ 3,384,936 | [1] | $ 3,384,936 | [1] | $ 1,428,030 | |||||||
Inventory, net | 5,954,375 | [1] | 5,954,375 | [1] | 3,850,541 | |||||||
Inventory deposits | 4,855,049 | [1] | 4,855,049 | [1] | 4,503,079 | |||||||
Total current assets | 19,563,519 | [1] | 19,563,519 | [1] | 23,023,389 | |||||||
Total assets | 71,723,177 | [1] | 71,723,177 | [1] | 75,307,808 | |||||||
Accrued liabilities | 767,026 | 767,026 | ||||||||||
Notes payable, net | 414,444 | 414,444 | ||||||||||
Accumulated deficit | (13,561,572) | [1] | (13,561,572) | [1] | (8,124,360) | |||||||
Total stockholders’ equity | 70,361,928 | [1] | $ 71,560,696 | $ 72,737,278 | $ 73,348,703 | $ 74,035,018 | $ 58,637,619 | 70,361,928 | [1] | $ 73,348,703 | 73,741,864 | $ (472,160) |
Total liabilities and stockholders’ equity | 71,723,177 | [1] | 71,723,177 | [1] | $ 75,307,808 | |||||||
Sales | 1,029,280 | [2] | 709,092 | 2,625,090 | 1,368,151 | |||||||
Cost of sales | 677,855 | [2] | 469,611 | 1,599,290 | 930,977 | |||||||
Gross profit | 351,425 | [2] | 239,481 | 1,025,800 | 437,174 | |||||||
General and administrative expenses | 1,584,973 | [2] | 1,344,840 | 6,113,957 | 2,766,989 | |||||||
Income (loss) from operations | (1,352,735) | [2] | (1,142,093) | (5,465,074) | (2,471,907) | |||||||
Income (loss) before income taxes | (1,323,768) | [2] | (848,075) | (5,437,212) | (2,181,364) | |||||||
Net income (loss) | $ (1,323,768) | [2] | $ (1,176,582) | $ (2,936,862) | $ (850,475) | $ (893,079) | $ (658,510) | $ (5,437,212) | [2] | $ (2,402,064) | ||
Net income (loss) per share – basic and diluted (in dollars per share) | $ (0.09) | [2] | $ (0.06) | $ (0.36) | $ (0.23) | |||||||
Previously Reported [Member] | ||||||||||||
Accounts receivable | $ 7,804,369 | $ 7,804,369 | ||||||||||
Inventory, net | 3,603,852 | 3,603,852 | ||||||||||
Inventory deposits | 4,812,439 | 4,812,439 | ||||||||||
Total current assets | 21,589,819 | 21,589,819 | ||||||||||
Total assets | 73,749,477 | 73,749,477 | ||||||||||
Accrued liabilities | 1,154,026 | 1,154,026 | ||||||||||
Notes payable, net | 27,444 | 27,444 | ||||||||||
Accumulated deficit | (11,535,272) | (11,535,272) | ||||||||||
Total stockholders’ equity | 72,388,228 | 72,388,228 | ||||||||||
Total liabilities and stockholders’ equity | 73,749,477 | 73,749,477 | ||||||||||
Sales | 3,882,670 | 7,078,870 | ||||||||||
Cost of sales | 2,046,491 | 3,998,533 | ||||||||||
Gross profit | 1,836,179 | 3,080,337 | ||||||||||
General and administrative expenses | 1,619,210 | 6,142,194 | ||||||||||
Income (loss) from operations | 97,782 | (3,438,774) | ||||||||||
Income (loss) before income taxes | 126,749 | (3,410,912) | ||||||||||
Net income (loss) | $ 126,749 | $ (3,410,912) | ||||||||||
Net income (loss) per share – basic and diluted (in dollars per share) | $ 0.01 | $ (0.23) | ||||||||||
[1]The Consolidated Balance Sheet as of September 30, 2022 has been restated. See Note 12.[2]The Consolidated Statements of Operations for the three and nine months ended September 30, 2022 have been restated. See Note 12. |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - Forecast [Member] - Sublease of Warehouse Building in Clark Freeport Zone in Philippines [Member] | 1 Months Ended |
Mar. 31, 2023 USD ($) yd² | |
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 |