AYRO, Inc. Files Q3 2024 10-Q Report

TL;DR

AYRO Q3 10-Q filed. Financials and ops update.

AI Summary

AYRO, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the third quarter and the first nine months of the year. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of AYRO, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings often contain forward-looking statements and financial details that can indicate potential risks or opportunities for investors.

Key Numbers

• Q3 2024 — Reporting Period (Financial results for the third quarter are detailed.)
• Nine Months 2024 — Year-to-Date Period (Financial results for the first nine months are detailed.)

Key Players & Entities

• AYRO, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Date the filing was made
• Round Rock, TX (location) — Company's business and mailing address

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) — 1181KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-045893.txt ( ) — 5398KB
• ayro-20240930.xsd (EX-101.SCH) — 41KB
• ayro-20240930_cal.xml (EX-101.CAL) — 60KB
• ayro-20240930_def.xml (EX-101.DEF) — 173KB
• ayro-20240930_lab.xml (EX-101.LAB) — 347KB
• ayro-20240930_pre.xml (EX-101.PRE) — 277KB
• form10-q_htm.xml (XML) — 748KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 F-1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 F-2 Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 F-3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 13 ITEM 1.

Legal Proceedings

Legal Proceedings 13 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 14 ITEM 3. Defaults Upon Senior Securities 14 ITEM 4. Mine Safety Disclosures 14 ITEM 5. Other Information 14 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 September 30, December 31, 2024 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 2,729,904 $ 33,440,867 Restricted cash 10,022,700 10,000,000 Marketable securities 16,127,434 — Accounts receivable, net of allowance for credit losses of $ 0 and $ 53,696 at September 30, 2024, and December 31, 2023, respectively — 219,000 Inventory 3,209,892 3,431,982 Prepaid expenses and other current assets 1,287,553 1,887,782 Total current assets 33,377,483 48,979,631 Property and equipment, net 1,973,465 3,117,164 Operating lease – right-of-use asset 521,236 671,451 Deposits and other assets 53,368 95,532 Total assets $ 35,925,552 $ 52,863,778 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,382,260 $ 2,456,258 Accrued expenses and other current liabilities 1,332,991 1,656,541 Accrued preferred stock redemption payable (H-7) 2,166,268 — Current portion lease obligation – operating lease 211,766 196,682 Total current liabilities 5,093,285 4,309,481 Derivative liability 4,365,000 9,400,000 Warranty liability 4,182,900 13,319,800 Lease obligation - operating lease, net of current portion 340,959 502,831 Total liabilities 13,982,144 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 – 14,500 and 22,000 shares, at September 30, 2024, and December 31, 2023, respectively). Liquidation preference of $ 16,857,966 , as of September 30, 2024 10,485,122 11,193,939 Stockholders' equity: Preferred Stock, (authorized – 20,000,000 shares) — — Series H Convertible Preferred Stock, ($ 0.0001 par value per share; a

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View this 10-Q filing on SEC EDGAR