What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2022-11-14 compared with 2022-08-12 · 70 added, 80 removed, 81 unchanged (65% of the section changed)

31 unchanged sentences

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.

in Aventura, 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.

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.

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.

consumer business was impacted significantly in 2020 by the COVID-19 pandemic and 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.

of Operations

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

following table sets forth our results of operations for the three and nine months ended September 30, 2022, and 2021:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Cost of sales

2 unchanged sentences

Operating loss

(11,209,905 )

Other income (expense)

15 unchanged sentences

underlying performance and distort comparability.

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

Six Months Ended

$ (3,872,670 )

$ (2,006,602 )

$ (7,139,180 )

$ (3,356,090 )

Interest expense

Depreciation and amortization

Stock compensation

Adjusted EBITDA

$ (3,005,630 )

$ (1,242,554 )

$ (5,468,762 )

$ (1,943,492 )

Gallons delivered

Average fuel margin per gallon

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

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.

following is a reconciliation of net loss to the non-GAAP financial measure referred to as Adjusted EBITDA for the three and nine months

ended September 30, 2022, and 2021:

and amortization

fuel margin per gallon

months ended September 30, 2022, compared to the three months ended September 30, 2021

generated revenues of $4,091,403 for the three months ended September 30, 2022, compared to $ 1,863,599 for the prior year, an increase

of $ 2,227,804 or 120%.

This increase is primarily due to a 71% increase in gallons delivered as well as an increase in the average price

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.

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.

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.

The higher average fuel margin per gallon reflects the addition

of new fleet customers at higher average margins.

of sales was $4,208,155 for the three months ended September 30, 2022, compared to $ 1,825,739 for the prior year.

The $2,382,413 or

130% increase in cost of sales is due to the increase in sales as well as the hiring of additional drivers, primarily in new markets.

incurred operating expenses of $3,476,261 during the three months ended September 30, 2022, compared to $ 1,794,575 during the prior

year, an increase of $1,681,686 or 94%.

This increase was primarily due to increases in payroll, insurance, marketing, and public company

and Amortization

2 unchanged sentences

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

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

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

The higher average fuel margin per gallon reflects the addition of new fleet customers at significantly higher average margins.

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.

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.

months ended September 30, 2022, compared to the nine months ended September 30, 2021

generated revenues of $10,185,902 for the nine months ended September 30, 2022, compared to $5,236,016 for the prior year, an increase

of $4,949,886 or 95%.

This increase is due to a 37% 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 higher average margins.

of sales was $10,288,176 for the nine months ended September 30, 2022, compared to $5,057,628 for the prior year.

The $5,230,548 or 103%

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.

incurred operating expenses of $9,830,523 during the nine months ended September 30, 2022, as compared to $4,705,108 during the prior

year, an increase of $5,125,415 or 109%.

This increase was primarily due to increases in payroll, insurance, marketing, technology, and

public company expenses.

and Amortization

6 unchanged sentences

Flow Activities

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

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.

of September 30, 2022, we had approximately $7.0 million in cash and investments compared to approximately $16.9 million at December

cash used in operating activities was $8,983,886 for the nine months ended September 30, 2022, which was made up primarily by the net

loss of $11,215,589 and offset by non-cash adjustments for a net amount of $2,231,703.

Net cash used in operating activities was $3,412,763

1 unchanged sentence

of $2,316,932.

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.

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.

the nine months ended September 30, 2022, and 2021, we used $3,242,162 and $813,283, respectively, for the acquisition of fixed assets,

primarily trucks used for delivery of fuel to our customers.

During the nine months ended September 30, 2022, we acquired the mobile

fueling assets of Full Service Fueling.

generated $2,731,913 of cash flows from financing activities during the nine months ended September 30, 2022, including $1,000,000 in

borrowings under our bank line of credit and $2,187,122 in new loans for truck purchases, less principal repayments of $455,209.

$23,994,165 of cash flows from financing activities during the nine months ended September 30, 2021, including $25,250,000 net proceeds

from our IPO, $115,000 from sale of shares and $2,650,000 in loans, less principal repayments of $4,020,409.

Company has sustained net losses since inception and does not have sufficient revenues and income to fully fund the operations.

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.

For the quarter ended September 30, 2022,

the Company had a net loss of $4,076,409.

At September 30, 2022, the Company had an accumulated deficit of $28,554,985.

The Company anticipates

that it will continue to generate operating losses and use cash in operations through the foreseeable future.

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.

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 2-3

months in order to continue 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.

Sheet Arrangements

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis