Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 3 |
Entity Registrant Name | EVmo, Inc. |
Entity Central Index Key | 0001691077 |
Entity Primary SIC Number | 7371 |
Entity Tax Identification Number | 81-3028414 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 433 N. Camden Drive |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | Beverly Hills |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90210 |
City Area Code | (310) |
Local Phone Number | 926-2643 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | |||
Cash | $ 3,540,212 | $ 72,890 | $ 1,256,429 |
Accounts receivable | 635,736 | 119,239 | 59,331 |
Prepaid expenses | 192,492 | 23,861 | 782,900 |
Deferred offering costs | 479,330 | ||
Total current assets | 4,847,770 | 215,990 | 2,098,660 |
Equipment, net | 46,471 | 1,908 | 3,395 |
Rental vehicles, net | 10,366,373 | 6,196,433 | 4,737,047 |
Right of use asset | 180,860 | 164,080 | |
Other assets | 100,000 | 200,000 | 200,000 |
TOTAL ASSETS | 15,541,474 | 6,614,331 | 7,203,182 |
Current Liabilities: | |||
Accounts payable (including $546,746, 590,176 and $394,183 to related party) | 2,849,876 | 1,157,299 | 545,254 |
Accrued expenses | 1,097,658 | 961,704 | 405,977 |
Notes payables, current | 156,225 | 666,132 | 287,378 |
Customer deposit - related party | 150,000 | ||
Advance from related party | 100,000 | ||
Finance lease obligations, current | 1,920,254 | 1,426,425 | 1,416,446 |
Operating lease obligations, current | 138,630 | ||
Total current liabilities | 6,162,643 | 4,461,560 | 2,655,055 |
Note payable, net of current portion | 6,027,746 | 149,414 | |
Finance lease obligations, net of current portion | 2,495,616 | 926,453 | 984,119 |
Operating lease obligations, net of current portion | 50,996 | ||
TOTAL LIABILITIES | 14,737,001 | 5,537,427 | 3,639,174 |
Commitments and contingencies | |||
Series B Preferred stock, $0.000001 par value; 230,550 shares authorized; 230,375 and nil shares issued and outstanding | 2,303,750 | ||
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 | 36 | 32 | 29 |
Additional paid-in capital | 38,206,344 | 29,750,864 | 28,735,894 |
Accumulated deficit | (39,705,657) | (28,673,992) | (25,171,915) |
Total stockholders’ equity | (1,499,277) | 1,076,904 | 3,564,008 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 15,541,474 | $ 6,614,331 | $ 7,203,182 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Accounts Payable, Related Parties, Current | $ 670,047 | $ 590,176 | $ 394,183 |
Debt Instrument, Unamortized Discount, Current | 0 | 1,973 | $ 32,289 |
Debt Instrument, Unamortized Discount, Noncurrent | $ 1,316,029 | $ 0 | |
Temporary Equity, Par or Stated Value Per Share | $ 0.000001 | ||
Temporary Equity, Shares Authorized | 230,550 | ||
Temporary Equity, Shares Issued | 230,375 | 0 | |
Temporary Equity, Shares Outstanding | 230,375 | 0 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 | 90,000,000 |
Common Stock, Shares, Outstanding | 35,758,149 | 31,981,374 | 29,427,803 |
Accrued expense, related party | $ 0 | $ 171,665 | |
Common Stock, Shares, Issued | 29,427,803 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||||
Revenue | $ 2,724,180 | $ 2,070,821 | $ 7,670,795 | $ 5,399,018 | $ 7,621,180 | $ 6,914,910 |
Cost of revenue | 2,285,878 | 1,194,957 | 5,982,075 | 3,891,307 | 5,263,474 | 4,673,870 |
Gross profit | 438,302 | 875,864 | 1,688,720 | 1,507,711 | 2,357,706 | 2,241,040 |
Operating expenses: | ||||||
Selling and marketing expenses | 26,565 | 113,904 | 257,129 | 324,546 | 490,403 | 765,441 |
Product development | 46,500 | 106,766 | 13,500 | |||
General and administrative expenses | 3,218,912 | 1,088,152 | 6,151,507 | 3,845,768 | 5,288,316 | 4,023,921 |
Loss on the settlement of debt | 252,900 | |||||
Total operating expenses | 3,291,977 | 1,202,056 | 6,515,402 | 4,170,314 | 5,778,719 | 5,055,762 |
Loss from operations | (2,853,675) | (326,192) | (4,826,682) | (2,662,603) | (3,421,013) | (2,814,722) |
Other income (expense): | ||||||
Interest and financing costs | (2,007,194) | (65,292) | (6,296,524) | (212,943) | (265,839) | (1,115,499) |
Other income | 83,541 | 83,541 | ||||
Gain on forgiveness of debt | 8,000 | 184,775 | ||||
Total other income (expense) | (1,923,653) | (65,292) | (6,204,983) | (212,943) | (81,064) | (1,115,499) |
Net loss | $ (4,777,328) | $ (391,484) | $ (11,031,665) | $ (2,875,546) | $ (3,502,077) | $ (3,930,221) |
Weighted average shares outstanding : | ||||||
Basic | 35,715,024 | 31,981,374 | 34,819,334 | 30,828,676 | 31,118,425 | 27,112,557 |
Diluted | 35,715,024 | 31,981,374 | 34,819,334 | 30,828,676 | 31,118,425 | 27,112,557 |
Loss per share | ||||||
Basic | $ (0.13) | $ (0.01) | $ (0.32) | $ (0.09) | $ (0.11) | $ (0.14) |
Diluted | $ (0.13) | $ (0.01) | $ (0.32) | $ (0.09) | $ (0.11) | $ (0.14) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 27 | $ 19,193,151 | $ (21,241,694) | $ (2,048,516) |
Beginning Balance, shares at Dec. 31, 2018 | 26,718,676 | |||
Issuance of common stock for conversion of convertible debt, shares | ||||
Issuance of common stock for settlement of debt | 674,400 | $ 674,400 | ||
Issuance of common stock for settlement of debt, shares | 84,300 | |||
Correction to outstanding shares | ||||
Correction to outstanding, shares | (173) | |||
Proceeds from the sale of common stock | $ 2 | 10,499,998 | 10,500,000 | |
Proceeds from the sale of common stock, shares | 2,625,000 | |||
Offering costs | (1,631,655) | (1,631,655) | ||
Net loss | (3,930,221) | (3,930,221) | ||
Ending balance, value at Dec. 31, 2019 | $ 29 | 28,735,894 | (25,171,915) | 3,564,008 |
Ending Balance, shares at Dec. 31, 2019 | 29,427,803 | |||
Stock option expense | 457,242 | 457,242 | ||
Net loss | (1,761,220) | (1,761,220) | ||
Ending balance, value at Mar. 31, 2020 | $ 29 | 29,193,136 | (26,933,135) | 2,260,030 |
Ending Balance, shares at Mar. 31, 2020 | 29,427,803 | |||
Beginning balance, value at Dec. 31, 2019 | $ 29 | 28,735,894 | (25,171,915) | 3,564,008 |
Beginning Balance, shares at Dec. 31, 2019 | 29,427,803 | |||
Net loss | (2,875,546) | |||
Ending balance, value at Sep. 30, 2020 | $ 32 | 29,708,377 | (28,047,461) | 1,660,948 |
Ending Balance, shares at Sep. 30, 2020 | 31,981,374 | |||
Beginning balance, value at Dec. 31, 2019 | $ 29 | 28,735,894 | (25,171,915) | 3,564,008 |
Beginning Balance, shares at Dec. 31, 2019 | 29,427,803 | |||
Issuance of common stock for cash | $ 3 | 274,997 | $ 275,000 | |
Issuance of common stock for cash, shares | 2,553,571 | |||
Issuance of common stock for conversion of convertible debt, shares | ||||
Stock option expense | 739,973 | $ 739,973 | ||
Net loss | (3,502,077) | (3,502,077) | ||
Ending balance, value at Dec. 31, 2020 | $ 32 | 29,750,864 | (28,673,992) | 1,076,904 |
Ending Balance, shares at Dec. 31, 2020 | 31,981,374 | |||
Beginning balance, value at Mar. 31, 2020 | $ 29 | 29,193,136 | (26,933,135) | 2,260,030 |
Beginning Balance, shares at Mar. 31, 2020 | 29,427,803 | |||
Issuance of common stock for cash | $ 3 | 274,997 | 275,000 | |
Issuance of common stock for cash, shares | 2,553,571 | |||
Net loss | (722,842) | (722,842) | ||
Ending balance, value at Jun. 30, 2020 | $ 32 | 29,468,133 | (27,655,977) | 1,812,188 |
Ending Balance, shares at Jun. 30, 2020 | 31,981,374 | |||
Stock option expense | 240,244 | 240,244 | ||
Net loss | (391,484) | (391,484) | ||
Ending balance, value at Sep. 30, 2020 | $ 32 | 29,708,377 | (28,047,461) | 1,660,948 |
Ending Balance, shares at Sep. 30, 2020 | 31,981,374 | |||
Beginning balance, value at Dec. 31, 2020 | $ 32 | 29,750,864 | (28,673,992) | 1,076,904 |
Beginning Balance, shares at Dec. 31, 2020 | 31,981,374 | |||
Issuance of common stock for cash | 50,000 | 50,000 | ||
Issuance of common stock for cash, shares | 100,000 | |||
Issuance of common stock for exercise of stock options | 15,400 | 15,400 | ||
Issuance of common stock for conversion of convertible debt, shares | 35,000 | |||
Issuance of common stock for cashless exercise of stock options | $ 1 | (1) | ||
Issuance of common stock for conversion of convertible debt, shares | 960,550 | |||
Issuance of common stock for settlement of litigation | 1,103,750 | 1,103,750 | ||
Issuance of common stock for conversion of convertible debt, shares | 225,000 | |||
Issuance of common stock for settlement of debt | $ 1 | 499,999 | 500,000 | |
Issuance of common stock for settlement of debt, shares | 1,000,000 | |||
Issuance of common stock for settlement agreement | $ 1 | 3,240,599 | 3,240,600 | |
Issuance of common stock for conversion of convertible debt, shares | 825,000 | |||
Issuance of common stock for financing cost | 1,440 | 1,440 | ||
Issuance of common stock for conversion of convertible debt, shares | 600 | |||
Beneficial conversion feature associated with convertible debt | 30,000 | 30,000 | ||
Stock option expense | 193,587 | 193,587 | ||
Net loss | (4,417,663) | (4,417,663) | ||
Ending balance, value at Mar. 31, 2021 | $ 35 | 34,885,638 | (33,091,655) | 1,794,018 |
Ending Balance, shares at Mar. 31, 2021 | 35,127,524 | |||
Beginning balance, value at Dec. 31, 2020 | $ 32 | 29,750,864 | (28,673,992) | 1,076,904 |
Beginning Balance, shares at Dec. 31, 2020 | 31,981,374 | |||
Net loss | (11,031,665) | |||
Ending balance, value at Sep. 30, 2021 | $ 36 | 38,206,344 | (39,705,657) | (1,499,277) |
Ending Balance, shares at Sep. 30, 2021 | 35,758,149 | |||
Beginning balance, value at Mar. 31, 2021 | $ 35 | 34,885,638 | (33,091,655) | 1,794,018 |
Beginning Balance, shares at Mar. 31, 2021 | 35,127,524 | |||
Issuance of common stock for exercise of stock options | 71,700 | 71,700 | ||
Issuance of common stock for conversion of convertible debt, shares | 260,000 | |||
Issuance of common stock for settlement of litigation | ||||
Issuance of common stock for settlement of debt | ||||
Issuance of common stock for settlement agreement | ||||
Issuance of common stock for financing cost | ||||
Beneficial conversion feature associated with convertible debt | 810,634 | 810,634 | ||
Value of warrants issued with convertible debt | 488,133 | 488,133 | ||
Fair value of warrants issued for financing costs | 457,417 | 457,417 | ||
Stock option expense | 104,387 | 104,387 | ||
Net loss | (1,836,674) | (1,836,674) | ||
Ending balance, value at Jun. 30, 2021 | $ 35 | 36,817,909 | (34,928,329) | 1,889,615 |
Ending Balance, shares at Jun. 30, 2021 | 35,387,524 | |||
Issuance of common stock for exercise of stock options | 5,778 | 5,778 | ||
Issuance of common stock for conversion of convertible debt, shares | 26,875 | |||
Issuance of common stock for cashless exercise of stock options | $ 1 | (1) | ||
Issuance of common stock for conversion of convertible debt, shares | 312,500 | |||
Issuance of common stock for settlement of litigation | 42,018 | 42,018 | ||
Issuance of common stock for conversion of convertible debt, shares | 31,250 | |||
Value of warrants issued with note payable | 778,697 | 778,697 | ||
Fair value of warrants issued for financing costs | 503,690 | 503,690 | ||
Stock option expense | 58,253 | 58,253 | ||
Net loss | (4,777,328) | (4,777,328) | ||
Ending balance, value at Sep. 30, 2021 | $ 36 | $ 38,206,344 | $ (39,705,657) | $ (1,499,277) |
Ending Balance, shares at Sep. 30, 2021 | 35,758,149 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (11,031,665) | $ (2,875,546) | $ (3,502,077) | $ (3,930,221) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,525,332 | 1,047,075 | 1,436,383 | 995,228 |
Stock option expense | 356,227 | 697,486 | 739,973 | |
Amortization of debt discounts | 1,643,408 | 27,719 | 30,316 | 39,922 |
Common stock issued for financing costs | 1,440 | |||
Preferred stock issued for financing costs | 53,750 | |||
Loss on the settlement of debt | 3,240,600 | 252,900 | ||
Common stock issued for litigation settlement | 42,018 | |||
Gain on forgiveness of debt | (8,000) | (184,775) | ||
Fair value of warrants issued for financing costs | 961,107 | |||
Operating lease expense | 77,361 | |||
Common stock issued for services | ||||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (516,497) | 5,993 | (59,908) | (59,331) |
Prepaid expenses | (68,631) | 350,927 | 759,039 | (674,000) |
Other assets | (200,000) | |||
Accounts payable | 1,656,997 | 908,051 | 612,045 | (174,132) |
Accrued expenses | 830,954 | 26,838 | 555,727 | 333,411 |
Customer deposit - related party | (150,000) | 150,000 | ||
Operating lease liability | (68,595) | |||
Net cash provided by (used in) operating activities | (1,454,194) | 188,543 | 536,723 | (3,416,223) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of vehicles | (47,051) | (225,000) | ||
Deposit for vehicles | (164,080) | |||
Net cash used in investing activities | (47,051) | (389,080) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from sale of common stock | 50,000 | 275,000 | 275,000 | 10,500,000 |
Offering costs paid | (1,565,155) | |||
Proceeds from exercise of stock options | 92,878 | |||
Proceeds from advance from related party | 503,766 | 200,000 | 250,000 | |
Repayment of advance from related party | (603,766) | (150,000) | (150,000) | |
Proceeds from convertible note payable | 2,500,000 | |||
Proceeds from notes payable | 6,900,000 | 342,675 | 342,675 | 2,009,300 |
Repayment of notes payable | (809,519) | (10,000) | (15,486) | (4,379,814) |
Repayment of finance lease obligations | (3,629,792) | (2,017,915) | (2,422,451) | (1,780,043) |
Payment of deferred offering costs | (35,000) | |||
Net cash provided by (used in) financing activities | 4,968,567 | (1,360,240) | (1,720,262) | 4,784,288 |
NET INCREASE (DECREASE) IN CASH | 3,467,322 | (1,171,697) | (1,183,539) | 978,985 |
CASH, BEGINNING OF YEAR | 72,890 | 1,256,429 | 1,256,429 | 277,444 |
CASH, END OF YEAR | 3,540,212 | 84,732 | 72,890 | 1,256,429 |
CASH PAID FOR: | ||||
Interest | 157,809 | 185,224 | 185,224 | 1,105,049 |
Income taxes | ||||
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||
Payment of accounts payable/accrued expenses with common stock | 1,103,750 | 421,500 | ||
Finance lease obligations | $ 5,692,784 | $ 3,400,922 | $ 3,705,417 | $ 1,159,470 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Basis of Presentation | Note 1 - Organization and Basis of Presentation Organization and Line of Business EVmo, Inc. (the “Company”) was incorporated on June 21, 2016 under the laws of the state of Delaware originally as a limited liability company and subsequently converted to a Delaware C corporation. The Company was originally incorporated under the name of YayYo, Inc. and changed its name to Rideshare Rental, Inc. on September 11, 2020. On March 1, 2021, the Company changed its name from Rideshare Rental, Inc. to EVmo, Inc. The accompanying financial statements are retroactively restated to present the Company as a C corporation from June 21, 2016. The Company primarily rents vehicles to drivers for ridesharing Transportation Network Companies (“TNCs”) such as Uber and Lyft, as well as drivers in the delivery gig-economy. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). Risk and Uncertainties On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” In response, numerous states and cities ordered their residents to cease traveling to non-essential jobs and to curtail all unnecessary travel, and similar restrictions were recommended by the federal government. Beginning in the first quarter of 2020, which saw the initial rapid spread of COVID-19, rideshare companies were severely and negatively impacted, as demand plummeted. Consequently, the Company experienced a decline in revenue during the first half of 2020, which had a negative impact on its cash flows, but it then saw a positive upward movement in revenue during the second half of 2020, which continued into the first half of 2021. In early 2021, several vaccinations for COVID-19 received emergency-use authorization from the Food and Drug Administration, and many of the lockdown restrictions imposed by state and local governments, including those of the markets in which the Company operates, appear to be abating. The pandemic has not yet ended, however, and there have been multiple waves where infections, hospitalizations, and deaths have sharply increased. The Company therefore cannot predict the ultimate impact that COVID-19 may have on its business this year, and possibly beyond. Interim financial statements The unaudited condensed consolidated financial statements are prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The information furnished herein reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management, are necessary to fairly state the Company’s financial position, the results of its operations, and cash flows for the periods presented. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America were omitted pursuant to such rules and regulations. The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results expected for the year ending December 31, 2021. | Note 1 - Organization and Basis of Presentation Organization and Line of Business EVmo, Inc. (the “Company”) was incorporated on June 21, 2016 under the laws of the state of Delaware originally as a limited liability company and subsequently changed to a C corporation. The Company was originally incorporated under the name of YayYo, Inc. and changed its name to Rideshare Rental, Inc. on September 11, 2020. On March 1, 2021, the Company changed its name from Rideshare Rental, Inc. to EVmo, Inc. The accompanying financial statements are retroactively restated to present the Company as a C corporation from June 21, 2016. The Company rents vehicles to Uber and Lyft drivers and drivers in the gig-ecomony. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). Risks and Uncertainties In December 2019, a novel strain of coronavirus surfaced in China, which has and is continuing to spread throughout the world, including the United States. On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” In response, numerous states and cities ordered their residents to cease traveling to non-essential jobs and to curtail all unnecessary travel, and similar restrictions were recommended by the federal government. Beginning in the first quarter of 2020, which saw the initial rapid spread of COVID-19, rideshare companies were severely and negatively impacted, as demand plummeted. Consequently, the Company experienced a decline in revenue during the first half of 2020, which had a negative impact on our cash flows, but we then saw a positive upward movement in revenue during the second half of 2020, which has continued into the early months of 2021. As of the date of this prospectus, several vaccinations for COVID-19 have received emergency-use authorization from the Food and Drug Administration and many of the lockdown restrictions imposed by state and local governments have abated. Still, the pandemic has not yet ended, and there have been multiple waves where infections, hospitalizations, and deaths have sharply increased. Most recently, several variants of the original virus have been identified, and it is not yet known to what degree the authorized vaccinations provide resistance to these variants. We therefore cannot predict the ultimate impact that COVID-19 may have on our business this year, and possibly beyond. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Property and Equipment and Rental Vehicles Property and Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 years Officer furniture 7 years Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 years Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment Revenue Recognition The Company recognizes all of its material revenue from renting its fleet of cars to TNC drivers. Revenue is recognized generally on a weekly basis based on the rental agreements. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The adoption had no effect on the Company’s consolidated financial statements. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 2,737,500 warrants and 758,125 options outstanding as of September 30, 2021 and 1,631,250 warrants and 3,221,000 options outstanding as of September 30, 2020. Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 0.000001 (the “Common Stock”) at the average market price during the period. Due to the net loss incurred potentially dilutive instruments would be anti-dilutive. Accordingly, diluted loss per share is the same as basic loss for all periods presented. There were 3,495,625 and 4,852,250 potentially dilutive options and warrants outstanding at September 30, 2021 and 2020, respectively, and 750,000 shares potentially issuable upon the conversion of outstanding shares of Series B Preferred Stock at September 30, 2021. Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the nine months ended September 30, 2021 and 2020 were $ 257,129 and $ 324,546 , respectively. Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted, unadjusted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, as well as other than quoted prices for identical assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At September 30, 2021 and December 31, 2020, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Equipment and Rental Vehicles Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 years Vehicles 5 years Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment no impairment charge was necessary. Revenue Recognition The Company recognizes revenue from renting its fleet of cars to ridesharing and delivery gig drivers. Revenue is recognized based on the rental agreements which are generally on a weekly basis. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The adoption had no effect on the Company’s consolidated financial statements. Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 1,631,250 warrants and 2,540,000 options outstanding as of December 31, 2020 and 1,631,250 warrants and 300,000 options outstanding as of December 31, 2019. Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 4,171,250 and 1,931,250 potentially dilutive securities outstanding at December 31, 2020 and 2019, respectively. Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the years ended December 31, 2020 and 2019 were $ 490,403 and $ 765,441 , respectively. Research and Development Costs The Company expenses its research and development costs as incurred. Research and developments costs for the years ended December 31, 2020 and 2019 were $ 0 and $ 13,500 , respectively. Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At December 31, 2020 and 2019, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. Recent Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
Property and Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | Note 3 – Property and Equipment At September 30, 2021 and December 31, 2020, property and equipment consisted of the following: Schedule of Property and Equipment September 30, December 31, 2021 2020 Computer equipment $ 6,046 $ 6,046 Office furniture 17,401 - Leasehold improvement 29,650 - 53,097 6,046 Less accumulated depreciation (6,626 ) (4,138 ) Equipment, net $ 46,471 $ 1,908 Depreciation expense for equipment for the nine months ended September 30, 2021 and 2020 was $ 2,488 and $ 1,115 , respectively. | Note 3 – Equipment Property and Equipment At December 31, 2020 and 2019 equipment consisted of the following: Schedule of Property and Equipment 2020 2019 Computer equipment $ 6,046 $ 6,046 6,046 6,046 Less accumulated depreciation (4,138 ) (2,651 ) Equipment, net $ 1,908 $ 3,395 Depreciation expense for equipment for the years ended December 31, 2020 and 2019 was $ 1,487 and $ 1,697 , respectively. |
Rental Vehicles
Rental Vehicles | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Rental Vehicles | ||
Rental Vehicles | Note 4 – Rental Vehicles At September 30, 2021 and December 31, 2020, all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles September 30, December 31, 2021 2020 Rental vehicles $ 14,760,669 $ 9,067,885 14,760,669 9,067,885 Less accumulated depreciation (4,394,296 ) (2,871,452 ) Rental vehicles, net $ 10,366,373 $ 6,196,433 The Company’s leased assets, consisting of vehicles, are depreciated over their estimated useful life of five years . Depreciation expense for leased assets for the nine months ended September 30, 2021 and 2020 was $ 1,522,844 and $ 1,045,960 , respectively. The lease terms are generally for 30 to 36 months and the Company has the right to purchase the leased assets at the end of the lease terms for generally a nominal amount. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Note 4 – Rental Vehicles At December 31, 2020 and 2019 all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles 2020 2019 Rental vehicles $ 9,067,885 $ 6,284,211 9,067,885 6,284,211 Less accumulated depreciation (2,871,452 ) (1,547,164 ) Rental vehicles, net $ 6,196,433 $ 4,737,047 The Company’s rental vehicles are depreciated over their estimated useful life of five years . Depreciation expense for leased assets for the years ended December 31, 2020 and 2019 was $ 1,434,896 and $ 993,531 , respectively. A majority of the rental vehicles are leased with terms are generally for 12 to 36 months and the Company has the right to purchase the vehicles at the end of the lease terms. |
Notes Payable
Notes Payable | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Notes Payable | Note 5 – Notes Payable Notes payable at September 30, 2021 and December 31, 2020 consisted of the following: Schedule of Notes Payable September 30, December 31, 2021 2020 $ - $ 304,667 Notes payable to individual investors; accrue interest at 8 % per annum; principal payments equal to 1/12 of original balance plus interest due quarterly; due from dates ranging from August 9, 2020 to March 26, 2021 ; unsecured $ - $ 304,667 Note payable to the Small Business Administration. The note bears interest at 3.75 % per annum, requires monthly payments of $731 after 24 months from funding and is due 30 years from the date of issuance . - 149,414 Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $ 192,775 . The loan has terms of 24 months and accrues interest at 1 % per annum. During the year ended December 31, 2020, $ 184,775 of this loan has been forgiven as provided for in the CARES Act. - 8,000 Notes payable to a finance company, default interest at 14 % per annum; monthly principal payments ranging from $ 10,000 to $ 40,000 with unpaid principal due on December 15, 2021 - 355,438 Notes payable to a finance company, interest at LIBOR plus 10 % per annum; monthly principal payments of 0.4166 % of principal balance beginning August 1, 2022 , with unpaid principal due on July 9, 2026 (A) 7,500,000 - Total notes payable 7,500,000 817,519 Unamortized debt discount (1,316,029 ) (1,973 ) Notes payable, net discount 6,183,971 815,546 Less current portion (156,225 ) (666,132 ) Long-term portion $ 6,027,746 $ 149,414 (A) On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 million (collectively, the “Term Loans”), consisting of a $ 7.5 million closing date term loan facility (the “Closing Date Term Loan”) and up to $ 7.5 million of borrowings under a delayed draw term loan facility (the “Delayed Draw Term Loan Facility”). The Closing Date Term Loan was fully drawn on the Closing Date, while the Delayed Draw Term Loan Facility is available upon the satisfaction of certain conditions precedent specified in the Term Loan Agreement. The Term Loan Agreement matures on July 9, 2026 . Borrowings under the Term Loan Agreement bear interest at the London Interbank Offered Rate (“LIBOR”), plus a margin of 10.0 %. As a condition precedent to the Agent and the Lender entering into the Term Loan Agreement, the Company issued to the Lender a common stock purchase warrant, dated as of the Closing Date (the “Warrant”), which grants the Lender the right to purchase up to 1.5 million shares of the common stock of the Company, par value $ 0.000001 (the “Common Stock”), at an exercise price of $ 2.10 450,000 In connection with the Company’s entry into the Term Loan Agreement, the Company entered into an exchange agreement, dated as of July 8, 2021 (the “Exchange Agreement”), with the holder (the “Holder”) of the Company’s 12.5 % OID convertible promissory notes (See Note 6) due January 12, 2022 issued on April 12, 2021 (the “Prior Notes”). In connection with the issuance of this note payable, the Company also issued 450,000 warrants to purchase shares of its Common Stock with an exercise price of $ 2.10 per shares. The aggregate relative fair value of these warrants was $ 778,697 and was recorded as a discount on the note payable and as additional paid in capital. In addition, the Company incurred $ 600,000 of cost related to this note payable. The total discount of $ 1,378,697 is being amortized over the term of the notes payable. A roll forward of notes payable from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2020 $ 815,546 Issued for cash 7,500,000 Payment of cost associated with issuance of note payable (600,000 ) Debt discount related to notes payable (778,697 ) Forgiveness of note payable (8,000 ) Repayments (809,519 ) Amortization of debt discounts 64,641 Notes payable, September 30, 2021 $ 6,183,971 EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Note 5 – Notes Payable Notes payable at December 31, 2020 and 2019 consisted of the following: Schedule of Notes Payable 2020 2019 Notes payable to individual investors; accrue interest at 8 % per annum; principal payments equal to 1/12 of original balance plus interest due quarterly ; due from dates ranging from August 9, 2020 to March 26, 2021 ; unsecured (A) $ 304,667 319,667 Note payable to the Small Business Administration. The note bears interest at 3.75 % per annum, requires monthly payments of $731 after 12 months from funding and is due 30 years from the date of issuance. 149,414 - Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $192,775. The loan has terms of 24 months and accrues interest at 1 % per annum. During the year ended December 31, 2020, $ 184,775 of this loan has been forgiven as provided for in the CARES Act. 8,000 - Notes payable to a finance company, default interest at 14 % per annum; monthly principal payments ranging from $10,000 to $40,000 with unpaid principal due on December 15, 2021 355,438 - Total notes payable 817,519 319,667 Unamortized debt discount (1,973 ) (32,289 ) Notes payable, net discount 815,546 287,378 Less current portion (666,132 ) (287,378 ) Long-term portion $ 149,414 $ - (A) In connection with the issuance of these notes payable in 2018 and 2017, the Company also issued an aggregate of 24,050 119,875 119,875 30,316 39,922 193 A rollforward of notes payable from December 31, 2018 to December 31, 2020 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2018 $ 2,617,970 Issued for cash 2,009,300 Repayments (4,379,814 ) Amortization of debt discounts 39,922 Lease obligation converted to note payable 355,438 Notes payable, December 31, 2019 287,378 Issued for cash 342,675 Lease obligation converted to note payable 355,438 Forgiveness of note payable (184,775 ) Repayments (15,486 ) Amortization of debt discounts 30,316 Notes payable, December 31, 2020 $ 815,546 Future payments under note payable obligations are as follows: Schedule of Future Payments Under Note Payable Obligations Years ending December 31, 2021 $ 668,105 2022 3,104 2023 3,175 2024 3,296 2025 3,422 Thereafter 136,417 Notes payable $ 817,519 |
Convertible Notes
Convertible Notes | 9 Months Ended |
Sep. 30, 2021 | |
Convertible Notes | |
Convertible Notes | Note 6 – Convertible Notes On January 8, 2021, the Company, issued a stand-alone $ 500,000 convertible promissory note to Mr. John Gray, principal of one of the Company’s largest stockholders, the Gray Mars Venus Trust, Arizona 2015, an Arizona asset management limited partnership. The convertible note accrues interest at a fixed rate of 6 % and will mature on January 6, 2022 . Any unpaid principal balance on the convertible note may be converted at any time, at the option of Mr. Gray, into shares of the Company’s Common Stock at a price of $ 0.50 per share. The Company recorded a beneficial conversion feature associated with this convertible note of $ 30,000 which was recorded as a debt discount. On February 12, 2021, Mr. Gray converted the full amount of the convertible promissory note into 1,000,000 shares of the Company’s Common Stock. On April 12, 2021, the Company, entered into a securities purchase agreement with a certain investor in connection with the issuance, as of that same date, of a 12.5 % original issue discount convertible promissory note and a common stock purchase warrant. The note has an original principal amount of $ 2,250,000 , with an original issue discount of $ 250,000 . It bears interest at a fixed rate of 10 %, is convertible into shares of Common Stock at a price of $ 3.00 per share (subject to adjustment as set forth in the note), and matures on January 12, 2022 . The warrant grants the right to purchase 187,500 shares of common stock at an exercise price of $ 3.00 , subject to adjustment as set forth therein, and is exercisable at any time within five years of the date of issuance. The agreement provides that additional warrants, each for 93,750 shares of common stock with an exercise price of $ 3.00 per share, will be issued by the Company to the investor on the 12 th 623,373 was determined using the Black-Scholes option pricing model and the following assumptions: term of five , a risk free interest rate of .089 %, a dividend yield of 0 % and volatility of 190 %. The face amount of the convertible note of $2,250,000 was proportionately allocated to the convertible note and the warrant in the amount of $ 1,761,866 and $ 488,134 , respectively. Since the Company’s stock price exceeded the conversion price on the transaction date, there is an embedded beneficial conversion feature present in the convertible note of $ 810,633 . The combined discount of $ 1,298,767 plus the original issue discount are recorded as a debt discount to the convertible note and are being amortized over the year life of the note. In July 2021, the Company and noteholder agreed to convert the convertible note into 230,250 shares of the Company’s Series B Preferred Stock. A roll forward of convertible notes from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Convertible Notes Payable Convertible notes, December 31, 2020 $ - Issued for cash 2,500,000 Issued for original issue discount 250,000 Debt discount related to convertible notes (1,578,767 ) Conversion to common stock (500,000 ) Conversion to preferred stock (2,250,000 ) Amortization of debt discounts 1,578,767 Convertible notes, September 30, 2021 $ - |
Financing Lease Obligations
Financing Lease Obligations | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Financing Lease Obligations | Note 7 – Financing Lease Obligations Lease obligations at September 30, 2021 and December 31, 2020 consisted of the following: Schedule of Lease Obligations September 30, December 31, 2021 2020 Lease obligations $ 4,415,870 $ 2,352,878 Less current portion (1,920,254 ) (1,426,425 ) Long-term portion $ 2,495,616 $ 926,453 EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) A rollforward of lease obligations from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2020 $ 2,352,878 New lease obligations 5,692,784 Payments on lease obligations (3,629,792 ) Lease obligations, September 30, 2021 $ 4,415,870 Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Twelve Months Ending September 30, 2022 $ 2,033,761 2023 1,500,065 2024 1,058,833 Total payments 4,592,659 Amount representing interest (176,789 ) Lease obligation, net $ 4,415,870 | Note 6 – Lease Obligations Financing Lease Obligations Lease obligations at December 31, 2020 and 2019 consisted of the following: Schedule of Lease Obligations 2020 2019 Lease obligations $ 2,352,878 $ 2,400,565 Less current portion (1,426,425 ) (1,416,446 ) Long-term portion $ 926,453 $ 984,119 A rollforward of lease obligations from December 31, 2018 to December 31, 2020 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2018 $ 3,790,147 New lease obligations 1,159,470 Disposal of leased vehicles (769,009 ) Payments on lease obligations (1,780,043 ) Lease obligations, December 31, 2019 2,400,565 New lease obligations 3,705,417 Disposal of leased vehicles (975,215 ) Lease obligation converted to note payable (355,438 ) Payments on lease obligations (2,422,451 ) Lease obligations, December 31, 2020 $ 2,352,878 Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Years ending December 31, 2021 $ 1,531,108 2022 769,619 2023 210,219 Total payments 2,510,946 Amount representing interest (158,068 ) Lease obligation, net $ 2,352,878 |
Operating Lease Obligations
Operating Lease Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Operating Lease Obligations | |
Operating Lease Obligations | Note 8 – Operating Lease Obligations The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. The Company leases its corporate office space under an operating lease that expires in 2023. The Company accounts for this lease under the provisions of ASC 842 Leases. The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of September 30, 2021: Schedule of Operating Lease Obligations September 30, Classification on Balance Sheet 2021 Assets Operating lease assets Operating lease right of use assets $ 180,860 Total lease assets $ 180,860 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 138,630 Noncurrent liabilities Operating lease liability Long-term operating lease liability 50,996 Total lease liability $ 189,626 Lease obligations at September 30, 2021 consisted of the following: Schedule of Lease Obligation Maturity Twelve Months Ending September 30, Leases 2022 $ 157,800 2023 52,600 Total payments 210,400 Less: imputed interest (20,774 ) Total obligation 189,626 Less: current portion (138,630 ) Non-current capital leases obligations $ 50,996 The lease expense for the nine months ended September 30, 2021 was $ 100,817 . The cash paid under operating leases for the nine months ended September 30, 2021 was $ 92,050 . At September 30, 2021, the weighted average remaining lease terms were 1.25 years and the weighted average discount rate was 15 %. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Stockholders’ Equity | Note 8 – Stockholders’ Equity The Company has authorized 100,000,000 shares of capital stock, which consists of 90,000,000 shares of Common Stock, $ 0.000001 par value per share, and 10,000,000 shares of preferred stock, $ 0.000001 par value per share. Series B Preferred Stock Pursuant to the Exchange Agreement (see Note 5), the Holder agreed to exchange the Prior Notes for 230,375 shares of Series B convertible preferred stock, par value $ 0.000001 per share (the “Series B Preferred Stock”), and a warrant (the “Exchange Warrant”). The Exchange Warrant grants the Holder the right to purchase 93,750 shares of Common Stock at an exercise price of $ 3.00 , subject to adjustment as set forth therein. The Exchange Warrant is exercisable in full at any time within five years of the date of issuance. Additional warrants on substantially identical terms as the Exchange Warrant will be issued by the Company to the Holder monthly until such time as the Series B Preferred Stock is redeemed in full, upon which a final warrant will be issued. Shares of the Series B Preferred Stock is convertible at any time at the option of the holder thereof into shares of Common Stock at an initial conversion price of $ 3.00 per share, subject to adjustment as set forth in the Certificate of Designation. The Series B Preferred Stock is subject to mandatory redemption in full at a redemption price initially equal to $ 10.00 per share, within 15 business days after the date on which the Company has completed an equity financing resulting in total proceeds of at least $ 10 million. At any time after January 12, 2022, provided that the Company has paid in full all obligations outstanding under the Term Loan Agreement, the holders of a majority of the outstanding shares of Series B Preferred Stock shall be entitled to require the Company to redeem the Preferred Stock at the then applicable redemption price, and any such redemption of Series B Preferred Stock shall be prior and superior to the redemption of any and all other equity securities of the Company duly tendered for redemption. If, at any time while the Series B Preferred Stock is outstanding, the Company completes any single public offering or private placement of its equity, equity-linked or debt securities (each, a “Future Transaction”), the holders of the Series B Preferred Stock may, in their sole discretion, elect to apply all, or any portion, of the then outstanding Preferred Stock and any accrued but unpaid dividends, as purchase consideration for such Future Transaction. The conversion price applicable to such conversion shall equal seventy percent (70%) of the cash purchase price paid per share, unit or other security denomination for the securities of the Company issued to other investors in the Future Transaction. Common Stock During the nine months ended September 30, 2021, the Company: ● issued 100,0000 shares of Common Stock to a member of the Company’s Board of Directors, in a negotiated transaction for $ 0.50 per share, or aggregate cash consideration of $ 50,000 ; ● issued 295,000 shares of Common Stock for the exercise of 321,875 stock options for cash consideration of $ 92,878 ; ● issued 1,273,050 shares of Common Stock for the cashless exercise of 1,348,525 stock options; ● issued 600 shares of Common Stock to an investor in connection with a prior note payable agreement; ● issued 1,000,000 shares of Common Stock in connection with the conversion of a convertible note payable for $ 500,000 ; ● issued an aggregate of 256,250 shares of Common Stock in connection with legal settlements. The shares were valued at $ 1,145,768 which was based on the market price of the Common Stock on the grant date; and ● issued 825,000 shares to Acuitas Group Holdings, LLC, (“Acuitas”) which is now the Company’s largest shareholder, in connection with a settlement agreement between Acuitas and X, LLC, a company owned by the Company’s former chief executive officer. The board of directors deemed it was in the best interest of the Company to issue the shares to Acuitas. The value of the shares was $ 3,240,600 which is based on the market price of the Company’s Common Stock at the grant date. The $ 3,240,600 was expensed as financing costs as the dispute underlying the settlement agreement related to an anti-dilution of a prior investment in the Company by Acuitas. Stock Options The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Granted 290,000 0.84 Forfeited (401,475 ) 0.22 Exercised (1,670,400 ) 0.230 Outstanding, September 30, 2021 758,125 $ 0.42 3.93 $ 514,928 Exercisable, September 30, 2021 413,875 $ 0.56 3.99 $ 262,473 EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) The exercise price for options outstanding and exercisable at September 30, 2021: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 20,000 $ 0.210 20,000 $ 0.210 528,125 0.215 252,625 0.215 15,000 0.220 2,500 0.220 155,000 0.530 98,750 0.530 20,000 2.120 20,000 2.120 20,000 3.800 20,000 3.800 758,125 413,875 Warrants The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Granted 1,106,250 2.64 Forfeited - Exercised - Outstanding, September 30, 2021 2,737,500 $ 3.50 2.89 $ - Exercisable, September 30, 2021 2,737,500 $ 3.50 2.89 $ - The exercise price for warrants outstanding at September 30, 2021: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exercisable Number of Exercise Warrants Price 450,000 $ 2.10 656,250 3.00 1,500,000 4.00 131,250 5.00 2,737,500 In connection with a convertible note discussed in Note 6, the Company has issued an aggregate of 468,750 warrants. The fair value of the warrants was determined to be $ 961,106 , using a Black-Scholes model, and has been recorded as financing costs in the accompanying statements of operations for the nine months ended September 30, 2021. The Company used the following assumptions in determining the fair value: Schedule of Stock Options Value Assumptions Risk-free interest rate 0.76 – 0.87 % Expected life of the options 5 years Expected volatility 180 %- 190 % Expected dividend yield 0 % EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Note 7 – Stockholders’ Equity The Company authorized 100,000,000 shares of capital stock with consists of 90,000,000 shares of common stock, $ 0.000001 par value per share and 10,000,000 shares of preferred stock, $ 0.000001 par value per share. Common Stock During the year ended December 31, 2020, the Company sold an aggregate of 2,553,571 shares of common stock to three investors for cash proceeds of $ 275,000 , of which 125,000 shares and $ 25,000 was to a member of the Company’s board of directors. During the years ended December 31, 2019, the Company: ● issued 84,300 shares of common stock to vendors in satisfaction of $ 421,500 of accounts payable and accrued expenses. The 84,300 shares were valued at $ 674,000 ; therefore the Company took a charge to earnings of $ 252,900 related to the settlement of debt during the years ended December 31, 2019; ● issued 2,625,000 shares of common shares in connection with its initial public offering at $ 4.00 per share. Total gross proceeds from the offering were $ 10,500,000 , before deducting underwriting discounts and commissions and other offering expenses. Stock Options The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2018 300,000 $ 8.00 2.00 $ - Granted - $ Forfeited - Exercised - Outstanding, December 31, 2019 300,000 $ 8.00 1.00 $ - Granted 4,040,000 1.62 Forfeited (1,800,000 ) 4.67 Exercised - Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Exercisable, December 31, 2020 1,162,875 $ 0.22 4.52 $ 491,821 The exercise price for options outstanding and exercisable at December 31, 2020: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 2,505,000 $ 0.215 1,147,875 $ 0.215 35,000 0.220 15,000 0.220 2,540,000 1,162,875 For options granted during the year ended December 31, 2020 where the exercise price equaled the stock price at the date of the grant, the weighted-average fair value of such options was $ 0.211 and the weighted-average exercise price of such options was $ 0.215 . For options granted during the year ended December 31, 2020 where the exercise price was greater than the stock price at the date of the grant, the weighted-average fair value of such options was $ 1.11 and the weighted-average exercise price of such options was $ 4.00 . No options were granted during the year ended December 31, 2020 where the exercise price was less than the stock price at the date of grant. The fair value of the stock options is being amortized to stock option expense over the vesting period. The Company recorded stock option expense of $ 739,973 and $ 0 during the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, the unamortized stock option expense was $ 253,830 . The assumptions used during the year ended December 31, 2020 in calculating the fair value of options granted using the Black-Scholes option-pricing model for options granted are as follows: Schedule of Assumptions Used Risk-free interest rate 0.28 % - 1.59 % Expected life of the options 5.0 years Expected volatility 195 %- 212 % Expected dividend yield 0 % The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2018 1,500,000 $ 4.00 4.44 $ 6,000,000 Granted 131,250 5.00 Forfeited - Exercised - Outstanding, December 31, 2019 1,631,250 $ 4.08 3.38 $ - Granted - Forfeited - Exercised - Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Exercisable, December 31, 2020 1,631,250 $ 4.08 2.38 $ - The exercise price for warrants outstanding at December 31, 2020: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exerciseable Number of Exercise Warrants Price 1,500,000 $ 4.00 131,250 5.00 1,631,250 In connection with the Company’s initial public offering, the Company issued the underwriters a total of 131,250 warrants to purchase shares of the Company’s common stock for $ 5.00 per share. The warrants expire in November 2024 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 10 – Related Party Transactions During the nine months ended September 30, 2021 and 2020, the Company expensed $ 2,356,924 and $ 1,715,237 , respectively, in insurance expense related to insuring the Company fleet of vehicles from an insurance brokerage firm whose owner is also a stockholder of the Company. At September 30, 2021 and December 31, 2020, $ 670,047 and $ 265,257 , respectively, was owed to this insurance brokerage from and is included in accounts payable in the accompanying consolidated balance sheets. The Company’s Executive Chairman and former CEO have made advances the Company. During the nine months ended September 30, 2021, the Company’s Executive Chairman loaned the Company $ 503,767 and was repaid $ 503,767 . The Company’s former CEO loaned the Company $ 100,000 in 2020, and, during the nine months ended September 30, 2021 was repaid $ 100,000 . At September 30, 2021, the Company owed its Executive Chairman and former CEO $ 0 and $ 0 , respectively. | Note 8 – Related Party Transactions During the years ended December 31, 2020 and 2019, the Company paid management fees of $ 0 and $ 0 , respectively, to a company that is owned by the Company’s Chief Executive Officer and director. Beginning on February 1, 2019, the Company entered into a consulting agreement with this individual and paid $ 167,000 under the consulting agreement. The consulting agreement was terminated effective September 1, 2019. Also during the years ended December 31, 2020, the Company’s CEO and director advanced the Company $ 250,000 and the Company repaid $ 150,000 . At December 31, 2020, $ 100,000 was owed to the Company’s CEO and director related to this advance. During the years ended December 31, 2020 and 2019, the Company expensed $ 32,173 and $ 587,261 , respectively, in advertising expenses from a company whose CEO was also a former director of the Company. At December 31, 2020 and 2019, $ 324,920 and $ 394,183 , respectively, was owed to this company and is included in accounts payable in the accompanying consolidated balance sheets. During the years ended December 31, 2020 and 2019, the Company expensed $ 2,321,186 and $ 2,214,985 , respectively, in insurance expense related to insuring the Company fleet of vehicles from an insurance brokerage firm whose owner is also a stockholder of the Company. At December 31, 2020 and 2019, $ 265,257 and $ 171,665 , respectively, was owed to this insurance brokerage from and is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. |
Contingencies
Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | Note 11 – Contingencies Legal Proceedings From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with total confidence. The Company is currently not aware of any legal proceedings or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows, other than those described below. Anthony Davis v. YayYo, Inc., and Ramy El-Batrawi A complaint was filed on March 5, 2020, in the Los Angeles Superior Court by plaintiff Anthony Davis, who was hired by the Company as its CEO and as a director on or about December 2016. Mr. Davis’s employment with the Company ended after several months. As part of his compensation, Mr. Davis alleges that he expected to receive stock options in the Company. In his pleadings, Mr. Davis admits that he resigned from his executive officer and director positions, but asserts that he did not receive certain compensation in the form of stock options (he has also included a claim for wage and hour violations). The Company denies liability and has asserted that it has paid Mr. Davis all amounts due to him under his employment agreement, while also asserting that Mr. Davis failed to exercise his stock options before they expired on December 31, 2018. The Company filed a demurrer to the first amended complaint, which the Superior Court granted in part and denied in part on September 8, 2021. The Plaintiff since filed a second amended complaint, to which the Company has filed an answer. The Company’s position is that the lawsuit entirely lacks merit, and the Company intends to defend it vigorously. Ivan Rung v. YayYo, Inc., Ramy El-Batrawi, et al., 20STCV27876 and Michael Vanbecelaere v. YayYo, Inc., Ramy El-Batrawi, et al., 20STCV28066 (Vanbecelaere)(hereafter the “State Cases”) On July 22 and July 23, 2020, respectively, two actions were filed in the Los Angeles Superior Court. The complaints underlying the State Cases differ only by a few words and some random punctuation marks, and are therefore virtually identical. Plaintiffs Ivan Rung and Michael Vanbecelaere each claimed to have purchased the Common Stock as part of the Company’s initial public offering (the “IPO”); they purport to bring a securities class action on behalf of all purchasers of the Common Stock pursuant to the registration statement and prospectus filed with the SEC and distributed in connection with the Company’s IPO, which was launched on November 14, 2019. The State Case complaints allege misrepresentations and material omissions in the SEC filings in violation of Sections 11 and 15 of the Securities Act of 1933, as amended (the “Securities Act”). The Company has and continues to vigorously deny any and all liability and asserts that the State Cases are baseless. It is the Company’s firm position that it accurately and completely disclosed all material facts and circumstances in its SEC filings relating to the IPO, and subsequently in its periodic SEC reports, including those that were potentially adverse to the Company’s operations and business prospects. The State Cases litigation is presently stayed pending the outcome of the federal securities case discussed below ( Hamlin v. YayYo, Inc EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) Jason Hamlin v. YayYo, Inc., Ramy El-Batrawi, et al., 20-cv-8235 (SVW) and William Koch v. YayYo, Inc., Ramy El-Batrawi, et al., 20-cv-8591 (SVW)(now consolidated as “In re YayYo Securities Litigation”) These two actions were filed on September 9, 2020 and September 18, 2020, respectively, in the United States District Court for the Central District of California. Plaintiffs Jason Hamlin and William Koch each claim to have purchased the Common Stock as part of the IPO and, like the plaintiffs in the State Cases, purport to bring a securities class action pursuant to Sections 11 and 15 of the Securities Act, as well as and Section 17(a) and 10(b)(5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on behalf of all purchasers of the Common Stock in the IPO. The first amended complaint, like the State Cases, alleges false statements and material omissions of material fact in connection with the SEC filings distributed in connection with the IPO. The defendants include directors of the Company and the underwriters of the IPO, WestPark Capital, Inc. (“WestPark”) and Aegis Capital Corp. The federal court has consolidated the two matters for all practical purposes. As with the State Cases, the Company denies liability and asserts that it accurately and completely disclosed all material facts and circumstances in its SEC filings, and that the complaint’s alleged violations of securities laws are baseless. Please see Note 13- Subsequent Events for a description of a provisional settlement of this litigation. On October 28, 2021, the parties filed a Joint Notice of Pending Settlement and the court subsequently stayed all deadlines until the court issues a ruling on the motion for preliminary approval of the class settlement. Please see Note 13- Subsequent Events for a description of this provisional settlement. Konop v. El-Batrawi, et al., 1:20-cv-1379- MN (Filed in Del. District Court) On October 12, 2020 a complaint was filed in Delaware District Court, which has since been transferred to the U.S. District Court for the Central District of California, and assigned as a related case to the judge in the pending federal securities action described immediately above. This case is a purported shareholder derivative action, in which the Company is a nominal defendant, alleging that the Company’s executive officers and directors at the time of its IPO made false and misleading statements relating to the Company’s business, operations, and future prospects and that the directors breached their fiduciary duties in doing so. The Company believes that the allegations of the complaint are spurious and will vigorously defend the case at trial. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Note 10 - Contingencies Legal Proceedings From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with total confidence. The following description relates to pending legal proceedings or potential claims against us whose outcome may, either individually or in the aggregate, have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows. Anthony Davis v. EVmo, Inc. (formerly YayYo, Inc.), and Ramy El-Batrawi This action was filed on March 5, 2020, in the Superior Court of the State of California for the County of Los Angeles. Plaintiff Anthony Davis acted as the Company’s Chief Executive Officer from approximately December 2016 through April 2017. Mr. El-Batrawi is the founder of the Company and its former Chief Executive Officer and director, and was involved, the complaint alleges, in Mr. Davis’s hiring and termination after a brief tenure as CEO. As part of his severance compensation, Mr. Davis was granted stock options to purchase shares of Common Stock. Mr. Davis claims that the Company breached its agreement to award him these stock options and includes a claim for wage and hour violations. The lawsuit also seeks declaratory and injunctive relief. Mr. Davis also included a claim under the California Unfair Practices Act. The Company has denied all liability, asserts that it has paid Mr. Davis all amounts due to him under his separation agreement with the Company, and has vigorously defended this lawsuit. The Company has filed a demurrer in connection with this litigation and that demurrer is expected to be resolved at a hearing in May 2021. If the case is not dismissed at that time, the Company will conduct discovery and file a motion for summary judgment. In Re YayYo Securities Litigation Two actions styled as securities class actions were filed in the United States District Court for the Central District of California, on September 9, 2020 ( Hamlin v. YayYo Koch v. YayYo et al Michael Vanbecelaere v. YayYo, Inc, et al. Two actions styled as securities class actions were filed in the Superior Court of the State of California for the County of Los Angeles, on July 22, 2020 and July 23, 2020, respectively. The plaintiffs to each action individually alleged misrepresentations and material omissions in the registration statement on Form S-1 that the Company filed with the SEC in connection with its initial public offering, which was declared effective on November 13, 2019, claiming violations of Sections 11 and 15 of the Securities Act. Each action purported to bring a securities class action against the Company; one of the two lawsuits was dismissed on the basis that the lead plaintiff in one of the actions was not a suitable class Representative, and that plaintiff later joined the lawsuit brought by the other one. In its answer, the Company denied liability and asserted that it accurately and completely disclosed all material facts and occurrences, including adverse ones, in its registration statement, related public filings and other public statements, and further asserted that the alleged violations of Sections 11 and 15 of the Securities Act are baseless. Each of the parties to this litigation has mutually agreed to request a stay of the proceedings pending a mediation that is tentatively scheduled for April 29, 2021, which will also include the parties to the action described immediately above. Uptick Capital, LLC v. EVmo, Inc. (formerly YayYo, Inc.) On March 5, 2021, Uptick Capital, LLC (“Uptick”), filed an arbitration demand with the American Arbitration Association (“AAA”) alleging breach of contract with respect to an Advisory Agreement that Uptick asserts it entered into with the Company on August 7, 2017. The claim filed with the AAA alleges that “pursuant to the terms of the Advisory Agreement, Uptick was entitled to receive $ 2,500 per month for three months” plus “an issuance of restricted shares of $ 50,000 worth of YayYo common stock in exchange for providing certain consulting services to YayYo.” The agreement, according to the demand, was renewed once. The Company has not yet formally responded to the arbitration claim but denies liability and intends to vigorously defend this arbitration on the basis that Uptick failed to comply with the contract. It is unknown what the potential liabilities are but, as of the date of the registration statement of which this prospectus is a part 10,000 in cash and $ 100,000 worth of stock. |
Settlements
Settlements | 9 Months Ended |
Sep. 30, 2021 | |
Settlements | |
Settlements | Note 12 – Settlements FirstFire Settlement On February 11, 2021, the Company, entered into a settlement agreement and mutual release (the “Settlement Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”), relating to a pending action in the U.S. District Court in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. WestPark Capital, Inc. et. al. This litigation was commenced by FirstFire in April 2020 and subsequently amended in December 2020. FirstFire was a subscriber to the Company’s initial public offering of Common Stock, in November 2019 (the “IPO”). It alleged in the lLitigation that the Company and the other named defendants had, in connection with the IPO and the registration statement on Form S-1 filed thereto, committed violations of Sections 11, 12(a) and 15 of the Securities Act of 1933, as amended (the “Securities Act”), Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated under the Exchange Act. Each of the Company, WestPark, Mr. Rappaport and Mr. El-Batrawi vigorously denied and disputed these allegations. In consideration of the releases, covenants, terms and conditions set forth in the Settlement Agreement, FirstFire agreed to dismiss the litigation with prejudice, to not file any further litigation relating to the IPO, and to waive and relinquish any and all claims on shares of Common Stock other than as specified in the Settlement Agreement. The Company agreed to sell to FirstFire one hundred fifty thousand ( 150,000 ) shares of Common Stock (the “Settlement Shares”), with such shares issued pursuant to the exemption from registration under Rule 506(b) of the Act. The purchase price of the Settlement Shares was $ 0.066667 per share, or an aggregate of $ 10,000 . Any resale of the Settlement Shares by FirstFire shall be subject to the conditions of Rule 144 of the Act. None of WestPark, Mr. Rappaport or Mr. El-Batrawi contributed to the Settlement Shares or any other consideration under the Settlement Agreement. Social Reality Settlement On February 19, 2021, the Company entered into a confidential settlement agreement and mutual release with SRAX, Inc., a Delaware corporation formerly known as Social Reality, Inc. (“SRAX”), relating to an action brought by SRAX against the Company in Los Angeles Superior Court on or around February 11, 2020. A description of this litigation has been included by the Company in its prior filings. The Company and SRAX mutually agreed to keep the material terms of this settlement confidential, subject to disclosure as required by applicable law or regulation. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 13 – Subsequent Events The Company has evaluated subsequent events through December 10, ● The Company issued an aggregate of 187,500 warrants pursuant to the terms of the convertible note agreement discussed in Note 6. ● The parties to the In re YayYo Securities Litigation described in Note 11 above have, after extensive negotiations, recently filed a “Joint Notice of Pending Settlement” with the court, which is subject to approval by the district court and which, if approved, will resolve the pending class actions upon payment by the Company of approximately $ 1,000,000 to the class. The Company’s Executive Chairman has provided his personal guarantee for the whole amount due to the plaintiffs, and the Board of Directors has agreed to issue 2,000,000 shares of Common Stock as consideration for the guarantee. The motion for approval of the settlement was filed with the court on November 19, 2021. | Note 11 – Subsequent Events Convertible promissory note On January 8, 2021, the Company, issued a stand-alone $ 500,000 convertible promissory note (the “Note”) to Mr. John Gray, principal of one of the Company’s largest stockholders, the Gray Mars Venus Trust, Arizona 2015, an Arizona asset management limited partnership (the “Gray Trust”), in return for a loan extended by Mr. Gray to the Company in the principal amount of the Note. The Note accrued interest at a fixed rate of 6 % and will mature on January 6, 2022 . Any unpaid principal balance on the Note was eligible to be converted at any time, at the option of Mr. Gray, into shares of the Company’s Common Stock, at a price of $ 0.50 per share. Upon conversion, the common shares Mr. Gray was to have received have registration rights, as specified in the Note. On February 25, 2021, Mr. Gray converted the full amount of the convertible promissory note into 1,000,000 shares of the Company’s common stock. FirstFire Settlement On February 11, 2021, the Company, entered into a settlement agreement and mutual release (the “Settlement Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”), relating to a pending action in the U.S. District Court in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. WestPark Capital, Inc. et. al. The Litigation was commenced by FirstFire in April 2020 and subsequently amended in December 2020. FirstFire was a subscriber to the Company’s initial public offering of Common Stock in November 2019 (the “IPO”). It alleged in the Litigation that the Company and the other named defendants had, in connection with the IPO and the registration statement on Form S-1 filed thereto, committed violations of Sections 11, 12(a) and 15 of the Securities Act of 1933, as amended (the “Securities Act”), Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated under the Exchange Act. Each of the Company, WestPark, Mr. Rappaport and Mr. El-Batrawi vigorously denied and disputed these allegations. In consideration of the releases, covenants, terms and conditions set forth in the Settlement Agreement, FirstFire has agreed to dismiss the Litigation with prejudice, to not file any further litigation relating to the IPO, and to waive and relinquish any and all claims on shares of Common Stock other than as specified in the Settlement Agreement. The Company has agreed to sell to FirstFire one hundred fifty thousand ( 150,000 ) shares of Common Stock (the “Settlement Shares”) on or around February 15, 2021, with such shares to be issued pursuant to the exemption from registration under Rule 506(b) of the Act. The purchase price of the Settlement Shares will be $ 0.066667 per share, or an aggregate of $ 10,000 . Any resale of the Settlement Shares by FirstFire shall be subject to the conditions of Rule 144 of the Securities Act. None of WestPark, Mr. Rappaport or Mr. El-Batrawi are contributing to the Settlement Shares or any other consideration under the Settlement Agreement. Social Reality Settlement On February 19, 2021, the Company entered into a confidential settlement agreement and mutual release (the “Agreement”) with SRAX, Inc., a Delaware corporation formerly known as Social Reality, Inc. (“SRAX”), relating to an action brought by SRAX against the Company in Los Angeles Superior Court on or around February 11, 2020 (the “Litigation”). A description of the Litigation has been included by the Company in its prior filings, most recently in its quarterly report on Form 10-Q for the quarterly period ended September 30, 2020, filed on November 12, 2020. The Company and SRAX have mutually agreed to keep the material terms of the Agreement confidential, subject to disclosure as required by applicable law or regulation. Common Stock issuances In addition to the above-described issuance of Common Stock subsequent to December 31, 2020, the Company has issued the following shares of Common Stock: ● 100,000 shares to a member of the Company’s board of directors for cash proceeds of $ 50,000 ; ● 960,550 shares to the Company’s former Chief Executive Officer for the cashless exercise of 1,000,000 stock options; ● 35,000 shares for the exercise of stock options for cash proceeds of $ 15,450 ; and ● 825,000 shares to our Executive Chairman in connection with an anti-dilutive agreement. Bridge loan financing On April 12, 2021, the Company, entered into a securities purchase agreement with a certain investor in connection with the issuance, as of that same date, of a 12.5% original issue discount convertible promissory note and a Common Stock purchase warrant. The note had an original principal amount of $ 2,250,000 , with an original issue discount of $ 250,000 . It bore interest at a fixed rate of ten percent ( 10 %), was convertible into shares of Common Stock at an initial price of $ 3.00 per share, and was to mature on January 12, 2022 . The note has since been exchanged for 230,375 shares of the Company’s series B preferred stock, par value $0.000001 (the “Series B Preferred Stock”) and a warrant, as described below, and cancelled. The warrant grants the right to purchase 187,500 shares of Common Stock at an exercise price of $ 3.00 , subject to adjustment as set forth therein, and is exercisable at any time within five (5) years of the date of issuance. The agreement provided that additional warrants, each for 93,750 shares of Common Stock with an exercise price of $ 3.00 per share, will be issued by the Company to the investor on the 12 th 93,750 common shares to the same investor pursuant to the terms of the agreement. Term loan financing On July 9, 2021, the Company entered into a term loan, guarantee and security agreement with a lender and its agent providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 million, with $ 7.5 million funded upon closing and up to $ 7.5 million of additional borrowings under a delayed draw term loan facility. This agreement matures on July 9, 2026 . Borrowings under it bear interest at LIBOR, plus a margin of 10.0 %, with a default interest rate equal to 2.00 % per year in the event of an ongoing event of default. The Company’s obligations under this agreement are guaranteed by its wholly-owned subsidiaries, and are a general obligation of the Company secured by substantially all of the Company’s property and assets. The Company may voluntarily prepay the term loans and mandatory prepayment will be required under certain contingencies, with a prepayment fee to be assessed, the amount of which will be calculated depending on when the prepayment is made. The Company has executed and delivered a term note evidencing this loan and has also issued a warrant granting the lender the right to purchase up to 1.5 million shares of Common Stock at an exercise price of $ 2.10 . Exchange of bridge note for preferred stock and warrant In connection with the Company’s entry into the term loan, guarantee and security agreement, the Company also entered into an exchange agreement, dated as of July 8, 2021, with the counterparty to the securities purchase agreement entered into in April 2021. The investor agreed to exchange its note for 230,375 shares of the Company’s Series B Preferred Stock, and a warrant to purchase 93,750 shares of Common Stock at an exercise price of $ 3.00 . The Series B Preferred Stock is subject to mandatory redemption in full at a redemption price initially equal to $ 10.00 per share, within 15 business days after the date on which the Company has completed an equity financing resulting in total proceeds of at least $ 10 million. Settlement of Class-Action Litigation On October 21, 2021, the Company announced that it had reached a provisional settlement of the “In re YayYo Securities Litigation” matter described in Note 10 above. This settlement is subject to court approval, which is expected to be granted. The Company’s portion of the settlement totals $ 1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A full valuation allowance is established against all net deferred tax assets as of December 31, 2020 and 2019 based on estimates of recoverability. While the Company has optimistic plans for its business strategy, it determined that such a valuation allowance was necessary given the current and expected near term losses and the uncertainty with respect to its ability to generate sufficient profits from its business model. Because of the impacts of the valuation allowance, there was no income tax expense or benefit for the years ended December 31, 2020 and 2019. A reconciliation of the differences between the effective and statutory income tax rates for the years ended December 31, 2020 and 2019: Schedule of Reconciliation Between Effective and Statutory Income Tax Rates 2020 2019 Amount Percent Amount Percent Federal statutory rates $ (735,436 ) 21.0 % $ (825,346 ) 21.0 % State income taxes (245,145 ) 7.0 % (275,115 ) 7.0 % Permanent differences 335,916 -9.6 % (69,409 ) 1.8 % Valuation allowance against net deferred tax assets 644,665 -18.4 % 1,169,870 -29.8 % Effective rate $ - 0.0 % $ - 0.0 % At December 31, 2020 and 2019, the significant components of the deferred tax assets are summarized below: Schedule of Significant Components of Deferred Tax Assets 2020 2019 Deferred income tax asset Net operation loss carryforwards 3,173,878 2,419,531 Accrued expenses 50,205 159,887 Total deferred income tax asset 3,224,084 2,579,418 Less: valuation allowance (3,224,084 ) (2,579,418 ) Total deferred income tax asset $ - $ - The valuation allowance increased by $ 644,665 and $ 1,081,921 in 2020 and 2019, respectively, as a result of the Company generating additional net operating losses. The Company has recorded as of December 31, 2020 and 2019 a valuation allowance of $ 3,224,084 and $ 2,549,418 , respectively, as it believes that it is more likely than not that the deferred tax assets will not be realized in future years. Management has based its assessment on the Company’s lack of profitable operating history. The Company conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2020 and 2019. The Company has net operating loss carry-forwards of approximately $ 11,300,000 . Such amounts are subject to IRS code section 382 limitations and expire in 2031 . The 2018, 2019 and 2020 tax year is still subject to audit. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Distinct Cars, LLC and RideShare Car Rentals, LLC. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. It is possible that accounting estimates and assumptions may be material to the Company due to the levels of subjectivity and judgment involved. |
Cash Equivalents | Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. | Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. |
Equipment and Rental Vehicles | Property and Equipment and Rental Vehicles Property and Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 years Officer furniture 7 years Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 years | Equipment and Rental Vehicles Equipment and Rental Vehicles are stated at cost. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of equipment and rental vehicles is provided using the straight-line method for substantially all assets with estimated lives as follows: Schedule of Estimated Lives of Equipment Computer equipment 5 years Vehicles 5 years |
Long-Lived Assets | Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment | Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment no impairment charge was necessary. |
Revenue Recognition | Revenue Recognition The Company recognizes all of its material revenue from renting its fleet of cars to TNC drivers. Revenue is recognized generally on a weekly basis based on the rental agreements. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers | Revenue Recognition The Company recognizes revenue from renting its fleet of cars to ridesharing and delivery gig drivers. Revenue is recognized based on the rental agreements which are generally on a weekly basis. The Company recognizes revenue in accordance with FASB ASC 606, Revenue From Contracts with Customers |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The adoption had no effect on the Company’s consolidated financial statements. EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The adoption had no effect on the Company’s consolidated financial statements. |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 2,737,500 warrants and 758,125 options outstanding as of September 30, 2021 and 1,631,250 warrants and 3,221,000 options outstanding as of September 30, 2020. | Stock-Based Compensation The Company records stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation 1,631,250 warrants and 2,540,000 options outstanding as of December 31, 2020 and 1,631,250 warrants and 300,000 options outstanding as of December 31, 2019. |
Basic and Diluted Earnings Per Share | Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 0.000001 (the “Common Stock”) at the average market price during the period. Due to the net loss incurred potentially dilutive instruments would be anti-dilutive. Accordingly, diluted loss per share is the same as basic loss for all periods presented. There were 3,495,625 and 4,852,250 potentially dilutive options and warrants outstanding at September 30, 2021 and 2020, respectively, and 750,000 shares potentially issuable upon the conversion of outstanding shares of Series B Preferred Stock at September 30, 2021. | Basic and Diluted Earnings Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share 4,171,250 and 1,931,250 potentially dilutive securities outstanding at December 31, 2020 and 2019, respectively. |
Advertising Costs | Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the nine months ended September 30, 2021 and 2020 were $ 257,129 and $ 324,546 , respectively. | Advertising Costs The Company expenses the cost of advertising as incurred. Advertising costs for the years ended December 31, 2020 and 2019 were $ 490,403 and $ 765,441 , respectively. |
Fair Value Measurements | Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted, unadjusted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, as well as other than quoted prices for identical assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At September 30, 2021 and December 31, 2020, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. | Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including convertible notes payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. At December 31, 2020 and 2019, the Company did not identify any liabilities that are required to be presented on the balance sheet at fair value. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. | Recent Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes In August 2020, the FASB issued ASU 2020-06 , Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Derivatives and Hedging Derivatives and Hedging—Contracts in Entity’s Own Equity Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. |
Research and Development Costs | Research and Development Costs The Company expenses its research and development costs as incurred. Research and developments costs for the years ended December 31, 2020 and 2019 were $ 0 and $ 13,500 , respectively. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Schedule of Estimated Lives of Equipment | Schedule of Estimated Lives of Equipment Computer equipment 5 years Officer furniture 7 years Leasehold improvements 15 years or term of lease whichever is less Vehicles 5 years | Schedule of Estimated Lives of Equipment Computer equipment 5 years Vehicles 5 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | At September 30, 2021 and December 31, 2020, property and equipment consisted of the following: Schedule of Property and Equipment September 30, December 31, 2021 2020 Computer equipment $ 6,046 $ 6,046 Office furniture 17,401 - Leasehold improvement 29,650 - 53,097 6,046 Less accumulated depreciation (6,626 ) (4,138 ) Equipment, net $ 46,471 $ 1,908 | At December 31, 2020 and 2019 equipment consisted of the following: Schedule of Property and Equipment 2020 2019 Computer equipment $ 6,046 $ 6,046 6,046 6,046 Less accumulated depreciation (4,138 ) (2,651 ) Equipment, net $ 1,908 $ 3,395 |
Rental Vehicles (Tables)
Rental Vehicles (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Rental Vehicles | ||
Schedule of Rental Vehicles | At September 30, 2021 and December 31, 2020, all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles September 30, December 31, 2021 2020 Rental vehicles $ 14,760,669 $ 9,067,885 14,760,669 9,067,885 Less accumulated depreciation (4,394,296 ) (2,871,452 ) Rental vehicles, net $ 10,366,373 $ 6,196,433 | At December 31, 2020 and 2019 all of the Company’s rental vehicles consisted of the following: Schedule of Rental Vehicles 2020 2019 Rental vehicles $ 9,067,885 $ 6,284,211 9,067,885 6,284,211 Less accumulated depreciation (2,871,452 ) (1,547,164 ) Rental vehicles, net $ 6,196,433 $ 4,737,047 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of Notes Payable | Notes payable at September 30, 2021 and December 31, 2020 consisted of the following: Schedule of Notes Payable September 30, December 31, 2021 2020 $ - $ 304,667 Notes payable to individual investors; accrue interest at 8 % per annum; principal payments equal to 1/12 of original balance plus interest due quarterly; due from dates ranging from August 9, 2020 to March 26, 2021 ; unsecured $ - $ 304,667 Note payable to the Small Business Administration. The note bears interest at 3.75 % per annum, requires monthly payments of $731 after 24 months from funding and is due 30 years from the date of issuance . - 149,414 Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $ 192,775 . The loan has terms of 24 months and accrues interest at 1 % per annum. During the year ended December 31, 2020, $ 184,775 of this loan has been forgiven as provided for in the CARES Act. - 8,000 Notes payable to a finance company, default interest at 14 % per annum; monthly principal payments ranging from $ 10,000 to $ 40,000 with unpaid principal due on December 15, 2021 - 355,438 Notes payable to a finance company, interest at LIBOR plus 10 % per annum; monthly principal payments of 0.4166 % of principal balance beginning August 1, 2022 , with unpaid principal due on July 9, 2026 (A) 7,500,000 - Total notes payable 7,500,000 817,519 Unamortized debt discount (1,316,029 ) (1,973 ) Notes payable, net discount 6,183,971 815,546 Less current portion (156,225 ) (666,132 ) Long-term portion $ 6,027,746 $ 149,414 (A) On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ 15.0 million (collectively, the “Term Loans”), consisting of a $ 7.5 million closing date term loan facility (the “Closing Date Term Loan”) and up to $ 7.5 million of borrowings under a delayed draw term loan facility (the “Delayed Draw Term Loan Facility”). The Closing Date Term Loan was fully drawn on the Closing Date, while the Delayed Draw Term Loan Facility is available upon the satisfaction of certain conditions precedent specified in the Term Loan Agreement. The Term Loan Agreement matures on July 9, 2026 . Borrowings under the Term Loan Agreement bear interest at the London Interbank Offered Rate (“LIBOR”), plus a margin of 10.0 %. As a condition precedent to the Agent and the Lender entering into the Term Loan Agreement, the Company issued to the Lender a common stock purchase warrant, dated as of the Closing Date (the “Warrant”), which grants the Lender the right to purchase up to 1.5 million shares of the common stock of the Company, par value $ 0.000001 (the “Common Stock”), at an exercise price of $ 2.10 450,000 | Notes payable at December 31, 2020 and 2019 consisted of the following: Schedule of Notes Payable 2020 2019 Notes payable to individual investors; accrue interest at 8 % per annum; principal payments equal to 1/12 of original balance plus interest due quarterly ; due from dates ranging from August 9, 2020 to March 26, 2021 ; unsecured (A) $ 304,667 319,667 Note payable to the Small Business Administration. The note bears interest at 3.75 % per annum, requires monthly payments of $731 after 12 months from funding and is due 30 years from the date of issuance. 149,414 - Note payable issued under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in the amount of $192,775. The loan has terms of 24 months and accrues interest at 1 % per annum. During the year ended December 31, 2020, $ 184,775 of this loan has been forgiven as provided for in the CARES Act. 8,000 - Notes payable to a finance company, default interest at 14 % per annum; monthly principal payments ranging from $10,000 to $40,000 with unpaid principal due on December 15, 2021 355,438 - Total notes payable 817,519 319,667 Unamortized debt discount (1,973 ) (32,289 ) Notes payable, net discount 815,546 287,378 Less current portion (666,132 ) (287,378 ) Long-term portion $ 149,414 $ - (A) In connection with the issuance of these notes payable in 2018 and 2017, the Company also issued an aggregate of 24,050 119,875 119,875 30,316 39,922 193 |
Schedule of Outstanding Notes Payable | A roll forward of notes payable from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2020 $ 815,546 Issued for cash 7,500,000 Payment of cost associated with issuance of note payable (600,000 ) Debt discount related to notes payable (778,697 ) Forgiveness of note payable (8,000 ) Repayments (809,519 ) Amortization of debt discounts 64,641 Notes payable, September 30, 2021 $ 6,183,971 EVmo, Inc. Notes to Condensed Consolidated Financial Statements For the Nine Months Ended September 30, 2021 and 2020 (unaudited) | A rollforward of notes payable from December 31, 2018 to December 31, 2020 is below: Schedule of Outstanding Notes Payable Notes payable, December 31, 2018 $ 2,617,970 Issued for cash 2,009,300 Repayments (4,379,814 ) Amortization of debt discounts 39,922 Lease obligation converted to note payable 355,438 Notes payable, December 31, 2019 287,378 Issued for cash 342,675 Lease obligation converted to note payable 355,438 Forgiveness of note payable (184,775 ) Repayments (15,486 ) Amortization of debt discounts 30,316 Notes payable, December 31, 2020 $ 815,546 |
Schedule of Future Payments Under Note Payable Obligations | Future payments under note payable obligations are as follows: Schedule of Future Payments Under Note Payable Obligations Years ending December 31, 2021 $ 668,105 2022 3,104 2023 3,175 2024 3,296 2025 3,422 Thereafter 136,417 Notes payable $ 817,519 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Convertible Notes | |
Schedule of Outstanding Convertible Notes Payable | A roll forward of convertible notes from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Convertible Notes Payable Convertible notes, December 31, 2020 $ - Issued for cash 2,500,000 Issued for original issue discount 250,000 Debt discount related to convertible notes (1,578,767 ) Conversion to common stock (500,000 ) Conversion to preferred stock (2,250,000 ) Amortization of debt discounts 1,578,767 Convertible notes, September 30, 2021 $ - |
Financing Lease Obligations (Ta
Financing Lease Obligations (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | ||
Schedule of Lease Obligations | Lease obligations at September 30, 2021 and December 31, 2020 consisted of the following: Schedule of Lease Obligations September 30, December 31, 2021 2020 Lease obligations $ 4,415,870 $ 2,352,878 Less current portion (1,920,254 ) (1,426,425 ) Long-term portion $ 2,495,616 $ 926,453 | Lease obligations at December 31, 2020 and 2019 consisted of the following: Schedule of Lease Obligations 2020 2019 Lease obligations $ 2,352,878 $ 2,400,565 Less current portion (1,426,425 ) (1,416,446 ) Long-term portion $ 926,453 $ 984,119 |
Schedule of Outstanding Lease Obligations | A rollforward of lease obligations from December 31, 2020 to September 30, 2021 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2020 $ 2,352,878 New lease obligations 5,692,784 Payments on lease obligations (3,629,792 ) Lease obligations, September 30, 2021 $ 4,415,870 | A rollforward of lease obligations from December 31, 2018 to December 31, 2020 is below: Schedule of Outstanding Lease Obligations Lease obligations, December 31, 2018 $ 3,790,147 New lease obligations 1,159,470 Disposal of leased vehicles (769,009 ) Payments on lease obligations (1,780,043 ) Lease obligations, December 31, 2019 2,400,565 New lease obligations 3,705,417 Disposal of leased vehicles (975,215 ) Lease obligation converted to note payable (355,438 ) Payments on lease obligations (2,422,451 ) Lease obligations, December 31, 2020 $ 2,352,878 |
Schedule of Future Lease Obligations | Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Twelve Months Ending September 30, 2022 $ 2,033,761 2023 1,500,065 2024 1,058,833 Total payments 4,592,659 Amount representing interest (176,789 ) Lease obligation, net $ 4,415,870 | Future payments under lease obligations are as follows: Schedule of Future Lease Obligations Years ending December 31, 2021 $ 1,531,108 2022 769,619 2023 210,219 Total payments 2,510,946 Amount representing interest (158,068 ) Lease obligation, net $ 2,352,878 |
Operating Lease Obligations (Ta
Operating Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operating Lease Obligations | |
Schedule of Operating Lease Obligations | The table below presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of September 30, 2021: Schedule of Operating Lease Obligations September 30, Classification on Balance Sheet 2021 Assets Operating lease assets Operating lease right of use assets $ 180,860 Total lease assets $ 180,860 Liabilities Current liabilities Operating lease liability Current operating lease liability $ 138,630 Noncurrent liabilities Operating lease liability Long-term operating lease liability 50,996 Total lease liability $ 189,626 |
Schedule of Lease Obligation Maturity | Lease obligations at September 30, 2021 consisted of the following: Schedule of Lease Obligation Maturity Twelve Months Ending September 30, Leases 2022 $ 157,800 2023 52,600 Total payments 210,400 Less: imputed interest (20,774 ) Total obligation 189,626 Less: current portion (138,630 ) Non-current capital leases obligations $ 50,996 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Summary of Stock Option Activity | The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Granted 290,000 0.84 Forfeited (401,475 ) 0.22 Exercised (1,670,400 ) 0.230 Outstanding, September 30, 2021 758,125 $ 0.42 3.93 $ 514,928 Exercisable, September 30, 2021 413,875 $ 0.56 3.99 $ 262,473 | The following is a summary of stock option activity: Summary of Stock Option Activity Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2018 300,000 $ 8.00 2.00 $ - Granted - $ Forfeited - Exercised - Outstanding, December 31, 2019 300,000 $ 8.00 1.00 $ - Granted 4,040,000 1.62 Forfeited (1,800,000 ) 4.67 Exercised - Outstanding, December 31, 2020 2,540,000 $ 0.22 4.52 $ 1,074,245 Exercisable, December 31, 2020 1,162,875 $ 0.22 4.52 $ 491,821 |
Schedule of Options Outstanding by Exercise Price Range | The exercise price for options outstanding and exercisable at September 30, 2021: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 20,000 $ 0.210 20,000 $ 0.210 528,125 0.215 252,625 0.215 15,000 0.220 2,500 0.220 155,000 0.530 98,750 0.530 20,000 2.120 20,000 2.120 20,000 3.800 20,000 3.800 758,125 413,875 Warrants The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Granted 1,106,250 2.64 Forfeited - Exercised - Outstanding, September 30, 2021 2,737,500 $ 3.50 2.89 $ - Exercisable, September 30, 2021 2,737,500 $ 3.50 2.89 $ - | The exercise price for options outstanding and exercisable at December 31, 2020: Schedule of Options Outstanding by Exercise Price Range Outstanding Exercisable Number of Exercise Number of Exercise Options Price Options Price 2,505,000 $ 0.215 1,147,875 $ 0.215 35,000 0.220 15,000 0.220 2,540,000 1,162,875 |
Summary of Warrant Activity | The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Granted 1,106,250 2.64 Forfeited - Exercised - Outstanding, September 30, 2021 2,737,500 $ 3.50 2.89 $ - Exercisable, September 30, 2021 2,737,500 $ 3.50 2.89 $ - | The following is a summary of warrant activity: Summary of Warrant Activity Weighted Weighted Average Average Remaining Aggregate Warrants Exercise Contractual Intrinsic Outstanding Price Life Value Outstanding, December 31, 2018 1,500,000 $ 4.00 4.44 $ 6,000,000 Granted 131,250 5.00 Forfeited - Exercised - Outstanding, December 31, 2019 1,631,250 $ 4.08 3.38 $ - Granted - Forfeited - Exercised - Outstanding, December 31, 2020 1,631,250 $ 4.08 2.38 $ - Exercisable, December 31, 2020 1,631,250 $ 4.08 2.38 $ - |
Schedule of Warrants Outstanding by Exercise Price Range | The exercise price for warrants outstanding at September 30, 2021: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exercisable Number of Exercise Warrants Price 450,000 $ 2.10 656,250 3.00 1,500,000 4.00 131,250 5.00 2,737,500 | The exercise price for warrants outstanding at December 31, 2020: Schedule of Warrants Outstanding by Exercise Price Range Outstanding and Exerciseable Number of Exercise Warrants Price 1,500,000 $ 4.00 131,250 5.00 1,631,250 |
Schedule of Assumptions Used | Schedule of Stock Options Value Assumptions Risk-free interest rate 0.76 – 0.87 % Expected life of the options 5 years Expected volatility 180 %- 190 % Expected dividend yield 0 % | The assumptions used during the year ended December 31, 2020 in calculating the fair value of options granted using the Black-Scholes option-pricing model for options granted are as follows: Schedule of Assumptions Used Risk-free interest rate 0.28 % - 1.59 % Expected life of the options 5.0 years Expected volatility 195 %- 212 % Expected dividend yield 0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation Between Effective and Statutory Income Tax Rates | A reconciliation of the differences between the effective and statutory income tax rates for the years ended December 31, 2020 and 2019: Schedule of Reconciliation Between Effective and Statutory Income Tax Rates 2020 2019 Amount Percent Amount Percent Federal statutory rates $ (735,436 ) 21.0 % $ (825,346 ) 21.0 % State income taxes (245,145 ) 7.0 % (275,115 ) 7.0 % Permanent differences 335,916 -9.6 % (69,409 ) 1.8 % Valuation allowance against net deferred tax assets 644,665 -18.4 % 1,169,870 -29.8 % Effective rate $ - 0.0 % $ - 0.0 % |
Schedule of Significant Components of Deferred Tax Assets | At December 31, 2020 and 2019, the significant components of the deferred tax assets are summarized below: Schedule of Significant Components of Deferred Tax Assets 2020 2019 Deferred income tax asset Net operation loss carryforwards 3,173,878 2,419,531 Accrued expenses 50,205 159,887 Total deferred income tax asset 3,224,084 2,579,418 Less: valuation allowance (3,224,084 ) (2,579,418 ) Total deferred income tax asset $ - $ - |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Entity Incorporation, Date of Incorporation | Jun. 21, 2016 | Jun. 21, 2016 |
Schedule of Estimated Lives of
Schedule of Estimated Lives of Equipment (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
Officer Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 15 years or term of lease whichever is less | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | 5 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination, Description | tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,737,500 | 2,737,500 | 1,631,250 | 1,631,250 | 1,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,540,000 | 300,000 | 300,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 | $ 0.000001 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,495,625 | 4,852,250 | 4,171,250 | 1,931,250 | |||
Advertising Expense | $ 257,129 | $ 324,546 | $ 490,403 | $ 765,441 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | ||||||
Research and Development Expense | $ 46,500 | $ 106,766 | $ 13,500 | ||||
Series B Preferred Stock [Member] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 750,000 | ||||||
Warrants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,737,500 | 1,631,250 | 2,737,500 | 1,631,250 | 1,631,250 | 1,631,250 | |
Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 758,125 | 3,221,000 | 758,125 | 3,221,000 | 2,540,000 | 300,000 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Equipment, gross | $ 53,097 | $ 6,046 | $ 6,046 |
Less accumulated depreciation | (6,626) | (4,138) | (2,651) |
Equipment, net | 46,471 | 1,908 | 3,395 |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, gross | 6,046 | 6,046 | $ 6,046 |
Officer Furniture [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, gross | 17,401 | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Equipment, gross | $ 29,650 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 2,488 | $ 1,115 | ||
Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 1,487 | $ 1,697 |
Schedule of Rental Vehicles (De
Schedule of Rental Vehicles (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Rental Vehicles, gross | $ 14,760,669 | $ 9,067,885 | $ 6,284,211 |
Less accumulated depreciation | (4,394,296) | 2,871,452 | 1,547,164 |
Less accumulated depreciation | 4,394,296 | (2,871,452) | (1,547,164) |
Rental Vehicles, net | 10,366,373 | 6,196,433 | 4,737,047 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rental Vehicles, gross | $ 14,760,669 | $ 9,067,885 | $ 6,284,211 |
Rental Vehicles (Details Narrat
Rental Vehicles (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 2,488 | $ 1,115 | ||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Lessee, Finance Lease, Term of Contract | 30 months | 12 months | ||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Lessee, Finance Lease, Term of Contract | 36 months | 36 months | ||
Vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | 5 years | ||
Depreciation | $ 1,522,844 | $ 1,045,960 | $ 1,434,896 | $ 993,531 |
Schedule of Notes Payable (Deta
Schedule of Notes Payable (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Debt Instrument [Line Items] | |||||||
Total notes payable | $ 7,500,000 | $ 817,519 | $ 319,667 | ||||
Unamortized debt discount | (1,316,029) | ||||||
Unamortized debt discount | 0 | (1,973) | (32,289) | ||||
Notes payable, net discount | 6,183,971 | 815,546 | 287,378 | $ 2,617,970 | |||
Less current portion | (156,225) | (666,132) | (287,378) | ||||
Long-term portion | 6,027,746 | 149,414 | |||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable | [1] | $ 7,500,000 | |||||
Debt Instrument, Maturity Date | [1] | Jul. 9, 2026 | |||||
Notes Payable One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable | 304,667 | [2] | 319,667 | [2] | |||
Notes Payable Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable | 149,414 | ||||||
Notes Payable Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable | 8,000 | ||||||
Notes Payable Four [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total notes payable | 355,438 | ||||||
Unsecured Note Payable To Individual Investors [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt discount | $ (193) | ||||||
Unsecured Note Payable To Individual Investors [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Aug. 9, 2020 | Aug. 9, 2020 | |||||
Unsecured Note Payable To Individual Investors [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Mar. 26, 2021 | Mar. 26, 2021 | |||||
Notes Payable to Finance Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | Dec. 15, 2021 | |||||
[1] | On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ | ||||||
[2] | In connection with the issuance of these notes payable in 2018 and 2017, the Company also issued an aggregate of |
Schedule of Notes Payable (De_2
Schedule of Notes Payable (Details) (Parenthetical) - USD ($) | Jul. 09, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||
Notes Payable | $ 6,183,971 | $ 815,546 | $ 287,378 | $ 2,617,970 | ||||
Debt Instrument, Decrease, Forgiveness | $ 8,000 | $ 184,775 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 | |||||
Amortization of Debt Discount (Premium) | $ 1,643,408 | $ 27,719 | $ 30,316 | $ 39,922 | ||||
Debt Instrument, Unamortized Discount | $ 1,316,029 | |||||||
Common Stock [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 450,000 | |||||||
Term Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.000001 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.10 | |||||||
Term Loan Agreement [Member] | EICF Agent LLC [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||
Line of Credit Facility, Periodic Payment, Principal | 7,500,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 10.00% | ||||||
Debt Instrument, Maturity Date | [1] | Jul. 9, 2026 | ||||||
[custom:DebtInstrumentPrincipalPercentageMontly-0] | [1] | 0.4166% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date | Jul. 9, 2026 | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,500,000 | |||||||
Unsecured Note Payable To Individual Investors [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 800.00% | ||||||
Debt Instrument, Payment Terms | principal payments equal to 1/12 of original balance plus interest due quarterly; | principal payments equal to 1/12 of original balance plus interest due quarterly | ||||||
Debt Instrument, Maturity Date, Description | due from dates ranging from | |||||||
[custom:SharesIssuedDuringPeriodAsIncentiveForLoans] | 24,050 | |||||||
Shares issued during period as incentive for loans value recorded as discount | $ 119,875 | |||||||
Amortization of Debt Discount (Premium) | $ 119,875 | |||||||
Interest Expense, Debt | $ 30,316 | $ 39,922 | ||||||
Debt Instrument, Unamortized Discount | $ 193 | |||||||
Unsecured Note Payable To Individual Investors [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date | Aug. 9, 2020 | Aug. 9, 2020 | ||||||
Unsecured Note Payable To Individual Investors [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date | Mar. 26, 2021 | Mar. 26, 2021 | ||||||
Note payable to the Small Business Administration [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | ||||||
Note Payable to Small Business Administration [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Payment Terms | requires monthly payments of $731 after 24 months from funding | requires monthly payments of $731 after 12 months from funding | ||||||
Debt Instrument, Maturity Date, Description | due 30 years from the date of issuance | due 30 years from the date of issuance. | ||||||
Paycheck Protection Program [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | ||||||
Debt Instrument, Payment Terms | The loan has terms of 24 months | The loan has terms of 24 months | ||||||
Debt Instrument, Maturity Date, Description | 184,775 of this loan has been forgiven as provided for in the CARES Act. | |||||||
Notes Payable | $ 192,775 | |||||||
Debt Instrument, Decrease, Forgiveness | $ 184,775 | |||||||
Notes Payable to Finance Company [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 14.00% | 14.00% | ||||||
Debt Instrument, Payment Terms | monthly principal payments ranging from $10,000 to $40,000 | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2021 | Dec. 15, 2021 | ||||||
Debt Instrument, Maturity Date, Description | principal due on | |||||||
Notes Payable to Finance Company [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 10,000 | |||||||
Notes Payable to Finance Company [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 40,000 | |||||||
Note Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Maturity Date | [1] | Aug. 1, 2022 | ||||||
[1] | On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ |
Schedule of Outstanding Notes P
Schedule of Outstanding Notes Payable (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||||
Notes payable, beginning of the period | $ 815,546 | $ 287,378 | $ 287,378 | $ 2,617,970 |
Issued for cash | 7,500,000 | |||
Payment of cost associated with issuance of note payable | (600,000) | |||
Debt discount related to notes payable | (778,697) | |||
Forgiveness of note payable | (8,000) | (184,775) | ||
Repayments | (809,519) | (10,000) | (15,486) | (4,379,814) |
Amortization of debt discounts | 64,641 | 30,316 | 39,922 | |
Notes payable, end of the period | 6,183,971 | 815,546 | 287,378 | |
Issued for cash | $ 6,900,000 | $ 342,675 | 342,675 | $ 2,009,300 |
Lease obligation converted to note payable | $ 355,438 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Jul. 08, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||||
Amortization of Debt Issuance Costs and Discounts | $ 64,641 | $ 30,316 | $ 39,922 | |
Debt Instrument, Unamortized Discount | $ 1,316,029 | |||
Note Payable [Member] | Warrant [Member] | ||||
Short-term Debt [Line Items] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 450,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.10 | |||
Proceeds from Issuance of Warrants | $ 778,697 | |||
Amortization of Debt Issuance Costs and Discounts | 600,000 | |||
Debt Instrument, Unamortized Discount | $ 1,378,697 | |||
Exchange Agreement [Member] | Holder [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% |
Schedule of Outstanding Convert
Schedule of Outstanding Convertible Notes Payable (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||||
Amortization of debt discounts | $ 1,643,408 | $ 27,719 | $ 30,316 | $ 39,922 |
Convertible Note Payable [Member] | ||||
Short-term Debt [Line Items] | ||||
Convertible notes, December 31, 2020 | ||||
Issued for cash | 2,500,000 | |||
Issued for original issue discount | 250,000 | |||
Debt discount related to convertible notes | (1,578,767) | |||
Conversion to common stock | (500,000) | |||
Conversion to preferred stock | (2,250,000) | |||
Amortization of debt discounts | 1,578,767 | |||
Convertible notes, September 30, 2021 |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - USD ($) | Apr. 12, 2021 | Feb. 12, 2021 | Jan. 08, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | $ 1,316,029 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,737,500 | 1,631,250 | 1,631,250 | 1,500,000 | ||||
Fair Value Adjustment of Warrants | $ 961,107 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||||
Convertible Note Payable [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | |||||||
Mr John Gray [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Convertible Notes Payable | $ 500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||
Debt Instrument, Maturity Date | Jan. 6, 2022 | |||||||
Debt Instrument, Convertible, Conversion Price | $ 0.50 | |||||||
Debt Instrument, Unamortized Discount | $ 30,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | |||||||
Investors [Member] | Securities Purchase Agreement [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Convertible Notes Payable | $ 2,250,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||
Debt Instrument, Maturity Date | Jan. 12, 2022 | |||||||
Debt Instrument, Convertible, Conversion Price | $ 3 | |||||||
Debt Instrument, Unamortized Discount | $ 250,000 | |||||||
[custom:OriginalIssueDiscountConvertiblePromissoryNotePercentage] | 12.50% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 187,500 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||
[custom:AdditionalWarrantsIssued] | 93,750 | |||||||
Fair Value Adjustment of Warrants | $ 623,373 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.089% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 190.00% | |||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 810,633 | |||||||
Investors [Member] | Securities Purchase Agreement [Member] | Convertible Note Payable [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Convertible Notes Payable | 1,761,866 | |||||||
Investors [Member] | Securities Purchase Agreement [Member] | Warrant [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Convertible Notes Payable | 488,134 | |||||||
Investors [Member] | Securities Purchase Agreement [Member] | Convertible Note And Warrant [Member] | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | $ 1,298,767 |
Schedule of Lease Obligations (
Schedule of Lease Obligations (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee Disclosure [Abstract] | ||||
Lease obligations | $ 4,415,870 | $ 2,352,878 | $ 2,400,565 | $ 3,790,147 |
Less current portion | (1,920,254) | (1,426,425) | (1,416,446) | |
Long-term portion | $ 2,495,616 | $ 926,453 | $ 984,119 |
Schedule of Outstanding Lease O
Schedule of Outstanding Lease Obligations (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |||
Lease obligations, beginning balance | $ 2,352,878 | $ 2,400,565 | $ 3,790,147 |
New lease obligations | 5,692,784 | 3,705,417 | 1,159,470 |
Payments on lease obligations | (3,629,792) | (2,422,451) | (1,780,043) |
Lease obligations, ending balance | $ 4,415,870 | 2,352,878 | 2,400,565 |
Disposal of leased vehicles | (975,215) | $ (769,009) | |
Lease obligation converted to note payable | $ (355,438) |
Schedule of Future Lease Obliga
Schedule of Future Lease Obligations (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee Disclosure [Abstract] | ||||
2021 | $ 2,033,761 | $ 1,531,108 | ||
2022 | 1,500,065 | 769,619 | ||
2023 | 1,058,833 | 210,219 | ||
Total payments | 4,592,659 | 2,510,946 | ||
Amount representing interest | (176,789) | (158,068) | ||
Lease obligation, net | 4,415,870 | 2,352,878 | $ 2,400,565 | $ 3,790,147 |
Total payments | $ 4,592,659 | $ 2,510,946 |
Schedule of Operating Lease Obl
Schedule of Operating Lease Obligations (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease Obligations | |||
Total lease assets | $ 180,860 | $ 164,080 | |
Operating lease liability, Current | 138,630 | ||
Operating lease liability, Noncurrent | 50,996 | ||
Total lease liability | $ 189,626 |
Schedule of Lease Obligation Ma
Schedule of Lease Obligation Maturity (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Lease Obligations | ||
2022 | $ 157,800 | |
2023 | 52,600 | |
Total payments | 210,400 | |
Less: imputed interest | (20,774) | |
Total obligation | 189,626 | |
Less: current portion | (138,630) | |
Non-current capital leases obligations | $ 50,996 |
Operating Lease Obligations (De
Operating Lease Obligations (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Operating Lease Obligations | |
Operating Lease, Expense | $ 100,817 |
Operating Lease, Cost | $ 92,050 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 3 months |
Operating Lease, Weighted Average Discount Rate, Percent | 15.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | |||
Number of Shares Options Outstanding, Beginning Balance | 2,540,000 | 300,000 | 300,000 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 0.22 | $ 8 | $ 8 |
[custom:WeightedAverageRemainingContractualLifeInYearsOutstandingBeginning] | 2 years | ||
Aggregate Intrinsic Value Outstanding, Beginning Balance | $ 1,074,245 | ||
Number of Options, Granted | 4,040,000 | ||
Weighted Average Exercise Price, Granted | $ 1.62 | ||
Number of Options, Forfeited | (1,800,000) | ||
Weighted Average Exercise Price, Forfeited | $ 4.67 | ||
Number of Options, Exercised | |||
Number of Shares Options Outstanding, Ending Balance | 2,540,000 | 300,000 | |
Weighted Average Exercise Price Outstanding, Ending Balance | $ 0.22 | $ 8 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 6 months 7 days | 1 year | |
Aggregate Intrinsic Value Outstanding, Ending Balance | $ 1,074,245 | ||
Number of Shares Options, Exercisable | 1,162,875 | ||
Weighted Average Exercise Price, Exercisable Ending Balance | $ 0.22 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 4 years 6 months 7 days | ||
Aggregate Intrinsic Value Outstanding, Exercisable Ending | $ 491,821 | ||
Number of Shares Options, Exercisable | 1,162,875 | ||
Weighted Average Exercise Price, Exercisable Ending Balance | $ 0.22 | ||
Equity Option [Member] | |||
Offsetting Assets [Line Items] | |||
Number of Shares Options Outstanding, Beginning Balance | 2,540,000 | ||
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 0.22 | ||
[custom:WeightedAverageRemainingContractualLifeInYearsOutstandingBeginning] | 4 years 6 months 7 days | ||
Aggregate Intrinsic Value Outstanding, Beginning Balance | $ 1,074,245 | ||
Number of Options, Granted | 290,000 | ||
Weighted Average Exercise Price, Granted | $ 0.84 | ||
Number of Options, Forfeited | (401,475) | ||
Weighted Average Exercise Price, Forfeited | $ 0.22 | ||
Number of Options, Exercised | (1,670,400) | ||
Weighted Average Exercise Price, Exercised | $ 0.230 | ||
Number of Shares Options Outstanding, Ending Balance | 758,125 | 2,540,000 | |
Weighted Average Exercise Price Outstanding, Ending Balance | $ 0.42 | $ 0.22 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months 4 days | ||
Aggregate Intrinsic Value Outstanding, Ending Balance | $ 514,928 | $ 1,074,245 | |
Number of Shares Options, Exercisable | 413,875 | ||
Weighted Average Exercise Price, Exercisable Ending Balance | $ 0.56 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 3 years 11 months 26 days | ||
Aggregate Intrinsic Value Outstanding, Exercisable Ending | $ 262,473 | ||
Number of Shares Options, Exercisable | 413,875 | ||
Weighted Average Exercise Price, Exercisable Ending Balance | $ 0.56 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 758,125 | 2,540,000 | |
Exercise Price Outstanding | $ 0.215 | ||
Number of Options Exercisable | 413,875 | 1,162,875 | |
Number of Shares, Warrants Outstanding Beginning | 1,631,250 | 1,631,250 | 1,500,000 |
Weighted Average Exercise Price, Warrants Outstanding Beginning | $ 4.08 | $ 4.08 | $ 4 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTermBeginning] | 2 years 4 months 17 days | 4 years 5 months 8 days | |
Aggregate Intrinsic Value, Warrants Outstanding Beginning | $ 6,000,000 | ||
Number of Shares, Warrants Granted | 1,106,250 | 131,250 | |
Weighted Average Exercise Price, Warrants Granted | $ 2.64 | ||
Number of Shares, Warrants Forfeited | |||
Number of Shares, Warrants Exercised | |||
Number of Shares, Warrants Outstanding Ending | 2,737,500 | 1,631,250 | 1,631,250 |
Weighted Average Exercise Price, Warrants Outstanding Ending | $ 3.50 | $ 4.08 | $ 4.08 |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageRemainingContractualTermEnding] | 2 years 10 months 20 days | 2 years 4 months 17 days | 3 years 4 months 17 days |
Aggregate Intrinsic Value, Warrants Outstanding Ending | |||
Number of Shares, Warrants Exercisable Ending | 2,737,500 | 1,631,250 | |
Weighted Average Exercise Price, Per Share Exercisable | $ 3.50 | $ 4.08 | |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingExercisableWeightedAverageRemainingContractualTerm1] | 2 years 10 months 20 days | 2 years 4 months 17 days | |
Aggregate Intrinsic Value, Exercisable | |||
Weighted Average Exercise Price, Warrants Granted | $ 5 | ||
Number of Shares, Warrants Forfeited | |||
Number of Shares, Warrants Exercisable Ending | 2,737,500 | 1,631,250 | |
Weighted Average Exercise Price, Per Share Exercisable | $ 3.50 | $ 4.08 | |
Aggregate Intrinsic Value, Exercisable | |||
Exercise Price Range One [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 20,000 | 2,505,000 | |
Exercise Price Outstanding | $ 0.210 | $ 0.215 | |
Number of Options Exercisable | 20,000 | 1,147,875 | |
Exercise Price Exercisable | $ 0.210 | $ 0.215 | |
Exercise Price Range Two [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 528,125 | 35,000 | |
Exercise Price Outstanding | $ 0.215 | $ 0.220 | |
Number of Options Exercisable | 252,625 | 15,000 | |
Exercise Price Exercisable | $ 0.215 | $ 0.220 | |
Exercise Price Range Three [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 15,000 | ||
Exercise Price Outstanding | $ 0.220 | ||
Number of Options Exercisable | 2,500 | ||
Exercise Price Exercisable | $ 0.220 | ||
Exercise Price Rang Four [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 155,000 | ||
Exercise Price Outstanding | $ 0.530 | ||
Number of Options Exercisable | 98,750 | ||
Exercise Price Exercisable | $ 0.530 | ||
Exercise Price Rang Five [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 20,000 | ||
Exercise Price Outstanding | $ 2.120 | ||
Number of Options Exercisable | 20,000 | ||
Exercise Price Exercisable | $ 2.120 | ||
Exercise Price Rang Six [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options Outstanding | 20,000 | ||
Exercise Price Outstanding | $ 3.800 | ||
Number of Options Exercisable | 20,000 | ||
Exercise Price Exercisable | $ 3.800 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding by Exercise Price Range (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants Outstanding and Exercisable | 2,737,500 | 1,631,250 |
Exercise Price Range One [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants Outstanding and Exercisable | 450,000 | 1,500,000 |
Exercise Price Outstanding and Exercisable | $ 2.10 | $ 4 |
Exercise Price Range Two [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants Outstanding and Exercisable | 656,250 | 131,250 |
Exercise Price Outstanding and Exercisable | $ 3 | $ 5 |
Exercise Price Range Three [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants Outstanding and Exercisable | 1,500,000 | |
Exercise Price Outstanding and Exercisable | $ 4 | |
Exercise Price Range Four [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Warrants Outstanding and Exercisable | 131,250 | |
Exercise Price Outstanding and Exercisable | $ 5 |
Schedule of Stock Options Value
Schedule of Stock Options Value Assumptions (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.76% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 180.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.87% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 190.00% |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||||||||
Capital Units, Authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 | 90,000,000 | 90,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 | $ 0.000001 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.000001 | $ 0.000001 | $ 0.000001 | $ 0.000001 | ||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 275,000 | $ 275,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 5,778 | $ 71,700 | 15,400 | $ 35,000 | ||||||
[custom:IssuanceOfCommonStocksForCashlessExerciseOfStockOptions] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 2,737,500 | 2,737,500 | 1,631,250 | 1,631,250 | 1,500,000 | |||||
Fair Value Adjustment of Warrants | $ 961,107 | |||||||||
Proceeds from Issuance of Common Stock | 50,000 | 275,000 | $ 275,000 | $ 10,500,000 | ||||||
Gain (Loss) on Extinguishment of Debt | 252,900 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 0.211 | |||||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ 0.215 | |||||||||
Stock or Unit Option Plan Expense | $ 356,227 | $ 697,486 | $ 739,973 | |||||||
Unamortized stock option expense | $ 253,830 | |||||||||
Minimum [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 1.11 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4 | |||||||||
IPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 131,250 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | |||||||||
Stock Issued During Period, Shares, New Issues | 2,625,000 | |||||||||
Sale of Stock, Price Per Share | $ 4 | |||||||||
Proceeds from Issuance Initial Public Offering | $ 10,500,000 | |||||||||
Warrants and rights outstanding maturity description | November 2024 | |||||||||
Acuitas Group Holdings L L C [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 825,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 3,240,600 | |||||||||
Payment of Financing and Stock Issuance Costs | $ 3,240,600 | |||||||||
Convertible Note Payable [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 500,000 | |||||||||
Equity Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
[custom:IssuanceOfCommonStockForCashlessExerciseOfStockOptionsShares] | 92,878 | |||||||||
Stock Options [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
[custom:IssuanceOfCommonStockForCashlessExerciseOfStockOptionsShares] | $ 1,273,050 | |||||||||
Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 468,750 | 468,750 | ||||||||
Fair Value Adjustment of Warrants | $ 961,106 | |||||||||
Boardof Director [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 100,000 | 100 | ||||||||
Shares Issued, Price Per Share | $ 0.50 | $ 0.50 | ||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | |||||||||
Sale of Stock, Number of Shares Issued in Transaction | 125,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 50,000 | $ 25,000 | ||||||||
Investors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 600 | |||||||||
Three Investors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 2,553,571 | |||||||||
Proceeds from Issuance of Common Stock | $ 275,000 | |||||||||
Vendors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 84,300 | |||||||||
Stock Issued During Period, Value, New Issues | $ 674,000 | |||||||||
Accounts Payable and Accrued Liabilities | $ 421,500 | |||||||||
Stock Options [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 295,000 | |||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 321,875 | |||||||||
[custom:IssuanceOfCommonStocksForCashlessExerciseOfStockOptions] | $ 1,348,525 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 10 | $ 10 | ||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 10,000,000 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 750,000 | |||||||||
Exchange Agreement [Member] | Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 93,750 | 93,750 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | $ 3 | ||||||||
Exchange Agreement [Member] | Series B Convertible Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Par or Stated Value Per Share | 0.000001 | $ 0.000001 | ||||||||
Conversion of Stock, Shares Converted | 230,375 | |||||||||
Exchange Agreement [Member] | Series B Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Convertible, Conversion Price | $ 3 | $ 3 | ||||||||
Legal Settlements [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 256,250 | |||||||||
Stock Issued During Period, Value, New Issues | $ 1,145,768 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 30, 2020 | Dec. 30, 2019 | |
Related Party Transaction [Line Items] | |||||||
Proceeds from Related Party Debt | $ 503,766 | $ 200,000 | $ 250,000 | ||||
Repayments of Related Party Debt | 603,766 | 150,000 | 150,000 | ||||
Advertising Expense | 257,129 | 324,546 | 490,403 | 765,441 | |||
Chief Executive Officer And Director [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | $ 394,183 | 324,920 | 394,183 | ||||
Proceeds from Related Party Debt | 250,000 | ||||||
Repayments of Related Party Debt | $ 167,000 | 150,000 | |||||
Due to Related Parties | 100,000 | ||||||
Management Fee Expense | 0 | 0 | |||||
Advertising Expense | 32,173 | 587,261 | |||||
Insurance Brokerage Firm [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,356,924 | $ 1,715,237 | 2,321,186 | $ 2,214,985 | |||
Accounts Payable, Related Parties | 670,047 | 265,257 | |||||
Due to Related Parties | $ 171,665 | $ 265,257 | |||||
Executive Chairman [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Proceeds from Related Party Debt | 503,767 | ||||||
Repayments of Related Party Debt | 503,767 | ||||||
Due to Related Parties | 0 | ||||||
Former C E O [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Repayments of Related Party Debt | 100,000 | ||||||
Due to Related Parties | $ 0 | $ 100,000 |
Settlements (Details Narrative)
Settlements (Details Narrative) - Settlement Agreement [Member] - FirstFire Global Opportunities Fund, LLC [Member] | Feb. 11, 2021USD ($)$ / sharesshares |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Sale of Stock, Number of Shares Issued in Transaction | shares | 150,000 |
Sale of Stock, Price Per Share | $ / shares | $ 0.066667 |
Sale of Stock, Consideration Received on Transaction | $ | $ 10,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Dec. 10, 2021 | Oct. 21, 2021 | Jul. 09, 2021 | Jul. 09, 2021 | Jul. 08, 2021 | Apr. 12, 2021 | Feb. 25, 2021 | Feb. 15, 2021 | Jan. 08, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 08, 2021 | |
Subsequent Event [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 275,000 | $ 275,000 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ 50,000 | $ 275,000 | 275,000 | $ 10,500,000 | ||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 5,778 | $ 71,700 | 15,400 | $ 35,000 | ||||||||||||||||
Proceeds from Stock Plans | $ 15,450 | |||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 1,316,029 | $ 1,316,029 | ||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 750,000 | |||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 10.00% | 10.00% | |||||||||||||||||
Debt Instrument, Maturity Date | [1] | Jul. 9, 2026 | ||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,500,000 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 3 | $ 3 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 100,000 | 2,553,571 | 2,553,571 | |||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | ||||||||||||||||||||
First Fire Settlement [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 0.066667 | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 150,000 | |||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 10,000 | |||||||||||||||||||
Boardof Director [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Shares Issued, Price Per Share | $ 0.50 | $ 0.50 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 50,000 | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 100,000 | 100 | ||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 50,000 | $ 25,000 | ||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 960,550 | |||||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 1,000,000 | |||||||||||||||||||
Executive Chairman [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 825,000 | |||||||||||||||||||
Convertible Promissory Note [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 6, 2022 | |||||||||||||||||||
Shares Issued, Price Per Share | $ 0.50 | |||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,000,000 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | |||||||||||||||||||
[custom:StockToBeIssuedAgreedPayDuringPeriodSharesNewIssues] | 2,000,000 | |||||||||||||||||||
Paid to plaintiff value for settlement | $ 1,000,000 | |||||||||||||||||||
Subsequent Event [Member] | Convertible Note Agreement [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 187,500 | |||||||||||||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 187,500 | |||||||||||||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 93,750 | 93,750 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||||||||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Convertible Promissory Note [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,250,000 | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||
Debt Instrument, Maturity Date | Jan. 12, 2022 | |||||||||||||||||||
Conversion of Stock, Description | as of that same date, of a 12.5% original issue discount convertible promissory note and a Common Stock purchase warrant. | |||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 250,000 | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 3 | |||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Secured Term Loan Facility [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 9, 2026 | |||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Secured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Secured Term Loan Facility [Member] | Maximum [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | $ 15,000,000 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Secured Term Loan Facility [Member] | Common Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.10 | $ 2.10 | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1,500,000 | 1,500,000 | ||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Funded Upon Closing [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||
Subsequent Event [Member] | Guarantee And Security Agreement [Member] | Additional Borrowings Under Delayed Draw Term Loan Facility [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||
Subsequent Event [Member] | Exchange Agreement [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 10,000,000 | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 10 | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 93,750 | |||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 230,375 | |||||||||||||||||||
[1] | On July 9, 2021 (the “Closing Date”), the Company entered into a Term Loan, Guarantee and Security Agreement (the “Term Loan Agreement”) with EICF Agent LLC (“EICF”), as agent for the lenders, and Energy Impact Credit Fund I, LP, as lender (the “Lender”), providing for a secured term loan facility in an aggregate principal amount of up to $ |
Schedule of Future Payments Und
Schedule of Future Payments Under Note Payable Obligations (Details) | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 668,105 |
2022 | 3,104 |
2023 | 3,175 |
2024 | 3,296 |
2025 | 3,422 |
Thereafter | 136,417 |
Notes payable | $ 817,519 |
Schedule of Options Outstanding
Schedule of Options Outstanding by Exercise Price Range (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options Outstanding | 758,125 | 2,540,000 |
Exercise Price Outstanding | $ 0.215 | |
Number of Options Exercisable | 413,875 | 1,162,875 |
Exercise Price Range One [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options Outstanding | 20,000 | 2,505,000 |
Exercise Price Outstanding | $ 0.210 | $ 0.215 |
Number of Options Exercisable | 20,000 | 1,147,875 |
Exercise Price Exercisable | $ 0.210 | $ 0.215 |
Exercise Price Range Two [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Number of Options Outstanding | 528,125 | 35,000 |
Exercise Price Outstanding | $ 0.215 | $ 0.220 |
Number of Options Exercisable | 252,625 | 15,000 |
Exercise Price Exercisable | $ 0.215 | $ 0.220 |
Schedule of Assumptions Used (D
Schedule of Assumptions Used (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.28% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.59% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 195.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 212.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% |
Schedule of Reconciliation Betw
Schedule of Reconciliation Between Effective and Statutory Income Tax Rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rates, amount | $ (735,436) | $ (825,346) |
Federal statutory rates, percent | 21.00% | 21.00% |
State income taxes, amount | $ (245,145) | $ (275,115) |
State income taxes, percent | 7.00% | 7.00% |
Permanent differences, amount | $ 335,916 | $ (69,409) |
Permanent differences, percent | (9.60%) | 1.80% |
Valuation allowance against net deferred tax assets, amount | $ 644,665 | $ 1,169,870 |
Valuation allowance against net deferred tax assets, percent | (18.40%) | (29.80%) |
Effective rate, amount | ||
Effective rate, percent | 0.00% | 0.00% |
Schedule of Significant Compone
Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 3,173,878 | $ 2,419,531 |
Accrued expenses | 50,205 | 159,887 |
Total deferred income tax asset | 3,224,084 | 2,579,418 |
Less: valuation allowance | (3,224,084) | (2,579,418) |
Total deferred income tax asset |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 644,665 | $ 1,081,921 |
Deferred tax asset valuation allowance | 3,224,084 | 2,549,418 |
Unrecognized Tax Benefits | $ 0 | |
Operating Loss Carryforwards | $ 11,300,000 | |
Operating loss carry forwards expiration year | 2031 |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - Uptick Capital L L C [Member] - Advisory Agreement [Member] | Aug. 07, 2017USD ($)shares |
Proceeds from Previous Acquisition | $ 2,500 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares | 50,000 |
Cash Acquired from Acquisition | $ 10,000 |
Conversion of Stock, Amount Issued | $ 100,000 |