ECD Automotive Design Files Q1 2024 10-Q

TL;DR

ECD Automotive Design filed its Q1 2024 10-Q. Check financials.

AI Summary

ECD Automotive Design, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, formerly known as EF Hutton Acquisition Corp I, is incorporated in Delaware and headquartered in Kissimmee, Florida. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors with an update on ECD Automotive Design's financial health and operational progress during the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with its financial performance and market position.

Key Numbers

• 001-41497 — Commission File Number (Identifies the company's filing with the SEC)
• 20240331 — Quarterly Period End Date (Marks the end of the reporting period for this 10-Q)

Key Players & Entities

• ECD Automotive Design, Inc. (company) — Registrant
• EF Hutton Acquisition Corp I (company) — Former company name
• March 31, 2024 (date) — Quarterly period end date
• 001-41497 (other) — Commission File Number
• Delaware (location) — State of incorporation
• Kissimmee, FL (location) — Principal executive offices

FAQ

Filing Documents

• ea0207628-10q_ecdauto.htm (10-Q) — 781KB
• ea020762801ex10-4_ecdauto.htm (EX-10.4) — 101KB
• ea020762801ex10-5_ecdauto.htm (EX-10.5) — 85KB
• ea020762801ex10-6_ecdauto.htm (EX-10.6) — 36KB
• ea020762801ex10-7_ecdauto.htm (EX-10.7) — 81KB
• ea020762801ex10-8_ecdauto.htm (EX-10.8) — 32KB
• ea020762801ex31-1_ecdauto.htm (EX-31.1) — 11KB
• ea020762801ex31-2_ecdauto.htm (EX-31.2) — 12KB
• ea020762801ex32-1_ecdauto.htm (EX-32.1) — 5KB
• ea020762801ex32-2_ecdauto.htm (EX-32.2) — 5KB
• ex10-7_001.jpg (GRAPHIC) — 3KB
• ex10-7_002.jpg (GRAPHIC) — 2KB
• ex10-7_003.jpg (GRAPHIC) — 3KB
• ex10-7_004.jpg (GRAPHIC) — 3KB
• 0001213900-24-056743.txt ( ) — 5311KB
• efht-20240331.xsd (EX-101.SCH) — 51KB
• efht-20240331_cal.xml (EX-101.CAL) — 40KB
• efht-20240331_def.xml (EX-101.DEF) — 232KB
• efht-20240331_lab.xml (EX-101.LAB) — 404KB
• efht-20240331_pre.xml (EX-101.PRE) — 232KB
• ea0207628-10q_ecdauto_htm.xml (XML) — 501KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Control and Procedures 37 PART II – OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

SIGNATURES

SIGNATURES 40 i PART I – FINANCIAL INFORMATION Item 1. Financial Statements ECD AUTOMOTIVE DESIGN, INC UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 5,560,321 $ 8,134,211 Inventories 10,914,086 11,799,304 Prepaid and other current assets 346,657 34,006 Total current assets 16,821,064 19,967,521 Property and equipment, net 981,801 968,677 Deferred tax asset - 515,444 Right-to-use asset 3,675,559 3,763,294 Deposit 77,686 77,686 TOTAL ASSETS $ 21,556,110 $ 25,292,622 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 995,777 $ 768,808 Accrued expenses 1,330,255 687,000 Deferred revenue 13,983,645 17,596,512 Deferred tax liability 16,836 - Lease liability, current 324,791 314,903 Other payable 1,465,098 1,533,815 Total current liabilities 18,116,402 20,901,038 Lease liability, non-current 3,641,602 3,727,182 Convertible note, net of debt discount 11,117,460 10,683,452 Total liabilities 32,875,464 35,311,672 Redeemable preferred stock, $ 0.0001 par value, 20,000,000 authorized shares; 25,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023 3 3 Stockholders' deficit: Common stock, $ 0.0001 par value, 1,000,000,000 authorized shares; 31,899,662 shares and 31,874,662 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 3,190 3,187 Additional paid-in capital 249,997 - Accumulated deficit ( 11,572,544 ) ( 10,022,240 ) Total Stockholders' Deficit ( 11,319,357 ) ( 10,019,053 ) TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT $ 21,556,110 $ 25,292,622 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements 1 ECD AUTOMOTIVE DESIGN, INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OP

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View this 10-Q filing on SEC EDGAR