ECD Automotive Design, Inc. (ECD), formerly known as EF Hutton Acquisition Corporation I (EFHAC), reported its financial performance for the year ended December 31, 2023. The company, specializing in the production and sale of customized Land Rover vehicles, posted a net revenue of $15,123,596, a significant increase from the previous year's $12,343,745. However, the cost of goods sold also rose to $10,874,358, resulting in a gross profit of $4,249,238. Despite the increase in revenue, ECD experienced a net loss of $1,602,013, attributed to operating expenses totaling $5,884,778, which included sales and marketing, general and administrative, and depreciation and amortization expenses. The company also reported other expenses, including interest expense and a loss on the sale of an asset, partially offset by resale commissions income and other net...Show More

ECD Automotive Design, Inc. (ECD), formerly known as EF Hutton Acquisition Corporation I (EFHAC), reported its financial performance for the year ended December 31, 2023. The company, specializing in the production and sale of customized Land Rover vehicles, posted a net revenue of $15,123,596, a significant increase from the previous year's $12,343,745. However, the cost of goods sold also rose to $10,874,358, resulting in a gross profit of $4,249,238. Despite the increase in revenue, ECD experienced a net loss of $1,602,013, attributed to operating expenses totaling $5,884,778, which included sales and marketing, general and administrative, and depreciation and amortization expenses. The company also reported other expenses, including interest expense and a loss on the sale of an asset, partially offset by resale commissions income and other net income. The net loss per common share was reported at $0.09. ECD's balance sheet showed a cash and cash equivalents balance of $8,134,211, with total assets amounting to $25,292,622. The company's liabilities significantly exceeded its assets, resulting in a stockholders' deficit of $10,019,053. ECD also highlighted the completion of a business combination with Humble Imports Inc., d/b/a ECD Auto Design, and ECD Auto Design UK, Ltd., which was accounted for as a reverse recapitalization. The financial statements for the year ended December 31, 2022, were restated to correct misstatements related to revenue recognition timing, warranty reserves, overhead allocation, and lease accounting. The company's future plans include developing an executive compensation program aligned with business objectives and stockholder value creation, as well as entering into employment agreements with key executives.