Financial Data and Key Metrics Changes - Revenue in Q4 2021 increased by 77% to $2 million compared to $1.1 million in Q4 2020, driven by higher average fuel prices and a 21% increase in gallons delivered [32] - Total gallons delivered in Q4 2021 were approximately 577,000, with full-year revenue reaching $7.2 million, more than double the previous year, supported by a 53% increase in gallons delivered [33] - Cash position at year-end was $16.9 million, up from just under $1 million at year-end 2020, with no long-term debt and no outstanding borrowings under the line of credit [31] Business Line Data and Key Metrics Changes - The commercial fleet business accounts for approximately 80% of revenue, with 15 new fleet accounts expected to contribute meaningfully to revenue in the first half of 2022 [13][10] - The on-demand consumer and specialty business currently contributes about 20% of revenue, with a focus on capitalizing on changing consumer behaviors towards on-demand services [14] Market Data and Key Metrics Changes - The on-demand economy is projected to reach $335 billion by 2025, indicating significant growth potential for mobile fueling services [15] - Expansion plans include entering additional targeted cities across Florida, such as Tampa and Orlando, and launching a pilot program in New York [21][24] Company Strategy and Development Direction - The company aims to accelerate geographic expansion and has signed an agreement to acquire mobile fueling assets to support this strategy [21][23] - A focus on enhancing brand awareness through marketing campaigns and expanding service offerings to corporate employees as an employee benefit [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in 2022 and beyond, highlighting the importance of new fleet contracts and the ramp-up period for new trucks [9][40] - There has been no observed negative impact on demand despite rising fuel prices, with robust performance in both fleet and marine segments [51] Other Important Information - The company completed its IPO in September 2021, netting approximately $25 million, part of which was used to repay high-interest debt [30] - The average fuel margin per gallon was $0.40 for Q4, flat year-over-year, but expected to increase as the customer base diversifies [37] Q&A Session Summary Question: What would be an expected quarterly burn rate for 2022? - The burn rate for the quarter was over $900,000, with expectations to stabilize at that amount going forward [44] Question: Would Miami be considered a major city for new truck compliance? - Yes, Miami could be considered a major city, and the new tank designs will meet strict regulatory requirements [48] Question: Do rising gas prices have any negative impact on demand? - No negative impact has been observed on demand or orders in any segments despite rising fuel prices [51]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, financial position changes, and specific transactions for the periods ended September 30, 2021, and December 31, 2020 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights: | Metric | September 30, 2021 | December 31, 2020 | | :----------------------------- | :----------------- | :------------------ | | Cash | $20,650,989 | $882,870 | | Total Current Assets | $20,961,216 | $1,277,643 | | Total Assets | $25,663,945 | $2,806,752 | | Total Current Liabilities | $1,447,766 | $3,737,472 | | Total Liabilities | $1,521,254 | $4,288,496 | | Total Stockholders' Equity (Deficit) | $24,142,691 | $(1,481,744) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (Three Months Ended September 30): | Metric | 2021 | 2020 | Change ($) | Change (%) | | :----------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues | $1,863,599 | $1,121,133 | $742,466 | 66% | | Cost of Sales | $1,825,739 | $1,064,362 | $761,378 | 72% | | Operating Expenses | $1,794,575 | $641,945 | $1,152,630 | 180% | | Net Loss | $(2,373,603) | $(724,184) | $(1,649,420) | 228% | | Basic and Diluted Net Loss Per Share | $(0.13) | $(0.08) | $(0.05) | 62.5% | Condensed Consolidated Statements of Operations (Nine Months Ended September 30): | Metric | 2021 | 2020 | Change ($) | Change (%) | | :----------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues | $5,236,016 | $2,460,174 | $2,775,842 | 113% | | Cost of Sales | $5,057,628 | $2,417,456 | $2,640,173 | 109% | | Operating Expenses | $4,705,108 | $2,719,394 | $1,985,714 | 73% | | Net Loss | $(5,729,693) | $(3,071,841) | $(2,657,853) | 87% | | Basic and Diluted Net Loss Per Share | $(0.33) | $(0.33) | $0.00 | 0% | [Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity%20(Deficit)) Stockholders' Equity (Deficit) Evolution: | Metric | December 31, 2020 | September 30, 2021 | | :----------------------------- | :------------------ | :----------------- | | Common Stock Amount | $1,720 | $2,592 | | Additional Paid-in Capital | $6,472,536 | $37,825,792 | | Accumulated Deficit | $(7,956,000) | $(13,685,693) | | Total Stockholders' Equity (Deficit) | $(1,481,744) | $24,142,691 | - **Initial Public Offering** (net of expenses) contributed **$25,249,574** to stockholders' equity during the nine months ended September 30, 2021[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Nine Months Ended September 30): | Activity | 2021 | 2020 | | :----------------------------- | :------------ | :------------ | | Net cash used in operating activities | $(3,412,763) | $(816,057) | | Net cash used in investing activities | $(813,283) | $(87,661) | | Net cash provided by financing activities | $23,994,165 | $1,260,812 | | Net change in cash and cash equivalents | $19,768,119 | $357,094 | | Cash and cash equivalents at end of period | $20,650,989 | $389,186 | - Proceeds from **Initial Public Offering** (**IPO**) were **$28,750,000**, with **IPO** expenses of **$(3,500,426)**, contributing **significantly** to financing activities in 2021[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [(1) Nature of Organization and Summary of Significant Accounting Policies](index=9&type=section&id=(1)%20Nature%20of%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) - EzFill Holdings, Inc. was incorporated on March 28, 2019, in Delaware and operates an on-demand mobile gas delivery service in South Florida[22](index=22&type=chunk) - In September 2021, the Company **issued** **7,187,500 shares** in its **Initial Public Offering** (**IPO**) at **$4.00 per share**, generating **net proceeds** of approximately **$25,250,000**[23](index=23&type=chunk) - The Company has **significant customer concentration**, with **one customer** accounting for **approximately 58% of revenue** for the nine months ended September 30, 2021, and **60% for the three months** ended September 30, 2021[30](index=30&type=chunk) - The Company purchases substantially all of its fuel from **one vendor**[31](index=31&type=chunk) [(2) Going concern](index=11&type=section&id=(2)%20Going%20concern) - The Company has sustained a **net loss** since inception and had an **accumulated deficit** of **$13,685,695** at September 30, 2021[39](index=39&type=chunk) - The Company **mitigated** its previously reported **going concern issue** by raising **approximately $25,250,000** in **net proceeds** from its **Initial Public Offering**[39](index=39&type=chunk) [(3) Related Party Transactions](index=11&type=section&id=(3)%20Related%20Party%20Transactions) - **Issued** **26,573 shares of common stock** to executives as a signing bonus during the nine months ended September 30, 2021, recording **$100,000 in stock-based compensation expense**[40](index=40&type=chunk) - Entered a consulting agreement with Balance Labs, Inc. (related party), involving stock issuance, a **$200,000 IPO payment**, and monthly fees[41](index=41&type=chunk) - The Company is party to a technology license agreement with Fuel Butler LLC, which is **20% owned** by a Company executive[42](index=42&type=chunk) - All related party debt was **repaid in September 2021**[43](index=43&type=chunk) [(4) Fixed Assets](index=11&type=section&id=(4)%20Fixed%20Assets) Fixed Assets, Net: | Metric | September 30, 2021 | December 31, 2020 | | :----------------------------- | :----------------- | :------------------ | | Equipment | $167,038 | $42,643 | | Vehicles | $538,562 | $529,742 | | Deposits on trucks | $663,803 | $0 | | Total fixed assets, net | $1,147,140 | $428,567 | - **Depreciation expense totaled** **$94,710** for the nine months ended September 30, 2021, compared to **$77,076** for the same period in 2020[44](index=44&type=chunk) [(5) Intangible Assets](index=12&type=section&id=(5)%20Intangible%20Assets) Intangible Assets, Net: | Metric | September 30, 2021 | December 31, 2020 | | :----------------------------- | :----------------- | :------------------ | | Goodwill | $109,983 | $109,983 | | Technology license | $2,950,000 | $0 | | Total other intangible assets, net | $3,445,606 | $990,559 | - On April 7, 2021, the Company entered into a Technology License Agreement, **issuing** **265,728 shares** upon signing and **332,160 shares** upon patent application filing[46](index=46&type=chunk) - **Amortization expense on intangible assets totaled** **$494,953** for the nine months ended September 30, 2021, compared to **$247,159** for the same period in 2020[47](index=47&type=chunk) [(6) Accounts Payable and Accrued Liabilities](index=12&type=section&id=(6)%20Accounts%20Payable%20and%20Accrued%20Liabilities) Accounts Payable and Accrued Liabilities: | Metric | September 30, 2021 | December 31, 2020 | | :----------------------------- | :----------------- | :------------------ | | Accounts payable | $344,733 | $215,599 | | Accrued payroll | $304,488 | $160,417 | | Total Accounts Payable and Accrued Liabilities | $655,335 | $488,405 | | Total Accounts Payable and Accrued Liabilities, Related Parties | $700,000 | $2,250,000 | [(7) Notes Payable](index=14&type=section&id=(7)%20Notes%20Payable) - The Company **issued** a **$1,000,000 note payable** in November 2020, bearing **1% monthly interest**, with extensions until August 2021[51](index=51&type=chunk) - **Issued** **$300,000 in promissory notes** to three related parties in March 2021, bearing **1% monthly interest**[52](index=52&type=chunk) - **Issued** a **$1,166,000 promissory note** in April 2021, bearing **8% annual interest**, and granted **400,000 stock warrants** to the lender[53](index=53&type=chunk) - **All debt, except for vehicle loans, was repaid** in September 2021 after the consummation of the Company's **IPO**[58](index=58&type=chunk) [(8) SBA PPP Loan](index=14&type=section&id=(8)%20SBA%20PPP%20Loan) - The Company received **$154,673 in loan proceeds** under the Paycheck Protection Program (PPP) on April 20, 2020[59](index=59&type=chunk) - **100% of the PPP loan**, totaling **$154,673** plus accrued interest, was **forgiven by the SBA** on September 17, 2021[60](index=60&type=chunk) [(9) Shareholders Equity](index=15&type=section&id=(9)%20Shareholders%20Equity) - Immediately prior to the **IPO** in September 2021, all **outstanding** common stock converted into **18,750,000 shares** following a **one-for-3.763243 reverse stock split**[64](index=64&type=chunk) - As of September 30, 2021, there were **175,384 stock options outstanding**, all **vested**, with exercise prices ranging from **$0.64** to **$2.26**[69](index=69&type=chunk) - Warrants to purchase up to **359,375 shares** were **issued** to **IPO** underwriters, **exercisable from March 14, 2022, to September 14, 2026**, at an exercise price of **$5.00 per share**[71](index=71&type=chunk) - Warrants for **106,291 shares** were **issued** to a lender, **exercisable** until September 14, 2024, at **$5.00 per share**, with **approximately $198,000 included in interest expense** for Q3 2021[71](index=71&type=chunk) [(10) Commitments and Contingencies](index=17&type=section&id=(10)%20Commitments%20and%20Contingencies) - The Company is **not aware of any litigation**, pending litigation, or other transactions that would require accrual or disclosure under GAAP as of September 30, 2021[73](index=73&type=chunk) - The Company's lease commitment for office space is **not material to the consolidated financial statements**[74](index=74&type=chunk) [(11) Income Taxes](index=17&type=section&id=(11)%20Income%20Taxes) - **Book income before taxes was negative**, resulting in **$0 tax expense** for the nine months ended September 30, 2021 and 2020[75](index=75&type=chunk) - There are **no uncertain tax positions** that would require recognition in the consolidated financial statements[76](index=76&type=chunk) [(12) Subsequent Events](index=17&type=section&id=(12)%20Subsequent%20Events) - Upon completion of the Company's **IPO**, **186,010 shares were due to the technology licensor** and were **issued on October 15, 2021**[77](index=77&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance, condition, liquidity, and cash flows for the three and nine months ended September 30, 2021, compared to the prior year, highlighting key drivers of revenue growth, increased expenses, and the impact of the IPO on liquidity [Overview](index=18&type=section&id=Overview) - EzFill operates mobile fueling trucks, providing on-demand fuel delivery to vehicles, construction sites, generators, and reserve tanks in South Florida[81](index=81&type=chunk) - The consumer business was **significantly impacted by the COVID-19 pandemic** in 2020; **residential fueling has largely returned** in 2021, but **office park fueling is still recovering**[82](index=82&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Results of Operations (Three Months Ended September 30): | Metric | 2021 | 2020 | Change ($) | Change (%) | | :----------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues | $1,863,599 | $1,121,133 | $742,466 | 66% | | Cost of Sales | $1,825,739 | $1,064,362 | $761,378 | 72% | | Operating Expenses | $1,794,575 | $641,945 | $1,152,630 | 180% | | Net Loss | $(2,373,603) | $(724,184) | $(1,649,420) | 228% | | Adjusted EBITDA | $(1,217,013) | $(316,225) | $(900,788) | 285% | | Gallons delivered | 580,462 | 481,587 | 98,875 | 21% | Results of Operations (Nine Months Ended September 30): | Metric | 2021 | 2020 | Change ($) | Change (%) | | :----------------------------- | :------------ | :------------ | :------------ | :--------- | | Revenues | $5,236,016 | $2,460,174 | $2,775,842 | 113% | | Cost of Sales | $5,057,628 | $2,417,456 | $2,640,173 | 109% | | Operating Expenses | $4,705,108 | $2,719,394 | $1,985,714 | 73% | | Net Loss | $(5,729,693) | $(3,071,841) | $(2,657,853) | 87% | | Adjusted EBITDA | $(3,160,504) | $(1,205,168) | $(1,955,336) | 162% | | Gallons delivered | 1,731,289 | 1,032,932 | 698,357 | 68% | - **Amortization expense increased** in both periods due to the acquisition of a technology license[91](index=91&type=chunk)[98](index=98&type=chunk) - Other income in 2021 resulted from the **forgiveness of a loan** under the Paycheck Protection Program[92](index=92&type=chunk)[99](index=99&type=chunk) [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash balance **increased significantly** to **$20,650,989** as of September 30, 2021, from **$882,870** at December 31, 2020[101](index=101&type=chunk) - **Net cash used in operating activities** was **$(3,412,763)** for the nine months ended September 30, 2021, primarily due to **net loss**[102](index=102&type=chunk) - **Net cash used in investing activities** was **$(813,283)** for the nine months ended September 30, 2021, including **deposits on 33 fuel trucks**[103](index=103&type=chunk) - **Net cash provided by financing activities** was **$23,994,165** for the nine months ended September 30, 2021, **largely from $25,250,000 net proceeds** from the **Initial Public Offering**[104](index=104&type=chunk) - The **IPO proceeds mitigated the previously reported going concern issue**, despite **continued net losses**[106](index=106&type=chunk) [Off-Balance Sheet Arrangements](index=22&type=section&id=Off-Balance%20Sheet%20Arrangements) - The Company does **not have any off-balance sheet arrangements** as defined in Regulation S-K Item 303(a)(4)[108](index=108&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for smaller reporting companies - This disclosure is **not required for smaller reporting companies**[109](index=109&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2021, and reported no material changes to internal control over financial reporting during the quarter - The **Chief Executive Officer** and **Chief Financial Officer** concluded that the Company's **disclosure controls and procedures were effective** at the reasonable assurance level as of September 30, 2021[111](index=111&type=chunk) - There has been **no material change in the Company's internal control** over financial reporting during the most recent fiscal quarter[112](index=112&type=chunk) [PART II - OTHER INFORMATION](index=23&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=23&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The Company is **not aware of any litigation**, pending litigation, or other transactions that would require accrual or disclosure under GAAP[73](index=73&type=chunk)[115](index=115&type=chunk) [ITEM 1A. RISK FACTORS](index=23&type=section&id=Item%201A.%20Risk%20Factors) This section is not required for smaller reporting companies - This disclosure is **not required for smaller reporting companies**[116](index=116&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended September 30, 2021, the company issued various unregistered equity securities for acquisitions, bonuses, settlements, and services. The net proceeds from the IPO, approximately $25.25 million, are being used as described in the prospectus, with about $5.1 million used as of September 30, 2021 - On September 30, 2021, the Company **authorized the issuance of 93,750 shares** of common stock to Neighborhood Fuel, **valued at $375,000**[117](index=117&type=chunk) - On September 30, 2021, the Company **authorized the issuance of 150,000 shares** of common stock for accrued bonuses and settlements, **valued at $900,000**[118](index=118&type=chunk) - The **net proceeds** from the **IPO** were **approximately $25.25 million** after deducting underwriting discounts, commissions, and offering costs[121](index=121&type=chunk) - As of September 30, 2021, **approximately $5.1 million of the net proceeds** from the **IPO** have been **used**[122](index=122&type=chunk) [ITEM 6. EXHIBITS](index=25&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including underwriting agreements, corporate documents, promissory notes, and certifications - Exhibits include the **Underwriting Agreement**, **Amended and Restated Certificate of Incorporation**, **Bylaws**, **various Promissory Notes**, and **Certifications (31.1, 31.2, 32.1)**[130](index=130&type=chunk)[132](index=132&type=chunk) [SIGNATURES](index=27&type=section&id=SIGNATURES) [Signatures Details](index=27&type=section&id=SIGNATURES_DETAILS) The report was duly signed on November 10, 2021, by Michael McConnell, Chief Executive Officer and Director, and Arthur Levine, Chief Financial Officer - The report was **signed on November 10, 2021**[135](index=135&type=chunk) - Signed by **Michael McConnell**, **Chief Executive Officer** and Director (**Principal Executive Officer**)[136](index=136&type=chunk) - Signed by **Arthur Levine**, **Chief Financial Officer** (**Principal Financial Officer**)[136](index=136&type=chunk)