ADOMANI, Inc. (ADOM)

Delaware 46-
0774222 (state or other jurisdiction registered or organized) Common stock, $0.
00001 ownership of the NasdaqStock Market LLC exchange category name registered on it for large acceleration documents☐Speed up filer☐Non
Speed up filer☒(Do not check smaller reporting companies) smaller reporting companies☐Emerging growth companies☒Part 1 business 3 risk factors 23 unresolved employee reviews item 46 Item 2.
Property 46 legal action 47 item 4.
47 The second part of the market in which the registrant\'s common stock, related shareholder matters and issuers purchase equity securities
50 Selected Financial Information 7.
Management\'s Discussion and Analysis of the financial position and operational results of 51 7A.
Quantitative and qualitative disclosure of market risks 65 financial statements and supplementary data item 66 item 9.
Changes and differences with accountants in accounting and financial disclosure
Control and Procedure 84 Item 9B.
Other information 85 item 10 of Part III.
86 Project 11 directors, executive officers and corporate governance.
Item 12 of administrative compensation 86.
Security title matters of certain beneficial owners and management and related shareholders 13.
The independence of directors was 86 and 14 were related to certain relationships and related transactions.
Main accounting expenses and Services 86 part IV item 15.
Annex, item 16 of Schedule 87 to the financial statements. Form 10-
Our ability to create demand for our zero demand
Emissions or hybrid drive systems and conversion kits for revenue generation;
We rely on external sources to fund our business;
Ability to effectively execute business plans;
We are able to effectively and quickly extend the manufacturing, assembly and conversion processes from small batch production to mass production;
We have the ability to manage our expansion, growth and operating expenses and reduce and fully control the costs and expenses associated with operating our business;
Our ability to acquire, retain and develop our customers;
Our ability to build, maintain and update strategic relationships on favourable terms;
Ability to achieve and maintain profitability;
Ability to assess and measure our current business and future prospects;
Our ability to compete and succeed in a highly competitive and evolving industry;
Our ability to cope with and adapt to changes in electric or hybrid technologies;
Protect our intellectual property rights and develop, maintain and enhance the capabilities of strong brands. Part I Item 1.
Volvo PHEV class 8 Drayage truck 10 KW 10kWh working truck PHEV Odyne advanced diesel PHEV Truck 3.
Remote PHEV high efficiency power system PHEV/CNG class 4 truck upto6 at 3 KW 14/28.
6 KW kilowatts 40 short-range BEV Proterra fast-charging catalyst 80to 380kW * 53orymkwh medium-range BEV Transpower electric towing 70 KW 215 degrees long-distance bev byd 40-
Market routine at 324 KW hours (diesel and natural gas) mixed power, China 60,000-90,000 dollar 125,000-200,000 dollar 280,000-350,000 India 75,000-110,000 dollar 255,000-325,000 dollar 410,000-130,000 dollar 180,000-245,000 dollar 325,000-400,000 dollar 500,000 South America $200,000- 225,000 $280,000-340,000 $410,000-500,000 $420,000-580,000 North America $620,000-700,000 $850,000-980,000 $-Europe 300,000-410,000 $450,000-540,000 $595,000-680,000 for the rest of the world 100,000 -$350,000 $195,000-$500,000-$300,000-$700,000 cost reduction and availability of energy storage technology, in particular the cost and capacity of rechargeable lithium-ion batteries;
Grants, loans, tax cuts and other financial support for energy storage and electric vehicle research and development;
A specific percentage of the car manufacturer is required to be electric or other Zero
Vehicles discharged;
Automotive manufacturers are required to meet fuel economy standards for certain fleetsWide reference.
Authorizing government fleets to purchase a percentage of vehicles with low emissions, energy savings or other alternative fuels;
Tasks for transport agencies, ports or school districts to purchase or modify electric or other alternative fuel vehicles;
Rebates, tax credits and other incentives for the purchase or lease of electric or other alternative fuel vehicles;
The provision of charging stations and other charging infrastructure, in turn driven by government funds, tax credits, rebates and other incentives and regulatory initiatives aimed at increasing the number of charging stations;
The special rate introduced by the power company affects the electricity bill for electric vehicles to charge;
Preferential treatment for registration, emission testing and access to highways, city centres and HOV lanes;
And the cost of traditional oil.
Compared to the incremental cost of owning and operating electric vehicles, it is based on fuel.
It is difficult to comply with existing and new federal and state emission restrictions and compliance requirements.
Federal regulators such as EPA and state regulators such as CARB have developed tasks aimed at reducing emissions from mobile sources.
At least 10 other states follow the CARB rules and regulations that develop similar requirements, and more states are expected to join with the federal level EPA.
Save costs while managing high fuel, maintenance and repair costs.
The federal Global Warming Pollution Reduction Act of 2007 set strict air quality standards for particulate matter, and the further tightening of nitrous nitrogen and greenhouse gas emissions from newly manufactured vehicles in 2010, to further reduce the emissions of particulate matter, nitrous nitrogen and greenhouse gases from newly manufactured vehicles.
Extend the service life of existing vehicles.
Due to the reduction in the capital expenditure budget and the increase in expensive and limited emission reduction equipment authorized by legislation, the extension of the life of existing vehicles is a challenge, service and maintenance, due to the increase in expensive maintenance costs.
When fuel supply is interrupted, for example during a natural disaster, it is difficult to plan the operation of their fleet.
Existing vehicles rely on fuel that must be pumped (using electricity), which may be a challenge to energy when supply is interrupted during natural or human periodsmade disasters.
Emergency service organizations may use large battery packs of electric-powered, commercial fleet vehicles as a mobile source for storing electrical energy.
This electric energy can complement traditional fuels. up generators.
Difficulties in improving these heavy environments
Commercial fleet on duty
Many studies have shown that the air quality inside and around fossil fuel-driven vehicles
Fuel poses a health risk not only to the drivers of these vehicles, but also to their passengers and the people inside and around these vehicles.
Children in particular, because their lungs are sitting on old diesel buses, and their brains and other organs are not fully developed, the air quality around typical school buses using diesel can pose a serious threat to health. By using zero-
Discharging buses, trucks and cars, we believe we are creating a healthier environment for their employees, customers and the communities they serve. · Add Emission-
Fleet vehicles and power systems that meet ADOMANI standards.
Our commercial fleet vehicles and power systems are designed to reduce or eliminate the use of conventional oil.
Fuel that produces greenhouse gases and particulate matter.
Reduce total cost of ownership.
Our technology is designed to reduce fuel budgets by eliminating or reducing dependence on conventional oil.
Based on fuel, instead use a more energy-efficient, lower-priced grid-
Provide electricity.
Extend the service life of existing vehicles. Zero-
The maintenance costs of discharging electric vehicles and hybrid vehicles are generally low.
These reduced maintenance costs may take the form of longer service intervals between brake system maintenance, reduction or elimination of changes in internal combustion engine oil and oil filters, reducing or eliminating changes in transmission oil and oil filters, reduce or eliminate changes in air filters, reduce or eliminate emissions system services, reduce or eliminate the use of diesel emission fluids, and eliminate emissions testing for conventional fuel vehicles (if converted to zero)
Discharge electric drive system) and cancel the certification test of high pressure storage tanks for propane, liquefied natural gas and compressed natural gas transport vehicles (if conversion is zero)
Electric Transmission system ).
Plans to deal with natural disasters when fuel supplies may be disrupted. Our zero-
The emissions system can be used as on-
Emergency support on site-
If the power supply of the power grid is temporarily interrupted during natural or man-made periods, increase the energy storagemade disasters.
Improve the environment around the vehicle.
Because of our zero
Emissions Systems, drivers, operators, customers and communities they serve can have a healthier environment inside and around these vehicles. · Zero-
Emission electric drive system for \"new\" school buses and medium-heavy school buses-
Commercial fleet duty vehicles. · Zero-
Emission electric drive system for \"existing fleet\" school buses and medium-heavy buses-
Commercial fleet duty vehicles.
· Convert hybrid transmission systems in an auxiliary hybrid format for private and commercial fleet vehicles of all sizes.
In \"all-
For the traction \"format of private and commercial fleet vehicles of various sizes. · Purpose-built, zero-
Emission vehicles of various sizes manufactured by external OEM partners, but sold, maintained and served through the developing network of ADOMANI distribution and services.
Optional transmission system components that allow advanced remote monitoring of vehicle location (geographic location), driver behavior, transmission system health (error code), and battery management systems.
Optional transmission system components that allow power-
Export of grid connections and various levels.
Product diversity.
We have a variety of products, including zero-
Electric and hybrid transmission system, new use-built zero-
Emissions of electric vehicles and fixed energy storage solutions, therefore, can be extended-up, scale-
Downgrade or refine specific product lines based on market demand and evolving local, state and federal regulatory and incentive programs.
In addition, in each product area, we have multiple suppliers of key transmission system components that allow the replacement parts required for our end product and product life to be price-flexible.
This allows us to meet the expectations and budget constraints of public or private commercial fleet operators.
Familiar with regulators.
By playing an active role in many trade industry groups and related activities, we have developed and made continuous efforts to participate in the growing zero-
The emissions and hybrid automotive industry.
To achieve their own positive emissions targets, these regulators encourage growth in zero emissions
Emissions of electric vehicles and hybrid systems, particularly related to heavy-duty electric vehicles and hybrid systems
Commercial fleet on duty
Relationship with the purchaser.
To help shorten the sales cycle of our products, we have identified and established relationships with key commercial operators with purchasing authority or influence on their organizations.
We are also able to leverage past sales and marketing relationships built by our experienced management team.
Additional sales potential.
We have additional sales potential with our commercial fleet customers.
These potential additional sales may include: an automatic charging infrastructure, an intelligent fixed energy storage system that can quickly improve the level of the vehicle
Charge, emergency-
Power supply for facilities used during power outages, enabling technology access to the developing China Power Grid
Connection opportunities for the total power available to large battery groups, or support technologies that can avoid power demand charging.
Unique market knowledge.
Based on more than 30 years of experience in our management team, we have specific and customized knowledge of the sales cycle.
Develop sales people.
We plan to hire and train our original sales staff to complement our current team.
The training will include familiarizing them with the various funding options available and how they can be obtained, or helping our clients to get them.
Network of dealers.
We intend to establish a local dealer network for sales and service for our zero customers
Emission replacement drive system vehicles and new uses-built zero-
Emissions electric and hybrid commercial vehicles manufactured by or for us.
Develop a third party relationship.
We plan to complete existing negotiations with our partners and make our zero-
Emissions system.
Demo provided.
We will be in areas of interest where we have relevant current products, or in areas of interest that are consistent with the product, looking for and responding to local, state and federal pilot demonstration opportunities this is our roadmap for product development but is still in the early stages of development.
Get approval for the incentive plan.
We will seek approval for the use of our products for a variety of local, state and federal vehicle names and incentive programs, such as the California heavy duty voucher incentive program managed by CARB, designed to speed up the purchase of cleaner, more efficient trucks and buses in California.
Improve our manufacturing, installation and service capabilities.
Due to exceeding the facility space and technician time requirements of our partners, we intend to expand or relocate to a larger ADOMANI-
Own or lease our zero for manufacturing, installation and service
Emissions system.
Introduce new products.
With the development of the new market, we plan to expand our zero.
Emission systems in the vertical field of auxiliary products, such as charging infrastructure, also known as Electric Vehicle Service Equipment, fixed energy storage, vehiclesto-
Grid hardware and functionality.
Develop our international business.
We plan to develop our business in the world.
For example, we intend to seek opportunities in China through our wholly owned subsidiaries.
Subsidiary of ADOMANI China.
While we believe that China is an important market for us, in part because it has publicly announced its emphasis on hybrid power and
Electric cars and a large population, we are still in the early stages of developing a business plan to seek this opportunity, including considering developing a proposal for a factory in Nantong, China to complete conversion kit orders within China, and continue to evaluate our zero with production and sales-
China\'s emission power system.
Public and private K-
12 schools of business type
School buses A, C and D and special-
Student bus required
· Operating \"White Fleet\" vehicles for non-public and private schools
Facilities Services the use of student transportation such as trucks, food service delivery vans/trucks and campus safety vehicles.
Meeting public and private transport services in the prison system;
Student Transportation contractors serving public and private schools.
Community-based public/private funded shuttle bus with special services
Community members are required
Public and private colleges and universities that operate shuttle buses, bus-style buses, facilities to serve vans and trucks on campus.
Large companies operating shuttle buses, transit buses and facilities-based vehicles for employees to and from remote parking lots, special activities and various vehicles for facility maintenance, services and safety.
Transport large company employees from public transport hubs to private transport contractors on campus.
Commercial fleet operators, providing high daily mileage vehicles for routes inside and outside the airport, hotel and off-site parking facilities.
Traditional operators of ports, railways and distribution centers
Fuel loading equipment, tractors, material handling equipment, forklifts, grade 1 to 8 trucks, delivery trucks, goats in the yard, etc.
Can be replaced with zero
Emissions alternatives.
Large agricultural (agricultural) and food processing industries key companies operating Category 1 to 8 trucks, buses and/or delivery trucks.
Mining company with ground service vehicle and underground staff transport and support vehicle fleet.
Oil and gas companies with a fleet of live trucks.
A power utility company with a fleet of public service trucks.
Package delivery company with truck fleet, short truck and delivery/sorting facility center vehicle.
Having non-military fleet operators
Combat Fleet vehicles of all sizes. · Zero-
Emission electric drive system for new school buses and medium-heavy buses-
Commercial fleet duty vehicles. · Zero-
Emission electric drive system used by existing fleet school buses and medium and heavy vehicles-
Commercial fleet duty vehicles.
• Convert hybrid transmission systems in an auxiliary hybrid or full traction format for private and commercial fleet vehicles of all sizes. · Purpose-built, zero-
Emission vehicles of various sizes manufactured by external OEM partners, but sold, maintained and served through the developing network of ADOMANI distribution and services.
Optional transmission system components that allow advanced remote monitoring of vehicle location (geographic location), driver behavior, transmission system health (error code), and battery management systems.
Optional transmission system components that allow power-
Export of grid connections and various levels. · Zero-
Electric transmission system for ship discharge
Integrate into their own private brand through external OEMs
Commercial fleet duty vehicles.
Automatic charging infrastructure for commercial fleet vehicles.
Realize \"intelligent\" fixed energy storage for fast vehicle charging.
\"Smart\" stationary energy storage for emergency backup
Increase facilities and electricity when the power grid is out of power.
\"Smart\" fixed energy storage that can enter the developing power grid-
Connection opportunities for total power available to large battery pack groups.
\"Smart\" fixed energy storage to avoid the cost of electricity demand for commercial customers integrated with or independent of ADOMANIsupplied, zero-
Emission fleet vehicles.
For existing electric vehicles and equipment that have exceeded OEM life, energy storage system (battery pack) alternatives with better energy density and/or expected life cycle-
Energy storage system is provided.
For example, replace the submerged lead-acid battery pack with existing industrial forklifts and underground mining equipment with higher energy density and higher cycle
Battery life battery pack consisting of lithium iron phosphate (lithium iron phosphate) or similar battery chemistry.
The growth in 2017 was mainly due to the $420,000 that took place in 2017 for the construction and installation of our transmission system on the D-type school bus chassis for potential customers.
The project also enables us to evaluate a third-party company engaged in this work.
The added balance is due to the fact that we need to pay other R & D consultants in accordance with the terms of the employment agreement with our former CTO.
Height simulation, including simulation of air transport;
• Thermal cycling, including assessing the integrity of the battery and battery seals;
Vibration, including simulating vibration during transportation;
Impact, including simulating possible impact during transportation;
External short circuit, including analog external short circuit;
And overcharging, which includes evaluating the ability of a rechargeable battery to withstand overcharging. Item 1A.
Risk factors continue to invest in R & D to improve our zero
Emission products and services;
Design, develop and manufacture our transmission system and its components;
Increase our sales and marketing to get new customers;
Add our general and administrative functions to support our growing business.
Views on zero
Discharge the quality, safety design, performance and cost of electric vehicles, especially in the event of adverse events or accidents related to the quality or safety of any electric vehicle;
The View on technical restrictions has limited scope
Emissions electric vehicles can be driven by a single battery charge (additional batteries are required for an increase in distance, which adds weight and at some point, too much weight will reduce the extra distance sought before a charge is required );
Overall view on vehicle safety, especially safety issues that may result from the use of advanced technology;
Availability of alternative fuel vehicles, including improvements in fuel economy for competitive vehicles and internal combustion engines, may result in slower speeds
Demand drop to zero-emission EVs;
Availability of zero servicesemission EVs;
Environmental awareness of diesel car owners --and gasoline-
Motor buses, trucks and other fleet vehicles;
Changes in oil and gasoline costs;
Government regulations and economic incentives, including changes in the administration and legislation of the federal and state governments to improve fuel efficiency and alternative forms of energy;
Access to public and private charging stations, standardized charging systems for electric vehicles, and views on the convenience and cost of charging electric vehicles;
The availability of taxes and other government incentives and rebates for the purchase and operation of electric vehicles, or the need to increase future regulations for zero use
Emissions or hybrid vehicles;
Views on alternative fuels and actual costs;
Macroeconomic factors.
Establish adequate sales, service and service facilities in a timely manner;
Forecast production and income;
Training new personnel;
Control the costs and investments expected to expand the business;
Establishment or expansion of design, manufacturing, sales and service facilities;
Implement and strengthen administrative infrastructure, systems and processes;
Opening up new markets;
Expand the business and increase the number of personnel, including manufacturing personnel, designers, engineers and service technicians.
Amendments to the regulations on lithium assembly, transport and disposalion batteries;
· Revise the United States motor vehicle safety law to further improve the overall safety of motor vehicles and ensure that electric vehicles reach a level of safety commensurate with other vehicles and trucks, buses may increase costs associated with the manufacture, assembly and conversion of components and our transmission systems;
As well as amendments to the consumer protection law to ensure that consumers are fully aware of the specific operational features of the vehicle, which may increase our costs associated with the dissemination of warning labels or other relevant customer information.
Difficulties in staffing and managing foreign and geographically dispersed operations;
The United States and international law, including export control law and U. S. law, must be observedS.
Anti-Corruption Act of 1977 and Anti-Corruption Act
Law on money laundering;
Obtaining permission or approval for different regulatory requirements for the sale of our products;
Changes or uncertainties in foreign rules and regulations may affect our ability to sell products, provide services or return profits to the United States;
Tariff and trade barriers, export regulations and other regulatory and contractual restrictions on our ability to sell products in certain foreign markets;
Fluctuations in foreign currency exchange rates;
Impose restrictions or increase withholding and other taxes on remittances and other payments by foreign subsidiaries or joint ventures;
Implementation of different labor laws and standards;
Economic, political or social instability in foreign countries and regions;
· Inability or decline in ability to protect our intellectual property, including our patent zero
The design of the emission power system, including any impact of the mandatory licensing of government actions;
And the provision of government subsidies or other incentives that benefit our competitors who are not available in the local market.
Cease the provision or use of technology or the production, use, development or sale of vehicles or conversions containing the intellectual property rights in question;
Payment of legal fees, settlement fees or other expenses or damages;
Obtain a license for the sale or use of the relevant technology on reasonable terms or not available at all;
Or redesign technology or vehicles that use our technology to avoid infringement.
While we believe that our existing cash and cash equivalents, including net proceeds from stock offerings in June 2017 and January 2018, will be sufficient to fund our operations, at least by April 2019. We expect that in the near future, we will not be able to meet our cash needs only through product sales, so, we want to fund our operations by relying on our previous offering and the net proceeds from this one.
It is not possible to integrate or benefit from the technology or services that have been acquired in a profitable manner;
Unexpected costs or liabilities related to the acquisition;
The acquisition took place-related costs;
· It is difficult to integrate the accounting system, operations and personnel of the acquisition business;
Difficulties and additional costs related to supporting legacy products and hosting infrastructure of the acquired enterprise;
It is difficult to convert customers of the acquisition business into our applications and contract terms, including differences in the revenue, licensing, support or professional service model of the acquisition company;
Shift management\'s attention from other business issues;
Acquisition adversely affects our existing business relationships with business partners and customers;
Potential losses to key employees;
Use the resources needed for the rest of our business;
And use most of our existing cash to complete the acquisition.
The overall performance of the stock market;
Development and sustainability of our common stock active trading market;
Our business performance and the performance of other similar companies;
· Changes in estimates of operating results that we provide to the public, we fail to meet these projections or choose to track changes suggested by securities analysts of our common stock;
Press releases or other announcements issued by us or others, including the documents we submit to the SEC;
Changes in market perception --
Effectiveness of electric and hybrid products and services, especially our products and services;
Announce the technological innovation, new application, function or enhancement of products, services or products and services by us or our competitors;
We or our competitors announce acquisitions, strategic alliances, or major agreements;
Announcement of customer increase and customer cancellation or customer purchase delay;
An announcement concerning our proceedings;
Recruitment or resignation of key personnel;
Changes in our capital structure, such as future issuance of debt or equity securities;
We enter the new market;
Regulatory Development in the United States or foreign countries;
The whole economy, the market situation of our industry and the industry of our customers;
Expiration of market deadlock or contract lockup agreements;
The floating scale of our market;
And any other factors discussed in this report.
Authorize the issuance of \"blank checks\" preferred shares that can be issued by our board of directors to resist acquisition attempts;
The establishment of a classified board of directors, therefore, the successor of the directors whose term expires will be elected to serve from the date of the election and qualification examination to the third annual meeting after the election;
Directors are required to leave the company only after voting by a super majority shareholder;
Provision for vacancies in the board of directors, including newly established directors, to be filled only by a majority vote of the directors in office at that time and not by the shareholders;
Prevent special meetings of shareholders;
And prohibit shareholders from taking action through written consent, requiring all actions to be taken at the shareholders\' meeting. Item 1B.
Unresolved staff review Item 2.
Property item 3.
The fourth legal action.
The second part is the fifth mine safety disclosure.
Market for registrant common stock, related shareholder matters and issuer to purchase equity securities
Selected Financial Data Items 7.
Management\'s Discussion and Analysis of financial position and results of operations [1] includes compensation --
According to the inventory cost as follows: the increase in 2017 was mainly due to the $420,000 generated by the construction and installation of our transmission system on the D-type school bus chassis in 2017, to promote potential customers.
The project also enables us to evaluate a third-party company engaged in this work.
The added balance is due to the fact that we need to pay other R & D consultants in accordance with the terms of the employment agreement with our former CTO.
The employment agreement was terminated in early March 2018.
The increase is mainly due to the increase in inventory-
Basic compensation fee of $7.
5 million as a result of the additional options granted on March 2017 (see \"options for the purchase of common stock\" below and note 9 to the consolidated financial statements contained in this annual report) are also intended to re-measure non-
Employee stock options required by ASC 718 and ASC 505.
We expect inventory
As we expand our infrastructure to start generating revenue, compensation-based costs will continue to increase.
Amortization of third-party financial expenses;
Accrual benefit conversion features applicable to debt instruments;
Accrued interest on existing debt.
, Repayment of a portion of the outstanding balance of the principal of 9% notes, as well as the debt converted to equity on January 30, 2017, which is included in the consolidated financial statements reported for this year ).
This is due to the issuance of $500,000 notes to third parties and the payment of $112,856 for the purchase of property and equipment related to the lease of our new office facility.
See Notes 4, 5 and 12 to the consolidated financial statements contained in this annual report.
Net income of $12.
6 million received from the end of our initial public offering under Section A of the Securities Act, net income from notes payable was $500,000, A decrease of $3.
6 million repayment of principal of notes payable and related interest of $346,736.
The net increase was further offset by the $1,668,339 in fees paid under Regulation A in relation to our products and the fees paid for our follow-up products
Bid $75,500.
See Notes 7 and 12 to the consolidated financial statements contained in this annual report.
(1) including compensation-
As of December 31, 2017, our cash and cash equivalents were $2. 4 million.
We believe that our existing cash and cash equivalents will be sufficient to fund our business at least by the end of April 2019.
However, we may not be able to successfully execute our business plan and, if not, we may need additional capital to continue our operations.
Although we have so far not expected to meet our cash needs in the near future only through product sales, we have received a few copies of zero
In the second half of 2017, we discharged electric school buses, and our income in 2017 was $425,000.
The sale of additional stock securities in the future may result in additional dilution by our shareholders, which may have higher rights than our common stock.
The occurrence of additional debt in the future will result in an increase in debt service obligations and may lead to operational and financial covenants limiting our business.
If necessary, such capital may not be available on conditions that are in our favor or in our full advantage.
Our current operating deficit is expected to continue in the foreseeable future, and when we start executing our marketing plan, we expect that, before we start generating enough revenue from our sales and marketing efforts, our operating deficit will continue to grow.
We released two copies during 2015.
Annual guaranteed promissory notes to third-party lenders with a total principal of $5,147,525 (bill financing ).
The associated accumulated interest is $986,007.
The secured promissory note shall initially expire on different dates for the period from January 31-20 to November 30.
Before the due date of the notes, we exercise the option to extend the due date by six months in accordance with the provisions of these notes.
The bill is calculated at an annual interest rate of 9% and is in arrears every month.
The obligation to note is secured by a lien on all of our assets.
On September 1, 2016, the holder of the principal of the note of $884,700 exchanged his note for 884,700 shares of our common stock, thus reducing the principal under the note to $3,195,325.
The remaining outstanding balance as at December 31, 2017, $2,149,000, was repaid in early January 2018 from the following proceeds
The products discussed above.
On May 2014, FASB released ASU No. 2014-
09, revenue from signing contracts with customers (T opic 606 ).
T. his amendment replaces theme 605 and establishes the core principles that entities should follow when recognizing revenue, to reflect the amount of the entity\'s consideration to describe the promised goods or services the expectation to the customer is entitled to exchange these goods or services. ASU No. 2015-
14 am concluded the annual reporting period after December 15, 2017, including effective guidance for the interim period during the reporting period. We Item 7A .
Quantitative and Qualitative Disclosure on market risk item 8.
The financial statements and supplementary data pages of the independent certified public accountants as of December 31, 2017 report 67 consolidated balance sheets, 2016 Consolidated operating statements for the year ended December 31, 2017, 2016, 2015 Consolidated Statements of Shareholders\' equity (deficit) for the year ended December 31, 2017, 2016 and 2015. 70 Consolidated Statements of Cash Flows For the year ended December 31, 2017, 2016, and 2015 Notes to Consolidated Financial Statements 72 use estimates preparation of financial statements in accordance with generally accepted accounting principles in the United States requires management to estimate and influence the amount of assets and liabilities reported and disclosure on the date of the financial statements or assumptions of assets and liabilities, and the amount of income and expenses reported during the reporting period.
The actual results may be different from those estimates.
Cumulative estimated net operating loss carry-over-
Forward is $14,594,776, $7,991,399, $5,055,663,201 in December 31, 2016 and 2015, respectively, in Washington, D. C. , 2037, 2036, and 2035.
Due to the promulgation of the tax reform act in 2018, the corporate tax rate for those tax years starting from 2018 has been reduced to 21%.
As a result, the cumulative tax effect of the expected tax rate of 21%, including our net deferred tax amount, is as follows: for the year ended December 31, 2017, this fee includes adjustments due to re-measurement of unfair market value
Employee stock options according to ASC 505.
ASC 505 requires re-measurement of the fair market value of unlisted companies
According to the stock price of the company on the temporary attribution date and related stocks, employee stock options for each temporary attribution period
Adjust the base compensation fee accordingly on each balance sheet day. 10.
With the consent of both parties, the company agreed to extend the note to June 30, 2018, which involves non-affiliated third parties with engineering expertise in the electric bus technology industry (see note 5 ).
Implementation was postponed on February 2018.
In exchange for an extended due date, the borrower agrees to pay the interest on January 11, 2018% of ADOMANI, which is the \"default interest rate\" under the existing note (\"applicable interest rate plus 2%\") with an extension fee of $25,000, item 9 due date no later than June 30, 2018.
Changes in accounting and financial disclosure project 9a and differences with accountants
Control and procedures for Item 9B.
The tenth item of the third part.
Director, executive and corporate governance project 11 executive compensation project 12 secured ownership of certain beneficial owners and management and related shareholder matters item 13 certain relationships and related transactions, and director independence item 14.
Part IV main accounting expenses and services for item 15.
Annex, attached table index of financial statements indicates the management contract or compensation plan.
# Information in attachment 32.
1 for the purposes of the amended Securities Trading Act of 1934 or article of the Trading Act, it shall not be deemed to be \"submitted\" or otherwise bound by the liability of the article, nor shall it be deemed to have cited the document in any document submitted under the amended Securities Act of 1933, or the Securities Act or the transaction act (including this report ), unless the registrant specifically incorporates the above information into these documents by reference.
* In accordance with Article S-402 of the regulations
T, this interactive data file is deemed not to be submitted on Form 10 or part of this annual report-
K for the purposes of Article 11 or 12 of the Securities Act or Article 11 of the Trading Act, otherwise it is not liable for these terms. Form 10-
ADOMANI, INC.
Date: March 12, 2018:/s/James L.
Reynolds James L.
Renault Chief Executive Officer and President signature Title date CEO, chairman of the board of directors (CEO) March 12, 2018 chief financial officer and director (chief financial officer and chief accounting officer) March 12, 2018 Michael K.
Menerey/s/Gary W.
In March 12, 2018, director Gary W.
Nettles March 12, 2018 Janet boyder/John F.
March 12, 2018 director John F.
Pancoffsky date: March 12, 2018/s/James L.
Reynolds James L.
Renault chief executive, president and chairman of the board of directors (CEO) Date: March 12, 2018
Michael K.
Financial Officer and director (chief financial and accounting officer) date of Menerey: March 12, 2018
Reynolds James L.
Renault chief executive officer and chairman of the board of directors (CEO) Date: March 12, 2018
Michael K.