Revenue Generation - The company has not generated revenue from the sale of electric vehicles (EVs) and expects to do so in the future through sales of its EV models, technology licensing, and research and development services [336]. - The sales/revenue condition for the year ended December 31, 2024 was not met, and the performance condition for the year ending December 31, 2025 could not be reasonably assessed [360]. - The Earnout Shares include 5,000,000 shares contingent on achieving sales/revenues of no less than $42.2 million for fiscal years ending from December 31, 2023 to December 31, 2025 [358]. - An additional 15,000,000 Earnout Shares are contingent on achieving sales/revenues of no less than $415 million for fiscal years ending from December 31, 2023 to December 31, 2026 [358]. Financial Performance - The net loss for the years ended December 31, 2024, and 2023 was approximately $2.5 million and $1.8 million, respectively [344]. - As of December 31, 2024, the accumulated loss amounted to approximately $36.9 million, compared to $34.4 million in 2023 [347]. - The company had a negative working capital of $6.6 million as of December 31, 2024, down from approximately $0.7 million in 2023 [347]. - Net cash used in operating activities was approximately $1.2 million in 2024, compared to $0.7 million in 2023 [347]. - For the year ended December 31, 2024, net cash used in operating activities was approximately $1.2 million, primarily due to a net loss of approximately $2.5 million [351]. - For the year ended December 31, 2023, net cash used in operating activities was approximately $0.7 million, primarily due to a net loss of approximately $1.8 million [352]. Expenses - General and administrative expenses increased to approximately $2.5 million in 2024 from $1.8 million in 2023, primarily due to a rise in professional expenses and share-based compensation [343]. - The company expects to incur significant expenses related to developing and marketing its vehicles, which could exceed current estimates [333]. - Minimal research and development expenses were incurred for the years ended December 31, 2024 and 2023, recorded in general and administrative expenses [363]. Cash Flow - Cash provided by investing activities for the year ended December 31, 2024 was approximately $0.9 million, resulting from a reverse acquisition closed in June 2024 [353]. - Cash provided by financing activities for the year ended December 31, 2024 was approximately $0.2 million, primarily from subscription fees of $0.4 million and borrowings of approximately $1.0 million [355]. Corporate Actions - The company entered into a Share Exchange Agreement to acquire approximately 30.8% of Electric Power Technology Limited, subject to regulatory approvals [328]. - Following the business combination with Feutune Light Acquisition Corporation, the company began trading on Nasdaq under the symbol "AIEV" on June 24, 2024 [326]. - The company is actively seeking private equity financing to support its ongoing capital expenditure and working capital needs [349]. Accounting and Financial Reporting - The company has not entered into any financial guarantees or derivative contracts that are not reflected in the consolidated financial statements [362]. - The company does not have critical accounting estimates that are related to it, with relevant accounting policies included in the notes to the consolidated financial statements [366].
Thunder Power Holdings, Inc.(AIEV) - 2024 Q4 - Annual Report