Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40809 | |
Entity Registrant Name | EZFILL HOLDINGS INC. | |
Entity Central Index Key | 0001817004 | |
Entity Tax Identification Number | 83-4260623 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2999 NE 191st Street | |
Entity Address, City or Town | Aventura | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33180 | |
City Area Code | (305) | |
Local Phone Number | 791-1169 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | EZFL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,600,639 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 504,581 | $ 2,066,793 |
Investment in debt securities | 978,479 | 2,120,082 |
Accounts receivable, net of allowance for doubtful accounts of $2,716 and $0, respectively | 983,635 | 766,692 |
Prepaid expenses and other | 383,151 | 329,351 |
Inventory | 146,072 | 151,248 |
Total Current Assets | 2,995,918 | 5,434,166 |
Fixed assets, net of accumulated depreciation of $1,407,767 and $1,134,680, respectively | 4,254,235 | 4,589,159 |
Operating lease right of use asset | 466,744 | 521,782 |
Other assets | 53,016 | 52,737 |
Total Assets | 7,769,913 | 10,597,844 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 823,641 | 1,256,479 |
Borrowings under revolving line of credit | 1,000,000 | 1,000,000 |
Loans payable - current | 769,754 | 811,516 |
Operating lease liabilitie - current | 233,738 | 230,014 |
Total Current Liabilities | 2,827,133 | 3,298,009 |
Loans payable, net of current portion | 1,015,754 | 1,198,380 |
Operating lease liabilities, net of current portion | 267,227 | 316,008 |
Total Liabilities | 4,110,114 | 4,812,397 |
Commitments and Contingencies | ||
Stockholders’ Equity (Deficit) | ||
Preferred stock, $.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $.0001 par value; 50,000,000 shares authorized; 3,350,577 and 3,335,674 shares issued and outstanding at March 31, 2023, and December 31, 2022, respectively | 335 | 334 |
Additional paid in capital | 40,866,924 | 40,674,864 |
Accumulated deficit | (37,193,932) | (34,845,161) |
Accumulated other comprehensive loss | (13,528) | (44,590) |
Total Stockholders’ Equity | 3,659,799 | 5,785,447 |
Total Liabilities and Stockholders’ Equity | $ 7,769,913 | $ 10,597,844 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Account receivable, allowance for doubtful | $ 2,716 | $ 0 |
Fixed assets, accumulated depreciation | $ 1,407,767 | $ 1,134,680 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 3,350,577 | 3,335,674 |
Common stock, shares outstanding | 3,350,577 | 3,335,674 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
REVENUES | ||
Revenues | $ 5,231,334 | $ 2,340,068 |
TOTAL REVENUES | 5,231,334 | 2,340,068 |
COSTS & EXPENSES | ||
Cost of sales | 5,068,783 | 2,324,160 |
Operating expenses | 2,196,646 | 2,948,001 |
Depreciation and amortization | 273,087 | 337,664 |
TOTAL COSTS AND EXPENSES | 7,538,516 | 5,609,825 |
OPERATING LOSS | (2,307,182) | (3,269,757) |
OTHER INCOME AND EXPENSES | ||
Interest income | 8,160 | 12,271 |
Interest and other expense | (49,749) | (9,024) |
LOSS BEFORE INCOME TAXES | (2,348,771) | (3,266,510) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (2,348,771) | $ (3,266,510) |
NET LOSS PER SHARE | ||
Basic and diluted | $ (0.70) | $ (0.98) |
Basic and diluted weighted average number of common shares outstanding | 3,342,924 | 3,283,146 |
Comprehensive Loss: | ||
Net loss | $ (2,348,771) | $ (3,266,510) |
Other comprehensive loss: | ||
Change in fair value of debt securities | 31,062 | (47,286) |
Total comprehensive loss | $ (2,317,709) | $ (3,313,796) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 328 | $ 39,212,587 | $ (17,339,396) | $ (5,073) | $ 21,868,446 | |
Beginning balance, shares at Dec. 31, 2021 | 3,280,434 | |||||
Stock based compensation – related party | 429,331 | 429,331 | ||||
Stock based compensation - related party, shares | 2,790 | |||||
Stock based compensation – other | 41,354 | 41,354 | ||||
Stock based compensation - other, shares | 752 | |||||
Consideration for acquisition | $ 1 | 49,999 | 50,000 | |||
Consideration for acquisition, shares | 5,040 | |||||
Other comprehensive loss | (47,286) | (47,286) | ||||
Net loss | (3,266,510) | (3,266,510) | ||||
Ending balance, value at Mar. 31, 2022 | $ 329 | 39,733,271 | (20,605,906) | (52,359) | 19,075,335 | |
Ending balance, shares at Mar. 31, 2022 | 3,289,016 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 334 | 40,674,864 | (34,845,161) | (44,590) | 5,785,447 | |
Beginning balance, shares at Dec. 31, 2022 | 3,335,674 | |||||
Stock based compensation – related party | 182,663 | 182,663 | ||||
Stock based compensation - related party, shares | 6,510 | |||||
Stock based compensation – other | 9,398 | 9,398 | ||||
Other comprehensive loss | 31,062 | 31,062 | ||||
Net loss | (2,348,771) | (2,348,771) | ||||
Shares sold under ATM | $ 1 | (1) | ||||
Shares sold under ATM, shares | 8,393 | |||||
Ending balance, value at Mar. 31, 2023 | $ 335 | $ 40,866,924 | $ (37,193,932) | $ (13,528) | $ 3,659,799 | |
Ending balance, shares at Mar. 31, 2023 | 3,350,577 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (2,348,771) | $ (3,266,510) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 192,061 | 470,685 |
Depreciation and amortization | 273,087 | 337,664 |
Amortization of bond premium and realized loss on investments | 21,737 | 12,702 |
Bad debt expense | 3,121 | 4,010 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (219,739) | (133,401) |
Inventory | 5,176 | (23,634) |
Prepaid expenses and other | (17,232) | (24,249) |
Operating lease assets and liabilities | 9,981 | 35,868 |
Accounts payable and accrued expenses | (432,838) | 256,887 |
Net cash used in operating activities | (2,513,417) | (2,329,978) |
Cash flows from investing activities: | ||
Maturity and sale of debt securities | 1,150,928 | |
Acquisition of business | (321,250) | |
Acquisition of fixed assets | (1,271,548) | |
Net cash used in investing activities | 1,150,928 | (1,592,798) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 152,500 | |
Proceeds from issuance of common stock – ATM | 25,308 | |
Proceeds from issuance of debt | 893,928 | |
ATM expenses | (25,308) | |
Repayment of debt | (199,723) | (113,145) |
Net cash provided by financing activities | (199,723) | 933,283 |
Net change in cash and cash equivalents | (1,562,212) | (2,989,493) |
Cash and cash equivalents at beginning of period | 2,066,793 | 13,561,266 |
Cash and cash equivalents cash at end of period | 504,581 | 10,571,774 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 31,735 | 9,024 |
Cash paid for taxes |
Nature of Organization and Summ
Nature of Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization and Summary of Significant Accounting Policies | (1) Nature of Organization and Summary of Significant Accounting Policies Nature of Organization EzFill Holdings, Inc. (the Company) was incorporated on March 28, 2019, in the State of Delaware and operates in Florida providing an on-demand mobile gas delivery service. Its wholly owned subsidiary Neighborhood Fuel Holdings, LLC is inactive. 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, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, 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 three months ended March 31, 2023, are not necessarily indicative of results to be expected for the year ending December 31, 2023, or for any other interim period or for any future year. 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. 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 March 31, 2023, and December 31, 2022, the Company had $ 504,581 2,066,793 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. The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2023: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Gross Gross Fair Value Corporate bonds $ 992,007 $ - $ 13,528 $ 978,479 Realized losses on bonds sold and amortization of bond premium during the quarter ended March 31, 2023 were $ 14,341 7,396 320,000 831,000 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 March 31, 2023, and December 31, 2022, the allowance was $ 2,716 0 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 March 31, 2023, and December 31, 2022, the allowance was $ 0 0 Concentrations Major Customers For the three months ended March 31, 2023, and 2022, the Company had one customer that made up approximately 21 49 The Company had one customer that made up 41 47 Major Vendors The Company purchases substantially all of its fuel from three vendors. 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. Advertising Costs Advertising costs are expensed as incurred. The Company incurred advertising costs for the three months ended March 31, 2023 and 2022 of $ 39,607 188,591 Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes 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 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: Schedule of Shares Excluded from Computations of Diluted Loss Per Share 2023 2022 Three months ended March 31, Description 2023 2022 Stock options 0 0 |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | (2) Going Concern 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 March 31, 2023, the Company had a net loss of $ 2,348,771 37,193,932 The Company anticipates that it will need to raise additional capital in the next 1-2 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, 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. The Company’s management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of this uncertainty. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (3) Related Party Transactions During the three months ended March 31, 2022, the Company issued 20,027 49,564 475,000 2,790 15,744 112,500 During the three months ended March 31, 2023, the Company issued 54,825 50,000 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 33,216 200,000 25,000 22,500 16,613 26 On February 10, 2023, the Board of Directors appointed Daniel Arbour as a non-independent director. Mr. Arbour’s term will continue until its expiration or renewal at the Company’s next annual meeting of shareholders or until his earlier resignation or removal. Mr. Arbour will not serve on any of the Board’s committees. Upon appointment as a Board member, Mr. Arbour was granted 10,417 40,000 130,000 13,000 The Company is party to a technology license agreement with Fuel Butler LLC, which is owned 20 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | (4) Fixed Assets Fixed assets consisted of the following: Schedule of Fixed Assets Description March 31, 2023 December 31, 2022 Fixed assets: Equipment $ 265,637 $ 265,637 Leasehold improvements 29,422 29,422 Vehicles 5,118,165 5,142,828 Office furniture 129,475 129,475 Office equipment 9,471 9,471 Vehicle construction in process 109,832 147,006 Total fixed assets 5,662,002 5,723,839 Accumulated depreciation (1,407,767 ) (1,134,680 ) Fixed assets, net $ 4,254,235 $ 4,589,159 Depreciation expense totaled $ 273,087 100,230 On April 7, 2021, the Company entered into a Technology License Agreement with Fuel Butler LLC (“Licensor”), under which the Company licensed certain proprietary technology. Under the terms of the license, the Company issued 33,216 41,520 23,251 91,344 66,432 30.08 132,864 1,987,500 See Note 11 for details of intangibles from an acquisition during the three months ended March 31, 2022. Goodwill was considered impaired, and the Company recognized an impairment loss of $ 166,838 482,064 Amortization expense on intangible assets totaled $ 0 237,434 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | (5) Accounts Payable and Accrued Liabilities The Company had accounts payable and accrued liabilities as follows: Schedule of Accounts Payable and Accrued Liabilities March 31, 2023 December 31, 2022 Accounts Payable and Accrued Liabilities: Accounts payable $ 721,074 $ 987,012 Accrued payroll 98,893 266,453 Accrued interest 3,674 3,014 Total Accounts Payable and Accrued Liabilities $ 823,641 $ 1,256,479 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | (6) 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 $ 1.0 3.0 1.0 1.0 6.25 5.75 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 $ 4.0 2.6 2.4 3.5 9.0 3.5 Maturities of debt as of March 31, 2023, are as follows: Schedule of Maturities of Long-Term Debt 2023 (April to December) 611,804 2024 820,778 2025 282,212 2026 55,827 2027 14,887 Total $ 1,785,508 |
Shareholders Equity
Shareholders Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders Equity | (7) Shareholders Equity 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 239,155 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 325,000 of its outstanding shares of common stock for issuance under the 2022 Plan. Common stock During the three months ended March 31, 2022, the Company issued 1,250 During the three months ended March 31, 2022, the Company issued 5,040 On February 17, 2023, the Company entered into a Sales Agreement (the “Sales Agreement”) with ThinkEquity LLC (the “Sales Agent”), pursuant to which the Company may offer and sell, from time to time through the Sales Agent, shares (the “Shares”) of the Company’s common stock, par value $ 0.0001 2,096,000 3.0 50,000 7,500 10,000 8,393 26,601 During the three months ended March 31, 2023, the Company issued 10,417 40,000 A summary of the restricted stock activity is presented as follows: Schedule of Restricted Stock Activity Weighted Grant Date Shares Fair Value Outstanding at December 31, 2022 105,480 $ 4.48 Granted 10,417 3.84 Vested (6,510 ) 10.08 March 31, 2023 109,387 $ 4.08 The Company recognizes forfeitures of restricted shares as they occur rather than estimating a forfeiture rate. Unrecognized stock compensation expense related to restricted stock was approximately $ 124,000 0.6 Stock Options and Warrants The following table represents stock option activity during the three months ended March 31, 2023: Schedule of Stock Option Activity Number of Options Weighted Average Weighted Average Remaining Contractual Term Outstanding at December 31, 2022 93,481 $ 10.88 4.2 Options granted 254,824 7.28 5.0 Options forfeited (3,125 ) 8.00 4.6 Outstanding at March 31, 2023 345,180 $ 8.24 5.0 Exercisable at March 31, 2023 120,690 7.28 5.6 On January 23, 2023, the Company entered into an agreement (the “Consulting Agreement”) with a consultant (the “Consultant”). For a term of two years unless terminated sooner as provided in the Consulting Agreement (the “Term”), the Consultant has agreed to provide the Company with certain services including, but not limited to, increasing the Company’s customer base through assembly of a contract sales team, assisting the Company in reducing its current operating expenses and assisting the Company with franchising its business. In exchange for its services, the Consultant received options to purchase 200,000 62,500 4.80 five years 50,000 8.00 five years 50,000 10.00 five years 37,500 14.00 five years Within each of the aforementioned Option Agreements, 90% of the vesting is related to performance conditions and 10% time-based vesting. During the three months ended March 31, 2023, the Company issued 54,824 50,000 The fair value of the stock options was determined using the Black-Scholes option pricing model with the following assumptions: Schedule of Fair Value Assumptions Three Months Ended Valuation assumptions: Risk-free rate 4 % Expected volatility 59 62 % Expected term (years) 2.5 4.5 Dividend yield 0 % Unrecognized stock compensation expense related to stock options was approximately $ 135,000 1.8 The underwriter’s representatives for the Company’s IPO received warrants to purchase up to 44,922 March 14, 2022 September 14, 2026 40.00 In April 2021, the Company issued 13,286 September 14, 2024 40.00 The intrinsic value of options and warrants outstanding at March 31, 2023, and December 31, 2022 was $ 0 0 Stock compensation expense for the three months ended March 31, 2023 totaled approximately $ 192,000 50,000 3,000 139,000 On April 27, 2023, the Company executed a 1-for-8 reverse stock split 500,000,000 50,000,000 50,000,000 5,000,000 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) 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 March 31, 2023, and December 31, 2022, 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 5778 39 21,773 14,743 735,197 51,461 61,444 Future minimum payments under non-cancellable leases as of March 31, 2023, were as follows: Schedule of Future Minimum Payments Under Non-Cancellable Leases Future Minimum Payments 2023 (April 1 to December 31) $ 199,941 2024 256,414 2025 69,421 Total undiscounted operating leases payments 525,776 Less: Imputed interest 24,811 Present Value of Operating Lease Liabilities 500,965 Other Information Weighted-average remaining lease term 2.00 Weighted-average discount rate 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 $ 25,370 36,852 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes Book income before taxes was negative for the three months ended March 31, 2023. Tax expense for the three months ended March 31, 2023, and 2022, was $ 0 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. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | (10) 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 $ 321,250 3,750 5,040 50,000 A summary of the purchase price allocation at fair value is below. Schedule of Purchase Price Allocation at Fair Value Purchase Allocation Vehicles $ 153,000 Customer list 66,413 Loading rack license 58,857 Other identifiable intangibles 56,124 Goodwill 36,856 Purchase Allocation $ 371,250 The purchase price was paid as follows: Schedule of Business Acquisitions by Acquisition Issued or Issuable Cash $ 321,250 Common stock 50,000 Purchase Allocation $ 371,250 The vehicles are being depreciated over their estimated useful lives. The intangibles were written off as impaired during 2022. Transaction costs related to the acquisition were not material. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (11) Subsequent Events The Company evaluates subsequent events that occur after the balance sheet date through the date the financial statements were issued. On April 4, 2023, EzFill Holdings, Inc. (the “Company” or “Borrower”) entered into a promissory note (the “Promissory Note”) with The Farkas Group, Inc. (the “Lender”). Michael Farkas is the beneficial owner of approximately 26 262,500 12,500 5 13 750,000 5 275,625 On April 19, 2023, EzFill Holdings, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with AJB Capital Investments, LLC (the “Investor”) with respect to the sale and issuance to the Investor of: (i) an initial commitment fee in the amount of $ 700,000 250,000 1,500,000 150,000 8.00 700,000 1,500,000 1,350,000 150,000 1,260,000 1,350,000 10 18 0.74 9.99 On April 19, 2023, EzFill Holdings, Inc. (the “Company”), entered into an employment agreement (the “Agreement”) with Avishai Vaknin. Pursuant to the Agreement, Mr. Vaknin will act as the Company’s Chief Technology Officer. The term (“Term”) of the Agreement is for three years. 325,000 150,000 200,000 150,000 350,000 10,000 On April 24, 2023, the Company entered into an employment agreement (the “Levy Agreement”) with Yehuda Levy. Pursuant to the Levy Agreement, Mr. Levy will act as the Company’s interim CEO for an initial term of one year (“Term”), which may be extended by the company and Mr. Levy in writing, if not extended then the term shall continue on a month-to-month basis. If a full time CEO is chosen, Mr. Levy’s title shall be converted to Chief Operating Officer for the remainder of the term at the same salary. For his position as interim CEO, Mr. Levy will receive an annual base salary of $ 200,000 50,000 50,000 On April 26, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a one-for-eight (1-for-8) reverse split 500,000,000 50,000,000 50,000,000 5,000,000 3,600,577 |
Nature of Organization and Su_2
Nature of Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization | Nature of Organization EzFill Holdings, Inc. (the Company) was incorporated on March 28, 2019, in the State of Delaware and operates in Florida providing an on-demand mobile gas delivery service. Its wholly owned subsidiary Neighborhood Fuel Holdings, LLC is inactive. |
Unaudited Interim Financial Statements | 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, 2022, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, 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 three months ended March 31, 2023, are not necessarily indicative of results to be expected for the year ending December 31, 2023, or for any other interim period or for any future year. |
Use of Estimates | 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. |
Cash and Cash Equivalents | 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 March 31, 2023, and December 31, 2022, the Company had $ 504,581 2,066,793 |
Investments | 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. The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2023: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Gross Gross Fair Value Corporate bonds $ 992,007 $ - $ 13,528 $ 978,479 Realized losses on bonds sold and amortization of bond premium during the quarter ended March 31, 2023 were $ 14,341 7,396 320,000 831,000 |
Accounts Receivable | 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 March 31, 2023, and December 31, 2022, the allowance was $ 2,716 0 |
Inventory | 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 March 31, 2023, and December 31, 2022, the allowance was $ 0 0 |
Concentrations | Concentrations Major Customers For the three months ended March 31, 2023, and 2022, the Company had one customer that made up approximately 21 49 The Company had one customer that made up 41 47 Major Vendors The Company purchases substantially all of its fuel from three vendors. |
Operating Leases | 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. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. The Company incurred advertising costs for the three months ended March 31, 2023 and 2022 of $ 39,607 188,591 |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes |
Net loss per share | 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 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: Schedule of Shares Excluded from Computations of Diluted Loss Per Share 2023 2022 Three months ended March 31, Description 2023 2022 Stock options 0 0 |
Nature of Organization and Su_3
Nature of Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Unrealized Gains, Losses, and Fair Value | The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2023: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Gross Gross Fair Value Corporate bonds $ 992,007 $ - $ 13,528 $ 978,479 |
Schedule of Shares Excluded from Computations of Diluted Loss Per Share | Schedule of Shares Excluded from Computations of Diluted Loss Per Share 2023 2022 Three months ended March 31, Description 2023 2022 Stock options 0 0 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following: Schedule of Fixed Assets Description March 31, 2023 December 31, 2022 Fixed assets: Equipment $ 265,637 $ 265,637 Leasehold improvements 29,422 29,422 Vehicles 5,118,165 5,142,828 Office furniture 129,475 129,475 Office equipment 9,471 9,471 Vehicle construction in process 109,832 147,006 Total fixed assets 5,662,002 5,723,839 Accumulated depreciation (1,407,767 ) (1,134,680 ) Fixed assets, net $ 4,254,235 $ 4,589,159 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The Company had accounts payable and accrued liabilities as follows: Schedule of Accounts Payable and Accrued Liabilities March 31, 2023 December 31, 2022 Accounts Payable and Accrued Liabilities: Accounts payable $ 721,074 $ 987,012 Accrued payroll 98,893 266,453 Accrued interest 3,674 3,014 Total Accounts Payable and Accrued Liabilities $ 823,641 $ 1,256,479 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-Term Debt | Maturities of debt as of March 31, 2023, are as follows: Schedule of Maturities of Long-Term Debt 2023 (April to December) 611,804 2024 820,778 2025 282,212 2026 55,827 2027 14,887 Total $ 1,785,508 |
Shareholders Equity (Tables)
Shareholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Restricted Stock Activity | A summary of the restricted stock activity is presented as follows: Schedule of Restricted Stock Activity Weighted Grant Date Shares Fair Value Outstanding at December 31, 2022 105,480 $ 4.48 Granted 10,417 3.84 Vested (6,510 ) 10.08 March 31, 2023 109,387 $ 4.08 |
Schedule of Stock Option Activity | The following table represents stock option activity during the three months ended March 31, 2023: Schedule of Stock Option Activity Number of Options Weighted Average Weighted Average Remaining Contractual Term Outstanding at December 31, 2022 93,481 $ 10.88 4.2 Options granted 254,824 7.28 5.0 Options forfeited (3,125 ) 8.00 4.6 Outstanding at March 31, 2023 345,180 $ 8.24 5.0 Exercisable at March 31, 2023 120,690 7.28 5.6 |
Schedule of Fair Value Assumptions | Schedule of Fair Value Assumptions Three Months Ended Valuation assumptions: Risk-free rate 4 % Expected volatility 59 62 % Expected term (years) 2.5 4.5 Dividend yield 0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-Cancellable Leases | Future minimum payments under non-cancellable leases as of March 31, 2023, were as follows: Schedule of Future Minimum Payments Under Non-Cancellable Leases Future Minimum Payments 2023 (April 1 to December 31) $ 199,941 2024 256,414 2025 69,421 Total undiscounted operating leases payments 525,776 Less: Imputed interest 24,811 Present Value of Operating Lease Liabilities 500,965 Other Information Weighted-average remaining lease term 2.00 Weighted-average discount rate 5.0 % |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation at Fair Value | A summary of the purchase price allocation at fair value is below. Schedule of Purchase Price Allocation at Fair Value Purchase Allocation Vehicles $ 153,000 Customer list 66,413 Loading rack license 58,857 Other identifiable intangibles 56,124 Goodwill 36,856 Purchase Allocation $ 371,250 |
The purchase price was paid as follows: | The purchase price was paid as follows: Schedule of Business Acquisitions by Acquisition Issued or Issuable Cash $ 321,250 Common stock 50,000 Purchase Allocation $ 371,250 |
Schedule of Unrealized Gains, L
Schedule of Unrealized Gains, Losses, and Fair Value (Details) - Corporate Bond Securities [Member] | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Amortized cost | $ 992,007 |
Gross unrealized gains | |
Gross unrealized losses | 13,528 |
Fair value | $ 978,479 |
Schedule of Shares Excluded fro
Schedule of Shares Excluded from Computations of Diluted Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 0 | 0 |
Nature of Organization and Su_4
Nature of Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Product Information [Line Items] | |||
Cash and cash equivalents | $ 504,581 | $ 2,066,793 | |
Realized losses on bonds | 14,341 | ||
Amortization of bond premium | 7,396 | ||
Proceeds from investment | 320,000 | ||
Proceeds from investment bonds | 831,000 | ||
Allowance for doubtful accounts receivable | 2,716 | 0 | |
Allowance for inventory | 0 | $ 0 | |
Advertising costs | $ 39,607 | $ 188,591 | |
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 21% | 49% | |
One Customer [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 41% | 47% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 2,348,771 | $ 3,266,510 | |
Accumulated deficit | $ 37,193,932 | $ 34,845,161 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||
Feb. 15, 2023 | Feb. 10, 2023 | Jan. 23, 2023 | Nov. 18, 2021 | Nov. 18, 2020 | Nov. 30, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||||
Number of stock options issued | 254,824 | |||||||
Stock compensation expense | $ 192,000 | |||||||
Share based compensation | $ 192,061 | $ 470,685 | ||||||
Daniel Arbour [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of restricted shares granted | 10,417 | |||||||
Number of restricted shares granted, value | $ 40,000 | |||||||
Stock fees | $ 130,000 | |||||||
Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock issued during period, shares | 8,393 | |||||||
Consulting Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of restricted shares granted | 200,000 | |||||||
Consulting Agreement [Member] | Balance labs Inc [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
One time payment made upon completion initial public offering | $ 200,000 | |||||||
Percentage of equity ownership | 26% | |||||||
Consluting Agreement [Member] | Daniel Arbour [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share based compensation | $ 13,000 | |||||||
Technology License Agreement [Member] | Fuel Butler LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of equity ownership | 20% | |||||||
Balance labs Inc [Member] | Consulting Agreement [Member] | First Year [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Monthly payment | 25,000 | |||||||
Balance labs Inc [Member] | Consulting Agreement [Member] | Second Year [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Monthly payment | $ 22,500 | |||||||
Balance labs Inc [Member] | Consulting Agreement [Member] | Common Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of shares issued for services | 33,216 | |||||||
Stock issued during period, shares | 16,613 | |||||||
Executives [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock issued during period, shares | 54,824 | |||||||
Executives [Member] | 2022 Equity Incentive Plan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of stock options issued | 54,825 | |||||||
Cash salary | $ 50,000 | |||||||
Restricted Stock [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Stock compensation expense | $ 139,000 | |||||||
Restricted Stock [Member] | Executives [Member] | 2020 Equity Incentive Plan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of restricted shares granted | 20,027 | |||||||
Stock compensation expense | $ 475,000 | |||||||
Restricted Stock [Member] | Former Executive [Member] | 2020 Equity Incentive Plan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of stock options issued | 15,744 | |||||||
Stock compensation expense | $ 112,500 | |||||||
Number of vested stock | 2,790 | |||||||
Share-Based Payment Arrangement, Option [Member] | Executives [Member] | 2020 Equity Incentive Plan [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of stock options issued | 49,564 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 5,662,002 | $ 5,723,839 |
Accumulated depreciation | (1,407,767) | (1,134,680) |
Fixed assets, net | 4,254,235 | 4,589,159 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 265,637 | 265,637 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 29,422 | 29,422 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 5,118,165 | 5,142,828 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 129,475 | 129,475 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 9,471 | 9,471 |
Vehicle Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 109,832 | $ 147,006 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 07, 2021 | May 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 273,087 | $ 100,230 | |||
Stock options, shares | 345,180 | 93,481 | |||
Goodwill impairment loss | $ 166,838 | ||||
Fair value of intangible | 482,064 | ||||
Amortization expense | $ 0 | $ 237,434 | |||
Developed Technology Rights [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment loss | $ 1,987,500 | ||||
Technology License Agreement [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Stock options, shares | 66,432 | ||||
Share issued price exercised | $ 30.08 | ||||
Licensor [Member] | Technology License Agreement [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Stock issued during period, shares | 33,216 | 41,520 | |||
Stock issued during the period, acquisitions | 132,864 | ||||
Licensor [Member] | Technology License Agreement [Member] | IPO [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Stock issued during period, shares | 23,251 | ||||
Licensor [Member] | Technology License Agreement [Member] | IPO [Member] | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Stock issued during period, shares | 91,344 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities: | ||
Accounts payable | $ 721,074 | $ 987,012 |
Accrued payroll | 98,893 | 266,453 |
Accrued interest | 3,674 | 3,014 |
Total Accounts Payable and Accrued Liabilities | $ 823,641 | $ 1,256,479 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-Term Debt (Details) | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 (April to December) | $ 611,804 |
2024 | 820,778 |
2025 | 282,212 |
2026 | 55,827 |
2027 | 14,887 |
Total | $ 1,785,508 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-Term Debt [Line Items] | ||
Line of credit limit | $ 1 | $ 3 |
Outstanding borrowings | $ 1 | $ 1 |
Line of credit facility, interest rate | 6.25% | 5.75% |
Vehicle Loans [Member] | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, interest rate | 3.50% | |
Line of credit | $ 4 | |
Line of credit, remaining borrowing capacity | $ 2.6 | $ 2.4 |
Vehicle Loans [Member] | Minimum [Member] | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, interest rate | 3.50% | |
Vehicle Loans [Member] | Maximum [Member] | ||
Short-Term Debt [Line Items] | ||
Line of credit facility, interest rate | 9% |
Schedule of Restricted Stock Ac
Schedule of Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Equity [Abstract] | |
Number of shares, beginning | shares | 105,480 |
Weighted average grant date fair value, beginning | $ / shares | $ 4.48 |
Number of shares, granted | shares | 10,417 |
Weighted average grant date fair value, granted | $ / shares | $ 3.84 |
Number of shares, vested | shares | (6,510) |
Weighted average grant date fair value, vested | $ / shares | $ 10.08 |
Number of shares, ending | shares | 109,387 |
Weighted average grant date fair value, ending | $ / shares | $ 4.08 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Number of Options, Beginning balance | 93,481 | |
Weighted Average Exercise Price, Beginning balance | $ 10.88 | |
Weighted Average Remaining Contractual Term (years), Options Ending | 5 years | 4 years 2 months 12 days |
Number of Options, Options granted | 254,824 | |
Weighted Average Exercise Price, Options granted | $ 7.28 | |
Weighted Average Remaining Contractual Term (years), Options granted | 5 years | |
Number of options, options forfeited | (3,125) | |
Weighted Average Exercise Price, Options forfeited | $ 8 | |
Weighted Average Remaining Contractual Term (years), Options forfeited | 4 years 7 months 6 days | |
Number of Options, Ending balance | 345,180 | |
Weighted Average Exercise Price, Ending balance | $ 8.24 | |
Number of Options, Exercisable, Ending balance | 120,690 | |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 7.28 | |
Weighted Average Remaining Contractual Term (years), Options Exercisable | 5 years 7 months 6 days |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Risk-free rate | 4% |
Expected volatility minimum | 59% |
Expected volatility maximum | 6,200% |
Dividend yield | 0% |
Minimum [Member] | |
Expected term (years) | 2 years 6 months |
Maximum [Member] | |
Expected term (years) | 4 years 6 months |
Shareholders Equity (Details Na
Shareholders Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||||
Apr. 27, 2023 | Apr. 26, 2023 | Mar. 31, 2023 | Feb. 17, 2023 | Jan. 23, 2023 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 25, 2023 | Dec. 31, 2022 | Jun. 03, 2022 | Aug. 01, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Share based compensation | $ 192,061 | $ 470,685 | ||||||||||
Issuance of common stock | 25,308 | |||||||||||
Stockissuedduringperiod,value,newissues | ||||||||||||
Share based payment award options and warrants outstanding intrinsic value | $ 0 | 0 | $ 0 | |||||||||
Stock compensation expense | $ 192,000 | |||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||||||||
Subsequent Event [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockholders' equity, reverse stock split | 1-for-8 reverse stock split | one-for-eight (1-for-8) reverse split | ||||||||||
Executives [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockissuedduringperiod,shares,newissues | 54,824 | |||||||||||
Stockissuedduringperiod,value,newissues | $ 50,000 | |||||||||||
Restricted Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Unrecognized stock compensation expense related to restricted stock | $ 124,000 | $ 124,000 | ||||||||||
Weighted-average period | 7 months 6 days | |||||||||||
Stock compensation expense | $ 139,000 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Weighted-average period | 1 year 9 months 18 days | |||||||||||
Unrecognized stock compensation expense related to stock options | $ 135,000 | $ 135,000 | ||||||||||
Options Granted to Executive [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock compensation expense | 50,000 | |||||||||||
Options Granted to Consultants [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock compensation expense | $ 3,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stockissuedduringperiod,shares,newissues | 8,393 | |||||||||||
Stockissuedduringperiod,value,newissues | $ 1 | |||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock, shares authorized | 50,000,000 | 500,000,000 | ||||||||||
Preferred stock, shares authorized | 5,000,000 | 50,000,000 | ||||||||||
Director [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 10,417 | |||||||||||
Director [Member] | Common Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Share based compensation | $ 40,000 | |||||||||||
Underwriter [Member] | IPO [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant to purchase common stock | 44,922 | 44,922 | ||||||||||
Warrants exercisable date | Mar. 14, 2022 | |||||||||||
Warrants exercisable date | Sep. 14, 2026 | |||||||||||
Exercise price per share | $ 40 | $ 40 | ||||||||||
Lender [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrants exercisable date | Sep. 14, 2024 | |||||||||||
Exercise price per share | $ 40 | |||||||||||
Number of warrants issued | 13,286 | |||||||||||
Sales Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Proceeds from issuance initial public offering | $ 2,096,000 | |||||||||||
Fixed commission rate percentage | 3% | |||||||||||
Share based compensation | $ 50,000 | |||||||||||
Stockissuedduringperiod,shares,newissues | 8,393 | |||||||||||
Issuance of common stock | $ 26,601 | |||||||||||
Sales Agreement [Member] | First Three Quarters [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Other expenses | 7,500 | |||||||||||
Sales Agreement [Member] | Fourth Quarter [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Other expenses | $ 10,000 | |||||||||||
Consulting Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 200,000 | |||||||||||
Description of vesting rights | Within each of the aforementioned Option Agreements, 90% of the vesting is related to performance conditions and 10% time-based vesting. | |||||||||||
First Option Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 62,500 | |||||||||||
Exercise price | $ 4.80 | |||||||||||
Expiration date | 5 years | |||||||||||
Second Option Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 50,000 | |||||||||||
Exercise price | $ 8 | |||||||||||
Expiration date | 5 years | |||||||||||
Third Option Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 50,000 | |||||||||||
Exercise price | $ 10 | |||||||||||
Expiration date | 5 years | |||||||||||
Fourth Option Agreement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued during period shares restricted stock award gross | 37,500 | |||||||||||
Exercise price | $ 14 | |||||||||||
Expiration date | 5 years | |||||||||||
Consultant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued for services | 1,250 | |||||||||||
Sellers [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Stock issued for services | 5,040 | |||||||||||
Think Equity LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock, par or stated value per share | $ 0.0001 | |||||||||||
2020 Equity Incentive Plan [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 239,155 | |||||||||||
2022 Equity Incentive Plan [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 325,000 |
Schedule of Future Minimum Paym
Schedule of Future Minimum Payments Under Non-Cancellable Leases (Details) | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 (April 1 to December 31) | $ 199,941 |
2024 | 256,414 |
2025 | 69,421 |
Total undiscounted operating leases payments | 525,776 |
Less: Imputed interest | 24,811 |
Present Value of Operating Lease Liabilities | $ 500,965 |
Weighted average remaining lease term | 2 years |
Weighted average discount rate | 5% |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 3 Months Ended | |||
Dec. 03, 2021 USD ($) ft² | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Area of Land | ft² | 5,778 | |||
Lessee, operating lease, term of contract | 39 months | |||
Total monthly lease payment | $ 21,773 | |||
Payments for rent | 14,743 | $ 25,370 | $ 36,852 | |
Lease right of use asset | $ 735,197 | 466,744 | $ 521,782 | |
Operating lease liability | 51,461 | |||
Operating lease expense | $ 61,444 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Tax expense |
Schedule of Purchase Price Allo
Schedule of Purchase Price Allocation at Fair Value (Details) | Mar. 11, 2022 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | $ 371,250 |
Vehicles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 153,000 |
Customer Lists [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 66,413 |
Loading Rack License [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 58,857 |
Other Identifiable Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 56,124 |
Goodwill [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | $ 36,856 |
The purchase price was paid as
The purchase price was paid as follows: (Details) - USD ($) | 3 Months Ended | ||
Mar. 11, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | |||
Cash | $ 321,250 | ||
Full Service Fueling [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 321,250 | ||
Common stock | 50,000 | ||
Purchase Allocation | $ 371,250 |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 11, 2022 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||
Issuance of stock, value | $ 50,000 | |
Palmdale Oil Company Inc [Member] | ||
Business Acquisition [Line Items] | ||
Payments to acquire | $ 321,250 | |
Cash | $ 3,750 | |
Issuance of acquisition shares, shares | 5,040 | |
Issuance of stock, value | $ 50,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | ||||||||||||
Apr. 04, 2024 | Oct. 19, 2023 | Apr. 27, 2023 | Apr. 26, 2023 | Apr. 24, 2023 | Apr. 20, 2023 | Apr. 19, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 03, 2024 | May 04, 2023 | Apr. 04, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||||||||
Repaid of loan | $ 199,723 | $ 113,145 | |||||||||||
Net proceeds | $ 893,928 | ||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||||||
Common stock, shares, issued | 3,350,577 | 3,335,674 | |||||||||||
Common stock, shares, outstanding | 3,350,577 | 3,335,674 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument ,interest rate,effective percentage | 5% | 5% | |||||||||||
Debt instrument, issued, principal | $ 262,500 | ||||||||||||
Debt instrument ,unamortized discount | $ 12,500 | ||||||||||||
Debt instrument, interestrate ,effective percentage | 13% | ||||||||||||
Debt instrument face amount | $ 750,000 | ||||||||||||
Repaid of loan | $ 275,625 | ||||||||||||
Salary | $ 150,000 | ||||||||||||
Stockholders' equity, reverse stock split | 1-for-8 reverse stock split | one-for-eight (1-for-8) reverse split | |||||||||||
Common stock, shares, issued | 3,600,577 | ||||||||||||
Common stock, shares, outstanding | 3,600,577 | ||||||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock, shares authorized | 50,000,000 | ||||||||||||
Preferred stock, shares authorized | 5,000,000 | ||||||||||||
Subsequent Event [Member] | Minimum [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Common stock, shares authorized | 500,000,000 | ||||||||||||
Preferred stock, shares authorized | 50,000,000 | ||||||||||||
Subsequent Event [Member] | A B Jcapitalinvestment [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Line of credit facility ,commitment fee amount | $ 700,000 | ||||||||||||
Subsequent Event [Member] | A J Bcapitalinvestment [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument ,unamortized discount | $ 150,000 | ||||||||||||
Debt instrument face amount | $ 1,500,000 | ||||||||||||
Shares sold under ATM, shares | 250,000 | ||||||||||||
Debt instrument repaid principal | $ 1,500,000 | ||||||||||||
Number of redeemed, shares | 150,000 | ||||||||||||
Share price | $ 8 | ||||||||||||
Line of credit facility,frequency of commitment fee payment | 700,000 | ||||||||||||
Debt in securities held to maturity purchase | $ 1,350,000 | ||||||||||||
Net proceeds | $ 1,260,000 | ||||||||||||
Shares issued | 0.74 | ||||||||||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 9.99% | ||||||||||||
Subsequent Event [Member] | A J Bcapitalinvestment [Member] | Maximum [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument ,interest rate,effective percentage | 10% | ||||||||||||
Subsequent Event [Member] | A J Bcapitalinvestment [Member] | Minimum [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument ,interest rate,effective percentage | 18% | ||||||||||||
Lender [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt instrument ,interest rate,effective percentage | 26% | ||||||||||||
Mr Vaknin [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Shares issued | 325,000 | ||||||||||||
Cash, bonus | $ 150,000 | ||||||||||||
Equity awards | 350,000 | ||||||||||||
Other expenses | 10,000 | ||||||||||||
Second Anniversary [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Salary | $ 200,000 | ||||||||||||
Mr Levy [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Cash, bonus | $ 50,000 | ||||||||||||
Equity awards | 50,000 | ||||||||||||
Annual base salary | $ 200,000 |