AYRO, Inc. Files Q2 2024 10-Q Report

TL;DR

AYRO filed its Q2 10-Q. Check financials.

AI Summary

AYRO, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with a crucial update on AYRO, Inc.'s financial health and strategic direction for the second quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings often contain detailed financial information that can reveal risks and opportunities, requiring careful analysis.

Key Numbers

• Q2 2024 — Reporting Period (The period covered by the 10-Q filing.)
• June 30, 2024 — As of Date (The date as of which financial information is presented.)

Key Players & Entities

• AYRO, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240815 (date) — Filing date
• 900 E. OLD SETTLERS BOULEVARD, SUITE 100 (address) — Company business address
• ROUND ROCK, TX (location) — Company business location

FAQ

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) — 1204KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 6KB
• 0001493152-24-032672.txt ( ) — 5667KB
• ayro-20240630.xsd (EX-101.SCH) — 42KB
• ayro-20240630_cal.xml (EX-101.CAL) — 60KB
• ayro-20240630_def.xml (EX-101.DEF) — 167KB
• ayro-20240630_lab.xml (EX-101.LAB) — 345KB
• ayro-20240630_pre.xml (EX-101.PRE) — 273KB
• form10-q_htm.xml (XML) — 883KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 F-2 Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 June 30, December 31, 2024 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 14,091,100 $ 33,440,867 Restricted cash — 10,000,000 Marketable securities 22,872,151 — Accounts receivable, net of allowance for credit losses of $ 130,515 and $ 53,696 at June 30, 2024, and December 31, 2023, respectively 129,302 219,000 Inventory 3,314,008 3,431,982 Prepaid expenses and other current assets 1,587,261 1,887,782 Total current assets 41,993,822 48,979,631 Property and equipment, net 2,351,061 3,117,164 Operating lease – right-of-use asset 569,346 671,451 Deposits and other assets 82,564 95,532 Total assets $ 44,996,793 $ 52,863,778 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,500,916 $ 2,456,258 Accrued expenses and other current liabilities 1,509,201 1,656,541 Accrued preferred stock redemption payable (H-7) 1,329,047 — Current portion lease obligation – operating lease 206,112 196,682 Total current liabilities 6,545,276 4,309,481 Derivative liability 6,773,000 9,400,000 Warrant liability 4,309,500 13,319,800 Lease obligation - operating lease, net of current portion 396,712 502,831 Total liabilities 18,024,488 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 – 19,333 and 22,000 shares, at June 30, 2024, and December 31, 2023, respectively). Liquidation preference of $ $ 22,044,550 , as of June 30, 2024 14,140,756 11,193,939 Stockholders' equity: Preferred Stock, (authorized – 20,000,000 shares) — — Series H Convertible Preferred Stock, ($ 0.0001 par value per share; authorized – 8,50

View Full Filing

View this 10-Q filing on SEC EDGAR