SBLXHIGH SIGNALOPERATIONAL10-K

SBLX has executed a dramatic business pivot from electric vehicle manufacturing to cryptocurrency/stablecoin investments, fundamentally transforming its operations and risk profile.

This represents a complete strategic overhaul where the company has abandoned its historical electric vehicle business model to pursue digital asset investments focused on the stablecoin ecosystem. The transition signals management's belief that the cryptocurrency sector offers better growth prospects than sustainable transportation, but introduces entirely new regulatory, technological, and market risks that traditional automotive investors may not have signed up for.

Comparing 2026-03-30 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The financial statements reflect a company in dramatic transition, with substantially reduced operational scale across most metrics. The company has meaningfully reduced its cost structure with SG&A expenses and capital expenditures dropping significantly, while gross losses improved notably, suggesting a wind-down of manufacturing operations. However, cash reserves declined substantially from $16.0M to $5.0M, and the dramatic reduction in total liabilities by over 80% alongside the debt paydown suggests the company has settled obligations and streamlined its balance sheet for the new business model.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-99.3%
$327K→$2K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
-98.4%
$1.3M→$22K

Debt reduced 98.4% — deleveraging strengthens balance sheet and reduces financial risk.

Total Deposits
Balance Sheet
-94.5%
$977K→$54K

Deposits declined 94.5% — significant outflows warrant immediate investigation into funding stability.

Capital Expenditure
Cash Flow
-90.7%
$2.1M→$199K

Capex reduced 90.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Gross Profit
P&L
+85.5%
-$6.6M→-$956K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Liabilities
Balance Sheet
-82.1%
$9.5M→$1.7M

Liabilities reduced 82.1% — deleveraging improves balance sheet strength and financial flexibility.

SG&A Expense
P&L
-78.2%
$11.4M→$2.5M

SG&A reduced 78.2% — improved cost efficiency or headcount reduction improving operating margins.

Cash & Equivalents
Balance Sheet
-68.9%
$16.0M→$5.0M

Cash declined 68.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
-60.5%
$4.2M→$1.6M

Current liabilities reduced — improved short-term financial position and working capital health.

Accounts Receivable
Balance Sheet
-57.1%
$510K→$219K

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-31
ADDED
As of March 30, 2026, the registrant had 1,455,975 shares of common stock, par value $ 0.0001 per share, outstanding.
Such forward-looking statements include, but are not limited to, future financial and operating results, the company s plans, objectives, expectations and intentions, statements concerning its transition to a Stable-coin focused cryptocurrency treasury model, the strategic review of our product development strategy, the re-engineering and development of the Vanish (the Vanish ) and other statements that are not historical facts.
tax treatment of digital assets is unclear and could result in adverse tax consequences; failure in our information technology and storage systems could significantly disrupt the operation of our business; We may be named in legal proceedings or become subject to regulatory inquiries, which could be costly and result in unfavorable outcomes; and Anti-takeover provisions in our certificate of incorporation, bylaws, and Delaware law could discourage or prevent a change of control that stockholders may consider favorable.
Overview We have historically designed and manufactured compact, sustainable electric vehicles.
In July 2025, we commenced a strategic transition toward a new business model focused on digital asset initiatives, with a focus on targeting the acquisition of crypto tokens that are directly capitalizing on the rapid growth of the stablecoin industry.
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REMOVED
As of March 28, 2025, the registrant had 8,541,466 shares of common stock, par value $ 0.0001 per share, outstanding.
relating to the 2025 annual meeting of stockholders to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated into Part III of this Annual Report on Form 10-K by reference.
Such forward-looking statements include, but are not limited to, future financial and operating results, the company s plans, objectives, expectations and intentions, statements concerning the strategic review of our product development strategy, the development and launch of the AYRO Vanish (the Vanish ) and other statements that are not historical facts.
These features may increase the number of shares of common stock issuable upon conversion of the Series H-7 Preferred Stock or upon the exercise of the Series H-7 Warrants; under the Purchase Agreement (as defined herein) we are subject to certain restrictive covenants that may make it difficult to procure additional financing; a significant portion of our revenues has historically been derived from Club Car LLC ( Club Car ) pursuant to the MPA (as defined herein).
Overview We design and manufacture compact, sustainable electric vehicles for closed campus mobility, low speed urban and community transport, local on-demand and last mile delivery and government use.
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