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let the business plan work
sit tight. let the business plan work itself out.
those selling are desperate for cash. it's a beautiful business model, and very well capitalized.
blow the numbers through the roof
the price doesn't change the business model - watch them draw down their debt line and blow the numbers through the roof.
revenues doubled in the recent report and they're not even running yet - still walking
when they draw down their credit facility and gobble up more fleet you'll see a massive number in 90 days.
you'll find that "management" probably buys all of their own S-1 and you see already the operating leverage. it'll kick in in a big way over the next three quarters. they'll have the cash and debt drawn down in the next 4 quazrteesa so while this Q won't be a big deal given their lack of outside funding, now that it's in place, you'll err every quarter after this with a big improvement.
Finally picking up the pace! It's about time!
the only reason NOT to buy the shares here is because there's a PIPE coming with 50% warrant coverage.
if your stockbroker has a relationship with the issuer then you can maybe buy a piece of this tasty equity but nobody knows what the price will be.
the Q/Q numbers won't be "stunning" because they needed funds to grow the fleet vs just increase wallet share with the existing fleet.
reality has that with $15mm they'll get no less than 5000 new cars with revenue to EVMO of $20,000.00 per car.
you run the math and without new equity issued the valuation at 5X revenue while Uber is 8X revenue.... its a $12 stock at minimum in 18 months, everything else being the same.
$6 was expensive a while ago. today the valuation is very reasonable with a tiny footprint and etc..... $2 is a fair price.
with the $15mm funding, we have to see how quickly they buy cars, lease them to new drivers, and scale the business.
every quarter from here moving forward will be a very large revenue jump.
What an excellent post!!! Stock is at historic lows so if we liked it at $5 last year you have gotta love it at $1.55 and now with better fundamentals.
Stay in touch bro.
it's coming together.
über sells for 8X revenue
EVMO sells for around 6X their tun rate revenue of $10mm
they believe that they're able to get to $200mm top line on just $25mm added financing.
let's say that this $15mm placement is good for $100mm revenue in the next year to eighteen months.
you can see that it's true then we have a 10X deal from todays prices.
no new equity is likely the case, assuming they execute.
have to give them 6 months to see how spending their newly placed debt starts playing itself out.
That is most likely why we're having the best day in 3 months here today. Or could it be the insider who bought 1k shares at $1.67 lol
Your 100% correct. EVmo Announces Closing of $15 Million Debt Financing to Drive Fleet and Market Expansion
Financing is a significant step towards 10,000 car and van expansion; $200 million revenue at scale with 25% EBITDA margin
LOS ANGELES, July 12, 2021 (GLOBE NEWSWIRE) -- EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare, carshare and delivery gig economy industry, today announced closing on a $15 million debt financing with New York based Energy Impact Partners, EIP.
Deal Highlights:
Commitment of $15 million to EVmo by Energy Impact Partners LP
Immediate initial purchase and deployment of vehicles; endeavoring to deploy 10,000 vehicles over the next 18-24 months
Strategic expansion within existing seven North American markets, and expansions planned beyond those markets
Plans to add Electric Vehicles (EVs) to the platform, taking the overall fleet composition of EVs to more than 20%
EIP incorporates ESG themes in their investment analyses and decision-making processes
EIP invests in companies that directly reduce carbon emissions
"We believe that our strategic alliance with Energy Impact Partners will facilitate EVmo’s growth across major US markets. As many as 500 fleet units will be added to our platform and deployed immediately, including the addition of more EVs, improving our EV car mix to 20%, with the objective to ultimately be a fully EV company. With further financing we will endeavor to deploy 10,000 vehicles over an 18 - 24 month period,” commented Stephen Sanchez, CEO of EVmo.
At the margin, every $10 million in debt and or equity capital raised should enable the Company to purchase approximately 4,000 vehicles with an 85%/15% car to van mix. This should translate to approximately $80 million in annual revenue for every $10 million of capital raised at the margin. The Company anticipates scaling to a 25% EBITDA margin.
Terren Peizer, EVmo’s Executive Chairman of the Board, added, “This financing is truly remarkable as it was accomplished in the absence of an equity capital raise. We have continually said that we will lean on debt and other non-dilutive financing in addition to equity capital. This is a high EBITDA model that supports debt financing that we believe will create proportionately greater returns to shareholders.”
Harry Giovani, CEO and Managing Partner of EIP Credit Strategies, "As part of Energy Impact Partners focus on mobility being an instrumental sector leading the energy transition, we are excited to announce our investment and partnership with EVmo. Through our financing, CEO Stephen Sanchez together with the EVmo team will be able to further scale the Company’s electric fleet – providing an essential and transformational product to the electric gig-economy.”
Tal Sheynfeld, Partner of EIP Credit Strategies, “With the growing demand tailwinds in the car rental space, Energy Impact Partners sees an incredible opportunity with EVmo to provide further access of electric vehicles to gig-workers. We believe our financing will accelerate EVmo to become a leader in the electric car rental market.”
“I am extremely proud of our progress to this point in 2021 and fully expect continued efficient growth over the coming months. We have built a strong operating team, and incredible partners. This combination is unmatched in the ride-sharing and logistics space,” Sanchez concluded.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as placement agent for this debt financing.
EVmo rents vehicles to customers who are participating in the gig economy. This includes ridesharing, carsharing and e-commerce platforms. The type of vehicles on the Company's platform ranges from electric passenger vehicles to well-equipped cargo vans that are used by e-commerce delivery providers. We believe that the Company's technology and expertise allow for a frictionless rental experience, from intake to vehicle return. Focused on executing an environmentally friendly growth strategy, EVmo is adding EVs in current and future North American markets, and 14% of its managed fleet comprised EVs at the end of the first quarter of 2021.
EVmo has leveraged its partnership with best-in-class OEMs in the EV category to build a fleet of EVs at attractive lease terms, receiving favorable pricing and delivery commitments from multiple OEMs. These EV growth plans are fully aligned with the two largest ride-hailing platforms in the US. EVmo has attractive buyback agreements and the option to purchase vehicles at the end of the financing term and has consistently been able to sell vehicles at a gain given their strong residual value relative to attractive initial acquisition price (discount to MSRP).
According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026.
About EVmo, Inc.
EVmo, Inc. bridges the gap between rideshare and "last mile" delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The Company supports drivers in both the higher and lower economic categories with innovative policies and programs.
The Company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third-party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry.
The Company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com).
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," " intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
Dave@redchip.com
Company Contact
Email: investors@evmo.com
For more investor information go to
www.Evmo.com
EVmo, Inc.
Source: EVmo, Inc.
Source: EVmo, Inc.
© 2021 GlobeNewswire, Inc.
Back to News Headlines
Other Financial Information
Recent News & Disclosure Filings
Recent SEC Filings
Pink Current Information
Independent Directors
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This is slowly working its way back up. Got a ways to go b4 I see green in my account though.
Yup sure looks like it.
Someone wants some this morning.
Yes but they seem to be moving toward good profitability. If they have a good quarter of growth people will start to notice.
Volume non existent
Hopefully next earnings report will get this one moving.
New to this one as well. It came up on scan tonight, and its the first time I have ever seen this ticker.
EVmo Announces First Quarter 2021 Results with Record Revenue of $2.3M
10,000 car and van expansion; $200 million revenue at scale with 25% EBITDA margin
Company to host conference call to discuss Q1 results today at 4:30 p.m. ET
LOS ANGELES, May 18, 2021 (GLOBE NEWSWIRE) -- EVmo, Inc. (OTC: YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced financial results for its first quarter ended March 31, 2021.
First Quarter 2021 Highlights:
Record revenue of $2.3M, up 31.3% over Q1 2020 revenue of $1.7M
Gross profit was 57% higher than Q1 2020
Introduced a company operated maintenance facility which is expected to yield lower costs and quicker return to service times
Took delivery of electric vehicles (EVs) from Tesla and Hyundai
Managed fleet is now 14% EVs and is expected to grow similarly throughout 2021
Moved HQ to larger facility to accommodate accelerated growth
Entered the last-mile logistics space, deploying high-roof cargo vans
Increased credit facilities by $2M to $5M
"We believe that our strong growth and record revenue for the first quarter is a result of the foundation we built in 2020, which included operational efficiency measures, increasing the size of our fleet, committing to an EV strategy, increasing our credit-lines, and entering the last mile logistics space. Our capital formation strategy, which includes debt and equity capital, is expected to translate into continued revenue and EBITDA growth," commented Stephen Sanchez, CEO.
"We continue to maintain strong gross margins. Gross profits grew at a rate of 57% over Q1 2020, making the Company's core rental operations profitable before taking into account corporate overhead and one-time costs. We expect our gross margins will expand significantly in 2021 as we substantially increase our fleet and transition to an EV model,” continued Sanchez.
EVmo rents vehicles to customers who are participating in the gig economy. This includes ridesharing and e-commerce platforms. The Company's technology and expertise allow for a frictionless rental experience, from intake to vehicle return. Focused on executing an environmentally friendly growth strategy, EVmo is adding EVs in current and future North American markets, and 14% of its managed fleet was comprised of EVs at the end of the first quarter. The type of vehicles on the Company's platform ranges from electric passenger vehicles to well-equipped cargo vans that are used by e-commerce delivery providers.
Business Model Highlights:
As 2021 progresses, the Company plans to deploy capital to facilitate the purchase of new EVs and cargo vans and anticipates strong revenue contribution. At the margin, every $10 million in debt and or equity capital raised should enable the Company to purchase approximately 4,000 vehicles with an 85%/15% car to van mix. This should translate to approximately $80 million in annual revenue for every $10 million of capital raised at the margin. To this end, the Company is endeavoring to raise $25 million of mostly debt capital to expand our fleet to 10,000 vehicles. This is just the beginning of our capital formation strategy. The Company anticipates scaling to a 25% EBITDA margin.
EVmo currently has more than 34,000 registered drivers on its platform and is currently in discussions with multiple new and existing lending partners to meet anticipated growth in vehicles. Approximately 60% of EVmo drivers currently have more than 80 continuous rental days.
EVmo has leveraged its partnership with best-in-class OEMs in the EV category to build a fleet of EVs at attractive lease terms, receiving favorable pricing and delivery commitments from multiple OEMs. These EV growth plans are fully aligned with the two largest ride-hailing platforms in the US. EVmo has attractive buy back agreements and the option to purchase vehicles at the end of the financing term and has consistently been able to sell vehicles at a gain given their strong residual value relative to attractive initial acquisition price (discount to MSRP).
"We are on a mission to rent every car, every day and provide excellent service in the process, and we are committed to an environmentally friendly user platform," continued Sanchez. "We buy right, maintain high utilization through our maintenance excellence program, and forge key strategic relationships to drive our environmental and economic initiatives. Our plans are bold and aggressive, and we believe that 2021 should be a breakout year for EVmo."
According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026.
Webcast and Conference Call
The Company will host a conference call and webcast to discuss its first quarter financial results today, May 18, at 4:30 p.m. ET. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0784 (U.S. Toll-Free) or 1-201-689-8560 (International) a few minutes before the 4:30 p.m. ET start time. An audio-only webcast is also available by visiting:
http://public.viavid.com/index.php?id=145010
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until June 1, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13719918.
About EVmo, Inc.
EVmo, Inc. bridges the gap between rideshare and "last mile" delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The Company uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs.
The Company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third-party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry.
The company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com).
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," " intend," "plan," "believe," "potential, " "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
Dave@redchip.com
Company Contact
Email: investors@evmo.com
For more investor information go to
www.Evmo.com
EVmo, Inc.
Source: EVmo, Inc.
Source: EVmo, Inc.
© 2021 GlobeNewswire, Inc.
Back to News Headlines
Other Financial Information
Recent News & Disclosure Filings
Recent SEC Filings
Pink Current Information
Independent Directors
hey guys new to the board, started buying this last week looks great see you guys at 50
Excellent subs buddy! They can't keep this one a secret for much longer;)
The Company has appointed Gregory Miller as its new COO, effective as of April 1, 2021. Mr. Miller has more than 35 years of experience in the fleet management, transportation and logistics industries. Most recently, he has served as the president and chief executive officer of FleetLogik, a specialized fleet management firm based in Chicago, IL, which provides solutions to a broad base of public and private enterprises. His prior experience in leading both international and domestic fleet enterprises includes the role of senior vice president, fleet operations and procurement, for National Express, a leading transit provider operating more than 17,000 vehicles across North America.
Stellar YAYO news subs buddy!
Yes, I agree. Were holding a boatload from several months ago. :)
I think this one is a winner for those with patience.
EVmo, Inc. Announces 2020 Results with Record Revenue
The Company plans for exponential revenue and EBITDA growth in 2021 and beyond
Management will host a conference call and webcast on April 7 at 4:30 p.m. ET to discuss results
LOS ANGELES, April 06, 2021 (GLOBE NEWSWIRE) -- EVmo, Inc. ("EVmo" or the “Company") (OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced financial results for the year ended December 31, 2020.
2020 Highlights
2020 record revenue, up 10.2% over 2019 to $7.6M, despite COVID-19 shutdowns
Q4 2020 record revenue of $2.2M, up 29% from $1.7M in Q4 2019
Rented highest number of vehicles in the Company’s history
Deployed 40 electric vehicles
Entered the last-mile logistics space, deploying high-roof cargo vans
Increased line of credit by $2M to $5M
“Our record revenue for 2020 is a result of deploying the first phase of our strategic plan, which included cost-cutting measures, increasing the size of our fleet, committing to an all EV strategy, increasing our credit-lines and entering the last mile logistics space. Our capital formation strategy, which includes debt and equity capital, is expected to translate into exponential revenue and EBITDA growth,” commented Stephen Sanchez, CEO.
"Although the COVID-19 shutdowns caused our quarterly revenue to decrease in the beginning of the second quarter of 2020 compared to the same period in 2019, we saw positive upward movement in revenue at the end of the second quarter. While I am pleased that revenue for 2020 was up 10.2% year-over-year, I am particularly pleased with our Q4 revenue of $2.2M which was the highest in the Company’s history. We also maintained strong gross margins of 31% making the Company’s core rental operations profitable before taking into account corporate overhead and one-time costs. We expect our gross margins will expand significantly in 2021 as we significantly increase our fleet and transition to an all EV model.”
EVmo rents vehicles to customers who are participating in the gig economy. This includes ridesharing and e-commerce platforms. The Company’s technology and expertise allow for a frictionless rental experience, from intake to vehicle return. Focused on executing an environmentally friendly growth strategy, EVmo is adding all electric vehicles (EVs) in current and future North American markets. The type of vehicles on the Company’s platform range from electric passenger vehicles to well-equipped cargo vans that are used by e-commerce delivery providers.
Business Model Highlights:
As 2021 progresses we anticipate strong revenue contribution of $1,700 per month per additional EV and $1,400 per month per additional cargo van. We will deploy capital to facilitate the purchase of new EVs and cargo vans. The company anticipates scaling to a 25% EBITDA margin. At the margin, every $10 million in debt and or equity capital raised should enable the company to purchase approximately 4,041 vehicles with an 85%/15% Tesla to van mix. This should translate to approximately $80 million in annual revenue for every $10 million capital raised at the margin.
EVmo currently has more than 32,000 registered drivers on its platform and is currently in discussions with multiple new and existing lending partners to meet anticipated growth in vehicles.
EVmo has leveraged its partnership with best-in-class OEMs in the EV category to build a fleet of EV vehicles at attractive lease terms, receiving best pricing and delivery from multiple OEMs. EVmo has attractive buy back agreements and the option to purchase vehicles at the end of the financing term and has consistently been able to sell vehicles at a gain given the strong residual value relative to attractive initial acquisition price (discount to MSRP).
“We are on a mission to rent every car, every day and provide excellent service in the process, and we are committed to an environmentally friendly user platform,” continued Sanchez. "We buy right, maintain high utilization through our maintenance excellence program, and forge key strategic relationships to drive our environmental and economic initiatives. Our plans are bold and aggressive, and 2021 should be a banner year for EVmo.”
According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026.
Webcast and Conference Call
The Company will host a conference call and webcast to discuss its fiscal year 2020 financial results on Wednesday, April 7, at 4:30 p.m. ET. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0784 (U.S. Toll-Free) or 1-201-689-8560 (International) a few minutes before the 4:30 p.m. ET start time. An audio-only webcast is also available by visiting:
http://public.viavid.com/index.php?id=144285
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until April 21, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13718593.
About EVmo, Inc.
EVmo, Inc. bridges the gap between rideshare and “last mile” delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The company uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs.
The company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry.
The company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com).
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Investor Relations Contact:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
Dave@redchip.com
Company Contact
Email: investors@evmo.com
For more investor information go to
www.Evmo.com
EVmo, Inc.
Consolidated Balance Sheets
As of December 31, 2020 and 2019
2020 2019
ASSETS
Current Assets:
Cash $ 72,890 $ 1,256,429
Accounts receivable 119,239 59,331
Prepaid expenses 23,861 782,900
Total current assets 215,990 2,098,660
Equipment, net 1,908 3,395
Rental vehicles, net 6,196,433 4,737,047
Deposit on vehicles - 164,080
Other assets 200,000 200,000
TOTAL ASSETS $ 6,614,331 $ 7,203,182
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable (including $590,176 and $394,183 to related party) $ 1,157,299 $ 545,254
Accrued expenses (including $0 and $171,665 to related party) 961,704 405,977
Notes payables, current (net of discount of $1,973 and $32,289) 666,132 287,378
Customer deposit - related party 150,000 -
Advance from related party 100,000 -
Finance lease obligations, current 1,426,425 1,416,446
Total current liabilities 4,461,560 2,655,055
Note payable, net of current portion 149,414 -
Finance lease obligations, net of current portion 926,453 984,119
TOTAL LIABILITIES 5,537,427 3,639,174
Commitments and contingencies - -
STOCKHOLDERS’ EQUITY
Preferred stock, $0.000001 par value; 10,000,000 shares
authorized; nil shares issued and outstanding - -
Common stock, $0.000001 par value; 90,000,000 shares
authorized; 31,981,374 and 29,427,803 shares issued and
outstanding 32 29
Additional paid-in capital 29,750,864 28,735,894
Accumulated deficit (28,673,992 ) (25,171,915 )
Total stockholders’ equity 1,076,904 3,564,008
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 6,614,331 $ 7,203,182
EVmo, Inc.
Consolidated Statements of Operations
For the Years Ended December 31, 2020 and 2019
2020 2019
Revenue $ 7,621,180 $ 6,914,910
Cost of revenue 5,263,474 4,673,870
Gross profit 2,357,706 2,241,040
Operating expenses:
Selling and marketing expenses 490,403 765,441
Product development - 13,500
General and administrative expenses 5,288,316 4,023,921
Loss on the settlement of debt - 252,900
Total operating expenses 5,778,719 5,055,762
Loss from operations (3,421,013 ) (2,814,722 )
Other income (expense):
Interest and financing costs (265,839 ) (1,115,499 )
Gain on forgiveness of debt 184,775 -
Total other income (expense) (81,064 ) (1,115,499 )
Net loss $ (3,502,077 ) $ (3,930,221 )
Weighted average shares outstanding :
Basic 31,118,425 27,112,557
Diluted 31,118,425 27,112,557
Loss per share
Basic $ (0.11 ) $ (0.14 )
Diluted $ (0.11 ) $ (0.14 )
EVmo, Inc.
Consolidated Statements of Stockholders’ Equity
For the Years Ended December 31, 2020 and 2019
Additional Total
Common Stock Paid-in Accumulated Stockholders’
Shares Amount Capital Deficit Equity (Deficit)
Balance, December 31, 2018 26,718,676 $ 27 $ 19,193,151 $ (21,241,694 ) $ (2,048,516 )
Correction to outstanding shares (173 ) - - - -
Proceeds from the sale of common stock 2,625,000 2 10,499,998 - 10,500,000
Offering costs - - (1,631,655 ) - (1,631,655 )
Issuance of common stock for settlement of debt 84,300 - 674,400 - 674,400
Net loss - - (3,930,221 ) (3,930,221 )
Balance, December 31, 2019 29,427,803 29 28,735,894 $ (25,171,915 ) 3,564,008
Issuance of common stock for cash 2,553,571 3 274,997 - 275,000
Stock option expense - - 739,973 - 739,973
Net loss - - - (3,502,077 ) (3,502,077 )
Balance, December 31, 2020 31,981,374 $ 32 $ 29,750,864 $ (28,673,992 ) $ 1,076,904
EVmo, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2020 and 2019
2020 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (3,502,077 ) $ (3,930,221 )
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization 1,436,383 995,228
Stock option expense 739,973 -
Common stock issued for services - -
Amortization of debt discounts 30,316 39,922
Loss on the settlement of debt - 252,900
Gain on forgiveness of debt (184,775 )
Changes in operating assets and liabilities:
Accounts receivable (59,908 ) (59,331 )
Prepaid expenses 759,039 (674,000 )
Other assets - (200,000 )
Accounts payable 612,045 (174,132 )
Accrued expenses 555,727 333,411
Customer deposit - related party 150,000 -
Net cash provided by (used in) operating activities 536,723 (3,416,223 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of vehicles - (225,000 )
Deposit for vehicles - (164,080 )
Net cash used in investing activities - (389,080 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock 275,000 10,500,000
Offering costs paid - (1,565,155 )
Proceeds from advance from related party 250,000 -
Repayment of advance from related party (150,000 ) -
Proceeds from notes payable 342,675 2,009,300
Repayment of notes payable (15,486 ) (4,379,814 )
Repayment of finance lease obligations (2,422,451 ) (1,780,043 )
Net cash provided by (used in) financing activities (1,720,262 ) 4,784,288
NET INCREASE (DECREASE) IN CASH (1,183,539 ) 978,985
CASH, BEGINNING OF YEAR 1,256,429 277,444
CASH, END OF YEAR $ 72,890 $ 1,256,429
CASH PAID FOR:
Interest $ 185,224 $ 1,105,049
Income taxes $ - $ -
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES
Payment of accounts payable/accrued expenses with common stock $ - $ 421,500
Finance lease obligations $ 3,705,417 $ 1,159,470
Source: EVmo, Inc.
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Load boys. Got a feeling this is going next week. No joke. 10+ is what I’m hearing.
This might answer some of your questions https://www.otcmarkets.com/filing/html?id=14842581&guid=o-gpUnXj9hSgd3h
I wonder if they decide to franchise this business model or how they can scale it be in many of the major cities/tourist areas???
Doog that is fine with me and I'm sure you agree that we can just buy more on the cheap but then again you and I have YAYO under $1.00
LMAO
All way too early/impatient profit takers gonna get totally left behind right subs buddy choo-choo>>>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Great to see you here haystax! Yea the MM's won't be able to hold this one down much longer with the upcoming Cusip and Name change to reflect the Companies business. This is the perfect time to load the boat
HUGE News. Thanks for posting it.
Hey, you doog put this in your pipe and smoke it! MEGA HUGE NEWS
UPDATE: EVmo, Inc (formerly YayYo, Inc.) Becomes a Tesla Fleet Partner
EVmo, Inc to Go All Electric by the End of 2021
BEVERLY HILLS, Calif., March 10, 2021 (GLOBE NEWSWIRE) -- EVmo, Inc, formerly YayYo, Inc ("EVmo" or the “Company") (OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced that it is partaking in a fleet acquisition of Tesla (NASDAQ:TSLA) vehicles, and has committed to go all electric by year end of 2021.
Steven Sanchez, CEO of EVmo said, “The future of mobility is electric. Tesla is an obvious choice and we are excited to be one of the first Tesla rideshare fleet partners in the US that will deploy electric vehicles rather than gasoline-powered vehicles, for services like Uber and Lyft. Our EV commitment provides outsized climate benefits. The explosive growth in the gig economy and evidence that it's cannibalizing more climate-friendly mass transit makes it important for EVmo to go all electric. There are a small number of electric vehicles used by drivers, yet electric vehicle adoption is on the rise. We recognize that the timing is right to go electric. The environmental and emission reduction benefits are high for electric vehicle usage by gig economy drivers and we want to be a catalyst for that transition."
In recent press, rideshare companies and carmakers are increasing the number of electric vehicles used in the transportation industry. Both Uber and Lyft announced they are going 100% electric vehicles on their platform. General Motors plans to completely phase out vehicles using internal combustion engines by 2035, More than half of GM’s capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs. Ford, VW and Volvo are making a serious play in electric as well. But it’s Tesla that is the unparalleled EV market leader in the world that makes the product such an excellent strategic choice.
Further, Mr. Sanchez stated, “We are confident our all electric fleet will drive a successful business model for the future, becoming the first to exclusively deploy electric vehicles (EVs) for the gig economy will position us as a leader in the space and is a natural evolution from our mixed energy fleet. As previously announced, the company deployed 40 electric vehicles (EVs) in December of 2020, as part of a car-sharing program in LA. Since then, we acquired 12 EV’s in February of 2021, and discovered there was a strong demand for them. We were encouraged that they rented quickly. Drivers have given great reviews, and are finding the charging easy. Not only did they save money on gas, which is their biggest cost, they received an additional $0.50 directly from a $1.00 rider surcharge for every Uber Green trip completed. Drivers also found that there was sufficient range and ample charging stations in the LA market where the vehicles were launched. And most importantly, it did not limit the number of rides or deliveries. To diversify our EV fleet, we tested the market with Hyundai Kona Electric units, which offers solid tech and safety features at only $10 more a day for drivers, it more than covered the gas savings.” Sanchez continued, “By EVmo’s acquisition and deployment of electric vehicles, drivers did not have higher up-front costs compared to them having to purchase EV’s. We have 10 Tesla Model 3’s and more Hyundai Kona’s being delivered in the next few weeks and there are plans to establish our EV fleet further through the ordering of more Tesla Model 3’s. We plan on using future funding and resources in a way that supports our EV future plans.
Sanchez continued, “The Tesla Model 3 Standard Range Plus is highest rated in every category. It offers Tesla prestige at a lower price, is most technologically advanced and is best in class on range, performance and handling. Equally important is the Tesla supercharger network access. With a range at 263 miles, Tesla Model 3 makes it affordable and profitable for both the driver and us. The drivers get the benefits of the gas savings; plus, they can drive at a higher level both Uber and Lyft’s platform, where they can earn more money."
EVmo, Inc. (formerly YayYo, Inc.)
EVmo, Inc. bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. Rideshare Rental uniquely supports drivers in higher and lower economic categories with innovative vehicle offerings and programs. Rideshare Rental is a leading provider of rental vehicles to drivers in the gig economy.
Our wholly-owned subsidiary, Rideshare Car Rentals, LLC, is an online rideshare vehicle booking platform created to service the ridesharing, delivery gig economy and the logistics market place, which includes both our owned-fleet vehicles and third party fleet vehicles. Distinct Cars LLC, our other wholly-owned subsidiary, maintains a fleet of vehicles that are commercially available for rent by gig-economy drivers and the logistics market place.
Rideshare Rental provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (EVmo.com)
About Tesla
Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn’t need to compromise to drive electric – that electric vehicles can be better, quicker and more fun to drive than gasoline cars.
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