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EzFill Holdings Inc. – ‘10-Q’ for 6/30/22

On:  Friday, 8/12/22, at 4:06pm ET   ·   For:  6/30/22   ·   Accession #:  1493152-22-22348   ·   File #:  1-40809

Previous ‘10-Q’:  ‘10-Q’ on 5/13/22 for 3/31/22   ·   Next:  ‘10-Q’ on 11/14/22 for 9/30/22   ·   Latest:  ‘10-Q’ on 11/14/23 for 9/30/23   ·   16 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/12/22  EzFill Holdings Inc.              10-Q        6/30/22   65:4.3M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    721K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     24K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     24K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     20K 
10: R1          Cover                                               HTML     73K 
11: R2          Condensed Consolidated Balance Sheets (Unaudited)   HTML    120K 
12: R3          Condensed Consolidated Balance Sheets (Unaudited)   HTML     44K 
                (Parenthetical)                                                  
13: R4          Condensed Consolidated Statements of Operations     HTML     96K 
                (Unaudited)                                                      
14: R5          Condensed Consolidated Statements of Stockholders'  HTML     91K 
                Equity (Deficit) (Unaudited)                                     
15: R6          Condensed Consolidated Statements of Cash Flows     HTML    110K 
                (Unaudited)                                                      
16: R7          Nature of Organization and Summary of Significant   HTML     65K 
                Accounting Policies                                              
17: R8          Liquidity                                           HTML     24K 
18: R9          Related Party Transactions                          HTML     33K 
19: R10         Fixed Assets                                        HTML     31K 
20: R11         Intangible Assets                                   HTML     44K 
21: R12         Accounts Payable and Accrued Liabilities            HTML     25K 
22: R13         Debt                                                HTML     41K 
23: R14         Shareholders Equity                                 HTML     73K 
24: R15         Commitments and Contingencies                       HTML     35K 
25: R16         Income Taxes                                        HTML     25K 
26: R17         Acquisition                                         HTML     42K 
27: R18         Subsequent Events                                   HTML     21K 
28: R19         Nature of Organization and Summary of Significant   HTML     94K 
                Accounting Policies (Policies)                                   
29: R20         Nature of Organization and Summary of Significant   HTML     33K 
                Accounting Policies (Tables)                                     
30: R21         Fixed Assets (Tables)                               HTML     28K 
31: R22         Intangible Assets (Tables)                          HTML     38K 
32: R23         Accounts Payable and Accrued Liabilities (Tables)   HTML     25K 
33: R24         Debt (Tables)                                       HTML     24K 
34: R25         Shareholders Equity (Tables)                        HTML     48K 
35: R26         Commitments and Contingencies (Tables)              HTML     27K 
36: R27         Acquisition (Tables)                                HTML     34K 
37: R28         Schedule of Unrealized Gains, Losses, and Fair      HTML     29K 
                Value (Details)                                                  
38: R29         Schedule of Shares Excluded from the Computations   HTML     26K 
                of Diluted Loss Per Share (Details)                              
39: R30         Nature of Organization and Summary of Significant   HTML     48K 
                Accounting Policies (Details Narrative)                          
40: R31         Liquidity (Details Narrative)                       HTML     37K 
41: R32         Related Party Transactions (Details Narrative)      HTML     79K 
42: R33         Schedule of Fixed Assets (Details)                  HTML     39K 
43: R34         Fixed Assets (Details Narrative)                    HTML     20K 
44: R35         Schedule of Intangible Assets (Details)             HTML     45K 
45: R36         Schedule of Future Amortization Expense for         HTML     34K 
                Intangible Assets (Details)                                      
46: R37         Intangible Assets (Details Narrative)               HTML     50K 
47: R38         Schedule of Accounts Payable and Accrued            HTML     28K 
                Liabilities (Details)                                            
48: R39         Schedule of Maturities of Long-Term Debt (Details)  HTML     38K 
49: R40         Debt (Details Narrative)                            HTML     55K 
50: R41         Schedule of Restricted Stock Activity (Details)     HTML     39K 
51: R42         Schedule of Stock Option Activity (Details)         HTML     42K 
52: R43         Schedule of Fair Value Assumptions (Details)        HTML     28K 
53: R44         Shareholders Equity (Details Narrative)             HTML    130K 
54: R45         Schedule of Future Minimum Payments Under           HTML     38K 
                Non-Cancellable Leases (Details)                                 
55: R46         Commitments and Contingencies (Details Narrative)   HTML     33K 
56: R47         Income Taxes (Details Narrative)                    HTML     22K 
57: R48         Schedule of Purchase Price Allocation at Fair       HTML     31K 
                Value (Details)                                                  
58: R49         Schedule of Business Acquisitions by Acquisition    HTML     28K 
                Issued or Issuable (Details)                                     
59: R50         Schedule of Unaudited Pro Forma Combined Statement  HTML     32K 
                of Operations (Details)                                          
60: R51         Acquisition (Details Narrative)                     HTML     40K 
63: XML         IDEA XML File -- Filing Summary                      XML    114K 
61: XML         XBRL Instance -- form10-q_htm                        XML    852K 
62: EXCEL       IDEA Workbook of Financial Reports                  XLSX    101K 
 6: EX-101.CAL  XBRL Calculations -- ezfl-20220630_cal               XML    174K 
 7: EX-101.DEF  XBRL Definitions -- ezfl-20220630_def                XML    363K 
 8: EX-101.LAB  XBRL Labels -- ezfl-20220630_lab                     XML    899K 
 9: EX-101.PRE  XBRL Presentations -- ezfl-20220630_pre              XML    664K 
 5: EX-101.SCH  XBRL Schema -- ezfl-20220630                         XSD    118K 
64: JSON        XBRL Instance as JSON Data -- MetaLinks              337±   489K 
65: ZIP         XBRL Zipped Folder -- 0001493152-22-022348-xbrl      Zip    179K 


‘10-Q’   —   Quarterly Report

Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Financial Information
"Financial Statements
"Condensed Consolidated Balance Sheets
"Condensed Consolidated Statements of Operations
"Condensed Consolidated Statements of Stockholders' Equity (Deficit)
"Condensed Consolidated Statements of Cash Flows
"Notes to Condensed Consolidated Financial Statements
"Management's Discussion and Analysis of Financial Condition and Results of Operations
"Quantitative and Qualitative Disclosures About Market Risk
"Controls and Procedures
"Other Information
"Legal Proceedings
"Risk Factors
"Unregistered Sales of Equity Securities and Use of Proceeds
"Exhibits
"Signatures

This is an HTML Document rendered as filed.  [ Alternative Formats ]



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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM  i 10-Q

 

 

(Mark One)

 

 i  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended  i June 30,  i 2022 / 

 

OR

 

 i  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

Commission File Number:  i 001-40809

 

 

 i EZFILL HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

 

 i Delaware    i 83-4260623

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

     
 i 2999 NE 191st Street,  i Aventura,  i FL    i 33180
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: ( i 305)  i 791-1169

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
 i Common Stock, par value $0.0001 per share    i EZFL    i NASDAQ Capital Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  i Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  i Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
 i Non-accelerated filer Smaller reporting company filer  i 
Emerging growth company  i     

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  i 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  i No

 

As of August 5, 2022, the registrant had  i 26,479,795 shares of common stock, par value $0.0001 per share, outstanding.

 

 

 

 C: 
 
 

 

EZFILL HOLDINGS, INC.

TABLE OF CONTENTS

 

    Page No.
PART I FINANCIAL INFORMATION  
ITEM 1. FINANCIAL STATEMENTS 3
  Condensed Consolidated Balance Sheets 3
  Condensed Consolidated Statements of Operations 4
  Condensed Consolidated Statements of Stockholders’ Equity (Deficit) 5
  Condensed Consolidated Statements of Cash Flows 6
  Notes to Condensed Consolidated Financial Statements 7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 17
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20
ITEM 4. CONTROLS AND PROCEDURES 20
PART II OTHER INFORMATION  
ITEM 1. LEGAL PROCEEDINGS 21
ITEM 1A. RISK FACTORS 21
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 21
ITEM 6. EXHIBITS 22
SIGNATURES 24

 

 C: 
 C: 2
 

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

 

EzFill Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

   June 30, 2022   December 31, 2021 
         
Assets          
Current Assets:          
Cash and cash equivalents  $ i 7,394,892   $ i 13,561,266 
Investment in debt securities    i 2,770,598     i 3,362,880 
Accounts receivable, net of allowance for doubtful accounts of $ i 14,010 and $ i 5,665, respectively    i 820,250     i 100,194 
Prepaid expenses and other    i 658,984     i 186,349 
Inventory    i 166,156     i 46,343 
Total Current Assets    i 11,810,880     i 17,257,032 
           
Fixed assets, net of accumulated depreciation of $ i 614,983 and $ i 284,216, respectively    i 5,129,260     i 2,286,320 
Goodwill and other indefinite lived intangibles    i 166,838     i 129,983 
Other intangible assets, net of accumulated amortization of $ i 1,671,089 and $ i 1,205,379, respectively    i 2,923,011     i 3,207,327 
Operating lease right of use asset    i 629,727    - 
Other assets    i 49,633     i 43,456 
Total Assets  $ i 20,709,349   $ i 22,924,118 
           
Liabilities and Stockholders’ Equity (Deficit)          
           
Current Liabilities:          
Accounts payable and accrued liabilities  $ i 1,281,654   $ i 579,365 
Borrowings under revolving line of credit    i 850,000    - 
Loans payable    i 778,146     i 178,871 
Operating lease liabilities    i 221,674    - 
Total Current Liabilities    i 3,131,474     i 758,236 
           
Loans payable, net of current portion    i 1,550,313     i 297,436 
Operating lease liabilities, net of current portion    i 440,044    - 
Total Liabilities    i 5,121,831     i 1,055,672 
           
Commitments and Contingencies   -    - 
           
Stockholders’ Equity          
Preferred stock, $ i  i .0001 /  par value;  i  i 50,000,000 /  shares authorized;  i  i  i  i 0 /  /  /  shares issued and outstanding   -    - 
Common stock, $ i  i .0001 /  par value;  i  i 500,000,000 /  shares authorized;  i  i 26,479,795 /  and  i  i 26,243,474 /  shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively    i 2,647     i 2,624 
Additional paid in capital    i 40,133,014     i 39,210,291 
Accumulated deficit   ( i 24,478,576)   ( i 17,339,396)
Accumulated other comprehensive loss   ( i 69,567)   ( i 5,073)
Total Stockholders’ Equity    i 15,587,518     i 21,868,446 
Total Liabilities and Stockholders’ Equity  $ i 20,709,349   $ i 22,924,118 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 C: 
3
 

 

EzFill Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

   2022   2021   2022   2021 
  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2022   2021   2022   2021 
REVENUES                
Revenues  $ i 3,754,431   $ i 1,850,598   $ i 6,094,499   $ i 3,372,417 
TOTAL REVENUES    i 3,754,431     i 1,850,598     i 6,094,499     i 3,372,417 
                     
COSTS & EXPENSES                    
Cost of sales    i 3,755,861     i 1,836,161     i 6,080,021     i 3,231,889 
Operating expenses    i 3,406,262     i 1,666,042     i 6,354,262     i 2,910,533 
Depreciation and amortization    i 458,811     i 233,130     i 796,476     i 351,874 
TOTAL COSTS AND EXPENSES    i 7,620,934     i 3,735,333     i 13,230,759     i 6,494,296 
                     
OPERATING LOSS   ( i 3,866,503)   ( i 1,884,735)   ( i 7,136,260)   ( i 3,121,879)
                     
OTHER INCOME AND EXPENSES                    
Interest income    i 19,754    -     i 32,025    - 
Interest expense   ( i 25,921)   ( i 121,867)   ( i 34,945)   ( i 234,211)
                     
LOSS BEFORE INCOME TAXES   ( i 3,872,670)   ( i 2,006,602)   ( i 7,139,180)   ( i 3,356,090)
                     
PROVISION FOR INCOME TAXES   -    -    -    - 
                     
NET LOSS  $( i 3,872,670)  $( i 2,006,602)  $( i 7,139,180)  $( i 3,356,090)
NET LOSS PER SHARE                    
Basic and diluted  $( i 0.15)  $( i 0.11)  $( i 0.27)  $( i 0.19)
Basic and diluted weighted average number of common shares outstanding    i 26,354,015     i 17,948,069     i 26,309,593     i 17,646,399 
Comprehensive Loss:                    
Net loss  $( i 3,872,670)  $( i 2,006,602)  $( i 7,139,180)  $( i 3,356,090)
Other comprehensive loss:                    
Change in fair value of debt securities   ( i 17,208)   -    ( i 64,494)   - 
Total comprehensive loss  $( i 3,889,878)  $( i 2,006,602)  $( i 7,203,674)  $( i 3,356,090)

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 C: 
4
 

 

EzFill Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(Unaudited)

 

   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   (Deficit) 
                   Accumulated   Total 
   Preferred stock   Common stock   Additional Paid-in   Accumulated   Other
Comprehensive
   Stockholder’s Equity 
   Shares   Amount   Shares   Amount   Capital   Deficit   Loss   (Deficit) 
                                 
Balance December 31, 2021   -   $-     i 26,243,474   $ i 2,624   $ i 39,210,291   $( i 17,339,396)   ( i 5,073)    i 21,868,446 
                                         
Stock based compensation   -    -     i 28,334     i 3     i 470,682    -    -     i 470,685 
                                         
Consideration for acquisition   -    -     i 40,323     i 4     i 49,996    -    -     i 50,000 
                                         
Other comprehensive loss   -    -    -    -    -    -    ( i 47,286)   ( i 47,286)
                                         
Net loss   -    -    -    -    -    ( i 3,266,510)   -    ( i 3,266,510)
                                         
Balance March 31, 2022   -   $-     i 26,312,131   $ i 2,631   $ i 39,730,969   $( i 20,605,906)   ( i 52,359)  $ i 19,075,335 
                                         
Stock based compensation   -    -     i 167,664     i 16     i 402,045    -    -     i 402,061 
                                         
Other comprehensive loss   -    -    -    -    -    -    ( i 17,208)   ( i 17,208)
                                         
Net loss   -    -    -    -    -    ( i 3,872,670)   -    ( i 3,872,670)
                                         
Balance June 30, 2022   -   $-     i 26,479,795   $ i 2,647   $ i 40,133,014   $( i 24,785,576)  $( i 69,567)  $ i 15,587,518 

 

   Preferred stock   Common stock   Additional Paid-in   Accumulated    Accumulated Other Comprehensive    Total Stockholder’s Equity
   Shares   Amount   Shares   Amount   Capital   Deficit    Loss   (Deficit)
                              
Balance December 31, 2020         -   $        -     i 17,199,912   $ i 1,720   $ i 6,472,536   $( i 7,956,000)   $            -    -   $( i 1,481,744)
                                     
Stock based compensation   -    -     i 97,854     i 9     i 368,240    -     -    i 368,249
                                     
Options granted   -    -    -    -     i 49,213    -     -    i 49,213
                                     
Debt discount   -    -     i 7,972     i 1     i 29,999    -     -    i 30,000
                                     
Issuance of acquisition shares   -    -     i 159,437     i 16     i 599,984    -     -    i 600,000
                                     
Net loss   -    -    -    -    -    ( i 1,349,487)    -

-

   ( i 1,349,487)
                                     
Balance March 31, 2021   -   $-     i 17,465,175   $ i 1,746   $ i 7,519,972   $( i 9,305,488)   $-

-

   $( i 1,783,770)
                                     
Stock based compensation   -    -     i 95,197     i 10     i 396,281    -     -    i 396,291
                                     
Options granted   -    -    -    -     i 12,760    -     -    i 12,760
                                     
Sale of shares   -    -     i 30,559     i 3     i 114,997    -     -    i 115,000
                                     
Issuance of shares for technology   -    -     i 597,889     i 60     i 2,249,940    -     -    i 2,250,000
                                     
Issuance of bonus shares   -    -     i 99,648     i 10     i 374,990    -     -    i 375,000
                                     
Net loss   -    -    -    -    -    ( i 2,006,602)    -

-

   ( i 2,006,602)
                                     
Balance June 30, 2021   -   $-     i 18,288,468   $ i 1,829   $ i 10,668,940   $( i 11,312,090)   $-

-

   $( i 641,321)

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 C: 
5
 

 

EzFill Holding, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   2022   2021 
     
  

Six Months Ended

June 30,

 
   2022   2021 
Cash flows from operating activities:          
Net loss  $( i 7,139,180)  $( i 3,356,090)
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation    i 872,746     i 826,513 
Depreciation and amortization    i 796,476     i 351,876 
Amortization of bond premium and realized loss on investments    i 26,072    - 
Amortization of debt discount   -     i 93,500 
Bad debt expense    i 14,898     i 32,936 
Changes in operating assets and liabilities:          
Accounts receivable   ( i 734,954)    i 17,093 
Inventory   ( i 119,813)    i 11,499 
Prepaid expenses and other   ( i 478,812)   ( i 214,867)
Operating lease assets and liabilities    i 31,991    - 
Accounts payable and accrued expenses    i 702,289     i 136,572 
Accounts payable and accrued expenses - related party   -    ( i 48,505)
Net cash used in operating activities   ( i 6,028,287)   ( i 2,149,473)
          
Cash flows from investing activities:          
Maturity of debt securities    i 501,716    

-

 
Acquisition of business   ( i 321,249)   - 
Acquisition of fixed assets   ( i 3,020,706)   ( i 67,315)
Net cash used in investing activities   ( i 2,840,239)   ( i 67,315)
          
Cash flows from financing activities:          
Borrowings under line of credit    i 850,000    - 
Proceeds from issuance of debt and loans    i 2,118,840     i 1,100,000 
Proceeds from issuance of related party debt   -     i 800,000 
Proceeds from issuance of common stock   -     i 115,000 
Repayment of debt   ( i 266,688)   ( i 25,831)
Repayment of related party debt   -    ( i 24,174)
Net cash provided by financing activities    i 2,702,152     i 1,964,995 
          
Net change in cash and cash equivalents   ( i 6,166,374)   ( i 251,793)
          
Cash and cash equivalents at beginning of period    i 13,561,266     i 882,870 
          
Cash and cash equivalents cash at end of period  $ i 7,394,892   $ i 631,077 
          
Noncash investing and financing activity:          
Debt discount  $-   $ i 30,000 
Issuance of acquisition, bonus and settlement shares  $-   $ i 975,000 
Shares issued for technology  $-   $ i 2,250,000 
Supplemental disclosure of cash flow information:          
Cash paid for interest  $ i 34,945   $ i 67,646 
Cash paid for taxes  $-   $- 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 C: 
6
 

 

EzFill Holdings, Inc.

Notes to Consolidated Financial Statements

For the six months ended June 30, 2022 and 2021

(unaudited)

 

 i 

(1) Nature of Organization and Summary of Significant Accounting Policies

 

 i 

Nature of Organization

 

EzFill Holdings, Inc. (the Company) was incorporated on March 28, 2019, in the State of Delaware and operates in South Florida providing an on-demand mobile gas delivery service. Its wholly-owned subsidiary Neighborhood Fuel Holdings, LLC is inactive.

 

 i 

Unaudited Interim Financial Statements

 

The Company has prepared these financial statements in accordance with GAAP for interim financial statements. Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 9, 2022. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of the Company’s financial statements for the interim period reported, have been included. The results for the six months ended June 30, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2022, or for any other interim period or for any future year.

 

 i 

Use of Estimates

 

The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimates and assumptions made by management include allowance for doubtful accounts, valuation allowance for deferred tax assets, depreciation lives of property and equipment, recoverability of long-lived assets, fair value of equity instruments and the assumptions used in Black-Scholes valuation models related to stock options and warrants. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.

 

 i 

Cash and Cash Equivalents

 

The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At June 30, 2022 and December 31, 2021, the Company had $ i 7,394,892 and $ i 13,561,266 in cash and cash equivalents, respectively.

 

 / 
 i 

Investments

 

Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment, and it is not adjusted for subsequent recoveries in fair value.

 

 C: 
7
 

 

 i 

The following is a summary of the unrealized gains, losses, and fair value by investment type as of June 30, 2022:

Schedule of Unrealized Gains, Losses, and Fair Value 

   Amortized
Cost
  

Gross

Unrealized
Gains

   Gross
Unrealized
Losses
   Fair Value 
Corporate bonds  $ i 2,840,165   $-   $ i 69,567   $ i 2,770,598 
 / 

 

 / 
 i 

Accounts Receivable

 

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. The Company records an allowance for doubtful accounts that is based on historical trends, customer knowledge, any known disputes, and considers the aging of the accounts receivable balances combined with management’s estimate of future potential recoverability. Accounts are written off against the allowance after all attempts to collect a receivable have failed. At June 30, 2022 and December 31, 2021, the allowance was $ i 14,010 and $ i 5,665 respectively in the consolidated financial statements.

 

 / 
 i 

Inventory

 

Inventory is valued at the lower of the inventory’s cost or market using the first-in, first-out method. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Inventory consists solely of fuel. At June 30, 2022 and December 31, 2021, the allowance was $ i  i 0 /  in the consolidated financial statements. Cost of sales includes the cost of fuel sold and wages paid to drivers.

 

 / 
 i 

Concentrations

 

Major Customers

 

For the three months ended June 30, 2022 and 2021, the Company had one customer that made up approximately  i 38% and  i 58% of revenue, respectively. For the six months ended June 30, 2022 and 2021, the Company had one customer that made up approximately  i 42% and  i 56% of revenue, respectively.

 

The Company had four customers that made up  i 24%,  i 15%,  i 12% and  i 10% of accounts receivable as of June 30, 2022, and two customers that made up  i 37% and  i 23% of accounts receivable as of December 31, 2021.

 

Major Vendors

 

The Company purchases substantially all of its fuel from two vendors.

 

 / 
 i 

Operating Leases

 

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our consolidated balance sheets.

 

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The lease payments used to determine the Company’s operating lease asset may include lease incentives and stated rent increases. Our lease term may include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

 C: 
8
 

 

 i 

Advertising Costs

 

Advertising costs are expensed as incurred. The Company incurred advertising costs for the three months ended June 30, 2022 and 2021 of $ i 395,210 and $ i 51,243, respectively, and for the six months ended June 30, 2022 and 2021 of $ i 583,802 and $ i 76,081, respectively.

 

 / 
 i 

Income Taxes

 

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, (“ASC 740”) which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

 

 i 

Net loss per share

 

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. FASB ASC 260, Earnings per Share, requires a dual presentation of basic and diluted earnings per share. Any instruments that would have an anti-dilutive effect have been excluded from the computation of earnings per share. The following potential common shares were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

 i 

Schedule of Shares Excluded from the Computations of Diluted Loss Per Share 

                     
  

Three months ended

June 30,

 

Six months ended

June 30,

 
Description  2022     2021    2022    2021 
Stock options    -      

 i 90,480

   -     i 90,791 
Acquisition and bonus shares issuable    -        i 259,085    -     i 259,085 
 / 

 

 / 
 i 

Reclassifications

 

Certain reclassifications of prior year amounts have been made to be consistent with the current year presentation.

 

 / 
 i 

(2) Liquidity

 

The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained net losses since inception and does not have sufficient revenues and income to fully fund the operations. As a result, the Company has relied on equity and debt financings to fund its activities to date. For the quarter ended June 30, 2022, the Company had a net loss of $ i 3,872,670. At June 30, 2022, the Company had an accumulated deficit of $ i 24,478,576. The Company anticipates that it will continue to generate operating losses and use cash in operations through the foreseeable future.

 

 C: 
9
 

 

In September 2021, the Company completed its Initial Public Offering and raised $ i 25,250,000 in net proceeds after deducting the underwriting discount and offering expenses. The Company anticipates that it will need to raise additional capital in the next 4-6 months in order to fund its operations. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully expand to new markets, competition, and the need to enter into collaborations with other companies or acquire other companies to enhance or complement its product and service offerings. There can be no assurances that financing will be available on terms which are favorable, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay, reduce or cease its operations.

 

 / 
 i 

(3) Related Party Transactions

 

During the six months ended June 30, 2021, Company issued notes payable to related parties totaling $ i 800,000. The notes were repaid in 2021. During the six months ended June 30, 2021, the Company issued  i 490,000 shares to executives and other employees as a signing bonus recorded related stock compensation expense of $ i 490,000.

 

During the six months ended June 30, 2022, the Company issued  i 182,540 shares of restricted stock and  i 522,462 stock options to executives. Included in these amounts are  i 75,893 shares of stock and  i 125,951 stock options granted to two former executives for which vesting was accelerated upon their termination. The Company also granted a total of  i 649,074 restricted shares to directors during the six months ended June 30, 2022. The aforementioned grants were made pursuant to the Company’s 2020 and 2022 Incentive Compensation Plan.

 

The Company entered into a consulting agreement, dated November 18, 2020, with Balance Labs, Inc. Pursuant to the Consulting Agreement, Balance Labs is providing consulting services including assisting with the Company’s IPO and assisting with introductions to, and assistance with, negotiating and entering agreements with potential fleet, residential, marine and corporate customers that Balance Labs has relationships with. Balance Labs is also assisting with the Company’s expansion efforts. Under the Consulting Agreement, in payment of services that Balance Labs had already provided, the Company issued Balance Labs  i 265,728 shares of its common stock in November 2020. Upon the completion of the Company’s IPO, the Company made a one-time payment of $ i 200,000 to Balance Labs. During the first year of the term of the Consulting Agreement, the Company paid Balance Labs $ i 25,000 per month. In the second year of the agreement, the payment decreased to $ i 22,500 per month. On November 18, 2021 and each anniversary of the initial term and the renewal terms, the Company will issue Balance Labs  i 132,905 shares of its common stock. The term of the Consulting Agreement is for two years. The President, CEO, CFO and Chairman of the Board of Balance Labs is also the former president of the Company and beneficially owns approximately  i 26% of the Company’s common stock as of June 30, 2022.

 

The Company is party to a technology license agreement with Fuel Butler LLC, which is owned  i 20% by an executive of the Company. See Note 5.

 

 / 
 i 

(4) Fixed Assets

 

 i 

Fixed assets consisted of the following:

Schedule of Fixed Assets 

Description  June 30, 2022   December 31, 2021 
Fixed assets:          
Equipment  $ i 254,665   $ i 175,068 
Leasehold improvements    i 29,422     i 16,265 
Vehicles    i 4,628,473     i 975,377 
Office furniture    i 129,475    - 
Office equipment    i 9,471     i 9,471 
Vehicle construction in process    i 692,937     i 1,394,355 
Total fixed assets    i 5,744,243     i 2,570,536 
Accumulated depreciation   ( i 614,983)   ( i 284,216)
Fixed assets, net  $ i 5,129,260   $ i 2,286,320 
 / 

 

Depreciation expense totaled $ i 230,536 and $ i 30,646 for the three months ended June 30, 2022 and 2021, respectively and $ i 330,766 and $ i 59,406 for the six months ended June 30, 2022 and 2021, respectively.

 

 C: 
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 / 
 i 

(5) Intangible Assets

 

 i 

Intangible assets consisted of the following:

Schedule of Intangible Assets 

Description  June 30, 2022   December 31, 2021 
Indefinite lived intangible assets:          
Domain name  $ i 20,000   $ i 20,000 
Goodwill  $ i 146,838   $ i 109,983 
Total indefinite lived intangible assets  $ i 166,838   $ i 129,983 
           
Other intangible assets:          
Trademarks  $ i 123,024   $ i 103,258 
Software    i 539,036     i 503,517 
Customer list    i 921,485     i 855,073 
Non-compete    i 1,698     i 858 
Loading rack license    i 58,857    - 
Technology license    i 2,950,000     i 2,950,000 
Total other intangible assets  $ i 4,594,100   $ i 4,412,706 
Accumulated amortization   ( i 1,671,089)   ( i 1,205,379)
Total other intangible assets, net  $ i 2,923,011   $ i 3,207,327 
 / 

 

On April 7, 2021, the Company entered into a Technology License Agreement, under which the Company licensed certain proprietary technology. Under the terms of the license, the Company issued  i 265,728 shares of its common stock to the licensor upon signing. The Company also issued  i 332,160 shares to the licensor in May 2021 upon the filing of a patent application related to the licensed technology. Upon completion of the Company’s IPO,  i 186,010 shares were issued to the licensor. The Company will issue up to  i 730,752 additional shares to the licensor upon the achievement of certain milestones. In addition, the Company has granted stock options for  i 531,456 shares at an exercise price of $ i 3.76 per share that will become exercisable for three years after the end of the fiscal year in which certain sales levels are achieved using the licensed technology. The Company has the option for four years after the achievement of certain milestones to either acquire the technology or acquire the licensor for the purchase price of  i 1,062,913 of its common shares. Until the Company exercise one of these options, it will share with the licensor 50% of pre-revenue costs and 50% of the net revenue, as defined, from the use of the technology.

 

See Note 11 for details of intangibles from an acquisition during the six months ended June 30, 2022.

 

Amortization expense on intangible assets totaled $ i 228,275 and $ i 202,484 for the three months ended June 30, 2022 and 2021, respectively, and $ i 465,710 and $ i 292,468 for the six months ended June 30, 2022 and 2021, respectively.

 

 i 

Future amortization schedule for intangible assets as of June 30, 2022 is as follows:

Schedule of Future Amortization Expense for Intangible Assets 

      
2022 (July to December)    i 453,447 
2023    i 834,205 
2024    i 747,659 
2025    i 633,941 
2026    i 246,507 
2027    i 7,252 
TOTAL  $ i 2,923,011 
 / 

 

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 / 
 i 

(6) Accounts Payable and Accrued Liabilities

 

 i 

The Company had accounts payable and accrued liabilities as follows:

Schedule of Accounts Payable and Accrued Liabilities 

   June 30, 2022   December 31, 2021 
Accounts Payable and Accrued Liabilities:          
Accounts payable  $ i 1,039,553   $ i 491,598 
Accrued payroll    i 242,101     i 82,080 
Accrued expenses   -     i 5,687 
Total Accounts Payable and Accrued Liabilities  $ i 1,281,654   $ i 579,365 
 / 

 

 / 
 i 

(7) Debt

 

Bank Line of Credit

 

On December 10, 2021, the Company entered into a Securities-Based Line of Credit, Promissory Note, Security, Pledge and Guaranty Agreement (the “Line of Credit”) with City National Bank of Florida. Pursuant to the revolving Line of Credit, the Company may borrow up to the Credit Limit, determined from time to time in the sole discretion of the Bank. The Credit Limit was approximately $ i 8.4 million and $ i 16.2 million at June 30, 2022 and December 31, 2021, respectively. Outstanding borrowings were $ i 850,000 and $ i 0 as of June 30, 2022 and December 31, 2021, respectively. To secure the repayment of the Credit Limit, the Bank will have a first priority lien and continuing security interest in the securities held in the Company’s investment portfolio with the Bank. The amount outstanding under the Line of Credit shall bear interest equal to the Reference Rate plus the Spread (as defined in the Line of Credit) in effect each day. Interest is due and payable monthly in arrears. The interest rate on the Line of Credit was  i 3.00% at June 30, 2022 and  i 1.50% at December 31, 2021. The Bank may, at any time, without notice, and at its sole discretion, demand the repayment of the outstanding.

 

Vehicle Loans

 

The Company has entered into various loans for the purchase of vehicles in the ordinary course of business. Each loan is secured by the vehicle that is financed. One of the lenders has provided a commercial line of credit of $ i 4.0 million, under which approximately $ i 2.2 million remained available as of June 30, 2022 for the financing of vehicles under retail installment contracts through December 31, 2022. The vehicle loans under the commercial line of credit and from other sources have interest rates that range from  i 3.5% to  i 9.0% (primarily  i 3.5%).

 

Other Debt

 

On November 24, 2020, the Company issued a note payable in the amount of $ i 1,000,000; the loan bore interest at a rate of  i 1% per month; the maturity date on the loan was  i April 21, 2021; the Company had the option to extend the maturity date for seven one-month terms. As part of the terms of the loan, the note holder was issued  i 100,000 shares of common stock. The Company exercised the option to extend the loan from April 21, 2021, to August 21, 2021, and issued 10,000 shares to the note holder for each monthly extension.

 

On March 10, 2021, the Company borrowed a total of $ i 300,000 and issued promissory notes for $ i 100,000 to each of three related parties. The notes bore interest at a rate of  i 1% per month. The principal and interest thereon were payable on  i March 10, 2022, or upon completion of the Company’s initial public offering if earlier. In connection with these loans, each lender was issued  i 10,000 shares of the Company’s common stock for a total of  i 30,000 shares.

 

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All debt except for vehicle loans was repaid in September 2021 after the consummation of the Company’s IPO.

 

 i 

Maturities of debt as of June 30, 2022 are as follows:

Schedule of Maturities of Long-Term Debt 

      
2022 (July to December)    i 410,879 
2023    i 787,424 
2024    i 795,642 
2025    i 263,777 
2026    i 55,850 
2027    i 14,887 
Total  $ i 2,328,459 
 / 

 

 / 
 i 

(8) Shareholders Equity

 

Authorized shares include  i 500 million common shares and  i 50 million preferred shares. Immediately prior to the Company’s IPO in September 2021, all shares of common stock then outstanding converted into an aggregate of  i 18,750,000 shares of common stock following a  i one for 3.763243 reverse stock split approved by the Company’s board of directors and its shareholders.

 

On August 1, 2020, the Company’s board of directors approved the EzFill Holdings, Inc. 2020 Equity Incentive Plan (2020 Plan), which plan has also been approved by the Company’s shareholders. The Company has reserved  i 1,913,243 of its outstanding shares of common stock for issuance under the 2020 Plan. On June 3, 2022, the Company’s board of directors approved the EzFill Holdings, Inc. 2022 Equity Incentive Plan (2022 Plan), which plan has also been approved by the Company’s shareholders. The Company has reserved  i 2,600,000 of its outstanding shares of common stock for issuance under the 2022 Plan.

 

Common stock

 

During the six months ended June 30, 2021, the Company issued  i 490,000 shares of common stock to executives and other employees as a signing bonus. The Company recorded stock-based compensation expense of $ i 490,000.

 

During the six months ended June 30, 2021, the Company issued  i 126,498 and  i 110,000 shares of common stock for sponsorship and consulting services, respectively. The Company recorded stock-based compensation expense of $ i 236,498.

 

During the six months ended June 30, 2021, the Company issued  i 600,000 shares related to accrued bonuses and  i 375,000 shares related to an acquisition that had previously been accrued in 2020.

 

During the six months ended June 30, 2022, the Company issued  i 20,000 shares to a consultant for services rendered over the preceding six months.

 

During the six months ended June 30, 2022, the Company issued  i 40,323 shares to the sellers of the assets of Full Service Fueling. See note 11.

 

During the six months ended June 30, 2022, the Company issued  i 182,540 shares of restricted stock and  i 522,462 stock options to executives. Total stock compensation expense of $ i 587,500 is being recorded over the vesting period. Included in these amounts are  i 75,893 shares of stock and  i 125,951 stock options granted to two former executives for which vesting was accelerated upon their termination. The Company also granted a total of  i 649,074 restricted shares to directors during the six months ended June 30, 2022 for which stock compensation expense of $ i 305,000 is being recorded over the vesting period. The aforementioned grants were made pursuant to the Company’s 2020 and 2022 Incentive Compensation Plan.

 

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 i 

A summary of the restricted stock activity is presented as follows:

Schedule of Restricted Stock Activity 

       Weighted Average 
       Grant Date 
   Shares   Fair Value 
         
Outstanding at          
December 31, 2021    i 317,586     i 3.27 
Granted    i 839,114     i 0.65 
Vested   ( i 199,986)    i 2.31 
Forfeited   ( i 27,500)    i 2.29 
June 30, 2022    i 929,214     i 1.14 
 / 

 

The Company recognizes forfeitures of restricted shares as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was $ i 1,221 for the six months ended June 30, 2022.

 

Unrecognized stock compensation expense related to restricted stock was approximately $ i 599,000 as of June 30, 2022, which will be recognized over a weighted-average period of  i 0.8 years.

 

Stock Options and Warrants

 

 i 

The following table represents stock option activity during the six months ended June 30, 2022:

Schedule of Stock Option Activity 

   Number of   Weighted
Average
   Weighted
Average
Remaining Contractual
Term
 
   Options   Exercise Price   (years) 
Outstanding at December 31, 2021    i 175,384   $ i 1.78     i 3.3 
Options granted    i 522,462     i 1.26     i 7.5 
Outstanding at June 30, 2022    i 697,846   $ i 1.39     i 6.3 
Exercisable at June 30, 2022    i 301,335     i 1.56     i 4.8 
 / 

 

The fair value of the stock options was determined using the Black-Scholes option pricing model with the following assumptions:

 i 

 Schedule of Fair Value Assumptions

   Six Months Ended
June 30, 2022
 
Valuation assumptions:     
Risk-free rate    i 1.64%
Expected volatility    i 62%
Expected term (years)    i 5 
Dividend yield    
 / 

 

Unrecognized stock compensation expense related to stock options was approximately $ i 221,000 as of June 30, 2022, which will be recognized over a weighted-average period of  i 2.5 years.

 

The underwriter’s representatives for the Company’s IPO received warrants to purchase up to  i 359,375 shares. The warrants are exercisable from  i March 14, 2022 until  i September 14, 2026 at an exercise price of $ i 5.00 per share.

 

In April 2021, the Company issued  i 106,291 warrants to a lender in connection with a loan that has been repaid. The warrants are exercisable until  i September 14, 2024, at $ i 5.00 per share.

 

The intrinsic value of options and warrants outstanding at June 30, 2022 and December 31, 2021 was $ i  i 0 /  and $ i  i 0 / , respectively.

 

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 / 
 i 

(9) Commitments and Contingencies

 

Litigation

 

The Company is subject to litigation claims arising in the ordinary course of business. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries. As of June 30, 2022, and December 31, 2021, the Company is not aware of any litigation, pending litigation, or other transactions that would require accrual or disclosure under GAAP.

 

Lease Commitment

 

On December 3, 2021, the Company signed a lease for  i 5778 square feet of office space, for occupancy effective January 1, 2022. The lease term is  i 39 months and the total monthly payment is $ i 21,773, including base rent, estimated operating expenses and sales tax. The base rent of $ i 14,743 including sales tax was abated for months 1, 13 and 25 of the lease and is subject to a 3% annual increase. An initial Right of Use (“ROU”) asset of $ i 735,197 was recognized as a non-cash asset addition with the adoption of the lease accounting standard. Cash paid for amounts included in the present value of operating lease liabilities was $ i 65,320 and $ i 115,897 for the three and six months ended June 30, 2022, respectively, and is included in cash flows from operating activities in the accompanying consolidated statement of cash flows. The operating lease expense for this lease was $ i 61,444 and $ i 122,888 for the three and six months ended June 30, 2022, respectively, and is included in operating expenses in the consolidated statements of operations.

 

 i 

Future minimum payments under non-cancellable leases as of June 30, 2022 were as follows:

 Schedule of Future Minimum Payments Under Non-Cancellable Leases

      
Future Minimum Payments    
2022 (July 1 to December 31)  $ i 130,640 
2023    i 251,403 
2024    i 256,414 
2025    i 69,421 
Total undiscounted operating leases payments    i 707,878 
Less: Imputed interest    i 46,160 
Present Value of Operating Lease Liabilities    i 661,718 
      
Other Information     
Weighted-average remaining lease term    i 2.75 years 
Weighted-average discount rate    i 5.0%
 / 

 

As a practical expedient, short-term leases with an initial term of 12 months or less are excluded from the consolidated balance sheets and charges from these leases are expensed as incurred. The Company has offices at several of its operating locations under leases that are cancellable upon short notice. Total rent expense for these leases (including the prior headquarters office) was approximately $ i 77,000 and $ i 22,000 for the six months ended June 30, 2022 and 2021, respectively.

 

 / 
 i 

(10) Income Taxes

 

Book income before taxes was negative for the six months ended June 30, 2022. Tax expense for the six months ended June 30, 2022 and 2021 was $0 and $0.

 

The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. The tax years subject to examination include the years 2019 and forward.

 

There are no uncertain tax positions that would require recognition in the consolidated financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors.

 

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 i 

(11) Acquisition

 

On March 11, 2022, the Company acquired substantially all of the assets of Full Service Fueling (“Seller”), a mobile fueling service provider, for (a) a net amount of $ i 321,250 cash after a credit of $ i 3,750, and (b)  i 40,323 common shares, with a value of $ i 50,000 based upon the Company’s closing stock price on the NASDAQ on the date immediately preceding the Closing Date. Further, the Purchase Agreement includes provisions wherein the Company agrees to utilize Seller’s affiliate Palmdale Oil Company, Inc. (“Palmdale”) as one if its main fuel suppliers throughout the state of Florida, with preferred pricing on all fuel purchases. Palmdale will also provide the Company with access to vehicle parking at their locations throughout the state in order to support the expansion of the Company’s mobile fueling business. This acquisition was considered an acquisition of a business under ASC 805.

 

A summary of the purchase price allocation at fair value is below.

 Schedule of Purchase Price Allocation at Fair Value

   Purchase
Allocation
 
Vehicles  $ i 153,000 
Customer list    i 66,413 
Loading rack license    i 58,857 
Other identifiable intangibles    i 56,124 
Goodwill    i 36,856 
Purchase Allocation  $ i 371,250 

 

 i 

The purchase price was paid as follows:

Schedule of Business Acquisitions by Acquisition Issued or Issuable

    1 
Cash  $ i 321,250 
Common stock    i 50,000 
Purchase Allocation  $ i 371,250 
 / 

 

The vehicles and the identifiable intangibles will be depreciated and amortized over their estimated useful lives. Transaction costs related to the acquisition were not material.

 

The results of operations for the six months ended June 30, 2022 include approximately $ i 55,000 of revenue and $ i 2,000 net loss related to the acquired business since the  i March 11, 2022 acquisition date.

 

 i 

The accompanying unaudited pro forma combined statements of operations present the accounts of EzFill Holdings, Inc. and Full Service Fueling for the year ended December 31, 2021 assuming the acquisition occurred on January 1, 2021.

 Schedule of Unaudited Pro Forma Combined Statement of Operations

Year Ended December 31, 2021
Summary Statement of Operations
  EzFill
Holdings
   Full Service Fueling   Combined 
             
Revenue  $ i 7,233,957   $ i 242,271   $ i 7,476,228 
                
Net Loss  $( i 9,383,397)  $( i 122,507)  $( i 9,505,904)
                
Net Loss per common share – basic and diluted  $( i 0.46)       $( i 0.47)
                
Weighted average common shares – basic and diluted    i 20,199,444          i 20,199,444 
 / 

 

 / 
 i 

(12) Subsequent Events

 

The Company evaluates subsequent events that occur after the balance sheet date through the date the financial statements were issued.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto as of and for the year ended December 31, 2021 and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission, or SEC, on June 1, 2021, as amended, and declared effective on September 14, 2021. Unless the context requires otherwise, references in this Quarterly Report on Form 10-Q to “we,” “us,” and “our” refer to Ezfill Holdings, Inc.

 

Forward-Looking Statements

 

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in our filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements.

 

Overview

 

We were incorporated under the laws of Delaware in March 2019. We are in the business of operating mobile fueling trucks and are headquartered in Miami, Florida. EzFill provides its customers the ability to have fuel delivered to their vehicles (cars, boats, trucks) without leaving their home or office and to construction sites, generators and reserve tanks.

 

Our mobile fueling solution gives our fleet, consumer and other customers the ability to fuel their vehicles with the touch of an app or regularly scheduled service, and without the inconvenience of going to the gas station.

 

Our consumer business was impacted significantly in 2020 by the COVID-19 pandemic and has largely returned in 2021 for residential fueling but is still in the process of recovering at office parks to pre-pandemic levels as employees gradually return to the office.

 

Results of Operations

 

The following table sets forth our results of operations for the three and six months ended June 30, 2022 and 2021:

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2022   2021   2022   2021 
Revenues  $3,754,431   $1,850,598   $6,094,499   $3,372,417 
Cost of sales   3,755,861    1,836,161    6,080,021    3,231,889 
Operating expenses   3,406,262    1,666,042    6,354,262    2,910,533 
Depreciation and amortization   458,811    233,130    796,476    351,874 
Operating loss   (3,866,503)   (1,884,735)   (7,136,260)   (3,121,879)
Other income (expense)   (6,167)   (121,867)   (2,920)   (234,211)
Net loss  $(3,872,670)  $(2,006,602)  $(7,139,180)  $(3,356,090)

 

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Non-GAAP Financial Measures

 

Adjusted EBITDA is a non-GAAP financial measure which we use in our financial performance analyses. This measure should not be considered a substitute for GAAP-basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. We believe that the presentation of Adjusted EBITDA, a non-GAAP financial measure that excludes the impact of net interest expense, taxes, depreciation, amortization, and stock compensation expense, provides useful supplemental information that is essential to a proper understanding of our financial results. Non-GAAP measures are not formally defined by GAAP, and other entities may use calculation methods that differ from ours for the purposes of calculating Adjusted EBITDA. As a complement to GAAP financial measures, we believe that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability.

 

The following is a reconciliation of net loss to the non-GAAP financial measure referred to as Adjusted EBITDA for the three and six months ended June 30, 2022 and 2021:

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2022   2021   2022   2021 
Net loss  $(3,872,670)  $(2,006,602)  $(7,139,180)  $(3,356,090)
Interest expense   6,167    121,867    1,196    234,211 
Depreciation and amortization   458,812    233,130    796,476    351,874 
Stock compensation   402,061    409,051    872,746    826,513 
Adjusted EBITDA  $(3,005,630)  $(1,242,554)  $(5,468,762)  $(1,943,492)
                     
Gallons delivered   789,970    607,765    1,381,475    1,152,827 
Average fuel margin per gallon  $0.49   $0.37   $0.49   $0.36 

 

Three months ended June 30, 2022, compared to the three months ended June 30, 2021

 

Revenues

 

We generated revenues of $3,754,431 for the three months ended June 30, 2022, compared to $1,850,598 for the prior year, an increase of $1,903,833 or 103%. This increase is primarily due to a 30% increase in gallons delivered as well as an increase in the average price per gallon. The additional gallons were in existing as well as new markets. The higher average fuel margin per gallon reflects the addition of new fleet customers at significantly higher average margins.

 

Cost of sales was $3,755,861 for the three months ended June 30, 2022, compared to $1,836,161 for the prior year. The $1,919,700 or 105% increase in cost of sales is due to the increase in sales as well as the hiring of additional drivers, primarily in new markets.

 

Operating Expenses

 

We incurred operating expenses of $3,406,263 during the three months ended June 30, 2022, compared to $1,666,042 during the prior year, an increase of $1,740,221 or 104%. This increase was primarily due to increases in payroll, insurance, marketing and public company expenses.

 

Depreciation and Amortization

 

Depreciation increased in the current year as a result of the increase in the fleet of delivery vehicles.

 

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Other Income (Expense)

 

Interest expense decreased in the current year due to the early repayment in September 2021 of pre-IPO debt.

 

Six months ended June 30, 2022 compared to the six months ended June 30, 2021

 

Revenues

 

We generated revenues of $6,094,499 for the six months ended June 30, 2022, compared to $3,372,417 for the prior year, an increase of 2,722,082 or 81%. This increase is due to a 19% increase in gallons delivered as well as an increase in the average price per gallon. The higher average fuel margin per gallon reflects the addition of new fleet customers at significantly higher average margins.

 

Cost of sales was $6,080,021 for the six months ended June 30, 2022, compared to $3,231,889 for the prior year. The $2,848,132 or 88% increase in cost of sales is mainly due to the increase in sales, as well as the hiring of additional drivers, primarily in new markets.

 

Operating Expenses

 

We incurred operating expenses of $6,354,262 during the six months ended June 30, 2022, as compared to $2,910,533 during the prior year, an increase of $3,443,729 or 118%. This increase was primarily due to increases in payroll, insurance, marketing, technology and public company expenses.

 

Depreciation and Amortization

 

Depreciation increased in the current year as a result of the increase in the fleet of delivery vehicles. Amortization increased in the current year as a result of the acquisition of a technology license.

 

Other Income (Expense)

 

Interest expense decreased in the current year due to the early repayment in September 2021 of pre-IPO debt.

 

Liquidity and Capital Resources

 

Cash Flow Activities

 

As of June 30, 2022, we had approximately $10.2 million in cash and investments compared to approximately $16.9 million at December 31, 2021.

 

Operating Activities

 

Net cash used in operating activities was $6,028,287 for the six months ended June 30, 2022, which was made up primarily by the net loss of $7,139,180 and offset by non-cash adjustments for a net amount of $1,110,893. Net cash used in operating activities was $2,149,473 during the prior year, which was made up primarily by the net loss of $3,356,090 and offset by non-cash adjustments for a net amount of $1,206,617.

 

Investing Activities

 

During the six months ended June 30, 2022 and 2021, we used $3,020,706 and $67,315, respectively, for the acquisition of fixed assets, primarily trucks used for delivery of fuel to our customers. During the six months ended June 30, 2022, we acquired the mobile fueling assets of Full Service Fueling.

 

Financing Activities

 

We generated $2,702,152 of cash flows from financing activities during the six months ended June 30, 2022, including $850,000 borrowings under our bank line of credit and $2,118,840 in new loans for truck purchases, less principal repayments of $266,688. We generated $1,964,995 of cash flows from financing activities during the six months ended June 30, 2021, including $115,000 from sale of shares and $1,900,000 in loans, less principal repayments of $24,174.

 

 C: 
19
 

 

Sources of Capital

 

The Company has sustained net losses since inception and does not have sufficient revenues and income to fully fund the operations. As a result, the Company has relied on equity and debt financings to fund its activities to date. For the quarter ended June 30, 2022, the Company had a net loss of $3,872,670. At June 30, 2022, the Company had an accumulated deficit of $24,478,576. The Company anticipates that it will continue to generate operating losses and use cash in operations through the foreseeable future.

 

In September 2021, the Company completed its Initial Public Offering and raised $25,250,000 in net proceeds after deducting the underwriting discount and offering expenses. The Company anticipates that it will need to raise additional capital in the next 4-6 months in order to fund its operations. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully expand to new markets, competition, and the need to enter into collaborations with other companies or acquire other companies to enhance or complement its product and service offerings. There can be no assurances that financing will be available on terms which are favorable to us, or at all. If we are unable to raise additional funding to meet our working capital needs in the future, we will be forced to delay, reduce or cease our operations.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements as defined in Regulation S-K Item 303(a)(4).

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not required for smaller reporting companies.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic and current reports that we file with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

As of June 30, 2022, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2022.

 

Changes in Internal Control Over Financial Reporting

 

There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 C: 
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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

None.

 

Item 1A. Risk Factors

 

Not required for smaller reporting companies.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

During the period covered by this report, we have not sold any equity securities in transactions that were not reported on a Current Report on Form 8-K. The Company did not repurchase any of its shares during the quarter ended June 30, 2022.

 

Use of Proceeds

 

(b) On September 14, 2021, our Registration Statement, as amended, and originally filed on Form S-1 (file No. 333-256691) was declared effective by the SEC for our initial public offering of 7,187,500 shares of common stock, including 937,500 shares of common stock purchased by the underwriters pursuant to the exercise of the over-allotment option each at an offering price of $4.00 per share, for aggregate gross proceeds of approximately $28.75 million. After deducting underwriting discounts, commissions and offering costs incurred by us of approximately $3.50 million, the net proceeds from the offering were approximately $25.3 million. ThinkEquity LLC acted as sole book-running manager of the initial public offering. No offering costs were paid or are payable, directly, or indirectly, to our directors or officers, to persons owning 10% or more of any class of our equity securities, or to any of our affiliates.

 

There has been no material change in the expected use of the net proceeds from our IPO as described in our final prospectus filed with the SEC on September 16, 2021. Upon receipt, the net proceeds from our IPO were held in cash, cash equivalents and short-term investments. As of June 30, 2022, we have used approximately $15.1 million of the net proceeds from the IPO. Pending such uses, we plan to continue investing the unused proceeds from the IPO in fixed, non-speculative income instruments and money market funds.

 

Item 3. Defaults Upon Senior Securities.

 

Not applicable.

 

Item 4. Mine Safety Disclosures.

 

Not Applicable.

 

Item 5. Other Information.

 

Not applicable.

 

 C: 
21
 

 

Item 6. Exhibits

 

The following exhibits are filed as part of this Quarterly Report on Form 10-Q.

 

Exhibit

Number

  Description of Exhibit
1.1   Underwriting Agreement, dated as of September 14, 2021, incorporated by reference to Exhibit 1.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 16, 2021.
     
2.1   Asset Purchase and Fuel Supply Agreement dated March 2, 2022, incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2022.
     
3.1   Amended and Restated Certificate of Incorporation of the Registrant, incorporated by reference to Exhibit 3.2 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
3.2   Bylaws of the Registrant, incorporated by reference to Exhibit 3.1 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
3.3   Certificate of Amendment to Amended and Restated Certificate of Incorporation. Incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K originally filed with the Securities and Exchange Commission on September 16, 2021.
     
4.1   Form of Common Stock Certificate of the Registrant, incorporated by reference to Exhibit 4.1 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
4.2   Form of Representatives Warrant, incorporated by reference to Exhibit 4.2 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.1   Asset Purchase Agreement between Neighborhood Fuel, Inc. and Neighborhood Fuel Holdings, LLC, dated as of February 19, 2020, incorporated by reference to Exhibit 10.1 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.2   Asset Sale and Purchase Agreement between EzFill Fl, LLC and EzFill Holdings, Inc., dated as of April 9, 2019, incorporated by reference to Exhibit 10.2 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.3   Promissory Note, dated November 24, 2020, incorporated by reference to Exhibit 10.8 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.4   Promissory Note, dated June 25, 2021 issued to LH MA 2 LLC, incorporated by reference to Exhibit 10.11 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.

 

 C: 
22
 

 

10.5   Promissory Note dated June 25, 2021 issued to the Farkas Group, Inc., incorporated by reference to Exhibit 10.12 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.6   Promissory Note dated July 26, 2021 issued to LH MA 2 LLC, incorporated by reference to Exhibit 10.13 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.7   Promissory Note dated July 26, 2021 issued to the Farkas Group, Inc., incorporated by reference to Exhibit 10.14 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.8   Promissory Note dated August 18, 2021 issued to the Farkas Group, Inc., incorporated by reference to Exhibit 10.15 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.9   Promissory Note dated August 19, 2021 issued to Hutton Capital Management, incorporated by reference to Exhibit 10.16 of the Registrant’s Registration Statement on Form S-1 (333-256691), as amended, originally filed with the Securities and Exchange Commission on June 28, 2021.
     
10.10   Securities-Based Line of Credit, Promissory Note, Security, Pledge and Guaranty Agreement, incorporated by reference to Exhibit 99.1 of Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 15, 2021.
     
10.11   Employment Offer Letter, January 11. 2022, incorporated by reference to Exhibit 10.1 of Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 11, 2021.
     
10.12   Separation Agreement and Release, incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 3, 2022.
     
10.13   Non-Independent Board Member Letter of Agreement, incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 3, 2022.
     
10.14   Form of Loading Rack License Agreement, incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2022.
     
10.15   Form of Mutual Non-Solicitation and Non-Interference Agreement, incorporated by reference to Exhibit 10.2 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2022.https://www.sec.gov/Archives/edgar/data/1817004/000149315222005972/ex10-2.htm
     
10.16   Separation Agreement and Release Agreement dated June 1, 2022, incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 3, 2022
     
10.17   EZFill Holdings, Inc. 2022 Equity Incentive Plan, incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2022
     
31.1*   Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act, as amended.
     
31.2*   Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act, as amended.
     
32.1**   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14(b) or 15d-14(b) of the Securities Exchange Act, as amended, and 18 U.S.C. Section 1350.
     
101.INS   Inline XBRL Instance Document
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.
** Furnished herewith.
+ Indicates management contract or compensatory plan.

 

 C: 
23
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: August 12, 2022 EZFILL HOLDING, INC.
     
  By: /s/ Michael McConnell
    Michael McConnell
    Chief Executive Officer and Director
    (Principal Executive Officer)
     
  By: /s/ Arthur Levine
    Arthur Levine
    Chief Financial Officer
    (Principal Financial Officer)

 

 C: 
24

 

 C: 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
9/14/26
9/14/24
12/31/22
Filed on:8/12/228-K
8/5/22
For Period end:6/30/22
6/3/224,  8-K
3/31/2210-Q,  S-8
3/14/22
3/11/228-K
3/10/22
3/9/2210-K
1/1/22
12/31/2110-K
12/10/218-K
12/3/21
11/18/21
9/16/21424B4,  8-K
9/14/213,  8-A12B,  8-K,  CERT,  EFFECT
8/21/21
6/30/21
6/1/21CORRESP,  DRS,  DRS/A,  S-1
4/21/21DRS/A
4/7/21
3/31/21
3/10/21
1/1/21
12/31/20
11/24/20
11/18/20
8/1/20
3/28/19
 List all Filings 


5 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/13/23  EzFill Holdings Inc.              424B5                  1:457K                                   M2 Compliance LLC/FA
 2/17/23  EzFill Holdings Inc.              424B5                  1:375K                                   M2 Compliance LLC/FA
 1/09/23  EzFill Holdings Inc.              DEF 14C     1/09/23    1:137K                                   M2 Compliance LLC/FA
12/29/22  EzFill Holdings Inc.              PRE 14C    12/29/22    1:137K                                   M2 Compliance LLC/FA
12/22/22  EzFill Holdings Inc.              S-3                    4:393K                                   M2 Compliance LLC/FA


11 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/07/22  EzFill Holdings Inc.              8-K:5,9     6/03/22   11:421K                                   M2 Compliance LLC/FA
 6/03/22  EzFill Holdings Inc.              8-K:5,9     6/01/22   11:248K                                   M2 Compliance LLC/FA
 3/03/22  EzFill Holdings Inc.              8-K:1,8,9   3/02/22   14:575K                                   M2 Compliance LLC/FA
 2/03/22  EzFill Holdings Inc.              8-K:1,5,9   1/28/22   12:290K                                   M2 Compliance LLC/FA
 1/18/22  EzFill Holdings Inc.              8-K:5,9     1/11/22   11:237K                                   M2 Compliance LLC/FA
12/15/21  EzFill Holdings Inc.              8-K:1,2,9  12/10/21   11:486K                                   M2 Compliance LLC/FA
 9/16/21  EzFill Holdings Inc.              8-K:1,3,5,7 9/14/21    4:1.1M                                   M2 Compliance LLC/FA
 8/20/21  EzFill Holdings Inc.              S-1/A                 88:7.3M                                   M2 Compliance LLC/FA
 8/17/21  EzFill Holdings Inc.              S-1/A                 90:7.9M                                   M2 Compliance LLC/FA
 6/28/21  EzFill Holdings Inc.              S-1/A                 92:8M                                     M2 Compliance LLC/FA
 6/01/21  EzFill Holdings Inc.              S-1                  105:11M                                    M2 Compliance LLC/FA
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