AYRO Inc. 2025年季度报告

FORM10-Q AYRO, INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(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). Yes☐No☒As of May 12, 2025, the registrant had8,541,466shares of common stock outstanding. PART I - FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS (UNAUDITED)AYRO, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS Cash and cash equivalents$12,818,283$16,035,475Restricted cash109,215164,682Marketable securities2,479,7254,089,832Prepaid expenses and other current assets326,720972,245Total current assets15,733,94321,262,234Operating lease – right-of-use asset381,267429,819Deposits and other assets39,96246,665Total assets$16,155,172$21,738,718 Mezzanine equity:Redeemable Series H-7 Convertible Preferred Stock ($0.0001par value per share and $1,000face value per share; authorized -22,000shares; issued and outstanding–4,667and10,167shares, at March 31, 2025 and December 31, 2024,respectively).Liquidation preference of $5,417,161as of March 31, 2025. Stockholders’ equity: AYRO, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1.ORGANIZATION AND NATURE OF OPERATIONS AYRO, Inc. (“AYRO” or the “Company”), is a Delaware corporation headquartered in New York, New York. The Company, and itswholly-owned subsidiary, are principally engaged in manufacturing and sales of environmentally conscious, minimal-footprint electric Strategic Review In February 2025, the Company announced the launch of its new robotics division, which will be focused on AI-driven, automatedmanufacturing of EVs and accompanying accessories. NOTE 2.LIQUIDITY AND GOING CONCERN The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accountingprinciples in the United States (“GAAP”), which contemplates continuation of the Company as a going concern. The Company issubject to a number of risks similar to those of earlier stage commercial companies, including dependence on key individuals and As of March 31, 2025, the Company had cash and cash equivalents balance totaling $12,818,283, restricted cash of $109,215, andmarketable securities of $2,479,725. The Company had net income of $845,011as a result of the non-cash changes in the warrantliability and the derivative liability for the three months ended March 31, 2025, and negative cash flow used in operations of$1,476,150for the three months ended March 31, 2025. In addition, overall working capital decreased by $8,514,153during the threemonths ended March 31, 2025. Management believes that the existing cash as of March 31, 2025 will not be sufficient to fundoperations for at least the next twelve months following the issuance of these unaudited condensed consolidated financial statements.These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months fromthe issuance of these unaudited condensed consolidated financial statements. In order to have sufficient cash to fund the Company’s NOTE 3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and inconformity with the instructions on Form 10-Q and Rule 8-03 of Regulation S-X and the related rules and regulations of the Securitiesand Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of theCompany and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated inconsolidation. The unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring Reclassification Certain line items in the unaudited condensed consolidated statements of cashflows for the three months ended March 31, 2024, haveb