What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-11-13 compared with 2024-08-14 · 67 added, 58 removed, 136 unchanged (48% of the section changed)

3 unchanged sentences

The following discussion and analysis of our financial

condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and

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

24 unchanged sentences

of Operations

following table sets forth our results of operations for the three and six months ended June 30, 2024 and 2023:

following table sets forth our results of operations for the three and six months ended September 30, 2024 and 2023:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Cost of sales

19 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, 2024 and 2023:

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, 2024 and 2023:

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

$ (8,075,509 )

4 unchanged sentences

Depreciation and amortization

Loss on debt extinguishment – related party

Stock compensation

6 unchanged sentences

Average fuel margin per gallon

months ended June 30, 2024, compared to the three months ended June 30, 2023

generated revenues of $7,398,278 for the three months ended June 30, 2024, compared to $6,130,661 for the prior year, an increase of

$1,267,617 or 21%.

months ended September 30, 2024, compared to the three months ended September 30, 2023

generated revenues of $6,985,962 for the three months ended September 30, 2024, compared to $6,163,682 for the prior year, an increase

of $822,280 or 13%.

This increase is primarily due to a 26% increase in gallons delivered and an increase in related fees.

1 unchanged sentence

gallons were in existing as well as newly developed markets.

of sales was $6,847,450 for the three months ended June 30, 2024, compared to $5,646,291 for the prior year.

The $1,201,159 or 21% increase

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

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

incurred operating expenses of $1,805,734 during the three months ended June 30, 2024, compared to $2,369,026 during the prior year,

a decrease of $563,292 or 24%.

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

of sales was $6,379,137 for the three months ended September 30, 2024, compared to $5,813,957 for the prior year.

The $565,180 or 10%

increase in cost of sales is due to the increase in fuel 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 $1,950,288 during the three months ended September 30, 2024, compared to $1,684,340 during the prior year,

an increase of $265,948 or 16%.

This increase was primarily due to increases in payroll, stock based compensation, marketing and public

company expenses.

and Amortization

decreased from $277,608 to $264,368, ($13,240), in the current three months ended June 30, 2024 as compared to June 30, 2023.

decreased from $278,442 to $269,561, ($8,881), in the current three months ended September 30, 2024 as compared to September 30, 2023.

Income (Expense)

expense increased from $12,819 to $1,902,409 ($1,889,590) in the current three months ended June 30, 2024 as compared to June 30, 2024

due to increased borrowing from related parties during the three months ending June 30, 2024.

months ended June 30, 2024 compared to the six months ended June 30, 2023

generated revenues of $13,995,397 for the six months ended June 30, 2024, compared to $11,361,995 for the prior year, an increase of

2,633,402 or 23%.

expense increased from $622,777 to $5,601,813 ($4,979,036) in the current three months ended September 30, 2024 as compared to September

30, 2024 due to increased borrowing from related parties during the three months ending September 30, 2024.

Loss on debt extinguishment – related party

increased from $0 to $907,500 in the current three months ended September 30, 2024

months ended September 30, 2024 compared to the nine months ended September 30, 2023

generated revenues of $20,977,860 for the nine months ended September 30, 2024, compared to $17,525,677 for the prior year, an increase

of 3,452,183 or 20%.

This increase is primarily due to a 23% increase in gallons delivered and an increase in related fees.

1 unchanged sentence

gallons were in existing as well as newly developed markets.

of sales was $12,982,785 for the six months ended June 30, 2024, compared to $10,715,074 for the prior year.

The $2,267,711 or 21% increase

in cost of sales is mainly due to the increase in fuel 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 $3,294,764 during the six months ended June 30, 2024, as compared to $4,565,672 during the prior year,

a decrease of $1,270,908 or 25%.

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

company expenses.

of sales was $19,361,923 for the nine months ended September 30, 2024, compared to $16,529,030 for the prior year.

The $2,832,893 or

17% increase in cost of sales is mainly due to the increase in fuel sales as well as the hiring of additional drivers, primarily in new

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 $5,245,052 during the nine months ended September 30, 2024, as compared to $6,250,013 during the prior

year, a decrease of $1,004,961 or 16%.

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

public company expenses.

and Amortization

decreased from $550,695 to $540,891, ($9,804), in the current six months ended June 30, 2024 as compared to June 30, 2023.

decreased from $829,137 to $810,451, ($18,686), in the current nine months ended September 30, 2024 as compared to September 30, 2023.

Income (Expense)

expense increased from $27,160 to $2,561,562 ($2,534,402) in the current six months ended June 30, 2024 as compared to June 30, 2023

due to increased borrowing from related parties during the six months ending June 30, 2024.

expense increased from $966,374 to $8,163,375 ($7,197,001) in the current nine months ended September 30, 2024 as compared to September

30, 2023 due to increased borrowing from related parties during the nine months ending September 30, 2024.

on debt extinguishment – related party increased from $0 to $907,500 in the current nine months ended September 30, 2024.

and Capital Resources

Flow Activities

of June 30, 2024, we had approximately $306,811 in cash compared to approximately $226,985 at December 31, 2023.

cash used in operating activities was $2,095,470 for the six months ended June 30, 2024, which was made up primarily by the net loss

of $5,260,355 and offset by non-cash adjustments for a net amount of $3,164,885.

of September 30, 2024, we had approximately $828,185 in cash compared to approximately $226,985 at December 31, 2023.

cash used in operating activities was $3,448,667 for the nine months ended September 30, 2024, which was made up primarily by the net

loss of $13,339,363 and offset by non-cash adjustments for a net amount of $9,890,696.

Net cash used in operating activities was $5,439,667

during 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

during 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.

the six months ended June 30, 2024 net cash used by investing activities was $28,817.

the nine months ended September 30, 2024 net cash used by investing activities was $55,704.

The cash used was to purchase equipment of

$38,554 and advances to related party of $17,150.

Net cash provided by investing activities during the prior year was $2,130,116 resulting from

the proceeds as part of the sale of marketable debt securities, net of $19,498 in purchases of equipment.

generated $2,204,113 of cash flows from financing activities during the six months ended June 30, 2024, including a $2,550,000 loan

from a related party (an approximate 20% shareholder of the Company), proceeds from notes payable of $250,000 less principal

repayments of $595,887.

We generated $1,041,698 of cash flows from financing activities during the six months ended June 30, 2023,

including a $1,710,000 loan from a related party (an approximate 20% shareholder of the Company), net of the repayments of loans

payable from a related party of $405,802 and repayments of notes payable of $262,500, we also received $25,308 of proceeds for the

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

Net cash provided by investing activities during the prior year was $2,130,116 resulting

from the proceeds as part of the sale of marketable debt securities, net of $19,498 in purchases of equipment.

generated $4,105,571 of cash flows from financing activities during the nine months ended September 30, 2024, including a $3,300,000

loan from a related party (an approximate 20% shareholder of the Company), proceeds from issuance of Series B – convertible preferred

stock from a related party (an approximate 20% shareholder of the Company) of $1,400,000 and proceeds from notes payable of $250,000

less principal repayments of $844,429.

We generated $1,628,490 of cash flows from financing activities during the nine months ended September

30, 2023, including a $3,321,000 loan from a related party (an approximate 20% shareholder of the Company) and proceeds from notes payable

of $250,000, net of the repayments of loans payable from a related party of $262,500 and repayments of notes payable of $680,110 and

repayments on line of credit of $1,000,000, we also received $25,308 of proceeds for the issuance of stock from the ATM and recorded

related expenses of $25,308.

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

result, the Company has relied on equity and debt financings to fund its activities to date.

For the six months ended June 30, 2024,

For the nine months ended September 30,

2024, the Company had a net loss of $13,339,363.

At June 30, 2024, the Company had an accumulated deficit of $50,577,405.

The Company anticipates

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

At September 30, 2024, the Company had an accumulated deficit of $58,741,247.

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.

13 unchanged sentences

be forced to delay, reduce, or cease our operations.

reflected in the accompanying consolidated financial statements, for the six months ended June 30, 2024, the Company had:

loss of $5,260,355;

reflected in the accompanying consolidated financial statements, for the nine months ended September 30, 2024, the Company had:

loss available to common stockholders of $13,424,197;

cash used in operations was $3,448,667

Additionally,

at June 30, 2024, the Company had:

at September 30, 2024, the Company had:

deficit of $58,741,247

Stockholders’

deficit of $4,833,450;

capital deficit of $7,548,867

equity of $3,558,365;

capital of $1,302,925

Company anticipates that it will need to raise additional capital immediately in order to continue to fund its operations.

14 unchanged sentences

The Company had cash on hand

of $306,811 at June 30, 2024.

of $828,185 at September 30, 2024.

Company has historically incurred significant losses since inception and has not demonstrated an ability to generate sufficient revenues

3 unchanged sentences

our financial position, our cash flows and cash usage forecasts for the twelve months

ended June 30, 2025, and our current capital structure including equity-based instruments and our obligations and debts.

ended December 31, 2025, and our current capital structure including equity-based instruments and our obligations and debts.

factors create substantial doubt about the Company’s ability to continue as a going concern within the twelve-month period subsequent

8 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