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(V) One of the sloppiest details of this “customersupplier ” relationship, the first
purported sales agreement between EH and Kunxiang provides that 玉unxiang WwW订
Supposedly pay a Per unit (per set”) Price of RMB 150 million (~$21.3 million). We
assume that before the second purported agreement was Signed four months later, EH
realized that the unit price was too high to be believable and cut it to RMB1.3 million
(~$21Sk), 1% of the price in the first contract.
(vi) Between September 10, 20159 and October 31, 2019, EH filed a confidentiality
request with the SEC to redact the prices on these contracts, likely because the Prices
are So absurd that they would ruin EH\'s credibility iseen by investors OFT
competitors. We only found the unredacted versions of these contracts within the
SEC\"Ss EDGAR archive，
e Also common with a stock promotion, EH has only collected on a fraction of its reported
sales Since its mid-December 2019 IPO. We see EH\'s collection rate of only 20% and DSOSs
at nearly 200 days (despite its purported credit terms of up to 180 days) as a clear indication
of fabricated revenues.
(人 EH has reported RMB125S.S million (~$18 million) in total revenues since its
December 2019 IPO.
() During the same period, its accounts receivable balance has increased by ~RMB100.3
Imillion (~$14.4 million).
(ii This means that 卫H has only collected RMB2S.2million (~$3.6 million) in cash
since becoming a publicly traded company.
e Typical of a stock promotion, in just 14 months as a publicly traded company, EH?s PR
team has put out S0 press releases, according to Globe Newswire. However, EH?s
constant stream of press releases are easily proven untrue. For example:
(D EBEH has announced numerous flight certifications”and “long-term” approvals for its
“passenger-grade”EH216 in the US, Canada and various countries throughout
Europe.
(TH) According to aviation regulators or experts in aviation regulation in the US, Canada
and Europe, EH has only received permits for recreational test flights of its drones in
specified areas, below a specified altitude and at a specified titme. mn no way are these
permits endorsements of EH\'s “passenger-grade”claims, nor are they “Tegulatory
breakthroughs”of any kind.
(iiny BEH also claims in an English PR to have recelved the“World\'s First Commercial
Pilot Operation Approval of Passenger-Grade AAVs for Air Logistics Uses”from
China\'s CAAC. However thetitle of the Chinese version of the same PR says
nothing about“commercial” or “passenger-grade.”What EH obtained was “特定类
无人机试运行批准函”\" (special approval letter for trial runs of drones of a specified
class). CAAC had granted the same license to at least one other company in
Hangzhou, China one year earlier in 2019.
2 Globenewswire.com
Page2of33(iv) EH consistently makes different claims regarding regulatory approvals in the English
and Chinese versions of its Press releases. In English, EH makes false claims of
commercial apProval of its Vehicles the EH216 by Chinese regulators. In its Chinese
Press releases, EH makes false claims of commercial approvals by regulators in the
Us, Canada, and Europe.
We visited EH\'s corporate headquarters/main manufacturing facility in Guangzhou, which
only reinforced our belief that EH isn\'t a legitimate company. Similar to frauds we have
exposed in the past, EH\'s headquartersMmain manufacturing facility was Practically empty
when our investigator visited in the middle of a workday. There was minimal activity and
Strikingly few employees:
(人 We found that the facility has near zero security, which is unimaginable for a factory
that produces and stores a product full of supposedly highly valuable 卫 and
proprietary technologies used in EHs“world-class”AAVS. Our investigator noted
that they had seen coat hanger factories in China with more security than EH\'s main
Ianufacturing facility im Guangzhou.
(GD EH\'s main manufacturing facility seems to lack any advanced manufacturing
equipment, employees, or even a basic assembly line seen in typical aircraftdrone
factories.
(ii Our investigator was able to walk around EH\'s facility for ~20 minutes without
seeing a Single person working on a weekday afternoon，
We spoke on the record with a leading expert in the eVITOL industry, a manufacturing set-up
specialist, and Chinese ljawyers. Based on their expert opinions, even 二EH was intended to
be a real business, we believe its product is majorly flawed, inherently dangerous and would
likely attract very few, fany, actual buyers:
(人 Dr Mark Moore, a 32-year NASA veteran engineer who most recently served as the
Director of Aviation Engineering for Uber Elevate. Dr. Moore personally evaluated
the EH216 for Uber Elevate and determined it didn\'t meet Uber\'s criteria for
Partnership. When he closely inspected the EH216, he was concerned by its overall
“azox8H2” quality and its use of “Joppby-grade motors”made by Chinese hobby motor
company, T-Motor. He made it clear that these hobby grade motors are 110f CerosPpace
Drodzrct and Should never be used in a passenger carrying vehicle，
(in Dr. Moore further said he “jirzzzzy jeelfsy 雁ct 太e cyryret co1tjigrratiop 丰
iperertiy Hotfsae”and has “sig1iicart reseryatio1s aport Jeter 11e FFI2761
COVLG erer pe certfied Jor cazyzyzzag Passe1gers 到 而e LS 1C1KEEE 2”
(iiit) When told about EH\'s anemic R&D budget Dr. Moore seemed horrified, saying 他
126C12 SE1101S1，矿态ey ye oO111y SPpe11t810 1 820 1101 唐 态e developzaet pyrocesy，
友ey Spot 71of eye1l pe 11yizag People Croxd 7 01zited de11zo1S1a1io11S， s JS
友Patfs realy sca1Ty.2”
(iv) On the topic of EH\'s autonomous Systems, Dr. Moore salid unequivocally “So, 矿
五Bazzg ca11S1omp 1 tey ye spelt711iio1S ordollars i FresearcP 1e1l 态eir
CID11OIY 81 ee1 -- GCC 7 17120171eds OF mo11s ordo1lars 太e1z 坊eir
CID1LO1IY CO TDOSSEO1Y De Fready.2”
Page3of33e We obtained Chinese court records which show that EH\'s ADRs may already be in serious
jeopardy due to legal issues in China. EH Guangzhou, the onshore entity which holds most of
EH\'s assets and operations likely had 93% of its equity frozen by a Chinese court. The basis
for this freeze is said to be the“creditor\'s Tight to cancel”, which means a creditor (in this
caseamajor investment fund in Shenzhen called Join-Share) sued to undo certain
questionable transactions EH Guangzhou might have done to reduce assets and avoid debt
repayment.
(D Im other words, a Chinese court could liquidate EH\'s equity to repay the creditor，
rendering its ADRs completely worthless. American investors would be left with no
legal recourse against the company or anyone else for their losses.
Page4of 33
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