ECD Automotive Design Inc 2025年季度报告

FORM 10-Q (Mark one)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period ended September 30, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from ____________ to ____________ Commission File Number: 001-41497 ECD AUTOMOTIVE DESIGN, INC.(Exact name of registrant as specified in its charter) Delaware86-2559175(State or other jurisdiction of(IRS Employer incorporation or organization)Identification No.) (Address of principal executive offices and Zip Code) (407) 483-4825(Registrant’s telephone number, including area code) Not Applicable(Former name or former address, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Large accelerated filerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):YesNo As of March 24, 2025, the registrant had 35,385,662 shares of common stock issued and outstanding. PagePART 1 – FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)1Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) andDecember 31, 20231Unaudited Condensed Consolidated Statements of Operations for the Three and NineMonths Ended September 30, 2024 and 20232Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit for theThree and Nine Months Ended September 30, 2024 and 20233Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30,2024 and 20234Notes to Unaudited Condensed Consolidated Financial Statements5Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations39Item 3.Quantitative and Qualitative Disclosures about Market Risk62Item 4.Control and Procedures62PART II – OTHER INFORMATION63Item 1.Legal Proceedings63Item 1A. Risk Factors63Item 2.Unregistered Sales of Equity Securities and Use of Proceeds63Item 3.Defaults Upon Senior Securities63Item 4.Mine Safety Disclosures63Item 5.Other Information63Item 6.Exhibits64SIGNATURES66 PART I – FINANCIAL INFORMATION ECD AUTOMOTIVE DESIGN, INCCONDENSED CONSOLIDATED BALANCE SHEETS Current assets:Cash and cash equivalents$3,592,128$8,134,211Accounts receivable, net17,391-Inventories10,895,1289,607,766Prepaid and other current assets512,80934,006Total current assets15,017,45617,775,983 LIABILITIES, REDEEMABLE PREFERRED STOCK ANDSTOCKHOLDERS’ DEFICITCurrent liabilities: Accounts payable$2,116,547$898,445Accrued expenses1,637,997779,695Deferred revenue12,028,14916,190,861Lease liability, current343,821314,903Floor plan payable757,000-Other payable1,681,0911,549,863Total current liabilities18,564,60519,733,767 Redeemable preferred stock, $0.0001 par value, 20,000,000 authorized shares; 6,500and 25,000 shares issued and outstanding as of September 30, 2024 and December31, 2023, respectively13 ECD AUTOMOTIVE DESIGN, INCUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ECD AUTOMOTIVE DESIGN, INCUNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ECD AUTOMOTIVE DESIGN, INCNOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. NATURE OF OPERATIONS ECD Automotive Design, Inc (the “Company,” “ECD,” “we,” “us,” or “our), formerly known as EF HuttonAcquisition Corporation I (“EFHAC”) (the Company) is engaged in the production and sale of Land Rover vehicles.Since the Company’s commencement of operations in 2013, they have established a facility geared towardsproducing the most customized Land Rovers with the highest quality of parts and the highest quality labor forcebuilding each vehicle. The Company pri