XML 42 R34.htm IDEA: XBRL DOCUMENT v3.22.4

Restatement Of Previously Issued Financial Statements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Restatement Of Previously Issued Financial Statements [Abstract]

Schedule of Restatement of Previously Issued Financial Statements

The unaudited condensed combined financial statements as of September 30, 2021 and the three and nine months ended September 30, 2021 have been restated to conform with the prior 2021 quarters as follows:

UNAUDITED CONDENSED COMBINED STATEMENTS OF OPERATIONS

		Three Months Ended September 30, 2021												Nine Months Ended September 30, 2021
		As Reported				Restatement Adjustments				As Restated				As Reported				Restatement Adjustments				As Restated
Operating expenses
Research and development		$	(2,805,955	)		$	—			$	(2,805,955	)		$	(6,636,418	)		$	—			$	(6,636,418	)
General and administrative			(515,354	)			(423,752	)			(939,106	)			(1,272,764	)			(1,992,848	)			(3,265,612	)
Operating loss			(3,321,309	)			(423,752	)			(3,745,061	)			(7,909,182	)			(1,992,848	)			(9,902,030	)
Financial and foreign exchange gain, net			(14,041	)			—				(14,041	)			(57,914	)			—				(57,914	)
Loss before income taxes			(3,335,350	)			(423,752	)			(3,759,102	)			(7,967,096	)			(1,992,848	)			(9,959,944	)
Income tax benefit (expenses)			—				—				—				—				—				—
Net loss		$	(3,335,350	)		$	(423,752	)		$	(3,759,102	)		$	(7,967,096	)		$	(1,992,848	)		$	(9,959,944	)
Net loss per share basic and diluted			(0.02	)			—				(0.02	)			(0.04	)			—				(0.05	)
Weighted-average number of shares outstanding – basic and diluted			220,000,000				—				220,000,000				220,000,000				—				220,000,000

UNAUDITED CONDENSED COMBINED STATEMENTS OF CASH FLOWS

		Nine Months Ended September 30, 2021
		As Reported				Restatement Adjustments				As Restated
Cash flows from operating activities:
Net loss		$	(7,967,096	)		$	(1,992,848	)		$	(9,959,944	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of capitalized software			65,835				—				65,835
Long-term incentive plan expense			111,731				—				111,731
Changes in operating assets and liabilities:
Other assets			(3,959	)			(2,979,062	)			(2,983,021	)
Accounts payable			(586,231	)			—				(586,231	)
Related party payables			—				4,971,910				4,971,910
Other payables			921,084				—				921,084
Net cash used in operating activities			(7,458,636	)			—				(7,458,636	)
Cash flows from financing activities:
Transfer from Parent			7,104,583				—				7,104,583
Gross capital contribution			15,000,000				—				15,000,000
Net cash provided by financing activities			22,104,583				—				22,104,583
Increase (decrease) in cash and cash equivalents			14,645,947				—				14,645,947
Cash and cash equivalents at the beginning of the period			—				—				—
Cash and cash equivalents at the end of the period		$	14,645,947			$	—			$	14,645,947
Supplemental disclosure of other noncash investing and financing activities
Additions to capitalized software transferred by Parent		$	2,790,336			$	—			$	2,790,336

2. Restatement of Previously Reported Financial Statements

The Combined Financial Statements for the year ended December 31, 2021 and related disclosures have been restated in accordance with the changes described below.

		As of December 31, 2021				Restatement Adjustments				As of December 31, 2021 As Restated
Assets
Current:
Cash and equivalents		$	14,376,523			$	—			$	14,376,523
Related party receivable			220,000				—				220,000
Other current assets			21,140				6,253,257				6,274,397
Total current assets			14,617,663				6,253,257				20,870,920
Capitalized software, net			699,753				—				699,753
Total assets		$	15,317,416			$	6,253,257			$	21,570,673
Liabilities and Net Parent Equity
Current:
Accounts payable		$	877,641			$	—			$	877,641
Related party payable(i)			—				8,642,340				8,642,340
Derivative financial instruments			32,226				—				32,226
Other payables			616,156				—				616,156
Total current liabilities			1,526,023				8,642,340				10,168,363
Other noncurrent payables			702,921				—				702,921
Total liabilities			2,228,944				8,642,340				10,871,284
Net parent equity
Net parent investment			13,120,698				(2,389,083	)			10,731,615
Accumulated other comprehensive income/ (loss)			(32,226	)			—				(32,226	)
Total net parent equity			13,088,472				(2,389,083	)			10,699,389
Total liabilities and net parent equity		$	15,317,416			$	6,253,257			$	21,570,673

(i) The Related party payable recognized will be paid to ERJ and EAH upon the Closing of the transaction with Zanite.

		Year Ended December 31,
		2021				Restatement				2021
		As Reported				Adjustments				As Restated
Operating expenses
Research and development		$	(13,279,780	)		$	—			$	(13,279,780	)
General and administrative			(2,509,859	)			(2,389,083	)			(4,898,942	)
Operating loss			(15,789,639	)			(2,389,083	)			(18,178,722	)
Financial and foreign exchange gain, net			(77,147	)			—				(77,147	)
Loss before income taxes			(15,866,786	)			(2,389,083	)			(18,255,869	)
Income tax benefit (expense)			—				—				—
Net loss		$	(15,866,786	)		$	(2,389,083	)		$	(18,255,869	)

		Year Ended December 31,
		2021				Restatement				2021
		As Reported				Adjustments				As Restated
Cash flows from operating activities:
Net loss		$	(15,866,786	)		$	(2,389,083	)		$	(18,255,869	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of capitalized software			107,931				—				107,931
Long-term incentive plan expense			150,099				—				150,099
Changes in operating assets and liabilities:
Other assets			(17,030	)			(6,253,257	)			(6,270,287	)
Related party receivable			(220,000	)			—				(220,000	)
Accounts payable			30,653				—				30,653
Related party payable			—				8,642,340				8,642,340
Other payables			929,123				—				929,123
Net cash used in operating activities			(14,886,010	)			—				(14,886,010	)
Cash flows from financing activities:
Transfer from Parent			14,262,533				—				14,262,533
Capital contribution			15,000,000				—				15,000,000
Net cash provided by financing activities			29,262,533				—				29,262,533
Increase (decrease) in cash and cash equivalents			14,376,523				—				14,376,523
Cash and cash equivalents at the beginning of the period			—				—				—
Cash and cash equivalents at the end of the period		$	14,376,523			$	—			$	14,376,523
Supplemental disclosure of other noncash investing and financing activities
Additions to capitalized software transferred by Parent		$	784,241			$	—			$	784,241

X

- Definition

Restatement of previously issued financial statements .

+ References

No definition available.

+ Details

Name:	evex_RestatementOfPreviouslyIssuedFinancialStatementsAbstract
Namespace Prefix:	evex_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration