What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-11-14 compared with 2023-08-21 · 50 added, 56 removed, 106 unchanged (50% of the section changed)

32 unchanged sentences

in Miami, Florida.

EzFill provides its customers the ability to have fuel delivered to their vehicles (cars, boats, trucks) without leaving

EzFill provides its customers with 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.

6 unchanged sentences

of Operations

following table sets forth our results of operations for the three and six months ended June 30, 2023 and 2022:

Cost of sales

Operating expenses

Depreciation and amortization

Operating loss

Other income (expense)

following table sets forth our results of operations for the three and nine months ended September 30, 2023 and 2022:

and amortization

(11,209,095 )

income (expense)

$ (2,226,738 )

1 unchanged sentence

$ (7,044,320 )

$ (11,215,589 )

Financial Measures

10 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, 2023 and 2022:

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, 2023 and 2022:

$ (2,226,738 )

2 unchanged sentences

$ (11,215,589 )

Interest expense

Depreciation and amortization

Stock compensation

Adjusted EBITDA

and amortization

$ (1,162,140 )

2 unchanged sentences

$ (8,728,343 )

Gallons delivered

Average fuel margin per gallon

months ended June 30, 2023, compared to the three months ended June 30, 2022

generated revenues of $6,130,661 for the three months ended June 30, 2023, compared to $3,754,431 for the prior year, an increase of

$2,376,230 or 63%.

fuel margin per gallon

months ended September 30, 2023, compared to the three months ended September 30, 2022

generated revenues of $6,163,682 for the three months ended September 30, 2023, compared to $4,091,403 for the prior year, an increase

of $2,072,279 or 51%.

This increase is primarily due to a 49% increase in gallons delivered and an increase in fees.

1 unchanged sentence

were in existing as well as new markets.

of sales was $5,646,291 for the three months ended June 30, 2023, compared to $3,755,861 for the prior year.

The $1,708,430 or 45% increase

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

Our gross profit

improved year over year due to higher fuel revenues as well as increased delivery fees and driver efficiency.

incurred operating expenses of $2,369,026 during the three months ended June 30, 2023, compared to $3,406,263 during the prior year,

of sales was $5,813,957 for the three months ended September 30, 2023, compared to $4,208,155 for the prior year.

The $1,605,802 or 38%

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

gross profit improved year over year due to higher fuel revenues as well as increased delivery fees and driver efficiency.

incurred operating expenses of $1,684,340 during the three months ended September 30, 2023, compared to $3,476,261 during the prior year,

a decrease of $1,791,921 or 52%.

6 unchanged sentences

expense increased in the current year due to increased borrowing for truck purchases during 2022.

months ended June 30, 2023 compared to the six months ended June 30, 2022

generated revenues of $11,361,995 for the six months ended June 30, 2023, compared to $6,094,499 for the prior year, an increase of 5,267,496

This increase is primarily due to a 53% increase in gallons delivered and an increase in fees.

The additional gallons were in

existing as well as new markets.

of sales was $10,715,074 for the six months ended June 30, 2023, compared to $6,080,021 for the prior year.

The $4,635,053 or 76% increase

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

months ended September 30, 2023 compared to the nine months ended September 30, 2022

generated revenues of $17,525,677 for the nine months ended September 30, 2023, compared to $10,185,902 for the prior year, an increase

of 7,339,775 or 72%.

This increase is primarily due to an 85% increase in gallons delivered and an increase in fees.

The additional gallons

were in existing as well as new markets.

of sales was $16,529,030 for the nine months ended September 30, 2023, compared to $10,288,176 for the prior year.

The $6,240,854 or

61% increase in cost of sales is mainly due to due to the increase in sales as well as the hiring of additional drivers, primarily in

Our gross profit improved year over year due to higher fuel revenues as well as increased delivery fees and driver efficiency.

incurred operating expenses of $4,565,672 during the six months ended June 30, 2023, as compared to $6,354,262 during the prior year,

a decrease of $1,788,590 or 28%.

This decrease was primarily due to decreases in payroll, stock based compensation, marketing and public

company expenses.

incurred operating expenses of $6,250,013 during the nine months ended September 30, 2023, as compared to $9,830,523 during the prior

year, a decrease of $3,580,510 or 36%.

This decrease was primarily due to decreases in payroll, stock based compensation, marketing and

public company expenses.

and Amortization

5 unchanged sentences

Flow Activities

of June 30, 2023, we had approximately $1,359,333 in cash and investments compared to approximately $4,186,875 at December 31, 2022.

cash used in operating activities was $3,898,769 for the six months ended June 30, 2023, which was made up primarily by the net loss

of $4,817,582 and offset by non-cash adjustments for a net amount of $918,813.

Net cash used in operating activities was $6,028,287 during

the prior year, 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.

the six months ended June 30, 2023 net cash provided by investing activities was $2,149,614.

The cash provided was the result of maturity

and sale of debt securities.

Net cash used by investing activities during the six months ended June 30, 2022 was $2,840,239 primarily

the result of the acquisition of fixed assets, primarily trucks used for delivery of fuel to our customers.

generated $1,041,698 of cash flows from financing activities during the six months ended June 30, 2023, including $1,460,000 in new loans

for truck purchases, $250,000 loan from a related party, less principal repayments of $638,302 and received proceeds from the issuance

of common stock from the ATM of $25,308 and recorded related expenses of $25,308.

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.

of September 30, 2023, we had approximately $405,230 in cash and investments compared to approximately $4,186,875 at December 31, 2022.

cash used in operating activities was $5,439,667 for the nine months ended September 30, 2023, which was made up primarily by the net

loss of $7,044,320 and offset by non-cash adjustments for a net amount of $1,604,653.

Net cash used in operating activities was $8,983,886

during the prior year, 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.

the nine months ended September 30, 2023 net cash provided by investing activities was $2,149,614.

The cash provided was the result of

maturity and sale of debt securities.

Net cash used by investing activities during the nine months ended September 30, 2022 was $2,731,696

primarily the result of the acquisition of fixed assets, primarily trucks used for delivery of fuel to our customers.

generated $1,624,490 of cash flows from financing activities during the nine months ended September 30, 2023, including $3,321,100 in

new loans for truck purchases, $250,000 loan from a related party, less principal repayments of $1,942,610 and received proceeds from

the issuance of common stock from the ATM of $25,308 and recorded related expenses of $25,308.

We generated $2,731,913 of cash flows

from financing activities during the nine months ended September 30, 2022, including $1,000,000 borrowings under our bank line of credit

and $2,187,122 in new loans for truck purchases, less principal repayments of $455,209.

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 six months ended June 30, 2023,

For the nine months ended September 30,

2023, the Company had a net loss of $7,044,320.

At June 30, 2023, the Company had an accumulated deficit of $39,662,743.

The Company anticipates

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

At September 30, 2023, the Company had an accumulated deficit of $41,889,481.

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

Company has limited capital and is currently relying on a related party to fund its operations.

18 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