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Adomani, Inc. (ADOM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Adomani, Inc.

CIK: 1563568 Ticker: ADOM

Exhibit 99.1

ADOMANI® Reports First Quarter 2020 Results

CORONA, CA / ACCESSWIRE / April 30, 2020 /

ADOMANI, Inc. (OTCQB: ADOM), a provider of new zero-emission purpose-built electric vehicles and drivetrain solutions, today announced its results for the first quarter ended March 31, 2020. ADOMANI does not plan to host an earnings call.

Developments

Continued to work with the California Air Resources Board (“CARB”) and the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) to resolve the California HVIP administrative issues that have resulted in a funding backlog that has to-date prevented us and our customers from accessing the funds, which has created a significant delay in our ability to deliver products and to obtain new orders. We hired an experienced lobbyist to supplement our efforts.

Responded and adapted to unexpected legal and regulatory changes resulting from the ongoing COVID-19 pandemic, such as shelter-in-place orders, travel, social distancing and quarantine policies, boycotts, curtailment of trade, and other business restrictions affecting our ability to assemble and sell our products, and provide our services.

Applied for an Economic Injury Disaster Loan in March and a Paycheck Protection Program loan in April under the Small Business Association loan programs authorized by the Coronavirus Aid, Relief, and Economic Security Act due to the impact of the COVID-19 pandemic on our business.

Backlog at March 31, 2020 was $3.2 million. This includes an order from Santa Clara County for two additional cargo vans received on March 20, 2020.

 

Effective January 1, 2020, took possession of the warehouse space in Corona, California, that we executed a lease for in December 2019. The facility will be used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery inspections, test demo vehicles, and


The following information was filed by Adomani, Inc. (ADOM) on Thursday, April 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Adomani, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments
Commitments (Tables)
Commitments - Additional Information (Details)
Commitments - Future Minimum Payments Under Contractual Commitments (Details)
Common Stock
Common Stock - Additional Information (Details)
Contingencies
Contingencies - Additional Information (Details)
Debt
Debt - Additional Information (Details)
Leases
Leases - Additional Information (Details)
Notes Receivable
Notes Receivable - Additional Information (Details)
Organization And Operations
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Components Of Property And Equipment, Net (Details)
Stock Warrants
Stock Warrants (Tables)
Stock Warrants - Additional Information (Details)
Stock Warrants - Warrant Activity (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Subsequent Events
Subsequents Events - Additional Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Ticker: ADOM
CIK: 1563568
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-040182
Submitted to the SEC: Fri Aug 14 2020 8:30:40 AM EST
Accepted by the SEC: Fri Aug 14 2020
Period: Tuesday, June 30, 2020
Industry: Motor Vehicle Parts And Accessories

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