Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Oct. 12, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001563568 | |
Entity Registrant Name | Envirotech Vehicles, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.00001 per share | |
Trading Symbol | EVTV | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,106,088 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 1,668,909 | $ 2,765,068 |
1,889, | 60,684 | 60,399 |
Marketable securities | 1,009,378 | 2,336,402 |
Accounts receivable, net of allowance of $271,218 and $271,218, respectively | 1,889,514 | 2,073,691 |
Inventory, net | 5,733,421 | 5,671,326 |
Inventory deposits | 5,169,872 | 4,829,933 |
Prepaid expenses | 284,468 | 445,963 |
Other current assets | 180,023 | 156,457 |
Total current assets | 15,996,269 | 18,339,239 |
Property and equipment, net | 358,958 | 368,461 |
Goodwill | 14,682,620 | 14,682,620 |
Other non-current assets | 93,370 | 93,369 |
Total assets | 31,131,217 | 33,483,689 |
Current liabilities: | ||
Accounts payable | 884,045 | 603,744 |
Accrued liabilities | 357,848 | 652,528 |
Notes payable - current | 60,000 | 215,766 |
Total current liabilities | 1,301,893 | 1,472,038 |
Long-term liabilities | ||
Notes payable - long-term | 15,108 | 16,671 |
Total liabilities | 1,317,001 | 1,488,709 |
Stockholders’ equity (deficit): | ||
Preferred stock, 5,000,000 authorized, $0.00001 par value per share, none issued and outstanding as of March 31, 2023, and December 31, 2022 | 0 | 0 |
Common stock, 350,000,000 authorized, $0.00001 par value per share, 15,021,088 and 15,021,088 Issued and outstanding as of March 31, 2023, and December 31, 2022, respectively | 150 | 150 |
Additional paid-in capital | 84,010,494 | 83,923,350 |
Accumulated deficit | (54,196,428) | (51,928,520) |
Total stockholders’ equity | 29,814,216 | 31,994,980 |
Total liabilities and stockholders’ equity | $ 31,131,217 | $ 33,483,689 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance | $ 271,218 | $ 271,218 |
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 | 15,021,088 |
Common stock, shares outstanding (in shares) | 15,021,088 | 15,021,088 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Sales | $ 523,199 | $ 89,900 |
Cost of sales | 404,836 | 76,427 |
Gross profit | 118,363 | 13,473 |
Operating expenses | ||
General and administrative | 2,165,532 | 2,882,848 |
Consulting | 174,809 | 70,800 |
Research and development | 70,888 | 0 |
Total operating expenses, net | 2,411,229 | 2,953,648 |
Income (loss) from operations | (2,292,866) | (2,940,175) |
Other income (expense): | ||
Interest income, net | 32,153 | 12,272 |
Other income | (7,195) | (8,959) |
Total other income | 24,958 | 3,313 |
Loss before income taxes | (2,267,908) | (2,936,862) |
Income tax expense | 0 | 0 |
Net loss | $ (2,267,908) | $ (2,936,862) |
Net loss per share to common stockholders: | ||
Basic and diluted (in dollars per share) | $ (0.15) | $ (0.20) |
Weighted shares used in the computation of net loss per share: | ||
Basic and diluted (in shares) | 15,021,088 | 14,926,860 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 14,912,189 | |||
Balance at Dec. 31, 2021 | $ 149 | $ 81,866,075 | $ (8,124,360) | $ 73,741,864 |
Stock based compensation | 0 | 1,614,845 | 0 | 1,614,845 |
Net loss | $ 0 | 0 | (2,936,862) | (2,936,862) |
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 |
Balance (in shares) at Mar. 31, 2022 | 15,000,673 | |||
Balance at Mar. 31, 2022 | $ 150 | 83,798,350 | (11,061,222) | 72,737,278 |
Balance (in shares) at Dec. 31, 2022 | 15,021,088 | |||
Balance at Dec. 31, 2022 | $ 150 | 83,923,350 | (51,928,520) | 31,994,980 |
Stock based compensation | 0 | 87,144 | 0 | 87,144 |
Net loss | $ 0 | 0 | (2,267,908) | (2,267,908) |
Balance (in shares) at Mar. 31, 2023 | 15,021,088 | |||
Balance at Mar. 31, 2023 | $ 150 | $ 84,010,494 | $ (54,196,428) | $ 29,814,216 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (2,267,908) | $ (2,936,862) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 28,984 | 18,659 |
Unrealized loss on marketable securities | 7,195 | 4,137 |
Stock based compensation expense | 87,144 | 1,614,845 |
Changes in assets and liabilities: | ||
Accounts receivable | 184,177 | (89,352) |
Inventory | (62,095) | (3,435,765) |
Inventory deposits | (339,939) | 1,032,114 |
Prepaid expenses | 161,495 | 125,119 |
Other current assets | (33,337) | 0 |
Other non-current assets | 0 | 160,770 |
Accounts payable | 280,297 | (67,940) |
Accrued liabilities | (294,676) | (331,259) |
Net cash used in operating activities | (2,248,663) | (3,905,534) |
Cash flows from investing activities: | ||
Purchase of property and equipment, net | (19,481) | (12,502) |
Investment in marketable securities | 0 | (999,937) |
Sale of marketable securities | 1,329,599 | 4,000,000 |
Net cash provided by investing activities | 1,310,118 | 2,987,561 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 0 | 120,000 |
Principal repayments on debt | (157,329) | (7,947) |
Net cash (used in) provided by financing activities | (157,329) | 112,053 |
Net change in cash, restricted cash and cash equivalents | (1,095,874) | (805,920) |
Cash, restricted cash and cash equivalents at the beginning of the period | 2,825,467 | 4,906,525 |
Cash, restricted cash and cash equivalents at the end of the period | 1,729,593 | 4,100,605 |
Supplemental cash flow disclosures: | ||
Non-cash common stock lawsuit settlement | $ 0 | $ 197,431 |
Note 1 - Organization and Opera
Note 1 - Organization and Operations | 3 Months Ended |
Mar. 31, 2023 | |
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 February 22, 2022, On June 28, 2022, 1 no 10 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation March 31, 2023 three March 31, 2023 December 31, 2022 2021 10 September 26, 2023. three March 31, 2023 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—The Company recognizes revenue from the sales of zero 606, March 31, 2023 three March 31, 2023 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. Cash and Cash Equivalents three March 31, 2023 December 31, 2022 Marketable Securities not March 31, 2023 March 31, 2023 December 31, 2022 Accounts Receivable and Allowance for Doubtful Accounts not March 31, 2023 December 31, 2022 may two nine not March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 three March 31, 2023 Inventory and Inventory Valuation Allowance not March 31, 2023 three not March 31, 2023 March 31, 2023 December 31, 2022, Inventory Deposits March 31, 2023 December 31, 2022 March 31, 2023 Income Taxes Accounting for Uncertainty in Income Taxes March 31, 2023 December 31, 2022 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 March 31, 2023 Concentration of Credit Risk $250,000 may During the three March 31, 2023 March 31, 2023 Impairment of Long-Lived Assets may not March 31, 2023 December 31, 2022 Goodwill not not first not not not one March 31, 2023, not December 31, 2022 Research and Development three March 31, 2023 three March 31, 2022 Stock-Based Compensation 718, three March 31, 2023 Property and Equipment three five $2,000. Leases 842. Recent Accounting Pronouncements not not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Property and Equipment, Net Components of property and equipment, net, consist of the following as of March 31, 2023 December 31, 2022 March 31, December 31, 2023 2022 Furniture and fixtures $ 56,646 $ 56,646 Leasehold improvements 122,711 122,711 Machinery & equipment 170,333 165,753 Vehicles 252,725 252,724 Test/Demo vehicles 30,684 15,784 Total property and equipment 633,099 613,618 Less accumulated depreciation (274,141 ) (245,157 ) Net property and equipment $ 358,958 $ 368,461 Depreciation expense was $28,984 and $18,659 for the three March 31, 2023 2022 |
Note 4 - Debt
Note 4 - Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Debt On June 15, 2021, twenty-four July 2021, March 31, 2023. On July 15, 2022, August 2022, March 31, 2023. Effective June 15, 2022, nine July 2022, March 31, 2023. Effective August 20, 2022, second nine September 2022, March 31, 2023. Effective August 4, 2022, no may may not March 31, 2023 no |
Note 5 - Stock Warrants
Note 5 - Stock Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Warrants [Text Block] | 5. Stock Warrants The Company’s outstanding warrants as of March 31, 2023 Number of Exercise Remaining Shares Price Contractual Life (years) Outstanding warrants expiring January 28, 2025 431,250 $ 10.00 1.83 Outstanding warrants expiring May 7, 2026 958,334 $ 20.00 3.10 Outstanding warrants on March 31, 2023 1,389,584 $ 17.43 2.68 In connection with the second 10 April 26, 2022, March 31, 2023 13 four 20 may not ten may Approximately 12,833 stock warrants have expired in the three March 31, 2023 As of March 31, 2023 |
Note 6 - Stock Options and Rest
Note 6 - Stock Options and Restricted Shares | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Stock Options and Restricted Shares Stock Options As a result of the Merger closing (see Notes 2 3 March 15, 2021 March 31, 2023 Weighted Average Remaining Number of Exercise Contractual Life Shares Price (years) Outstanding Options at $2.00 Exercise Price 250,000 $ 2.00 8.80 Outstanding Options at $2.40 Exercise Price 90,893 $ 2.40 8.80 Outstanding Options at $3.62 Exercise Price 2,762 $ 3.62 3.84 Outstanding Options at $9.00 Exercise Price 257,861 $ 9.00 7.71 Outstanding Options at $26.20 Exercise Price 6,750 $ 9.00 5.05 Outstanding at March 31, 2023 608,266 $ 5.30 8.27 Exercisable at March 31, 2023 605,297 $ 5.30 8.29 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, 2023 Restricted Shares During the first 2023, six three March 31, 2023. third 2023. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. Related Party Transactions The Company has entered into lease agreements with SRI Professional Services, Incorporated (“SRI”), pursuant to which the Company leases equipment used in connection with the operation of its business (the “SRI Equipment Leases”). Phillip W. Oldridge, the Company’s Chief Executive Officer and Chairman of the Board, and a member of its board of directors, serves as an executive officer and a member of the board of directors of SRI. The SRI Equipment Leases provide for the leasing of two January 1, 2020 December 1, 2019, three March 31, 2023. The Company has entered into a cancelable month-to-month lease with SRI (the “SRI Office Lease”), pursuant to which the Company has leased office and warehouse space in the Porterville, California area for a term that commenced on January 1, 2020. three March 31, 2023 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, three March 31, 2023 During the first 2023, |
Note 8 - Commitments
Note 8 - Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 8. Commitments Other Agreements On December 31, 2021, March 1, 2021, five one twelve January 1, 2022, one no Future minimum payments under operating leases are not |
Note 9 - Contingencies
Note 9 - Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 9. Contingencies Except as set forth below, we know of no no GreenPower Litigation On December 17, 2019, No. 1914285, On or about July 18, 2021, No. S207532. 42 not On February 8, 2022, No. 5:22 00252 May 10, 2022, not Mollik Litigation - Resolved On August 23, 2018, No. 1817493, two June 2017. June 2017 12 2 15 On June 19, 2023, July 18, 2023, No September 30, 2023, Brooks Litigation On June 19, 2019, No. 1 349153 two June 2017, September 20, 2019, first five 25401, March 7, 2022, |
Note 10 - Leases
Note 10 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. Leases As of March 31, 2022, 842. one 842, March 31, 2023 The Company has entered into the SRI Equipment Leases. Rent expense under the SRI Equipment Leases was $23,312 and $23,312 for the three March 31, 2023 three March 31, 2022, The Company has entered into the SRI Office Lease. Rent expense under the SRI Office Lease was $5,460 and $2,730 for the three March 31, 2023 three March 31, 2022, The Company has entered into the ABCI Office Lease. Rent expense under the ABCI Office Lease was $20,600 and $8,400 for the three March 31, 2023 three March 31, 2022, 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 March 31, 2023 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, As required by ASC 842, March 31, 2022, April 1, 2022 In March 2023, two two July 1, 2023 ( September 1, 2023. two first second may Quantitative information regarding the Company’s leases is as follows: Three Months Ended March 31, 2023 2022 Lease expenses Operating lease expenses $ — $ 56,101 Short-term lease expenses 58,264 124,645 Total lease cost $ 58,264 $ 180,746 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 58,264 $ 56,890 Weighted-average remaining lease term (in years): Operating leases — 0.62 Weighted-average discount rate: Operating leases — % 14 % |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events The Company evaluates subsequent events that have occurred after the balance sheet date but before the consolidated financial statements are issued. There are two 1 2 not no March 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation March 31, 2023 three March 31, 2023 December 31, 2022 2021 10 September 26, 2023. three March 31, 2023 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—The Company recognizes revenue from the sales of zero 606, March 31, 2023 three March 31, 2023 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. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three March 31, 2023 December 31, 2022 |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities not March 31, 2023 March 31, 2023 December 31, 2022 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts not March 31, 2023 December 31, 2022 may two nine not March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 March 31, 2023 three March 31, 2023 |
Inventory, Policy [Policy Text Block] | Inventory and Inventory Valuation Allowance not March 31, 2023 three not March 31, 2023 March 31, 2023 December 31, 2022, |
Inventory Deposits [Policy Text Block] | Inventory Deposits March 31, 2023 December 31, 2022 March 31, 2023 |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Income Tax Uncertainties, Policy [Policy Text Block] | Accounting for Uncertainty in Income Taxes March 31, 2023 December 31, 2022 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 March 31, 2023 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk $250,000 may During the three March 31, 2023 March 31, 2023 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not March 31, 2023 December 31, 2022 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill not not first not not not one March 31, 2023, not December 31, 2022 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development three March 31, 2023 three March 31, 2022 |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation 718, three March 31, 2023 |
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 - Property and Equipme_2
Note 3 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2023 2022 Furniture and fixtures $ 56,646 $ 56,646 Leasehold improvements 122,711 122,711 Machinery & equipment 170,333 165,753 Vehicles 252,725 252,724 Test/Demo vehicles 30,684 15,784 Total property and equipment 633,099 613,618 Less accumulated depreciation (274,141 ) (245,157 ) Net property and equipment $ 358,958 $ 368,461 |
Note 5 - Stock Warrants (Tables
Note 5 - Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 28, 2025 431,250 $ 10.00 1.83 Outstanding warrants expiring May 7, 2026 958,334 $ 20.00 3.10 Outstanding warrants on March 31, 2023 1,389,584 $ 17.43 2.68 |
Note 6 - Stock Options and Re_2
Note 6 - Stock Options and Restricted Shares (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Options at $2.00 Exercise Price 250,000 $ 2.00 8.80 Outstanding Options at $2.40 Exercise Price 90,893 $ 2.40 8.80 Outstanding Options at $3.62 Exercise Price 2,762 $ 3.62 3.84 Outstanding Options at $9.00 Exercise Price 257,861 $ 9.00 7.71 Outstanding Options at $26.20 Exercise Price 6,750 $ 9.00 5.05 Outstanding at March 31, 2023 608,266 $ 5.30 8.27 Exercisable at March 31, 2023 605,297 $ 5.30 8.29 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Lease expenses Operating lease expenses $ — $ 56,101 Short-term lease expenses 58,264 124,645 Total lease cost $ 58,264 $ 180,746 Other information Cash paid for the amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 58,264 $ 56,890 Weighted-average remaining lease term (in years): Operating leases — 0.62 Weighted-average discount rate: Operating leases — % 14 % |
Note 1 - Organization and Ope_2
Note 1 - Organization and Operations (Details Textual) | Jun. 28, 2022 $ / shares | Mar. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Feb. 22, 2022 ft² |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||
Facility in Osceola, Arkansas [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 580,000 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | |
Restricted Cash, Current | $ 60,684 | $ 60,684 | $ 60,399 | |
Marketable Securities | 1,009,378 | 1,009,378 | 2,336,402 | |
Accounts Receivable, before Allowance for Credit Loss, Current | 2,160,732 | 2,160,732 | 2,344,909 | |
Accounts Receivable, Allowance for Credit Loss, Current | 271,218 | 271,218 | 271,218 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 1,889,514 | 1,889,514 | 2,073,691 | |
Inventory, Finished Goods, Gross | 5,745,850 | 5,745,850 | 5,683,755 | |
Inventory Valuation Reserves | 12,429 | |||
Inventory, Net | 5,733,421 | 5,733,421 | 5,671,326 | |
Inventory Deposits | $ 5,169,872 | $ 5,169,872 | 4,829,933 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | shares | 608,266 | 608,266 | ||
Class of Warrant or Right, Outstanding (in shares) | shares | 1,389,584 | 1,389,584 | ||
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 | ||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | 0 | ||
Number of Reporting Units | 1 | |||
Goodwill | $ 14,682,620 | 14,682,620 | 14,682,620 | |
Goodwill, Impairment Loss | $ 37,093,047 | |||
Research and Development Expense | 70,888 | $ 0 | ||
Share-Based Payment Arrangement, Expense | 87,144 | |||
Adomani Inc [Member] | ||||
Goodwill | 14,682,620 | 14,682,620 | ||
Three Vehicles [Member] | ||||
Inventory Valuation Reserves | $ 12,429 | $ 12,429 | ||
Minimum [Member] | ||||
Investment, Maturity Period (Day) | 154 days | |||
Investment, Remaining Maturity Period (Day) | 91 days | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | 3 years | ||
Maximum [Member] | ||||
Investment, Maturity Period (Day) | 199 days | |||
Investment, Remaining Maturity Period (Day) | 182 years | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | 5 years | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Number of Major Customers | 6 | 4 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Six Customers [Member] | ||||
Concentration Risk, Percentage | 74% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Customers [Member] | ||||
Concentration Risk, Percentage | 74% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Twenty Customers [Member] | ||||
Concentration Risk, Percentage | 100% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 4 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Four Customers [Member] | ||||
Concentration Risk, Percentage | 100% | |||
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||||
Concentration Risk, Percentage | 82% | 70% | ||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | Three Suppliers [Member] | ||||
Number of Vendors | 1 | |||
Supplier Concentration Risk [Member] | Deposits Outstanding [Member] | One Vendor [Member] | ||||
Concentration Risk, Percentage | 92% | |||
Fair Value, Recurring [Member] | ||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 28,984 | $ 18,659 |
Note 3 - Property and Equipme_4
Note 3 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Total property and equipment | $ 633,099 | $ 613,618 |
Less accumulated depreciation | (274,141) | (245,157) |
Net property and equipment | 358,958 | 368,461 |
Furniture and Fixtures [Member] | ||
Total property and equipment | 56,646 | 56,646 |
Leasehold Improvements [Member] | ||
Total property and equipment | 122,711 | 122,711 |
Machinery and Equipment [Member] | ||
Total property and equipment | 170,333 | 165,753 |
Vehicles [Member] | ||
Total property and equipment | 252,725 | 252,724 |
Test/Demo Vehicles [Member] | ||
Total property and equipment | $ 30,684 | $ 15,784 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) | Aug. 20, 2022 | Jul. 15, 2022 | Jun. 15, 2022 | Jun. 15, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Aug. 04, 2022 |
Notes Payable, Current | $ 60,000 | $ 215,766 | |||||
Notes Payable, Noncurrent | 15,108 | $ 16,671 | |||||
Second Premium Financing Agreement [Member] | |||||||
Debt Instrument, Face Amount | $ 214,088 | ||||||
Debt Instrument, Term (Month) | 9 months | ||||||
Debt Instrument, Periodic Payment | $ 24,416 | ||||||
Notes Payable, Current | 48,451 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | ||||||
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 | $ 2,648.99 | ||||||
Notes Payable, Current | 5,298 | ||||||
Facility Grounds Equipment Loans [Member] | |||||||
Debt Instrument, Face Amount | $ 18,755 | ||||||
Debt Instrument, Term (Month) | 36 months | ||||||
Debt Instrument, Periodic Payment | $ 521 | ||||||
Notes Payable, Current | 6,252 | ||||||
Notes Payable | 21,360 | ||||||
Notes Payable, Noncurrent | 15,108 | ||||||
First Insurance Funding [Member] | Premium Financing Agreement [Member] | |||||||
Debt Instrument, Face Amount | $ 225,000 | ||||||
Debt Instrument, Periodic Payment | $ 25,608 | ||||||
Notes Payable | $ 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% |
Note 5 - Stock Warrants (Detail
Note 5 - Stock Warrants (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2022 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 958,334 | |
Class of Warrants or Rights, Expired During Period (in shares) | 12,833 | |
Class of Warrant or Right, Intrinsic Value | $ 0 | |
Class Of Warrant Or Right, Exercisable (in shares) | 958,334 |
Note 5 - Stock Warrants - Summa
Note 5 - Stock Warrants - Summary of Warrants (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of shares (in shares) | shares | 1,389,584 |
Exercise price (in dollars per share) | $ / shares | $ 17.43 |
Remaining contractual life (Year) | 2 years 8 months 4 days |
Warrant One [Member] | |
Number of shares (in shares) | shares | 431,250 |
Exercise price (in dollars per share) | $ / shares | $ 10 |
Remaining contractual life (Year) | 1 year 9 months 29 days |
Warrant Two [Member] | |
Number of shares (in shares) | shares | 958,334 |
Exercise price (in dollars per share) | $ / shares | $ 20 |
Remaining contractual life (Year) | 3 years 1 month 6 days |
Note 6 - Stock Options and Re_3
Note 6 - Stock Options and Restricted Shares (Details Textual) - USD ($) | 3 Months Ended | ||||
Mar. 15, 2022 | Jan. 31, 2022 | Jan. 07, 2022 | Mar. 31, 2023 | Mar. 15, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares) | 605,297 | 649,643 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 355,670 | ||||
Share-Based Payment Arrangement, Expense | $ 87,144 | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 85,000 | ||||
Share-Based Payment Arrangement, Expense | $ 87,144 | ||||
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 6 - Stock Options and Re_4
Note 6 - Stock Options and Restricted Shares - Stock Options Outstanding (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 15, 2021 | |
Outstanding (in shares) | 608,266 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 5.30 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 3 months 7 days | |
Exercisable (in shares) | 605,297 | 649,643 |
Exercisable, weighted average exercise price (in dollars per share) | $ 5.30 | |
Exercisable, weighted average remaining contractual term (Year) | 8 years 3 months 14 days | |
Option at 2.00 [Member] | ||
Outstanding (in shares) | 250,000 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 2 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 9 months 18 days | |
Options at $2.40 [Member] | ||
Outstanding (in shares) | 90,893 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 2.40 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 9 months 18 days | |
Options at 3.62 [Member] | ||
Outstanding (in shares) | 2,762 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 3.62 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 10 months 2 days | |
Options at 9.00 [Member] | ||
Outstanding (in shares) | 257,861 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 9 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 8 months 15 days | |
Options at 26.20 [Member] | ||
Outstanding (in shares) | 6,750 | |
Outstanding Options, weighted average exercise price (in dollars per share) | $ 9 | |
Outstanding, weighted average remaining contractual term (Year) | 5 years 18 days |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Apr. 01, 2020 | Jan. 01, 2020 | Dec. 01, 2019 | |
S R I Equipment Leases [Member] | ||||
Operating Lease, Expense | $ 23,312 | |||
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] | ||||
Operating Lease, Expense | 5,460 | |||
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 | $ 5,000 | |||
Operating Lease, Expense | 20,600 | |||
Use of Personal Airplane [Member] | Chief Executive Officer [Member] | ||||
Operating Lease, Expense | $ 81,269 |
Note 8 - Commitments (Details T
Note 8 - 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 - Contingencies (Details
Note 9 - Contingencies (Details Textual) - Alan K. Brooks v. ADOMANI, Inc [Member] | Jun. 19, 2019 USD ($) shares |
Number of Shares Refused To Release (in shares) | shares | 1,320,359 |
Loss Contingency, Damages Sought, Value | $ | $ 13,500,000 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
May 31, 2025 USD ($) | Mar. 31, 2023 USD ($) yd² | Mar. 31, 2022 USD ($) | Mar. 31, 2025 USD ($) | Mar. 31, 2024 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 | 8 | |||||||||
Equipment Leases [Member] | ||||||||||
Lessee, Operating Lease, Number of Leases | 3 | |||||||||
S R I Equipment Leases [Member] | ||||||||||
Operating Lease, Expense | $ 23,312 | $ 23,312 | ||||||||
S R I Office Lease [Member] | ||||||||||
Operating Lease, Expense | 5,460 | 2,730 | ||||||||
A B C I Office Lease [Member] | ||||||||||
Operating Lease, Expense | 20,600 | 8,400 | ||||||||
Toledo Jet Center [Member] | ||||||||||
Operating Lease, Expense | $ 4,500 | $ 2,408 | ||||||||
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 | $ 13,906 | $ 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 | $ 6,365 | $ 6,000 | ||||||||
Warehouse Space In Corona California [Member] | Fire Sprinkler Alarm Monitoring And Landscape Maintenance [Member] | ||||||||||
Operating Lease Monthly Payment | $ 265 | |||||||||
Warehouse Building in Clark Freeport Zone in Philippines [Member] | ||||||||||
Area of Real Estate Property (Square Foot) | yd² | 3,600 | |||||||||
Warehouse Building in Clark Freeport Zone in Philippines [Member] | Forecast [Member] | ||||||||||
Sublease Monthly Payment | $ 16,530 | $ 15,750 | $ 15,000 |
Note 10 - Leases - Schedule of
Note 10 - Leases - Schedule of Information Regarding Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease expenses | ||
Operating lease expenses | $ 0 | $ 56,101 |
Short-term lease expenses | 58,264 | 124,645 |
Total lease cost | 58,264 | 180,746 |
Operating cash flows | $ 58,264 | $ 56,890 |
Operating leases (Year) | 7 months 13 days | |
Operating leases | 0% | 14% |