AYRO, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AYRO, Inc. has filed its Q1 2024 10-Q report, detailing financial information and corporate history.</b>

AI Summary

AYRO, Inc. (SBLX) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. AYRO, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 900 E. Old Settlers Boulevard, Suite 100, Round Rock, TX 78664. AYRO, Inc. was formerly known as DropCar, Inc., WPCS INTERNATIONAL INC, and PHOENIX STAR VENTURES INC. The filing includes data related to various preferred stock series (H, HThree, HSix, HSeven) and common stock.

Why It Matters

For investors and stakeholders tracking AYRO, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for AYRO, Inc. Understanding the company's historical name changes and its focus on preferred stock series is crucial for assessing its corporate structure and potential future capital raises.

Risk Assessment

Risk Level: medium — AYRO, Inc. shows moderate risk based on this filing. The company has a history of name changes and focuses on preferred stock, indicating potential past financial restructuring or capital-raising activities that warrant further investigation.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-Q to understand AYRO, Inc.'s current financial health and any significant changes from previous periods.

Key Numbers

• 2024-03-31 — Conformed Period of Report (Quarterly filing period)
• 2024-05-15 — Filed As Of Date (Date of filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2024-03-31 — Quarter End Date (Q1 2024)

Key Players & Entities

• AYRO, Inc. (company) — Filer
• 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 (address) — Business address
• Round Rock, TX (location) — Business address city and state

FAQ

Industry Context

AYRO, Inc. operates within the communication services sector, though its specific business activities are not detailed in this header information.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine the balance sheet for assets, liabilities, and equity, paying attention to preferred stock details.
3. Review management's discussion and analysis (MD&A) for insights into business performance and outlook.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior filing data is available for comparison within this context.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share AYRO The NASDAQ Stock Mar
• $20,000,000 — o (a) until December 31, 2023, at least $20,000,000 plus the net proceeds from the sale of
• $21,000,000 — d into shares of common stock, at least $21,000,000, and (ii) a requirement to deposit an a

Filing Documents

• form10-q.htm (10-Q) — 789KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 5KB
• 0001493152-24-019973.txt (&nbsp;) — 4352KB
• ayro-20240331.xsd (EX-101.SCH) — 38KB
• ayro-20240331_cal.xml (EX-101.CAL) — 57KB
• ayro-20240331_def.xml (EX-101.DEF) — 147KB
• ayro-20240331_lab.xml (EX-101.LAB) — 311KB
• ayro-20240331_pre.xml (EX-101.PRE) — 246KB
• form10-q_htm.xml (XML) — 537KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 F-2 Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 F-4 Notes to Condensed Consolidated Financial Statements (Unaudited) F-5 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 1 ITEM 3. Quantitative and Qualitative Disclosure About Market Risk 12 ITEM 4.

Controls and Procedures

Controls and Procedures 12 PART II OTHER INFORMATION 12 ITEM 1.

Legal Proceedings

Legal Proceedings 12 ITEM 1A.

Risk Factors

Risk Factors 12 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 ITEM 3. Defaults Upon Senior Securities 13 ITEM 4. Mine Safety Disclosures 13 ITEM 5. Other Information 13 ITEM 6. Exhibits 14

SIGNATURES

SIGNATURES 15 i PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements (Unaudited) AYRO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 5,460,290 $ 33,440,867 Restricted cash 10,000,000 10,000,000 Marketable securities 23,640,637 - Accounts receivable, net of allowance for credit losses of $ 121,993 and $ 53,696 at March 31, 2024, and December 31, 2023, respectively 137,824 219,000 Inventory 3,676,501 3,431,982 Prepaid expenses and other current assets 1,410,190 1,887,782 Total current assets 44,325,442 48,979,631 Property and equipment, net 2,834,018 3,117,164 Operating lease – right-of-use asset 623,813 671,451 Deposits and other assets 89,265 95,532 Total assets $ 47,872,538 $ 52,863,778 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,376,161 $ 2,456,258 Accrued expenses and other current liabilities 1,452,388 1,656,541 Current portion lease obligation – operating lease 201,324 196,682 Total current liabilities 4,029,873 4,309,481 Derivative liability 9,391,000 9,400,000 Warrant liability 12,247,000 13,319,800 Lease obligation - operating lease, net of current portion 451,039 502,831 Total liabilities 26,118,912 27,532,112 MEZZANINE EQUITY Redeemable Series H-7 Convertible Preferred Stock, ($ 0.0001 par value per share and $ 1,000 face value per share; authorized - 22,000 shares; issued and outstanding - 22,000 and 22,000 shares, at March 31, 2024, and December 31, 2023, respectively). Liquidation preference of $ 25,277,468 as of March 31, 2024 14,741,498 11,193,939 Stockholders' equity: Preferred Stock, (authorized – 20,000,000 shares) - - Series H Convertible Preferred Stock, ($ 0.0001 par value per share; authorized – 8,500 shares; issued and outstanding – 8 shares as of March 31, 20

View Full Filing

View this 10-Q filing on SEC EDGAR