Envirotech Vehicles, Inc. (EVTV): auditor change — Envirotech Vehicles to restate 2022 Q1-Q3 statements due to revenue recognition errors

Envirotech Vehicles, Inc.

Revenue was incorrectly recognized upon government incentive approval instead of vehicle delivery, overstating sales and gross profit.
Misstatements affect interim periods ended March 31, June 30, and September 30, 2022.
Approximately 32 net vehicles delivered later will have revenue recognized in delivery period; 13 vehicles not yet delivered will have no revenue.
Company and Audit Committee decided to amend Forms 10-Q; auditor MaloneBailey concurred.
Investors should no longer rely on previously issued interim financial statements for those periods.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Envirotech Vehicles, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

Under the restatements, the Company will recognize the same amount of revenue in later periods for approximately 32 net vehicles that were delivered later in 2022 or 2023, and will not recognize revenue for 13 vehicles which have not yet been delivered. On March 30, 2023, the Company’s management and the Audit Committee of the Board of Directors decided it was necessary to amend Forms 10-Q for the quarterly periods ended March 31, 2022, June 30, 2022, and September 30, 2022, to correct the unaudited interim consolidated financial statements for the misstatements identified above. Accordingly, investors should no longer rely on the Company’s previously released interim unaudited consolidated financial statements for (1) the three months ended March 31, 2022, (2) the three- and six-month periods ended June 30, 2022, and (3) the three- and nine-month periods ended September 30, 2022. The re

View on SEC.gov

21 auditor changes filed in the last 30 days. Browse all auditor changes →

Envirotech Vehicles, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-090935

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.