AYRO, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AYRO, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and corporate information.</b>

AI Summary

AYRO, Inc. (SBLX) filed a Annual Report (10-K) with the SEC on April 1, 2024. AYRO, Inc. filed its 2023 Form 10-K on April 1, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as DropCar, Inc., WPCS INTERNATIONAL INC, and PHOENIX STAR VENTURES INC. AYRO, Inc. is incorporated in Delaware. The company's principal business address is 900 E. OLD SETTLERS BOULEVARD, SUITE 100, ROUND ROCK, TX 78664.

Why It Matters

For investors and stakeholders tracking AYRO, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of AYRO, Inc.'s financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the company's historical name changes and corporate structure, as detailed in the filing, offers context for its evolution and strategic direction.

Risk Assessment

Risk Level: — AYRO, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains detailed financial information and risk factors, but lacks specific performance metrics or forward-looking statements within the provided header data, necessitating a deeper review of the full document for a complete risk assessment.

Analyst Insight

Investors should review the full 10-K filing to understand AYRO, Inc.'s financial performance, operational risks, and strategic initiatives for 2023.

Key Players & Entities

• AYRO, Inc. (company) — Filer name
• DropCar, Inc. (company) — Former company name
• WPCS INTERNATIONAL INC (company) — Former company name
• PHOENIX STAR VENTURES INC (company) — Former company name
• 900 E. OLD SETTLERS BOULEVARD, SUITE 100 (location) — Business address
• ROUND ROCK, TX 78664 (location) — Business address

FAQ

Industry Context

The filing is for AYRO, Inc., a company operating within the Communication Services, NEC sector (SIC 4899).

Regulatory Implications

The filing is a 10-K report under the Securities Exchange Act of 1934, requiring public companies to provide detailed financial and operational information to the SEC.

What Investors Should Do

1. Review AYRO, Inc.'s detailed financial statements for fiscal year 2023.
2. Analyze the risk factors section for potential business and financial challenges.
3. Examine management's discussion and analysis for insights into the company's strategy and outlook.

Key Dates

• 2024-04-01: Filing Date — Filing of the 2023 Form 10-K
• 2023-12-31: Fiscal Year End — Period covered by the 10-K report

Year-Over-Year Comparison

This is the initial header data provided for the 2023 10-K filing; comparative data from the previous filing is not available in this extract.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share AYRO The NASDAQ Stock Mar
• $5.44 — 4,515,119 , based on a closing price of $5.44 on June 30, 2023. The registrant does n
• $1,000 — Preferred Stock with a stated value of $1,000 per share ("Series H-7 Preferred Stock"
• $0 — as of December 31, 2023, was valued at $0. We expect to lose our exclusive licens
• $750,000 — e Products and pay a termination fee of $750,000, subject to certain adjustments. We are

Filing Documents

• form10-k.htm (10-K) — 2191KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 5KB
• ex97-1.htm (EX-97.1) — 45KB
• 0001493152-24-012412.txt (&nbsp;) — 8774KB
• ayro-20231231.xsd (EX-101.SCH) — 57KB
• ayro-20231231_cal.xml (EX-101.CAL) — 84KB
• ayro-20231231_def.xml (EX-101.DEF) — 228KB
• ayro-20231231_lab.xml (EX-101.LAB) — 473KB
• ayro-20231231_pre.xml (EX-101.PRE) — 369KB
• form10-k_htm.xml (XML) — 1396KB

Forward-Looking Statements; Risk Factor Summary

Forward-Looking Statements; Risk Factor Summary PART I Item1.

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. [Reserved] 41 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 53 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 55 PART III Item 10. Directors, Executive Officers and Corporate Governance 55 Item 11.

Executive Compensation

Executive Compensation 55 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55 Item 13. Certain Relationships and Related Transactions, and Director Independence 55 Item 14. Principal Accountant Fees and Services 55 PART IV Item 15. Exhibits and Financial Statement Schedules 56 Item 16. Form 10-K Summary 56

Signatures

Signatures 63 2 FORWARD-LOOKING RISK FACTOR SUMMARY This Annual Report on Form 10-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "anticipates," "assumes," "believes," "can," "could," "estimates," "expects," "forecasts," "guides," "intends," "is confident that," "may," "plans," "seeks," "projects," "targets," "would," and "will" or the negative of such terms or other variations on such terms or comparable terminology. Such forward-looking statements include, but are not limited to, future financial and operating results, the company's plans, objectives, expectations and intentions, statements concerning the strategic review of our product development strategy, the development and launch of the AYRO Vanish (the "Vanish") and other statements that are not historical facts. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking that could cause actual results to differ materially from our historical experience and our present expectations, or projections described under the section in this Annual Report on Form 10-K entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations." A summary of the principal risk factors that make investing in our securities risky and might cause our actual results to differ materially from those projected in these forward-looking statements is set forth below. If any of the following risks occur, our business, financial condition, results of operations, cash flows, cash

View Full Filing

View this 10-K filing on SEC EDGAR