|
Delaware
|
| |
3713
|
| |
85-4319789
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary standard industrial
classification code number) |
| |
(I.R.S. employer
identification number) |
|
|
Mitchell S. Nussbaum, Esq.
David C. Fischer, Esq. dfischer@loeb.com 212-407-4827 Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Tel: (212) 407-4000 Fax: (212) 407-4990 |
| |
M. Ali Panjwani, Esq.
Pryor Cashman LLP 7 Times Square New York, New York 10036 Tel: (212) 421-4100 Fax: (212) 326-0806 |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
|
Non-accelerated filer ☐
(Do not check if smaller reporting company) |
| |
Smaller reporting company ☒
Emerging growth company ☒ |
|
|
Maxim Group LLC
|
| |
Roth Capital Partners
|
| |
EF Hutton, division of Benchmark Investments, LLC
|
|
| | |
Page
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| | | | F-1 | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||
| | |
Nine months
ended September 30, 2021 |
| | |
Nine months
ended September 30, 2020 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
For the Year
Ended December 31, 2019 |
| |||||||||||||||
| | |
(Unaudited)
|
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |
(Audited)
|
| |||||||||||||||
In thousands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenues
|
| | | $ | 1,680 | | | | | | $ | 3,802 | | | | | $ | 377 | | | | | | $ | 4,132 | | | | | $ | 3,990 | | |
Cost of revenue
|
| | | | 1,836 | | | | | | | 4,159 | | | | | | 479 | | | | | | | 4,451 | | | | | | 4,288 | | |
Gross loss:
|
| | | | (156) | | | | | | | (357) | | | | | | (102) | | | | | | | (319) | | | | | | (298) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 6216 | | | | | | | 2,834 | | | | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Total operating expenses
|
| | | | 6,216 | | | | | | | 2,834 | | | | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Operating loss
|
| | | | (6,372) | | | | | | | (3,191) | | | | | | (1,249) | | | | | | | (4,005) | | | | | | (5,679) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (2) | | | | | | | (139) | | | | | | (4) | | | | | | | (4) | | | | | | (300) | | |
Other income
|
| | | | 1 | | | | | | | 45 | | | | | | 12 | | | | | | | 587 | | | | | | 8 | | |
Total other (expense) income, net
|
| | | | (1) | | | | | | | (94) | | | | | | 8 | | | | | | | 583 | | | | | | (292) | | |
Loss before income taxes
|
| | | | (6,373) | | | | | | | (3,285) | | | | | | (1,241) | | | | | | | (3,422) | | | | | | (5,971) | | |
Income tax provision
|
| | | | (3) | | | | | | | — | | | | | | (2) | | | | | | | — | | | | | | (2) | | |
Net loss
|
| | | $ | (6,376) | | | | | | $ | (3,285) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | | | | $ | (5,973) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.09) | | | | | | | | | | | | $ | (0.02) | | | | | | | | | | | | | | | |
Weighted average shares outstanding*
|
| | | | 70,000,000 | | | | | | | | | | | | | 70,000,000 | | | | | | | | | | | | | | | |
| | |
Successor
|
| |
Successor
|
| | |
Predecessor
|
| |||||||||
| | |
September 30,
2021 |
| |
December 31,
2020 |
| | |
December 31,
2019 |
| |||||||||
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |||||||||
In thousands | | | | | | | | | | | | | | | | | | | | |
Summary Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 5,976 | | | | | $ | 15,699 | | | | | | $ | 29 | | |
Current assets
|
| | | | 13,630 | | | | | | 19,249 | | | | | | | 5,552 | | |
Total assets
|
| | | | 22,966 | | | | | | 29,227 | | | | | | | 8,955 | | |
Current liabilities
|
| | | | 3,738 | | | | | | 4,254 | | | | | | | 4,408 | | |
Total liabilities
|
| | | | 4,503 | | | | | | 4,437 | | | | | | | 20,592 | | |
Total stockholders’ equity (deficit)
|
| | | | 18,463 | | | | | | 24,790 | | | | | | | (11,637) | | |
Total liabilities and equity
|
| | | | 22,966 | | | | | $ | 29,227 | | | | | | $ | 8,955 | | |
Number of Shares and % of
Total Outstanding |
| |
Date Available for Sale into Public Markets
|
|
4,000,000, or 5.4%
|
| | Immediately after this offering. | |
70,000,000, or 94.6%
|
| | 180 days after the date of this prospectus due to contractual obligations and lock-up agreements between the holders of these shares and the underwriters. However, the underwriters can waive the provisions of these lock-up agreements and allow these stockholders to sell their shares at any time, provided their respective one-year holding periods under Rule 144 have expired. | |
70,000,000, or 94.6%
|
| | From time to time after the date 180 days after the date of this prospectus upon expiration of their respective one-year holding periods in the U.S. | |
| | |
As of September 30, 2021
|
| |||||||||
(In thousands, except share and par value)
|
| |
Actual
|
| |
As Adjusted
|
| ||||||
Cash and cash equivalents
|
| | | $ | 5,976 | | | | | $ | 24,376 | | |
Debt: | | | | | | | | | | | | | |
Long-term borrowings -current portion
|
| | | | 9 | | | | | | 9 | | |
Long-term borrowings
|
| | | | 765 | | | | | | 765 | | |
Total debt
|
| | | $ | 774 | | | | | $ | 774 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, par value $0.0001, 450,000,000 shares authorized, 70,000,000 shares
issued and outstanding on an actual basis, and 74,000,000 shares outstanding on a pro forma as adjusted basis |
| | | | 7 | | | | | | 7 | | |
Subscription receivable
|
| | | | (7) | | | | | | (7) | | |
Additional paid-in capital
|
| | | | 26,082 | | | | | | 44,482 | | |
Accumulated deficit
|
| | | | (7,619) | | | | | | (7,619) | | |
Total stockholders’ equity
|
| | | $ | 18,463 | | | | | $ | 36,863 | | |
Total capitalization
|
| | | $ | 19,237 | | | | | $ | 37,637 | | |
|
Assumed public offering price per unit
|
| | | $ | 5.00 | | |
|
Pro forma net tangible book value per share as of September 30, 2021
|
| | | $ | 0.17 | | |
|
Increase in pro forma net tangible book value per share attributable to the offering
|
| | | $ | 0.24 | | |
|
Pro forma as adjusted net tangible book value per share as of September 30, 2021 after the
offering |
| | | $ | 0.41 | | |
|
Dilution per share to new investors in the offering
|
| | | $ | 4.59 | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
|
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Per Share
|
| |||||||||||||||
Existing stockholders
|
| | | | 70,000,000 | | | | | | 94.6% | | | | | | 26,082,000 | | | | | | 57% | | | | | $ | 0.37 | | |
New investors
|
| | | | 4,000,000 | | | | | | 5.4% | | | | | | 20,000,000 | | | | | | 43% | | | | | | 5.00 | | |
Total
|
| | | | 74,000,000 | | | | | | 100% | | | | | | 46,082,000 | | | | | | 100% | | | | | | 0.62 | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||
In thousands
|
| |
Nine months
ended September 30, 2021 |
| | |
Nine months
ended September 30, 2020 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
For the Year
Ended December 31, 2019 |
| |||||||||||||||
| | |
(Unaudited)
|
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |
(Audited)
|
| |||||||||||||||
Consolidated Statements of Operations:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenues
|
| | | $ | 1,680 | | | | | | $ | 3,802 | | | | | $ | 377 | | | | | | $ | 4,132 | | | | | $ | 3,990 | | |
Cost of revenues
|
| | | | 1,836 | | | | | | | 4,159 | | | | | | 479 | | | | | | | 4,451 | | | | | | 4,288 | | |
Gross loss:
|
| | | | (156) | | | | | | | (357) | | | | | | (102) | | | | | | | (319) | | | | | | (298) | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||
In thousands
|
| |
Nine months
ended September 30, 2021 |
| | |
Nine months
ended September 30, 2020 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
For the Year
Ended December 31, 2019 |
| |||||||||||||||
| | |
(Unaudited)
|
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |
(Audited)
|
| |||||||||||||||
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and
administrative |
| | | | 6,216 | | | | | | | 2,834 | | | | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Total operating expenses
|
| | | | 6,216 | | | | | | | 2,834 | | | | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Operating loss
|
| | | | (6,372) | | | | | | | (3,191) | | | | | | (1,249) | | | | | | | (4,005) | | | | | | (5,679) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (2) | | | | | | | (139) | | | | | | (4) | | | | | | | (4) | | | | | | (300) | | |
Other income
|
| | | | 1 | | | | | | | 45 | | | | | | 12 | | | | | | | 587 | | | | | | 8 | | |
Total other (expense) income, net
|
| | | | (1) | | | | | | | (94) | | | | | | 8 | | | | | | | 583 | | | | | | (292) | | |
Loss before income taxes
|
| | | | (6,373) | | | | | | | (3,285) | | | | | | (1,241) | | | | | | | (3,422) | | | | | | (5,971) | | |
Income tax provision
|
| | | | (3) | | | | | | | — | | | | | | (2) | | | | | | | — | | | | | | (2) | | |
Net loss
|
| | | $ | (6,376) | | | | | | $ | (3,285) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | | | | $ | (5,973) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.09) | | | | | | | | | | | | $ | (0.02) | | | | | | | | | | | | | | | |
Weighted average shares
outstanding* |
| | | | 70,000,000 | | | | | | | | | | | | | 70,000,000 | | | | | | | | | | | | | | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| ||||||||||||||||||
| | |
Nine months
ended September 30, 2021 |
| | |
Nine months
ended September 30, 2020 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
Year ended
December 31, 2019 |
| |||||||||||||||
| | |
(Unaudited)
|
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |
(Audited)
|
| |||||||||||||||
Sales of EVs
|
| | | $ | 796 | | | | | | $$ | 2,465 | | | | | $ | 235 | | | | | | $ | 2,690 | | | | | $ | 2,649 | | |
Lease of EVs
|
| | | | 458 | | | | | | | 433 | | | | | | 92 | | | | | | | 492 | | | | | | 303 | | |
Others
|
| | | | 426 | | | | | | | 904 | | | | | | 50 | | | | | | | 950 | | | | | | 1,038 | | |
| | | | $ | 1,680 | | | | | | $ | 3,802 | | | | | $ | 377 | | | | | | $ | 4,132 | | | | | $ | 3,990 | | |
| | |
Successor
|
| | |
Predecessor
|
| |
Successor
|
| | |
Predecessor
|
| |
Predecessor
|
| |||||||||||||||
| | |
Nine months
ended September 30, 2021 |
| | |
Nine months
ended September 30, 2020 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
For the Year
Ended December 31, 2019 |
| |||||||||||||||
| | |
(Unaudited)
|
| | |
(Unaudited)
|
| |
(Audited)
|
| | |
(Audited)
|
| |
(Audited)
|
| |||||||||||||||
Net cash (used in) provided by operating activities
|
| | | $ | (9,612) | | | | | | $ | 114 | | | | | $ | (1,434) | | | | | | $ | 11 | | | | | $ | (3,334) | | |
Net cash used in investing activities
|
| | | | (680) | | | | | | | (639) | | | | | | (80) | | | | | | | (556) | | | | | | (2,839) | | |
Net cash provided by financing activities
|
| | | | 569 | | | | | | | 738 | | | | | | 16,985 | | | | | | | 744 | | | | | | 6,015 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (9,723) | | | | | | | 213 | | | | | | 15,471 | | | | | | | 199 | | | | | | (158) | | |
|
Retail
|
| | Amazon | | |
2022: 10,000 electric delivery vans (short-term goal)
2030: 100,000 electric delivery vans total (long-term goal)
|
|
| | | | Walmart | | | 2040: Zero emission vehicle fleet, including long-haul (6,000 trucks) | |
|
Power
|
| | Schneider Electric | | | 2030: 100% electric fleet (14,000 vehicles) | |
|
Transportation
|
| | Uber | | |
2030: 100% of rides take place in EVs in U.S., Canadian, and European cities
2040: 100% of rides take place in zero-emission vehicles, on public transit or with micro-mobility
|
|
|
Delivery
|
| | DHL | | |
2025: 70% of first- and last-mile delivery services with clean transport modes
2050: Reduce logistics-related emissions to zero
|
|
| | | | FedEx | | | 2040: 100% global pickup and delivery (PUD) vehicle purchases electric | |
|
Biotech
|
| | Genentech | | | 2030: 100% electrification of sales fleet (1,300 vehicles) and commuter buses | |
|
Municipal
|
| | New York, New York | | |
2017: Only purchase Plug-in Hybrid EVs (PHEV) for non-emergency sedans going forward
2025: Add 2,000 EVs to NYC sedan fleet
2040: 100% electric MTA bus fleet
|
|
| | | | New Jersey | | |
2024: At least 10% of new bus purchases will be zero emission buses
2026: At least 50% of new bus purchases will be zero emissions buses
2032: 100% of new bus purchases will be zero emissions buses
|
|
| | | | Los Angeles, California | | |
2028: 100% ZEV vehicle conversions “where technically feasible” (2028: taxi fleet, school buses; 2035: urban delivery vehicles)
2035: 100% electrification of sanitation fleet through LA Department of Sanitation Commitment
|
|
| | | | Houston, Texas | | | 2030: 100% EV non-emergency, light-duty municipal fleet | |
| | | | Chicago, Illinois | | | 2040: 100% electric Chicago Transit Authority (CTA) bus fleet (1,850 buses) | |
Name
|
| |
Age
|
| |
Position
|
|
Xiaofeng Denton Peng | | | 46 | | | Chairman | |
Joseph R. Mitchell | | | 60 | | | Chief Executive Officer | |
Tarek Helou | | | 40 | | | Chief Operating Officer | |
Ron Iacobelli | | | 53 | | | Chief Technology Officer | |
Wenbing Chris Wang | | | 50 | | | Chief Financial Officer | |
Jose Paul Plackal | | | 41 | | | Chief Marketing Officer | |
Ira Feintuch | | | 50 | | |
SVP & Global Head of EV Charging Solutions
|
|
Tony Zhou | | | 58 | | | SVP of Autonomous Driving | |
Edmund Shen | | | 62 | | | VP, Product Management and Supply Chain | |
HoongKhoeng Cheong | | | 56 | | | Director | |
Liang Lance Zhou | | | 54 | | | Director | |
John F. Perkowski | | | 73 | | | Independent Director Nominee | |
Steven E. Stivers | | | 56 | | | Independent Director Nominee | |
Sam Van | | | 43 | | | Independent Director Nominee | |
Zhenxing Fu | | | 60 | | | Independent Director Nominee | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Non-qualified
Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| ||||||||||||
Xiaofeng Denton Peng
Chairman |
| | | | 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 2021 | | | | | | | | | | | | | | | | | | 42,000 | | | | | | | | | | | | | | | 42,000 | | | ||
Joseph R. Mitchell
Chief Executive Officer |
| | | | 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 2021 | | | | | | 220,635 | | | | | | | | | | | | | | | | | | | | | | | | | | | 220,635 | | | ||
Tarek Helou
Chief Operating Officer |
| | | | 2019 | | | | | | 45,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | 45,000 | | |
| | | 2020 | | | | | | 182,911 | | | | | | | | | | | | | | | | | | | | | | | | | | | 182,911 | | | ||
| | | 2021 | | | | | | 195,092 | | | | | | | | | | | | | | | | | | | | | | | | | | | 195,092 | | | ||
Ronald Iacobelli
Chief Technology Officer |
| | | | 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 2021 | | | | | | 161,564 | | | | | | | | | | | | | | | | | | | | | | | | | | | 161,564 | | | ||
Wenbing Chris Wang
Chief Financial Officer |
| | | | 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 2021 | | | | | | 25,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,000 | | |
| | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Equity Incentive
Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Xiaofeng Denton Peng
|
| | | | 4,200,000(1) | | | | | | | | | | | | 0.43 | | | | | | 1/24/2028 | | |
Joe Mitchell
|
| | | | | | | | | | 700,000(2) | | | | | | 0.43 | | | | | | 2/15/2031 | | |
Tarek Helou
|
| | | | | | | | | | 550,000(3) | | | | | | 0.43 | | | | | | 3/30/2031 | | |
Ronald Iacobelli
|
| | | | | | | | | | 500,000(4) | | | | | | 0.43 | | | | | | 4/26/2031 | | |
Wenbing Chris Wang
|
| | | | | | | | | | 500,000(5) | | | | | | 0.43 | | | | | | 3/30/2031 | | |
Name and Address of Beneficial Owner
|
| |
Shares Beneficially
Owned |
| |
Percent of Class
|
| |
Percent of Class
after this Offering |
| |||||||||
EdisonFuture, Inc.
|
| | | | 70,000,000(1) | | | | | | 100% | | | | | | 94.6% | | |
4677 Old Ironsides Dr, Suite 190
Santa Clara, CA 95054 |
| | | | |||||||||||||||
Xiaofeng Peng
|
| | | | 4,200,000(2) | | | | | | 5.7% | | | | | | 5.7% | | |
4677 Old Ironsides Dr, Suite 190
Santa Clara, CA 95054 |
| | | |
| | |
Number of unexercised
options-exercisable |
| |
Number of unexercised
options-unexercisable |
| ||||||
Xiaofeng Denton Peng
|
| | | | 4,200,000 | | | | | | | | |
Joe Mitchell
|
| | | | | | | | | | 700,000 | | |
Tarek Helou
|
| | | | | | | | | | 550,000 | | |
Ron Iacobelli
|
| | | | | | | | | | 500,000 | | |
Wenbing Chris Wang
|
| | | | | | | | | | 500,000 | | |
Directors and other employees
|
| | | | | | | | | | 4,991,000 | | |
Underwriters
|
| |
Number
of Shares |
| |||
Maxim Group LLC
|
| | | | | | |
Roth Capital Partners, LLC
|
| | | | | | |
EF Hutton, division of Benchmark Investments, LLC
|
| | | | | | |
Total
|
| | | | | |
| | |
No
Exercise |
| |
Full
Exercise |
| ||||||
Per Unit
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | |
| | |
No
Exercise |
| |
Full
Exercise |
| ||||||
Per Unit
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited condensed consolidated financial statements for the nine months ended September 30, 2021 and 2020
|
| | |||||
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| | |
December 31,
2019 |
| ||||||
ASSETS
|
| | | | | | | | | | | | | |
Current assets:
|
| | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 15,699 | | | | | | $ | 29 | | |
Accounts receivable, net
|
| | | | 1,157 | | | | | | | 1,695 | | |
Inventories, net
|
| | | | 1,545 | | | | | | | 3,176 | | |
Prepaid expenses and other current assets
|
| | | | 848 | | | | | | | 652 | | |
Total current assets
|
| | | | 19,249 | | | | | | | 5,552 | | |
Property and equipment, net
|
| | | | 2,766 | | | | | | | 3,318 | | |
Intangible assets, net
|
| | | | 2,941 | | | | | | | 85 | | |
Goodwill
|
| | | | 4,271 | | | | | | | — | | |
Total assets
|
| | | $ | 29,227 | | | | | | $ | 8,955 | | |
LIABILITIES AND EQUITY
|
| | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,356 | | | | | | $ | 1,147 | | |
Accrued liabilities
|
| | | | 450 | | | | | | | 281 | | |
Advance from customers
|
| | | | 1,896 | | | | | | | 1,744 | | |
Amount due to related party, current
|
| | | | — | | | | | | | 614 | | |
Warranty reserve
|
| | | | 530 | | | | | | | 607 | | |
Long-term borrowing, current portion
|
| | | | 22 | | | | | | | 15 | | |
Total current liabilities
|
| | | | 4,254 | | | | | | | 4,408 | | |
Long-term borrowings
|
| | | | 183 | | | | | | | 12 | | |
Amount due to related party, non-current
|
| | | | — | | | | | | | 16,172 | | |
Total liabilities
|
| | | | 4,437 | | | | | | | 20,592 | | |
Commitments and contingencies (Note 13) | | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | | |
Common stocks, par $0.0001, 450,000,000 shares authorized, 70,000,000 shares issued and outstanding as of December 31, 2020*
|
| | | | 7 | | | | | | | — | | |
Subscription receivable
|
| | | | (7) | | | | | | | — | | |
Additional paid-in capital
|
| | | | 26,033 | | | | | | | 49,558 | | |
Accumulated deficit
|
| | | | (1,243) | | | | | | | (61,195) | | |
Total equity (deficit)
|
| | | | 24,790 | | | | | | | (11,637) | | |
Total liabilities and equity (deficit)
|
| | | $ | 29,227 | | | | | | $ | 8,955 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
For the Year
Ended December 31, 2019 |
| |||||||||
Net sales
|
| | | $ | 377 | | | | | | $ | 4,132 | | | | | $ | 3,990 | | |
Cost of revenue
|
| | | | 479 | | | | | | | 4,451 | | | | | | 4,288 | | |
Gross loss
|
| | | | (102) | | | | | | | (319) | | | | | | (298) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Total operating expenses
|
| | | | 1,147 | | | | | | | 3,686 | | | | | | 5,381 | | |
Operating loss
|
| | | | (1,249) | | | | | | | (4,005) | | | | | | (5,679) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (4) | | | | | | | (4) | | | | | | (300) | | |
Others
|
| | | | 12 | | | | | | | 587 | | | | | | 8 | | |
Total other income (expense), net
|
| | | | 8 | | | | | | | 583 | | | | | | (292) | | |
Loss before income taxes
|
| | | | (1,241) | | | | | | | (3,422) | | | | | | (5,971) | | |
Income tax provision
|
| | | | (2) | | | | | | | — | | | | | | (2) | | |
Net loss
|
| | | $ | (1,243) | | | | | | $ | (3,422) | | | | | $ | (5,973) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.02) | | | | | | | | | | | | | | | |
Weighted average shares outstanding*
|
| | | | 70,000,000 | | | | | | | | | | | | | | | |
| | |
Shares*
|
| |
Common
Stocks |
| |
Subscription
Receivable |
| |
Additional
Paid -In Capital |
| |
Accumulated
Deficit |
| |
Total
Equity (deficit) |
| ||||||||||||||||||
Predecessor: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2019
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 43,741 | | | | | $ | (55,222) | | | | | $ | (11,481) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,973) | | | | | | (5,973) | | |
Liabilities waived by a stockholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | 999 | | | | | | — | | | | | | 999 | | |
Membership contribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,818 | | | | | | — | | | | | | 4,818 | | |
Balance as of December 31, 2019
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 49,558 | | | | | $ | (61,195) | | | | | $ | (11,637) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,422) | | | | | | (3,422) | | |
Liabilities waived by a stockholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | 16,847 | | | | | | — | | | | | | 16,847 | | |
Balance as of November 12, 2020
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 66,405 | | | | | $ | (64,617) | | | | | $ | 1,788 | | |
Successor: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cancellation of Predecessor equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | (66,405) | | | | | | 64,617 | | | | | | (1,788) | | |
Business combination consideration paid by a stockholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,033 | | | | | | — | | | | | | 9,033 | | |
Recapitalization
|
| | | | 70,000,000 | | | | | | 7 | | | | | | (7) | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of November 13, 2020
|
| | | | 70,000,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 9,033 | | | | | $ | — | | | | | $ | 9,033 | | |
Capital contributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,000 | | | | | | — | | | | | | 17,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,243) | | | | | | (1,243) | | |
Balance as of December 31, 2020
|
| | | | 70,000,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,033 | | | | | $ | (1,243) | | | | | $ | 24,790 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |
Year Ended
December 31, 2019 |
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,243) | | | | | | $ | (3,422) | | | | | $ | (5,973) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 353 | | | | | | | 852 | | | | | | 582 | | |
Reclassification of CIP project to research and development expenses
|
| | | | — | | | | | | | — | | | | | | 218 | | |
Expenses paid by the stockholder
|
| | | | — | | | | | | | 61 | | | | | | 701 | | |
Non-cash interest expense
|
| | | | — | | | | | | | — | | | | | | 297 | | |
Forgiveness of PPP loan
|
| | | | — | | | | | | | (551) | | | | | | — | | |
Provision for accounts receivable
|
| | | | — | | | | | | | — | | | | | | 15 | | |
Loss on disposition of property and equipment
|
| | | | — | | | | | | | — | | | | | | (4) | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (65) | | | | | | | 603 | | | | | | (1,335) | | |
Inventories
|
| | | | (61) | | | | | | | 1,793 | | | | | | (1,569) | | |
Prepaid expenses and other assets
|
| | | | (303) | | | | | | | 108 | | | | | | 938 | | |
Accounts payable
|
| | | | (93) | | | | | | | 302 | | | | | | 954 | | |
Accrued liabilities
|
| | | | (25) | | | | | | | 194 | | | | | | (22) | | |
Warranty reserve
|
| | | | (59) | | | | | | | (19) | | | | | | 229 | | |
Customer deposit
|
| | | | 62 | | | | | | | 90 | | | | | | 1,635 | | |
Net cash provided by (used in) operating activities
|
| | | | (1,434) | | | | | | | 11 | | | | | | (3,334) | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (80) | | | | | | | (556) | | | | | | (2,865) | | |
Proceeds from disposal of property and equipment
|
| | | | — | | | | | | | — | | | | | | 26 | | |
Net cash used in investing activities
|
| | | | (80) | | | | | | | (556) | | | | | | (2,839) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| | | | — | | | | | | | 752 | | | | | | | | |
Repayment of borrowings
|
| | | | (15) | | | | | | | (8) | | | | | | (14) | | |
Proceeds from borrowings – related party
|
| | | | — | | | | | | | — | | | | | | 1,697 | | |
Repayment of borrowings – related party
|
| | | | — | | | | | | | — | | | | | | (486) | | |
Proceeds of capital contribution
|
| | | | 17,000 | | | | | | | — | | | | | | 4,818 | | |
Net cash generated from financing activities
|
| | | | 16,985 | | | | | | | 744 | | | | | | 6,015 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | 15,471 | | | | | | | 199 | | | | | | (158) | | |
Cash and cash equivalents at beginning of year
|
| | | | 228 | | | | | | | 29 | | | | | | 187 | | |
Cash and cash equivalents at end of year
|
| | | $ | 15,699 | | | | | | $ | 228 | | | | | $ | 29 | | |
Supplemental cash flow information:
|
| | | | | | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | — | | | | | | $ | 2 | | | | | $ | 2 | | |
Income tax paid
|
| | | $ | — | | | | | | $ | 2 | | | | | $ | 2 | | |
Non-cash activities:
|
| | | | | | | | | | | | | | | | | | | |
Loan forgiveness from by the stockholder
|
| | | | | | | | | | $ | 16,786 | | | | | $ | 298 | | |
|
Furniture, fixtures and equipment
|
| | 3 to 7 years | |
|
Automobile
|
| | 3 to 5 years | |
|
Leased automobile
|
| | 3 years | |
|
Leasehold improvements
|
| | The shorter of the estimated life or the lease term | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Period from November 13,
2020 to December 31, 2020 |
| | |
Period from January 1,
2020 to November 12, 2020 |
| |
Year ended December 31, 2019
|
| |||||||||
Sales of EVs
|
| | | $ | 235 | | | | | | $ | 2,690 | | | | | $ | 2,649 | | |
Lease of EVs
|
| | | | 92 | | | | | | | 492 | | | | | | 303 | | |
Others
|
| | | | 50 | | | | | | | 950 | | | | | | 1,038 | | |
| | | | $ | 377 | | | | | | $ | 4,132 | | | | | $ | 3,990 | | |
| Identifiable assets acquired and liabilities assumed | | | | | | | |
|
Cash and cash equivalent
|
| | | $ | 228 | | |
|
Account and other receivables, net
|
| | | | 1,092 | | |
|
Inventories, net
|
| | | | 1,565 | | |
|
Property, plant and equipment, net
|
| | | | 2,864 | | |
|
Identifiable intangible assets, net
|
| | | | 3,043 | | |
|
Prepaid expenses and other assets, current and non-current
|
| | | | 537 | | |
|
Accounts payables
|
| | | | (1,449) | | |
|
Accrued and other liabilities
|
| | | | (2,908) | | |
|
Other long-term liabilities
|
| | | | (210) | | |
|
Identifiable assets acquired and liabilities assumed (a)
|
| | | | 4,762 | | |
|
Consideration (b)
|
| | | | 9,033 | | |
|
Goodwill (b-a)
|
| | | $ | 4,271 | | |
| | |
For the years ended December 31,
|
| |||||||||
| | |
2020
Unaudited |
| |
2019
Unaudited |
| ||||||
Revenue
|
| | | $ | 4,509 | | | | | $ | 3,990 | | |
Net loss
|
| | | | (4,665) | | | | | | (5,973) | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Accounts receivable
|
| | | $ | 1,187 | | | | | $ | 1,725 | | |
Less: Allowance for doubtful accounts
|
| | | | (30) | | | | | | (30) | | |
Accounts receivable, net
|
| | | $ | 1,157 | | | | | $ | 1,695 | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Raw materials
|
| | | $ | 635 | | | | | $ | 2,116 | | |
Work in process
|
| | | | 910 | | | | | | 1,060 | | |
Total inventories
|
| | | $ | 1,545 | | | | | $ | 3,176 | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Prepaid expenses
|
| | | $ | 360 | | | | | $ | — | | |
Vendor deposits
|
| | | | 223 | | | | | | 438 | | |
Prepaid insurance
|
| | | | 169 | | | | | | 159 | | |
Others
|
| | | | 96 | | | | | | 55 | | |
Total prepaid and other current assets
|
| | | $ | 848 | | | | | $ | 652 | | |
| | |
Useful Life
(in months) |
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||
Predecessor | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Other
|
| | | | 84 | | | | | $ | 168 | | | | | $ | (83) | | | | | $ | 85 | | |
| | | | | | | | | | $ | 168 | | | | | $ | (83) | | | | | $ | 85 | | |
Successor | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Technology
|
| | | | 60 | | | | | $ | 1,574 | | | | | $ | (52) | | | | | $ | 1,522 | | |
Tradename
|
| | | | 60 | | | | | | 1,400 | | | | | | (47) | | | | | | 1,353 | | |
Other
|
| | | | 84 | | | | | | 168 | | | | | | (102) | | | | | | 66 | | |
| | | | | | | | | | $ | 3,142 | | | | | $ | (201) | | | | | $ | 2,941 | | |
| | |
USD
|
| |||
2021
|
| | | $ | 613 | | |
2022
|
| | | | 613 | | |
2023
|
| | | | 611 | | |
2024
|
| | | | 609 | | |
2025
|
| | | | 495 | | |
| | | | $ | 2,941 | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Furniture, fixtures and equipment
|
| | | $ | 1,364 | | | | | $ | 1,346 | | |
Automobile
|
| | | | 2,163 | | | | | | 2,603 | | |
Leased automobile
|
| | | | 3,030 | | | | | | 2,255 | | |
Leasehold improvements
|
| | | | 394 | | | | | | 391 | | |
Construction in progress
|
| | | | 248 | | | | | | 219 | | |
| | | | | 7,199 | | | | | | 6,814 | | |
Less: accumulated depreciation
|
| | | | (4,433) | | | | | | (3,496) | | |
| | | | $ | 2,766 | | | | | $ | 3,318 | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Current portion of long-term borrowings
|
| | | $ | 22 | | | | | $ | 15 | | |
Long-term borrowings, excluding current portion
|
| | | | 183 | | | | | | 12 | | |
Total long-term borrowings
|
| | | $ | 205 | | | | | $ | 27 | | |
| | |
USD
|
| |||
2021
|
| | | $ | 22 | | |
2022
|
| | | | 15 | | |
2023
|
| | | | 15 | | |
2024
|
| | | | 15 | | |
2025
|
| | | | 10 | | |
Thereafter
|
| | | | 128 | | |
| | | | $ | 205 | | |
| | |
Successor
|
| |||
Current tax: | | | | | | | |
Federal tax
|
| | | $ | — | | |
State tax
|
| | | | 2 | | |
Total current tax | | | | | | | |
Deferred tax: | | | | | | | |
Federal tax
|
| | | $ | — | | |
State tax
|
| | | | — | | |
Total deferred tax | | | | | | | |
Total provision for income taxes
|
| | | $ | 2 | | |
| | |
Successor
|
| |||
Provision for income taxes at U.S. Federal statutory rate
|
| | | | 21.00% | | |
State taxes, net of federal benefit
|
| | | | 6.87% | | |
Permanent differences
|
| | | | (0.04)% | | |
Change in valuation allowance
|
| | | | (27.96)% | | |
| | | | | (0.13)% | | |
| | |
Successor
|
| |||
Deferred tax assets: | | | | | | | |
Net operating loss carry forwards
|
| | | $ | 378 | | |
Property and equipment
|
| | | | (46) | | |
Deferred revenue
|
| | | | 10 | | |
Gross deferred tax assets
|
| | | | 342 | | |
Valuation allowance
|
| | | | (342) | | |
Total deferred tax assets
|
| | | $ | — | | |
| | |
USD
|
| |||
2021
|
| | | $ | 173 | | |
Total
|
| | | $ | 173 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS
|
| | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 5,976 | | | | | $ | 15,699 | | |
Accounts receivable, net
|
| | | | 1,137 | | | | | | 1,157 | | |
Inventories
|
| | | | 2,145 | | | | | | 1,545 | | |
Prepaid expenses and other current assets
|
| | | | 4,372 | | | | | | 848 | | |
Total current assets
|
| | | | 13,630 | | | | | | 19,249 | | |
Property and equipment, net
|
| | | | 2,526 | | | | | | 2,766 | | |
Intangible assets, net
|
| | | | 2,477 | | | | | | 2,941 | | |
Goodwill
|
| | | | 4,271 | | | | | | 4,271 | | |
Other non-current assets
|
| | | | 62 | | | | | | — | | |
Total assets
|
| | | $ | 22,966 | | | | | $ | 29,227 | | |
LIABILITIES AND EQUITY
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 957 | | | | | $ | 1,356 | | |
Accrued liabilities
|
| | | | 476 | | | | | | 450 | | |
Advance from customers
|
| | | | 1,881 | | | | | | 1,896 | | |
Warranty reserve
|
| | | | 415 | | | | | | 530 | | |
Long-term borrowing, current portion
|
| | | | 9 | | | | | | 22 | | |
Total current liabilities
|
| | | | 3,738 | | | | | | 4,254 | | |
Long-term borrowings
|
| | | | 765 | | | | | | 183 | | |
Total liabilities
|
| | | | 4,503 | | | | | | 4,437 | | |
Commitments and contingencies (Note 9) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Common stocks, par $0.0001, 450,000,000 shares authorized, 70,000,000
shares issued and outstanding as of September 30, 2021 and December 31, 2020* |
| | | | 7 | | | | | | 7 | | |
Subscription receivable
|
| | | | (7) | | | | | | (7) | | |
Additional paid-in capital
|
| | | | 26,082 | | | | | | 26,033 | | |
Accumulated deficit
|
| | | | (7,619) | | | | | | (1,243) | | |
Total equity
|
| | | | 18,463 | | | | | | 24,790 | | |
Total liabilities and equity
|
| | | $ | 22,966 | | | | | $ | 29,227 | | |
| | |
Successor
|
| | |
Predecessor
|
| | | | ||||||
| | |
Nine months ended
September 30, 2021 |
| | |
Nine months ended
September 30, 2020 |
| | | | ||||||
Net revenues
|
| | | $ | 1,680 | | | | | | $$ | 3,802 | | | | | |
Cost of revenues
|
| | | | 1,836 | | | | | | | 4,159 | | | | | |
Gross loss:
|
| | | | (156) | | | | | | | (357) | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 6,216 | | | | | | | 2,834 | | | | | |
Total operating expenses
|
| | | | 6,216 | | | | | | | 2,834 | | | | | |
Operating loss
|
| | | | (6,372) | | | | | | | (3,191) | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (2) | | | | | | | (139) | | | | | |
Other income, net
|
| | | | 1 | | | | | | | 45 | | | | | |
Total other expense, net
|
| | | | (1) | | | | | | | (94) | | | | | |
Loss before income taxes
|
| | | | (6,373) | | | | | | | (3,285) | | | | | |
Income tax provision
|
| | | | (3) | | | | | | | — | | | | | |
Net loss
|
| | | $ | (6,376) | | | | | | $ | (3,285) | | | | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.09) | | | | | | | | | | | | |
Weighted average shares outstanding* | | | | | 70,000,000 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Shares*
|
| |
Common
Stock Amount |
| |
Subscription
Receivable |
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ (Deficit) Equity |
| ||||||||||||||||||
Predecessor: | | | | | | | | ||||||||||||||||||||||||||||||
Balance as of January 1, 2020
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 49,558 | | | | | $ | (61,195) | | | | | $ | (11,637) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,285) | | | | | | (3,285) | | |
Liabilities waived by a stockholder
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,037 | | | | | | — | | | | | | 3,037 | | |
Balance as of September 30, 2020
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 52,595 | | | | | $ | (64,480) | | | | | $ | (11,885) | | |
Successor: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of January 1, 2021
|
| | | | 70,000,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,033 | | | | | $ | (1,243) | | | | | $ | 24,790 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (6,376) | | | | | | (6,376) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 49 | | | | | | — | | | | | | 49 | | |
Balance as of September 30, 2021
|
| | | | 70,000,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,082 | | | | | $ | (7,619) | | | | | $ | 18,463 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
Nine months ended
September 30, 2021 |
| | |
Nine months ended
September 30, 2020 |
| ||||||
Net cash (used in) provided by operating activities:
|
| | | | (9,612) | | | | | | | 114 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (680) | | | | | | | (639) | | |
Net cash used in investing activities
|
| | | | (680) | | | | | | | (639) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| | | | 586 | | | | | | | 752 | | |
Repayment of borrowings
|
| | | | (17) | | | | | | | (14) | | |
Net cash generated from financing activities
|
| | | | 569 | | | | | | | 738 | | |
(Decrease) increase in cash and cash equivalents
|
| | | | (9,723) | | | | | | | 213 | | |
Cash and cash equivalents at the beginning of the period
|
| | | | 15,699 | | | | | | | 29 | | |
Cash and cash equivalents as of end of the period
|
| | | $ | 5,976 | | | | | | $ | 242 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | |
Interest paid
|
| | | $ | — | | | | | | $ | — | | |
Income tax paid:
|
| | | $ | 2 | | | | | | $ | 2 | | |
Non-cash activities: | | | | | | | | | | | | | | |
Loan forgiveness from by the stockholder
|
| | | $ | — | | | | | | $ | 3,037 | | |
| | |
Successor
|
| |
Predecessor
|
| ||||||
| | |
Nine months
ended September 30, 2021 |
| |
Nine months
ended September 30, 2020 |
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Sales of EVs
|
| | | $ | 796 | | | | | $ | 2,465 | | |
Lease of EVs
|
| | | | 458 | | | | | | 433 | | |
Others
|
| | | | 426 | | | | | | 904 | | |
| | | | $ | 1,680 | | | | | $ | 3,802 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Accounts receivable
|
| | | $ | 1,167 | | | | | $ | 1,187 | | |
Less: Allowance for doubtful accounts
|
| | | | (30) | | | | | | (30) | | |
Accounts receivable, net
|
| | | $ | 1,137 | | | | | $ | 1,157 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Raw materials
|
| | | $ | 1,192 | | | | | $ | 635 | | |
Work in process
|
| | | | 953 | | | | | | 910 | | |
Total inventories
|
| | | $ | 2,145 | | | | | $ | 1,545 | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Prepaid expenses
|
| | | $ | 3,853 | | | | | $ | 360 | | |
Vendor deposits
|
| | | | 262 | | | | | | 223 | | |
Prepaid insurance
|
| | | | 218 | | | | | | 169 | | |
Others
|
| | | | 39 | | | | | | 96 | | |
Total prepaid and other current assets
|
| | | $ | 4,372 | | | | | $ | 848 | | |
| | |
For the nine months
ended September 30, 2021 |
|
Expected term
|
| |
2 years
|
|
Risk-free interest rate
|
| |
1.52%
|
|
Expected volatility
|
| |
64.4%
|
|
Expected dividend yield
|
| |
0%
|
|
| | |
Successor
|
| |||
Provision for income taxes at U.S. Federal statutory rate
|
| | | | 21.00% | | |
State taxes, net of federal benefit
|
| | | | 6.90% | | |
Permanent differences
|
| | | | (0.17)% | | |
Change in valuation allowance
|
| | | | (27.77)% | | |
| | | | | (0.04)% | | |
| | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carry forwards
|
| | | $ | 2,368 | | | | | $ | 378 | | |
Accruals and reserves
|
| | | | 38 | | | | | | — | | |
Property and equipment
|
| | | | (46) | | | | | | (46) | | |
Deferred revenue
|
| | | | (248) | | | | | | 10 | | |
Gross deferred tax assets
|
| | | | 2,112 | | | | | | 342 | | |
Valuation allowance
|
| | | | (2,112) | | | | | | (342) | | |
Total deferred tax assets, net
|
| | | $ | — | | | | | $ | — | | |
| | |
Operating Leases
|
| |||
| | |
(In thousands)
|
| |||
3 months ending December 31, 2021
|
| | | $ | 119 | | |
Year ending December 31, | | | | | | | |
2022
|
| | | | 483 | | |
2023
|
| | | | 494 | | |
2024
|
| | | | 506 | | |
2025
|
| | | | 518 | | |
Thereafter
|
| | | | 665 | | |
Total minimum lease payments
|
| | | $ | 2,785 | | |
|
Maxim Group LLC
|
| |
Roth Capital Partners
|
| |
EF Hutton, division of Benchmark Investments, LLC
|
|
| | |
Amount
|
| |||
Securities and Exchange Commission registration fee
|
| | | $ | 4,429.00 | | |
Nasdaq Capital Market listing fees
|
| | | | 55,025.00 | | |
Accountants’ fees and expenses
|
| | | | 362,998.00 | | |
Legal fees and expenses
|
| | | | 200,000.00 | | |
Printing and engraving expenses
|
| | | | 20,000.00 | | |
Miscellaneous
|
| | | | 36,000.00 | | |
Total expenses
|
| | | $ | 678,452.00 | | |
| | 1.1 | | | | | |
| | 3.1 | | | | | |
| | 3.2 | | | | | |
| | 3.3 | | | | | |
| | 3.4 | | | | | |
| | 4.1 | | | | | |
| | 4.2 | | | | Form of Underwriter Warrant* | |
| | 4.3 | | | | | |
| | 4.4 | | | | | |
| | 4.5 | | | | | |
| | 5.1 | | | | | |
| | 10.1 | | | | | |
| | 10.2 | | | | | |
| | 10.3 | | | | Employment Agreement between Joseph R. Mitchell and Phoenix Cars LLC dated Feb 5, 2021* | |
| | 10.4 | | | | | |
| | 10.5 | | | | | |
| | 10.6 | | | | | |
| | 10.7 | | | | | |
| | 10.8 | | | | |
| | 10.9 | | | | | |
| | 10.10 | | | | | |
| | 10.11 | | | | | |
| | 10.12 | | | | | |
| | 10.13 | | | | | |
| | 14.1 | | | | | |
| | 21.1 | | | | | |
| | 23.1 | | | | | |
| | 23.2 | | | | Consent of Loeb & Loeb LLP (included in Exhibit 5.1)* | |
| | 24.1 | | | | | |
| | 99.1 | | | | | |
| | 99.2 | | | | | |
| | 99.3 | | | | | |
| | 99.4 | | | | | |
| | 99.5 | | | | | |
| | 99.6 | | | | | |
| | 99.7 | | | | | |
| | 107 | | | | |
| | | | PHOENIX MOTOR INC. | | |||
| | | |
By:
/s/ Joseph R. Mitchell
Name: Joseph R. Mitchell
Title: Chief Executive Officer (principal executive officer) |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Joseph R. Mitchell
Joseph R. Mitchell
|
| |
Chief Executive Officer and Director
(principal executive officer) |
| | February 3, 2022 | |
|
/s/ Chris Wang
Chris Wang
|
| |
Chief Financial Officer
(principal financial and accounting officer) |
| | February 3, 2022 | |
|
/s/ Tarek Helou
Tarek Helou
|
| | Chief Operating Officer | | | February 3, 2022 | |
|
/s/ Denton Peng
Denton Peng
|
| | Chairman and Director | | | February 3, 2022 | |
|
/s/ HoongKhoeng Cheong
HoongKhoeng Cheong
|
| | Director | | | February 3, 2022 | |