As Reported Quarterly Balance Sheet

Report Date	03/31/2024		09/30/2023		06/30/2023		03/31/2023		09/30/2022		06/30/2022		03/31/2022
	1st Quarter		3rd Quarter		2nd Quarter		1st Quarter		3rd Quarter		2nd Quarter		1st Quarter
Currency	USD		USD		USD		USD		USD		USD		USD
Audit Status	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Consolidated	Yes		Yes		Yes		Yes		Yes		Yes		Yes
Scale	Thousands		Thousands		Thousands		Thousands		Thousands		Thousands		Thousands
Cash & cash equivalents	11,805,000		15,932,000		15,296,000		16,048,000		19,532,000		18,324,000		17,505,000
Short-term investments	15,058,000		10,145,000		7,779,000		6,354,000		-		-		-
Short-term marketable securities	-		-		-		-		1,575,000		591,000		508,000
Accounts receivable, net - Balancing value	3,042,000		-		-		-		-		-		-
Accounts receivable, net	3,887,000		2,520,000		3,447,000		2,993,000		2,192,000		2,081,000		2,311,000
Raw materials	5,584,000		5,817,000		5,968,000		6,405,000		5,381,000		4,949,000		3,822,000
Work in process	2,507,000		2,246,000		2,202,000		2,458,000		2,237,000		1,370,000		1,306,000
Finished goods	6,747,000		4,550,000		5,193,000		4,591,000		2,067,000		1,185,000		977,000
Service parts	1,195,000		1,108,000		993,000		921,000		642,000		604,000		586,000
Inventory	16,033,000		13,721,000		14,356,000		14,375,000		10,327,000		8,108,000		6,691,000
Prepaid expenses & other current assets	3,752,000		2,708,000		2,997,000		3,227,000		2,364,000		2,118,000		2,035,000
Receivables - Other - Net	572,000		-		-		-		-		-		-
Financing receivables	241,000		-		-		-		-		-		-
Financing receivables	32,000		-		-		-		-		-		-
Total current assets	50,535,000		45,026,000		43,875,000		42,997,000		35,990,000		31,222,000		29,050,000
Operating lease vehicles, net	-		-		5,935,000		5,473,000		4,824,000		4,782,000		4,745,000
Solar energy systems, net	-		6,119,000		5,365,000		5,427,000		5,562,000		5,624,000		5,686,000
Solar energy systems, leased & to be leased, net	5,162,000		5,293,000		-		-		-		-		-
Machinery, equipment & office furniture	16,942,000		15,077,000		-		-		-		-		-
Machinery, equipment, vehicles & office furniture	-		-		14,540,000		14,139,000		12,261,000		11,749,000		11,163,000
Tooling	3,480,000		2,865,000		2,763,000		2,696,000		2,468,000		2,417,000		2,345,000
Leasehold improvements	3,291,000		2,892,000		2,727,000		2,551,000		2,102,000		2,018,000		1,911,000
Land & buildings	9,852,000		8,584,000		8,435,000		8,144,000		6,988,000		6,406,000		5,957,000
Computer equipment & software	2,534,000		3,225,000		-		-		-		-		-
Computer equipment, hardware & software	-		-		2,846,000		2,299,000		1,879,000		1,746,000		1,595,000
Construction in progress	5,934,000		6,341,000		5,560,000		4,894,000		4,549,000		4,544,000		4,322,000
AI infrastructure	2,255,000		-		-		-		-		-		-
Property, plant & equipment, gross	44,288,000		38,984,000		36,871,000		34,723,000		30,247,000		28,880,000		27,293,000
Less: accumulated depreciation & amortization	-		-		-		9,754,000		8,321,000		7,787,000		7,266,000
Less: accumulated depreciation	12,852,000		11,240,000		10,482,000		-		-		-		-
Operating lease net	5,736,000		-		-		-		-		-

As Reported Quarterly Income Statement

Report Date	03/31/2024		09/30/2023		06/30/2023		03/31/2023		09/30/2022		06/30/2022		03/31/2022
	1st Quarter		3rd Quarter		2nd Quarter		1st Quarter		3rd Quarter		2nd Quarter		1st Quarter
Currency	USD		USD		USD		USD		USD		USD		USD
Audit Status	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Consolidated	Yes		Yes		Yes		Yes		Yes		Yes		Yes
Scale	Thousands		Thousands		Thousands		Thousands		Thousands		Thousands		Thousands
Revenues - automotive sales	-		19,625,000		20,419,000		18,878,000		17,785,000		13,670,000		15,514,000
Revenues - automotive regulatory credits	442,000		554,000		282,000		521,000		286,000		344,000		679,000
Revenues - automotive leasing	-		-		567,000		564,000		621,000		588,000		668,000
Total automotive revenues	17,378,000		-		21,268,000		19,963,000		18,692,000		14,602,000		16,861,000
Automotive revenue	-		2,166,000		-		-		-		-		-
Development services	-		18,582,000		-		-		-		-		-
Energy generation & storage	476,000		1,559,000		1,509,000		1,529,000		1,117,000		866,000		616,000
Services & other revenues	2,288,000		-		2,150,000		1,837,000		1,645,000		1,466,000		1,279,000
Automotive leasing	16,460,000		489,000		-		-		-		-		-
Energy generation and storage	1,635,000		-		-		-		-		-		-
Total revenues	21,301,000		23,350,000		24,927,000		23,329,000		21,454,000		16,934,000		18,756,000
Cost of revenues - automotive sales	2,207,000		2,037,000		16,841,000		15,422,000		13,099,000		10,153,000		10,914,000
Cost of revenues - automotive leasing	-		-		338,000		333,000		381,000		368,000		408,000
Total automotive cost of revenues	14,166,000		-		17,179,000		15,755,000		13,480,000		10,521,000		11,322,000
Automotive leasing	13,897,000		1,178,000		-		-		-		-		-
Cost of automotive	-		301,000		-		-		-		-		-
Cost of development services	-		15,957,000		-		-		-		-		-
Cost of energy generation & storage	1,232,000		-		1,231,000		1,361,000		1,013,000		769,000		688,000
Cost of services & other cost of revenues	-		-		1,984,000		1,702,000		1,579,000		1,410,000		1,286,000
Automotive sales	269,000		15,656,000		-		-		-		-		-
Total cost of revenues	17,605,000		19,172,000		20,394,000		18,818,000		16,072,000		12,700,000		13,296,000
Gross profit (loss)	3,696,000		4,178,000		4,533,000		4,511,000		5,382,000		4,234,000		5,460,000
Research & development expense	1,151,000		1,161,000		943,000		771,000		733,000		667,000		865,000
Selling, general & administrative expense	1,374,000		1,253,000		1,191,000		1,076,000		961,000		961,000		992,000
Restructuring & other expenses	-		-		-		-		-		142,000		-
Total operating expenses	2,525,000		2,414,000		2,134,000		1,847,000		1,694,000		1,770,000		1,857,000
Income (loss) from operations	1,171,000		1,764,000		2,399,000		2,664,000		3,688,000		2,464,000		3,603,000
Interest income	350,000		282,000		238,000		213,000		86,000		26,000		28,000
Interest expense	76,000		38,000		28,000		29,000		53,000		44,000		61,000
Other income (expense), net	108,000		37,000		328,000		(48,000)		(85,000)		28,000		56,000
Income (loss) before income taxes	1,553,000		2,045,000		2,937,000		2,800,000		3,636,000		2,474,000		3,626,000
Provision (benefit) for income taxes	409,000		167,000		323,000		261,000		305,000		205,000		346,000
Buy-out of noncontrolling interest	42,000		(2,000)		-		-		-		-		-
Net income (loss)	1,144,000		1,878,000		2,614,000		2,539,000		3,331,000		2,269,000		3,280,000
Net income (loss) attributable to noncontrolling interests & redeemable noncontrolling interests in subsidiaries	(15,000)		(25,000)		89,000		(26,000)		(39,000)		(10,000)		38,000
Net income (loss) attributable to common stockholders	1,171,000		-		2,703,000		2,513,000		3,292,000		2,259,000		3,318,000
Less: buy-out of noncontrolling interest	42,000		-		0		(5,000)		-		-		5,000
Net income used in computing net income per share of common stock	1,129,000		1,851,000		2,703,000		2,518,000		3,292,000		-		3,313,000
Weighted average shares outstanding - basic	3,186,000		3,176,000		3,171,000		3,166,000		3,146,000		3,111,000		3,102,000
Weighted average shares outstanding - diluted	3,484,000		3,493,000		3,478,000		3,468,000		3,468,000		3,465,000		3,471,000
Year end shares outstanding	3,189,000		3,179,000		3,174,000		3,169,000		3,158,000		3,123,000		3,108,000
Net income (loss) per share - basic	0.37		0.58		0.85		0.8		1.05		0.727		1.067
Net income (loss) per share - diluted	0.34		0.53		0.78		0.73		0.95		0.65		0.953
Earnings per share from continuing operations	0.37		-		-		-		-		-		-
Earnings per share from continuing operations	0.34		-		-		-		-		-		-
Comprehensive income attributable to common stockholders	-		1,571,000		-		-		-		-		-

As Reported Quarterly Cash Flow

Report Date	03/31/2024		09/30/2023		06/30/2023		03/31/2023		09/30/2022		06/30/2022		03/31/2022
	1st Quarter		3rd Quarter		2nd Quarter		1st Quarter		3rd Quarter		2nd Quarter		1st Quarter
Currency	USD		USD		USD		USD		USD		USD		USD
Audit Status	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Consolidated	Yes		Yes		Yes		Yes		Yes		Yes		Yes
Scale	Thousands		Thousands		Thousands		Thousands		Thousands		Thousands		Thousands
Net income (loss)	1,144,000		7,031,000		5,153,000		2,539,000		8,880,000		5,549,000		3,280,000
Depreciation, amortization & impairment	-		-		2,200,000		1,046,000		2,758,000		1,802,000		880,000
Depreciation & amortization	1,246,000		3,435,000		-		-		-		-		-
Stock-based compensation	524,000		1,328,000		863,000		418,000		1,141,000		779,000		418,000
Inventory & purchase commitments write-downs	68,000		361,000		217,000		50,000		118,000		58,000		33,000
Foreign currency transaction net unrealized loss (gain)	(63,000)		(317,000)		(283,000)		(25,000)		1,000		(52,000)		(30,000)
Non-cash interest & other operating activities	(5,000)		94,000		59,000		15,000		159,000		52,000		16,000
Digital assets loss (gain), net	-		-		-		-		106,000		106,000		-
Accounts receivable	(422,000)		377,000		(504,000)		(32,000)		(426,000)		(233,000)		(409,000)
Inventory	(2,697,000)		(1,953,000)		(2,116,000)		(1,540,000)		(4,492,000)		(2,192,000)		(633,000)
Operating lease vehicles	(12,000)		(1,858,000)		(1,387,000)		(675,000)		(1,136,000)		(795,000)		(462,000)
Prepaid expenses & other current assets	(972,000)		322,000		(5,000)		(79,000)		(865,000)		(533,000)		(289,000)
Other non-current assets	-		(2,655,000)		(1,854,000)		(729,000)		(1,580,000)		(1,042,000)		(611,000)
Accounts payable & accrued liabilities	1,247,000		(24,000)		934,000		797,000		4,659,000		1,406,000		997,000
Deferred revenue	195,000		774,000		661,000		106,000		856,000		648,000		287,000
Customer deposits	-		(95,000)		16,000		2,000		251,000		292,000		204,000
Other long-term liabilities	-		2,066,000		1,624,000		620,000		1,016,000		501,000		314,000
Deferred income taxes	(11,000)		-		-		-		-		-		-
Net cash flows from operating activities	242,000		8,886,000		5,578,000		2,513,000		11,446,000		6,346,000		3,995,000
Purchases of property & equipment excluding finance leases, net of sales	(2,773,000)		(6,592,000)		(4,132,000)		(2,072,000)		(5,300,000)		(3,497,000)		(1,767,000)
Maturities of short-term marketable securities	-		138,000		-		-		-		-		-
Purchases of solar energy systems, net of sales	(4,000)		-		(1,000)		(1,000)		(5,000)		(5,000)		(5,000)
Proceeds from sales of digital assets	-		-		-		-		936,000		936,000		-
Purchase of intangible assets	-		-		-		-		(9,000)		(9,000)		(9,000)
Business acquisition	-		(64,000)		-		-		-		-		-
Purchases of marketable securities	-		-		-		-		(1,467,000)		(476,000)		(386,000)
Purchases of investments	(6,622,000)		(13,221,000)		(7,090,000)		(2,015,000)		-		-		-
Proceeds from maturities of investments	-		-		5,143,000		1,604,000		-		-		-
Proceeds from sales of investments	4,315,000		8,959,000		138,000		-		-		-		-
Proceeds from maturities of marketable securities	-		-		-		-		3,000		-		-
Business combinations, net of cash acquired	-		-		(76,000)		-		-		-		-
Net cash flows from investing activities	(5,084,000)		(10,780,000)		(6,018,000)		(2,484,000)		(5,842,000)		(3,051,000)		(2,167,000)
Proceeds from issuance of convertible debt	776,000		2,526,000		-		-		-		-		-
Repayments of convertible & other debt	-		(887,000)		(543,000)		(302,000)		(3,000,000)		(2,219,000)		(1,945,000)
Repayments of other debt	(591,000)		-		-		-		-		-		-
Collateralized lease borrowings (repayments)	(3,000)		(17,000)		-		-		-		-		-
Proceeds from exercises of stock options & other stock issuances	-		-		294,000		231,000		474,000		245,000		202,000
Principal payments on finance leases	(106,000)		(340,000)		(222,000)		(106,000)		(369,000)		(251,000)		(123,000)
Debt issuance costs	-		(23,000)		(13,000)		(13,000)		-		-		-
Proceeds from exercise of stock options	251,000		548,000		-		-		-		-		-
Distributions paid to noncontrolling interests in subsidiaries	(30,000)		(105,000)		(67,000)		(36,000)		(118,000)		(76,000)		(42,000)
Payments for buy-outs of noncontrolling interests in subsidiaries	(101,000)		-		(10,000)		(7,000)		(19,000)		(19,000)		(6,000)
Net cash flows from financing activities	196,000		1,702,000		(561,000)		(233,000)		(3,032,000)		(2,320,000)		(1,914,000)
Effect of exchange rate changes on cash & cash equivalents & restricted cash	(79,000)		(142,000)		(44,000)		50,000		(567,000)		(232,000)		(18,000)
Net increase (decrease) in cash & cash equivalents & restricted cash	-		(334,000)		(1,045,000)		(154,000)		2,005,000		743,000		(104,000)
Cash & cash equivalents & restricted cash, beginning of period	-		16,924,000		16,924,000		16,924,000		18,144,000		18,144,000		18,144,000
Cash & cash equivalents & restricted cash, end of period	-		16,590,000		15,879,000		16,770,000		20,149,000		18,887,000		18,040,000
Cash & cash equivalents at beginning of period	17,189,000		-		-		-		-		-		-
Cash & cash equivalents at end of period	12,464,000		-		-		-		-		-		-
Net Change in Cash (Incl. FEE)	(4,725,000)		-		-		-		-		-		-

Scenario

The CFO of your company has asked for your support in preparing a report for the business's board of directors. Many of the board members are new, and some of them have little background in finance. With this in mind, you will need a report that all board members can easily understand.

Directions

For the company you chose for your final project, open the following documents:

• The balance sheet, income statement, and cash flow statement from the latest fiscal quarter
• The Ratios Most Recent Fiscal Qtr worksheet in the Final Project Financial Formulas workbook (linked in the What to Submit section).
  • example, if the latest fiscal quarter available is the third quarter in 2023, you'll compare those results to the same financial calculations from the third quarter in 2022.

Use the documents to calculate key financial ratios.

Then open the following documents:

• The balance sheet, income statement, and cash flow statement from the same fiscal quarter one year ago
• The Ratios Same Fiscal Qtr 1 Year Ago worksheet

Use the documents to calculate the same financial ratios. Finally, compare those ratios and analyze your results.

Specifically, you must address the following rubric criteria:

1. Financial Calculations. Calculate accurate financial formulas to assess the business's current financial health. Specifically, calculate the following formulas using the Ratios Most Recent Fiscal Qtr and the Ratios Same Fiscal Qtr 1 Year Ago worksheets in the Final Project Financial Formulas workbook:
   1. Working capital
   2. Current ratio
   3. Debt ratio
   4. Earnings per share
   5. Price and earnings ratio
   6. Total asset turnover ratio
   7. Financial leverage
   8. Net profit margin
   9. Return on assets
   10. Return on equity
2. Fiscal Quarter Comparison. Summarize the differences between the following:
   1. The results from your financial calculations of the most recent fiscal quarter
   2. The results of the same financial calculations of the same fiscal quarter from one year ago
      1. For example, if the most recent fiscal quarter available is the third quarter in 2023, you'll compare those results to the same financial calculations from the third quarter in 2022.
3. Comparison Analysis. Explain what your calculations and comparison show about the business's current financial health. Give examples to support your explanation for the following questions:
   1. Do the results show the business is financially healthy or unhealthy? Which results indicate this?
   2. What might be the causes of the business's financial success or failure?
   3. Is more information needed to determine the business's financial health? If so, which pieces of information might still be needed?
4. Short-Term Financing. Explain how potential short-term financing sources could help the business raise funds needed to improve its financial health. Base your response on the business's current financial information.

submit the following worksheets:

• The Ratios Most Recent Fiscal Qtr worksheet from the Final Project Financial Formulas workbook
• The Ratios Same Fiscal Qtr1 Year Ago worksheet from the Final Project Financial Formulas workbook

CURRENT RATIO (Current Assets / Current Liabilities)

TOTAL ASSET TURNOVER RATIO (Total Revenue / Total Assets)

Current Assets

Total Revenue

Current Liabilities

#DIV/0!

Total Assets

#DIV/0!

WORKING CAPITAL (Current Assets - Current Liabilities)

FINANCIAL LEVERAGE (Total Assets / Shareholder's Equity)

Current Assets

Total Assets

Current Liabilities

0

Shareholder's Equity

#DIV/0!

DEBT RATIO (Total Liabilities / Total Assets)

NET PROFIT MARGIN (Net Income / Total Revenue)

Total Liabilities

Net Income

Total Assets

#DIV/0!

Total Revenue

#DIV/0!

EARNINGS PER SHARE (Net Income / Weighted Average Common Shares Outstanding)

RETURN ON ASSETS (Net Income / Total Assets)

Net Income

Net Income

Shares Outstanding

#DIV/0!

Total Assets

#DIV/0!

PRICE EARNINGS RATIO (Share Price (end of quarter / EPS)

RETURN ON EQUITY (Net Income - Preferred Dividends / Shareholder's Equity)

Stock Price

NI - Pref. Div.

EPS

#DIV/0!

Shareholder's Equity

#DIV/0!