|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
3713
(Primary standard industrial
classification code number) |
| |
85-4319789
(I.R.S. employer
identification number) |
|
|
Mitchell S. Nussbaum, Esq.
David J. Levine, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Tel: (212) 407-4000 |
|
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | |
Smaller reporting company ☒
Emerging growth company ☒ |
|
| | |
Page
|
| |||
| | | | iii | | | |
| | | | 1 | | | |
| | | | 10 | | | |
| | | | 12 | | | |
| | | | 14 | | | |
| | | | 39 | | | |
| | | | 43 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
| | | | 58 | | | |
| | | | 79 | | | |
| | | | 83 | | | |
| | | | 85 | | | |
| | | | 91 | | | |
| | | | 92 | | | |
| | | | 94 | | | |
| | | | 97 | | | |
| | | | 99 | | | |
| | | | 101 | | | |
| | | | 101 | | | |
| | | | 101 | | | |
| | | | F-1 | | |
| | |
Nine Months Ended
|
| |||||||||
In thousands
|
| |
September 30, 2022
|
| |
September 30, 2021
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
Condensed Consolidated Statements of Operations | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,579 | | | | | $ | 1,680 | | |
Cost of revenues
|
| | | | 2,013 | | | | | | 1,836 | | |
Gross profit (loss)
|
| | | | 566 | | | | | | (156) | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 9,160 | | | | | | 6,216 | | |
Operating loss
|
| | | | (8,594) | | | | | | (6,372) | | |
Other income (expense): | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (6) | | | | | | (2) | | |
Others
|
| | | | 437 | | | | | | 1 | | |
Total other income (expenses), net
|
| | | | 431 | | | | | | (1) | | |
Loss before income taxes
|
| | | | (8,163) | | | | | | (6,373) | | |
Income tax provision
|
| | | | (14) | | | | | | (3) | | |
Net loss
|
| | | $ | (8,177) | | | | | $ | (6,376) | | |
Net loss per share of common stock: | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.44) | | | | | | (0.36) | | |
Weighted average shares outstanding*
|
| | | | 18,390,891 | | | | | | 17,500,000 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
In thousands
|
| |
Year Ended
December 31, 2021 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |||||||||
Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,977 | | | | | $ | 377 | | | | | | $ | 4,132 | | |
Cost of revenue
|
| | | | 3,540 | | | | | | 479 | | | | | | | 4,451 | | |
Gross loss:
|
| | | | (563) | | | | | | (102) | | | | | | | (319) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 13,750 | | | | | | 1,147 | | | | | | | 3,686 | | |
Operating loss
|
| | | | (14,313) | | | | | | (1,249) | | | | | | | (4,005) | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | |
Interest expenses, net
|
| | | | (3) | | | | | | (4) | | | | | | | (4) | | |
Others
|
| | | | (287) | | | | | | 12 | | | | | | | 587 | | |
Total other income, net
|
| | | | (290) | | | | | | 8 | | | | | | | 583 | | |
Loss before income taxes
|
| | | | (14,603) | | | | | | (1,241) | | | | | | | (3,422) | | |
Income tax expenses
|
| | | | (11) | | | | | | (2) | | | | | | | — | | |
Net loss
|
| | | $ | (14,614) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.83) | | | | | $ | (0.07) | | | | | | | | | |
Weighted average shares outstanding*
|
| | | | 17,500,000 | | | | | | 17,500,000 | | | | | | | | | |
In thousands:
|
| |
September 30,
2022 |
| |
December 31,
2021 |
| |
December 31,
2020 |
| |||||||||
| | |
(Unaudited)
|
| | | | | | | | | | | | | |||
Summary Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 1,317 | | | | | $ | 2,683 | | | | | $ | 15,699 | | |
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 11,988 | | | | | | 6,637 | | | | | | 19,249 | | |
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 20,519 | | | | | $ | 15,436 | | | | | $ | 29,227 | | |
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,790 | | | | | | 4,452 | | | | | | 4,254 | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 3,938 | | | | | | 5,208 | | | | | | 4,437 | | |
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | | 16,581 | | | | | | 10,228 | | | | | | 24,790 | | |
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 20,519 | | | | | $ | 15,436 | | | | | $ | 29,227 | | |
Number of Shares and % of
Total Outstanding |
| |
Date Available for Sale into Public Markets
|
|
24,220,711, or
|
| | Immediately after this offering assuming we elect to sell the full $4,035,086 available under the Purchase Agreement. | |
17,500,000, or 72.3% | | | In connection with the Company’s IPO on June 7, 2022, the holder of these shares agreed to a lock-up agreement which expires on December 7, 2022. Thereafter, these shares can be sold under Rule 144 once their one year holding period has expired their respective one-year holding periods under Rule 144 have expired. | |
| | |
Nine Months Ended
|
| |||||||||
In thousands
|
| |
September 30, 2022
|
| |
September 30, 2021
|
| ||||||
Condensed Consolidated Statements of Operations | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,579 | | | | | $ | 1,680 | | |
Cost of revenues
|
| | | | 2,013 | | | | | | 1,836 | | |
Gross profit (loss)
|
| | | | 566 | | | | | | (156) | | |
Operating expenses: | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 9,160 | | | | | | 6,216 | | |
Operating loss
|
| | | | (8,594) | | | | | | (6,372) | | |
| | |
Nine Months Ended
|
| |||||||||
In thousands
|
| |
September 30, 2022
|
| |
September 30, 2021
|
| ||||||
Other income (expense): | | | | | | | | | | | | | |
Interest expenses, net
|
| | | | (6) | | | | | | (2) | | |
Others
|
| | | | 437 | | | | | | 1 | | |
Total other income (expenses), net
|
| | | | 431 | | | | | | (1) | | |
Loss before income taxes
|
| | | | (8,163) | | | | | | (6,373) | | |
Income tax provision
|
| | | | (14) | | | | | | (3) | | |
Net loss
|
| | | $ | (8,177) | | | | | $ | (6,376) | | |
Net loss per share of common stock: | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.44) | | | | | | (0.36) | | |
Weighted average shares outstanding
|
| | | | 18,390,891 | | | | | | 17,500,000 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
In thousands
|
| |
Year Ended
December 31, 2021 |
| |
Period from November 13,
2020 to December 31, 2020 |
| | |
Period from January 1,
2020 to November 12, 2020 |
| |||||||||
Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,977 | | | | | $ | 377 | | | | | | $ | 4,132 | | |
Cost of revenue
|
| | | | 3,540 | | | | | | 479 | | | | | | | 4,451 | | |
Gross loss
|
| | | | (563) | | | | | | (102) | | | | | | | (319) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 13,750 | | | | | | 1,147 | | | | | | | 3,686 | | |
Operating loss
|
| | | | (14,313) | | | | | | (1,249) | | | | | | | (4,005) | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | |
Interest expenses, net
|
| | | | (3) | | | | | | (4) | | | | | | | (4) | | |
Others
|
| | | | (287) | | | | | | 12 | | | | | | | 587 | | |
Total other (expenses) income, net
|
| | | | (290) | | | | | | 8 | | | | | | | 583 | | |
Loss before income taxes | | | | | (14,603) | | | | | | (1,241) | | | | | | | (3,422) | | |
Income tax expenses
|
| | | | (11) | | | | | | (2) | | | | | | | — | | |
Net loss | | | | $ | (14,614) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.83) | | | | | $ | (0.07) | | | | | | | | | |
Weighted average shares outstanding*
|
| | | | 17,500,000 | | | | | | 17,500,000 | | | | | | | | | |
| | |
Nine Months Ended
|
| |||||||||
| | |
September 30, 2022
|
| |
September 30, 2021
|
| ||||||
| | |
(Unaudited)
|
| |||||||||
Sales of EVs
|
| | | $ | 788 | | | | | $ | 796 | | |
Lease of EVs
|
| | | | 410 | | | | | | 458 | | |
Sales of Forklifts
|
| | | | 875 | | | | | | — | | |
Others
|
| | | | 506 | | | | | | 426 | | |
| | | | $ | 2,579 | | | | | $ | 1,680 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
In thousands
|
| |
Year ended
December 31, 2021 |
| |
Period from November 13,
2020 to, December 31 2020 |
| | |
Period from January 1,
2020 to November 12, 2020 |
| |||||||||
Sales of EVs
|
| | | $ | 1,750 | | | | | $ | 235 | | | | | | $ | 2,690 | | |
Lease of EVs
|
| | | | 586 | | | | | | 92 | | | | | | | 492 | | |
Others
|
| | | | 641 | | | | | | 50 | | | | | | | 950 | | |
| | | | $ | 2,977 | | | | | $ | 377 | | | | | | $ | 4,132 | | |
| | |
Nine months ended
September 30, 2022 |
| |
Nine months ended
September 30, 2021 |
| ||||||
In thousands
|
| |
Unaudited
|
| |
Unaudited
|
| ||||||
Net cash used in operating activities:
|
| | | $ | (14,243) | | | | | $ | (9,612) | | |
Net cash used in investing activities
|
| | | | (449) | | | | | | (680) | | |
Net cash generated from financing activities
|
| | | | 13,576 | | | | | | 569 | | |
Net decrease in cash and cash equivalents
|
| | | | (1,116) | | | | | | (9,723) | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Year ended
December 31, 2021 |
| |
Period from November 13,
2020 to December 31, 2020 |
| | |
Period from January 1,
2020 to November 12, 2020 |
| |||||||||
Net cash (used in) provided by operating
activities |
| | | $ | (12,939) | | | | | $ | (1,434) | | | | | | $ | 11 | | |
Net cash used in investing activities
|
| | | | (638) | | | | | | (80) | | | | | | | (556) | | |
Net cash generated from financing activities
|
| | | | 561 | | | | | | 16,985 | | | | | | | 744 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (13,016) | | | | | | 15,471 | | | | | | | 199 | | |
|
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
|
| | Director, Chairman of the Board | |
Liang Lance Zhou | | |
54
|
| | Director, Chief Executive Officer | |
Tarek Helou | | |
40
|
| | Chief Operating Officer | |
Wenbing Chris Wang | | |
50
|
| | Chief Financial Officer | |
Jose Paul Plackal | | |
41
|
| | Chief Marketing Officer | |
J. Mark Hastings | | |
58
|
| | SVP, Corporate Development and Strategy/Head of Investor Relations | |
Lewis Liu | | |
60
|
| | SVP, Program Management Office and Business Development | |
Edmund Shen | | |
62
|
| | VP, Product Management and Supply Chain | |
HoongKhoeng Cheong | | |
56
|
| | Director | |
John F. Perkowski | | |
73
|
| | Independent Director | |
Steven E. Stivers | | |
56
|
| | Independent Director | |
Sam Van | | |
43
|
| | Independent Director | |
Zhenxing Fu | | |
60
|
| | Independent Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(4) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Non-qualified
Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
Xiaofeng Denton Peng
Chairman |
| | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | | | | | | | | | | | | | 42,000 | | | | | | | | | | | | | | | 42,000 | | | ||
Liang Lance Zhou(1)
Chief Executive Officer |
| | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Joseph R. Mitchell(2)
Former Chief Executive Officer |
| | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | 220,635 | | | | | | | | | | | | | | | | | | | | | | | | | | | 220,635 | | | ||
Tarek Helou
Chief Operating Officer |
| | | | 2020 | | | | | | 182,911 | | | | | | | | | | | | | | | | | | | | | | | | | | | 182,911 | | |
| | | 2021 | | | | | | 195,092 | | | | | | | | | | | | | | | | | | | | | | | | | | | 195,092 | | | ||
Ronald Iacobelli(3)
Former Chief Technology Officer |
| | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | 161,564 | | | | | | | | | | | | | | | | | | | | | | | | | | | 161,564 | | | ||
Wenbing Chris Wang
Chief Financial Officer |
| | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2021 | | | | | | 25,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,000 | | |
| | |
Option Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Vested Options (#) Exercisable |
| |
Equity Incentive
Plan Awards: Number of Securities Underlying Unvested Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Xiaofeng Denton Peng
|
| | | | 1,050,000(1) | | | | | | | | | | | | 1.72 | | | | | | 1/24/2028 | | |
Liang Lance Zhou
|
| | | | | | | | | | 350,000(2) | | | | | | 1.72 | | | | | | 3/21/2032 | | |
Tarek Helou
|
| | | | 34,375 | | | | | | 103,125(3) | | | | | | 1.72 | | | | | | 3/30/2031 | | |
Wenbing Chris Wang
|
| | | | 31,250 | | | | | | 93,750(4) | | | | | | 1.72 | | | | | | 3/30/2031 | | |
| | |
Number of Shares
of Common Stock Beneficially Owned |
| |
Maximum
Number of Shares of Common Stock Being Offered |
| |
Shares of
Common Stock Beneficially Owned After the Offered Shares of Common Stock Are Sold |
| |||||||||||||||||||||
Name of Selling Stockholder
|
| |
Number(1)
|
| |
Percent
|
| |
Number(2)
|
| |
Percent
|
| ||||||||||||||||||
YA II PN, Ltd.(3)
|
| | | | 61,421 | | | | | | * | | | | | | 4,035,086 | | | | | | 61,421 | | | | | | * | | |
Name and Address of Beneficial Owner
|
| |
Shares Beneficially
Owned |
| |
Percent of Class
prior this Offering |
| |
Percent of Class
after this Offering |
| |||||||||
5% Beneficial Owner: | | | | | | | | | | | | | | | | | | | |
EdisonFuture, Inc.
|
| | | | 17,500,000(1) | | | | | | 72.3% | | | | | | | | |
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | |
Xiaofeng Denton Peng
|
| | | | 1,050,000(2) | | | | | | 5.9% | | | | | | | | |
| | | | | 150,000(3) | | | | | | | | | | | | | | |
Liang Lance Zhou(4)
|
| | | | 175,000(3) | | | | | | * | | | | | | * | | |
Tarek Helou(4)
|
| | | | 34,375(2) | | | | | | * | | | | | | * | | |
| | | | | 5,000(3) | | | | | | | | | | | | | | |
Chris Wang(4)
|
| | | | 31,250(2) | | | | | | * | | | | | | * | | |
| | | | | 150,000(3) | | | | | | | | | | | | | | |
HoongKhoeng Cheong(4)
|
| | | | 6,250(2) | | | | | | * | | | | | | * | | |
All of our directors and officers as a group (5 persons)
|
| | | | 1,601,875 | | | | | | 7.9% | | | | | | | | |
| | |
Number of
restricted stock units-exercisable |
| |
Number of
options-exercisable |
| |
Number of
options-unexercisable |
| |||||||||
Xiaofeng Denton Peng
|
| | | | 150,000 | | | | | | 1,050,000 | | | | | | — | | |
Liang Lance Zhou
|
| | | | 175,000 | | | | | | — | | | | | | 350,000 | | |
Tarek Helou
|
| | | | 5,000 | | | | | | 34,375 | | | | | | 103,125 | | |
Wenbing Chris Wang
|
| | | | 150,000 | | | | | | 31,250 | | | | | | 93,750 | | |
Other directors and employees
|
| | | | 25,000 | | | | | | 169,188 | | | | | | 914,312 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents .
|
| | | $ | 2,683 | | | | | $ | 15,699 | | |
Accounts receivable, net
|
| | | | 1,201 | | | | | | 1,157 | | |
Inventories
|
| | | | 2,225 | | | | | | 1,545 | | |
Prepaid expenses and other current assets
|
| | | | 528 | | | | | | 848 | | |
Total current assets
|
| | | | 6,637 | | | | | | 19,249 | | |
Property and equipment, net
|
| | | | 2,205 | | | | | | 2,766 | | |
Intangible assets, net
|
| | | | 2,323 | | | | | | 2,941 | | |
Goodwill
|
| | | | 4,271 | | | | | | 4,271 | | |
Total assets
|
| | | $ | 15,436 | | | | | $ | 29,227 | | |
LIABILITIES AND EQUITY
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,786 | | | | | $ | 1,356 | | |
Accrued liabilities
|
| | | | 779 | | | | | | 450 | | |
Advance from customers
|
| | | | 803 | | | | | | 709 | | |
Deferred income
|
| | | | 714 | | | | | | 1,187 | | |
Warranty reserve
|
| | | | 360 | | | | | | 530 | | |
Long-term borrowing, current portion
|
| | | | 10 | | | | | | 22 | | |
Total current liabilities
|
| | | | 4,452 | | | | | | 4,254 | | |
Long-term borrowings
|
| | | | 756 | | | | | | 183 | | |
Total liabilities
|
| | | | 5,208 | | | | | | 4,437 | | |
Commitments and contingencies (Note 15) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Common stock, par $0.0004, 450,000,000 shares authorized, 17,500,000 shares issued and outstanding as of December 31, 2021 and 2020, respectively*
|
| | | | 7 | | | | | | 7 | | |
Subscription receivable
|
| | | | (7) | | | | | | (7) | | |
Additional paid-in capital
|
| | | | 26,085 | | | | | | 26,033 | | |
Accumulated deficit
|
| | | | (15,857) | | | | | | (1,243) | | |
Total equity
|
| | | | 10,228 | | | | | | 24,790 | | |
Total liabilities and equity
|
| | | $ | 15,436 | | | | | $ | 29,227 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Year Ended
December 31, 2021 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |||||||||
Net sales
|
| | | $ | 2,977 | | | | | $ | 377 | | | | | | $ | 4,132 | | |
Cost of revenue
|
| | | | 3,540 | | | | | | 479 | | | | | | | 4,451 | | |
Gross loss:
|
| | | | (563) | | | | | | (102) | | | | | | | (319) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 13,750 | | | | | | 1,147 | | | | | | | 3,686 | | |
Operating loss
|
| | | | (14,313) | | | | | | (1,249) | | | | | | | (4,005) | | |
Other income (expenses): | | | | | | | | | | | | | | | | | | | | |
Interest expenses, net
|
| | | | (3) | | | | | | (4) | | | | | | | (4) | | |
Others
|
| | | | (287) | | | | | | 12 | | | | | | | 587 | | |
Total other income (expenses), net
|
| | | | (290) | | | | | | 8 | | | | | | | 583 | | |
Loss before income taxes
|
| | | | (14,603) | | | | | | (1,241) | | | | | | | (3,422) | | |
Income tax expenses
|
| | | | (11) | | | | | | (2) | | | | | | | — | | |
Net loss
|
| | | $ | (14,614) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.83) | | | | | $ | (0.07) | | | | | | | | | |
Weighted average shares outstanding*
|
| | | | 17,500,000 | | | | | | 17,500,000 | | | | | | | | | |
| | |
Shares*
|
| |
Common
Stock Amount |
| |
Subscription
Receivable |
| |
Additional
Paid -In Capital |
| |
Accumulated
Deficit |
| |
Total
(Deficit) Equity |
| ||||||||||||||||||
Predecessor: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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
|
| | | | 17,500,000 | | | | | | 7 | | | | | | (7) | | | | | | — | | | | | | — | | | | | | — | | |
Balance as of November 13, 2020
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 9,033 | | | | | $ | — | | | | | $ | 9,033 | | |
Capital contributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,000 | | | | | | — | | | | | | 17,000 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,243) | | | | | | (1,243) | | |
Balance as of December 31, 2020
|
| | | | 17,500,000 | | | | | | 7 | | | | | $ | (7) | | | | | $ | 26,033 | | | | | $ | (1,243) | | | | | $ | 24,790 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (14,614) | | | | | | (14,614) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 52 | | | | | | | | | | | | 52 | | |
Balance as of December 31, 2021
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,085 | | | | | $ | (15,857) | | | | | $ | 10,228 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Year ended
December 31, 2021 |
| |
Period from
November 13, 2020 to December 31, 2020 |
| | |
Period from
January 1, 2020 to November 12, 2020 |
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (14,614) | | | | | $ | (1,243) | | | | | | $ | (3,422) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,688 | | | | | | 353 | | | | | | | 852 | | |
Expenses paid by the stockholder
|
| | | | — | | | | | | — | | | | | | | 61 | | |
Forgiveness of PPP loan
|
| | | | — | | | | | | — | | | | | | | (551) | | |
Provision for doubtful accounts and write-off of accounts receivable
|
| | | | 100 | | | | | | — | | | | | | | — | | |
Write-down for inventory
|
| | | | 493 | | | | | | — | | | | | | | — | | |
Loss on disposal of property and equipment
|
| | | | 275 | | | | | | — | | | | | | | — | | |
Non-cash expense
|
| | | | 48 | | | | | | — | | | | | | | — | | |
Stock-based compensation expense
|
| | | | 52 | | | | | | — | | | | | | | — | | |
Changes in operating assets and liabilities
|
| | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (144) | | | | | | (65) | | | | | | | 603 | | |
Inventories
|
| | | | (1,367) | | | | | | (61) | | | | | | | 1,793 | | |
Prepaid expenses and other assets
|
| | | | 320 | | | | | | (303) | | | | | | | 108 | | |
Accounts payable
|
| | | | 430 | | | | | | (93) | | | | | | | 302 | | |
Accrued liabilities
|
| | | | 329 | | | | | | (25) | | | | | | | 194 | | |
Advance from customers
|
| | | | 94 | | | | | | 62 | | | | | | | 90 | | |
Deferred income
|
| | | | (473) | | | | | | — | | | | | | | — | | |
Warranty reserve
|
| | | | (170) | | | | | | (59) | | | | | | | (19) | | |
Net cash (used in) provided by operating activities
|
| | | | (12,939) | | | | | | (1,434) | | | | | | | 11 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (638) | | | | | | (80) | | | | | | | (556) | | |
Net cash used in investing activities
|
| | | | (638) | | | | | | (80) | | | | | | | (556) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| | | | 586 | | | | | | — | | | | | | | 752 | | |
Repayment of borrowings
|
| | | | (25) | | | | | | (15) | | | | | | | (8) | | |
Proceeds of capital contribution
|
| | | | — | | | | | | 17,000 | | | | | | | — | | |
Net cash generated from financing activities
|
| | | | 561 | | | | | | 16,985 | | | | | | | 744 | | |
Increase (decrease) in cash and cash equivalents
|
| | | | (13,016) | | | | | | 15,471 | | | | | | | 199 | | |
Cash and cash equivalents at beginning of year
|
| | | | 15,699 | | | | | | 228 | | | | | | | 29 | | |
Cash and cash equivalents at end of year
|
| | | $ | 2,683 | | | | | $ | 15,699 | | | | | | $ | 228 | | |
Supplemental cash flow information:
Interest paid |
| | | $ | 6 | | | | | $ | 2 | | | | | | $ | 2 | | |
Income tax paid
|
| | | $ | 2 | | | | | $ | — | | | | | | $ | 2 | | |
Non – cash activities:
Loan forgiveness due to a shareholder |
| | | | | | | | | | | | | | | | $ | 16,786 | | |
|
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
|
| ||||||||||||
| | |
Year ended
December 31, 2021 |
| |
Period from November 13,
2020 to, December 31 2020 |
| | |
Period from January 1,
2020 to November 12, 2020 |
| |||||||||
Sales of EVs
|
| | | $ | 1,750 | | | | | $ | 235 | | | | | | $ | 2,690 | | |
Lease of EVs
|
| | | | 586 | | | | | | 92 | | | | | | | 492 | | |
Others
|
| | | | 641 | | | | | | 50 | | | | | | | 950 | | |
| | | | $ | 2,977 | | | | | $ | 377 | | | | | | $ | 4,132 | | |
|
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 | | |
| | |
Unaudited
|
| |||
Revenue
|
| | | $ | 4,509 | | |
Net loss
|
| | | | (4,665) | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Accounts receivable
|
| | | $ | 1,236 | | | | | $ | 1,187 | | |
Less: Allowance for doubtful accounts
|
| | | | (35) | | | | | | (30) | | |
Accounts receivable, net
|
| | | $ | 1,201 | | | | | $ | 1,157 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Raw materials
|
| | | $ | 924 | | | | | $ | 635 | | |
Work in process
|
| | | | 582 | | | | | | 910 | | |
Finished goods
|
| | | | 719 | | | | | | — | | |
Total inventories
|
| | | $ | 2,225 | | | | | $ | 1,545 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Prepaid expenses
|
| | | $ | 41 | | | | | $ | 360 | | |
Vendor deposits
|
| | | | 267 | | | | | | 223 | | |
Prepaid insurance
|
| | | | 144 | | | | | | 169 | | |
Others
|
| | | | 76 | | | | | | 96 | | |
Total prepaid and other current assets
|
| | | $ | 528 | | | | | $ | 848 | | |
| | |
Useful Life
(in months) |
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||
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 | | |
| | |
Useful Life
(in months) |
| |
Gross
|
| |
Accumulated
Amortization |
| |
Net
|
| ||||||||||||
As of December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Technology
|
| | | | 60 | | | | | $ | 1,574 | | | | | $ | (366) | | | | | $ | 1,208 | | |
Tradename
|
| | | | 60 | | | | | | 1,400 | | | | | | (327) | | | | | | 1,073 | | |
Other
|
| | | | 84 | | | | | | 168 | | | | | | (126) | | | | | | 42 | | |
| | | | | | | | | | $ | 3,142 | | | | | $ | (819) | | | | | $ | 2,323 | | |
|
| | |
USD
|
| |||
2022
|
| | | $ | 619 | | |
2023
|
| | | | 613 | | |
2024
|
| | | | 595 | | |
2025
|
| | | | 496 | | |
| | | | $ | 2,323 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Furniture, fixtures and equipment
|
| | | $ | 1,193 | | | | | $ | 1,364 | | |
Automobile
|
| | | | 533 | | | | | | 2,163 | | |
Automobile for lease
|
| | | | 3,046 | | | | | | 3,030 | | |
Leasehold improvements
|
| | | | 77 | | | | | | 394 | | |
Construction in progress
|
| | | | 300 | | | | | | 248 | | |
| | | | | 5,149 | | | | | | 7,199 | | |
Less: accumulated depreciation
|
| | | | (2,944) | | | | | | (4,433) | | |
| | | | $ | 2,205 | | | | | $ | 2,766 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Current portion of long-term borrowings
|
| | | $ | 10 | | | | | $ | 22 | | |
Long-term borrowings, excluding current portion
|
| | | | 756 | | | | | | 183 | | |
Total long-term borrowings
|
| | | $ | 766 | | | | | $ | 205 | | |
| | |
USD
|
| |||
For the year ending December 31, | | | | | | | |
2022
|
| | | $ | 10 | | |
2023
|
| | | | 13 | | |
2024
|
| | | | 13 | | |
2025
|
| | | | 4 | | |
2026
|
| | | | 589 | | |
Thereafter
|
| | | | 137 | | |
| | | | $ | 766 | | |
|
Expected term
|
| |
6.25 years
|
|
|
Risk-free interest rate
|
| |
1.36% – 1.52%
|
|
|
Expected volatility
|
| |
64.40% – 87.73%
|
|
|
Expected dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
| |
0%
|
|
| | |
Time-based Options
|
| |||||||||
| | |
Shares
|
| |
Weighted
Average Exercise Price Per Share |
| |
Weighted-Average
Remaining Contractual Term |
| |
Aggregate
Intrinsic Value ($000) |
|
Outstanding as of December 31, 2020
|
| |
—
|
| |
$ —
|
| |
—
|
| |
—
|
|
Granted
|
| |
2,040,500
|
| |
1.72
|
| |
—
|
| |
—
|
|
Vested
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Forfeited
|
| |
(354,000)
|
| |
1.72
|
| |
—
|
| |
—
|
|
Outstanding as of December 31, 2021
|
| |
1,686,500
|
| |
1.72
|
| |
9.45 years
|
| |
2,091
|
|
Exercisable as of December 31, 2021
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
Non-vested as of December 31, 2021
|
| |
1,686,500
|
| |
1.72
|
| |
9.45 years
|
| |
2,091
|
|
| | |
Successor
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Current tax: | | | | | | | | | | | | | |
Federal tax
|
| | |
$
|
—
|
| | | | $ | — | | |
State tax
|
| | | | 11 | | | | | | 2 | | |
Total current tax
|
| | | $ | 11 | | | | | $ | 2 | | |
Deferred tax: | | | | | | | | | | | | | |
Federal tax
|
| | | $ | — | | | | | $ | — | | |
State tax
|
| | | | — | | | | | | — | | |
Total deferred tax
|
| | | $ | — | | | | | $ | — | | |
Total provision for income taxes
|
| | | $ | 11 | | | | | $ | 2 | | |
| | |
Successor
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Provision for income taxes at U.S. Federal statutory rate
|
| | | | 21.00% | | | | | | 21.00% | | |
State taxes, net of federal benefit
|
| | | | 8.36% | | | | | | 6.87% | | |
Non-deductible expenses
|
| | | | (1.34)% | | | | | | (0.04)% | | |
Credits and Incentives
|
| | | | 5.80% | | | | | | —% | | |
Change in valuation allowance
|
| | | | (33.90)% | | | | | | (27.96)% | | |
| | | | | (0.08)% | | | | | | (0.13)% | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss carry forwards
|
| | | $ | 4,370 | | | | | $ | 378 | | |
Credits and Incentives
|
| | | | 1,174 | | | | | | — | | |
Accruals and reserves
|
| | | | 197 | | | | | | — | | |
Property and equipment
|
| | | | (415) | | | | | | (46) | | |
Gross deferred tax assets
|
| | | | 5,326 | | | | | | 332 | | |
Valuation allowance
|
| | | | (5,326) | | | | | | (332) | | |
Total deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
| | |
Operating
Leases |
| |||
Year ending December 31, | | | | | | | |
2022
|
| | | $ | 483 | | |
2023
|
| | | | 494 | | |
2024
|
| | | | 506 | | |
2025
|
| | | | 518 | | |
Thereafter
|
| | | | 665 | | |
Total minimum lease payments
|
| | | $ | 2,666 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,317 | | | | | $ | 2,683 | | |
Accounts receivable, net
|
| | | | 1,422 | | | | | | 1,201 | | |
Inventories
|
| | | | 5,682 | | | | | | 2,225 | | |
Prepaid expenses and other current assets
|
| | | | 3,464 | | | | | | 528 | | |
Amount due from a related party
|
| | | | 103 | | | | | | — | | |
Total current assets
|
| | | | 11,988 | | | | | | 6,637 | | |
Restricted cash, non-current
|
| | | | 250 | | | | | | — | | |
Property and equipment, net
|
| | | | 1,942 | | | | | | 2,205 | | |
Security deposits
|
| | | | 209 | | | | | | — | | |
Intangible assets, net
|
| | | | 1,859 | | | | | | 2,323 | | |
Goodwill
|
| | | | 4,271 | | | | | | 4,271 | | |
Total assets
|
| | | $ | 20,519 | | | | | $ | 15,436 | | |
Liabilities | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,245 | | | | | $ | 1,786 | | |
Accrued liabilities
|
| | | | 594 | | | | | | 779 | | |
Advance from customers
|
| | | | 1,124 | | | | | | 803 | | |
Deferred revenue
|
| | | | 477 | | | | | | 714 | | |
Warranty reserve
|
| | | | 325 | | | | | | 360 | | |
Long-term borrowing, current portion
|
| | | | 25 | | | | | | 10 | | |
Total current liabilities
|
| | | | 3,790 | | | | | | 4,452 | | |
Long-term borrowings
|
| | | | 148 | | | | | | 756 | | |
Total liabilities
|
| | | | 3,938 | | | | | | 5,208 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | |
Common stock, par $0.0004, 450,000,000 shares authorized, 20,185,625 and 17,500,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively*
|
| | | | 8 | | | | | | 7 | | |
Subscription receivable
|
| | | | — | | | | | | (7) | | |
Additional paid in capital
|
| | | | 40,607 | | | | | | 26,085 | | |
Accumulated deficit
|
| | | | (24,034) | | | | | | (15,857) | | |
Total equity
|
| | | | 16,581 | | | | | | 10,228 | | |
Total liabilities and equity
|
| | | $ | 20,519 | | | | | $ | 15,436 | | |
| | |
Three Months Ended
|
| |
Nine Months Ended
|
| ||||||||||||||||||
| | |
September 30,
2022 |
| |
September 30,
2021 |
| |
September 30,
2022 |
| |
September 30,
2021 |
| ||||||||||||
Net revenues
|
| | | $ | 409 | | | | | $ | 554 | | | | | $ | 2,579 | | | | | $ | 1,680 | | |
Cost of revenues
|
| | | | 288 | | | | | | 603 | | | | | | 2,013 | | | | | | 1,836 | | |
Gross profit (loss)
|
| | | | 121 | | | | | | (49) | | | | | | 566 | | | | | | (156) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 3,847 | | | | | | 2,117 | | | | | | 9,160 | | | | | | 6,216 | | |
Operating loss
|
| | | | (3,726) | | | | | | (2,166) | | | | | | (8,594) | | | | | | (6,372) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (2) | | | | | | (4) | | | | | | (6) | | | | | | (2) | | |
Others
|
| | | | (202) | | | | | | 1 | | | | | | 437 | | | | | | 1 | | |
Total other (expense) income, net
|
| | | | (204) | | | | | | (3) | | | | | | 431 | | | | | | (1) | | |
Loss before income taxes
|
| | | | (3,930) | | | | | | (2,169) | | | | | | (8,163) | | | | | | (6,373) | | |
Income tax provision
|
| | | | — | | | | | | — | | | | | | (14) | | | | | | (3) | | |
Net loss
|
| | | $ | (3,930) | | | | | $ | (2,169) | | | | | $ | (8,177) | | | | | $ | (6,376) | | |
Net loss per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (0.20) | | | | | $ | (0.12) | | | | | $ | (0.44) | | | | | $ | (0.36) | | |
Weighted average common stocks outstanding
|
| | | | 19,664,273 | | | | | | 17,500,000 | | | | | | 18,390,891 | | | | | | 17,500,000 | | |
| | |
Common Stock
|
| |
Subscription
Receivable |
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance as of January 1, 2021
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,033 | | | | | $ | (1,243) | | | | | $ | 24,790 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,906) | | | | | | (1,906) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 44 | | | | | | | | | | | | 44 | | |
Balance as of March 31, 2021
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,077 | | | | | $ | (3,149) | | | | | $ | 22,928 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,301) | | | | | | (2,301) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 1 | | | | | | | | | | | | 1 | | |
Balance as of June 30, 2021
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,078 | | | | | $ | (5,450) | | | | | $ | 20,628 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,169) | | | | | | (2,169) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 4 | | | | | | | | | | | | 4 | | |
Balance as of September 30, 2021
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | $ | (7) | | | | | $ | 26,082 | | | | | $ | (7,619) | | | | | $ | 18,463 | | |
Balance as of January 1, 2022
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | | (7) | | | | | | 26,085 | | | | | | (15,857) | | | | | $ | 10,228 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,322) | | | | | | (2,322) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 63 | | | | | | | | | | | | 63 | | |
Balance as of March 31, 2022
|
| | | | 17,500,000 | | | | | $ | 7 | | | | | | (7) | | | | | | 26,148 | | | | | | (18,179) | | | | | $ | 7,969 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,925) | | | | | | (1,925) | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | | | | | | | 52 | | | | | | | | | | | | 52 | | |
Receipt of subscription receivable
|
| | | | | | | | | | | | | | | | 7 | | | | | | | | | | | | | | | | | | 7 | | |
Issuance of common stock in the initial public offering (“IPO”)
|
| | | | 2,100,000 | | | | | | 1 | | | | | | | | | | | | 13,437 | | | | | | | | | | | | 13,438 | | |
Balance as of June 30, 2022
|
| | | | 19,600,000 | | | | | $ | 8 | | | | | | — | | | | | | 39,637 | | | | | | (20,104) | | | | | $ | 19,541 | | |
Net loss
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,930) | | | | | | (3,930) | | |
Exercise of stock options
|
| | | | 80,625 | | | | | | | | | | | | | | | | | | 138 | | | | | | | | | | | | 138 | | |
Issuance of common stock for stock units award
|
| | | | 505,000 | | | | | | | | | | | | | | | | | | 793 | | | | | | | | | | | | 793 | | |
Stock-based compensation
|
| | | | | | | | | | | | | | | | — | | | | | | 39 | | | | | | | | | | | | 39 | | |
Balance as of September 30, 2022
|
| | | | 20,185,625 | | | | | $ | 8 | | | | | | — | | | | | | 40,607 | | | | | | (24,034) | | | | | $ | 16,581 | | |
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | | (8,177) | | | | | | (6,376) | | |
Adjustments to reconcile net loss to cash used in operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,305 | | | | | | 1,384 | | |
Gain on disposal of fixed assets
|
| | | | (54) | | | | | | — | | |
Forgiveness of PPP loan
|
| | | | (586) | | | | | | — | | |
Stock-based compensation expenses
|
| | | | 947 | | | | | | 49 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (221) | | | | | | 20 | | |
Inventories
|
| | | | (3,532) | | | | | | (600) | | |
Prepaid expenses and other assets
|
| | | | (3,145) | | | | | | (3,586) | | |
Amount due from a related party
|
| | | | (103) | | | | | | — | | |
Accounts payable
|
| | | | (541) | | | | | | (399) | | |
Accrued liabilities
|
| | | | (185) | | | | | | 26 | | |
Warranty reserve
|
| | | | (35) | | | | | | (115) | | |
Deferred revenue
|
| | | | (237) | | | | | | 87 | | |
Advance from customer
|
| | | | 321 | | | | | | (102) | | |
Net cash used in operating activities
|
| | | | (14,243) | | | | | | (9,612) | | |
Cash flows from investing activities:
|
| | | | | | | | | | | | |
Proceeds from disposal of property and equipment
|
| | | | 273 | | | | | | — | | |
Purchase of property and equipment
|
| | | | (722) | | | | | | (680) | | |
Net cash used in investing activities
|
| | | | (449) | | | | | | (680) | | |
Cash flows from financing activities:
|
| | | | | | | | | | | | |
Proceeds from borrowings
|
| | | | — | | | | | | 586 | | |
Proceeds from a related party
|
| | | | 1,676 | | | | | | — | | |
Repayment to a related party
|
| | | | (1,676) | | | | | | — | | |
Repayment of borrowings
|
| | | | (7) | | | | | | (17) | | |
Proceeds from IPO
|
| | | | 13,438 | | | | | | — | | |
Proceeds from capital injection by a shareholder
|
| | | | 7 | | | | | | — | | |
Proceeds from exercise of employee stock options
|
| | | | 138 | | | | | | — | | |
Net cash generated from financing activities
|
| | | | 13,576 | | | | | | 569 | | |
Decrease in cash, cash equivalents and restricted cash
|
| | | | (1,116) | | | | | | (9,723) | | |
Cash, cash equivalents and restricted cash at beginning of the period
|
| | | | 2,683 | | | | | | 15,699 | | |
Cash, cash equivalents and restricted cash at end of the period
|
| | | | 1,567 | | | | | | 5,976 | | |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance
sheets |
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 1,317 | | | | | | 5,976 | | |
Restricted cash
|
| | | | 250 | | | | | | — | | |
Total cash, cash equivalents, and restricted cash
|
| | | | 1,567 | | | | | | 5,976 | | |
Supplemental cash flow information:
|
| | | | | | | | | | | | |
Interest paid
|
| | | | 6 | | | | | | 7 | | |
Income tax paid
|
| | | | 7 | | | | | | 3 | | |
Non-cash investing activities:
|
| | | | | | | | | | | | |
Inventories transferred to property and equipment
|
| | | | 75 | | | | | | — | | |
| | |
Three Months Ended
|
| |
Nine Months Ended
|
| ||||||||||||||||||
| | |
September 30,
2022 |
| |
September 30,
2021 |
| |
September 30,
2022 |
| |
September 30,
2021 |
| ||||||||||||
| | |
(Unaudited)
|
| |||||||||||||||||||||
Sales of EVs
|
| | | $ | — | | | | | $ | 183 | | | | | $ | 788 | | | | | $ | 796 | | |
Lease of EVs
|
| | | | 135 | | | | | | 158 | | | | | | 410 | | | | | | 458 | | |
Sales of Forklifts
|
| | | | 134 | | | | | | — | | | | | | 875 | | | | | | — | | |
Others
|
| | | | 140 | | | | | | 213 | | | | | | 506 | | | | | | 426 | | |
| | | | $ | 409 | | | | | $ | 554 | | | | | $ | 2,579 | | | | | $ | 1,680 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Accounts receivable
|
| | | $ | 1,457 | | | | | $ | 1,236 | | |
Less: Allowance for doubtful accounts
|
| | | | (35) | | | | | | (35) | | |
Accounts receivable, net
|
| | | $ | 1,422 | | | | | $ | 1,201 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Raw materials
|
| | | $ | 2,519 | | | | | $ | 924 | | |
Work in process
|
| | | | 1,420 | | | | | | 582 | | |
Finished goods
|
| | | | 1,743 | | | | | | 719 | | |
Total inventories
|
| | | $ | 5,682 | | | | | $ | 2,225 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Vendor deposits
|
| | | $ | 554 | | | | | $ | 267 | | |
Prepaid insurance
|
| | | | 332 | | | | | | 144 | | |
Prepaid expenses
|
| | | | 2,500 | | | | | | 41 | | |
Others
|
| | | | 78 | | | | | | 76 | | |
Total prepaid and other current assets
|
| | | $ | 3,464 | | | | | $ | 528 | | |
| | |
Operating Leases
|
| |||
| | |
(In thousands)
|
| |||
Three months ending December 31, 2022
|
| | | $ | 264 | | |
Year ending December 31, | | | | | | | |
2023
|
| | | | 1,068 | | |
2024
|
| | | | 1,107 | | |
2025
|
| | | | 1,147 | | |
2026
|
| | | | 1,190 | | |
Thereafter
|
| | | | 608 | | |
Total minimum lease payments
|
| | | $ | 5,384 | | |
| | |
Amount
|
| |||
Securities and Exchange Commission registration fee
|
| | | $ | 747 | | |
Accountants’ fees and expenses
|
| | | $ | 25,000 | | |
Legal fees and expenses
|
| | | $ | 25,000 | | |
Printing fees and expenses
|
| | | $ | 20,000 | | |
Miscellaneous
|
| | | $ | 5,000 | | |
Total expenses
|
| | | $ | 75,747 | | |
| | | | PHOENIX MOTOR INC. | | ||||||
| | | | By: | | |
/s/ Liang Lance Zhou
|
| |||
| | | | | | | Name: | | | Liang Lance Zhou | |
| | | | | | | Title: | | |
Chief Executive Officer
(principal executive officer) |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Liang Lance Zhou
Liang Lance Zhou
|
| | Chief Executive Officer and Director (principal executive officer) | | | December 15, 2022 | |
|
/s/ Chris Wang
Chris Wang
|
| |
Chief Financial Officer
(principal financial and accounting officer) |
| | December 15, 2022 | |
|
*
Denton Peng
|
| | Chairman and Director | | | December 15, 2022 | |
|
*
HoongKhoeng Cheong
|
| | Director | | | December 15, 2022 | |
|
*
Zhenxing Fu
|
| | Director | | | December 15, 2022 | |
|
*
Jack Perkowski
|
| | Director | | | December 15, 2022 | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Steven Stivers
|
| | Director | | | December 15, 2022 | |
|
*
Sam Van
|
| | Director | | | December 15, 2022 | |