Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40809 | |
Entity Registrant Name | EZFILL HOLDINGS INC. | |
Entity Central Index Key | 0001817004 | |
Entity Tax Identification Number | 83-4260623 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2999 NE 191st Street, | |
Entity Address, City or Town | Aventura | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33180 | |
City Area Code | (305) | |
Local Phone Number | 791-1169 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | EZFL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,312,131 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 10,571,774 | $ 13,561,266 |
Investment in debt securities | 3,302,892 | 3,362,880 |
Accounts receivable, net of allowance for doubtful accounts of $3,121 and $5,665, respectively | 229,585 | 100,194 |
Prepaid expenses and other | 205,171 | 186,349 |
Inventory | 69,977 | 46,343 |
Total Current Assets | 14,379,399 | 17,257,032 |
Fixed assets, net of accumulated depreciation of $384,447 and $284,216, respectively | 3,610,638 | 2,286,320 |
Goodwill and other indefinite lived intangibles | 166,838 | 129,983 |
Other intangible assets, net of accumulated amortization of $1,442,814 and $1,205,379, respectively | 3,151,288 | 3,207,327 |
Operating lease right of use asset | 682,710 | |
Other assets | 48,883 | 43,456 |
Total Assets | 22,039,756 | 22,924,118 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 836,253 | 579,365 |
Borrowings under revolving line of credit | 152,500 | |
Loans payable | 425,208 | 178,871 |
Operating lease liabilities | 217,612 | |
Total Current Liabilities | 1,631,572 | 758,236 |
Loans payable, net of current portion | 831,882 | 297,436 |
Operating lease liabilities, net of current portion | 500,966 | |
Total Liabilities | 2,964,420 | 1,055,672 |
Commitments and Contingencies (Note 10) | ||
Stockholders’ Equity | ||
Preferred stock, $.0001 par value; 50,000,000 shares authorized; -0- shares issued and outstanding | ||
Common stock, $.0001 par value; 500,000,000 shares authorized; 26,312,131 and 26,243,474 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2,631 | 2,624 |
Additional paid in capital | 39,730,969 | 39,210,291 |
Accumulated deficit | (20,605,906) | (17,339,396) |
Accumulated other comprehensive loss | (52,359) | (5,073) |
Total Stockholders’ Equity | 19,075,335 | 21,868,446 |
Total Liabilities and Stockholders’ Equity | $ 22,039,756 | $ 22,924,118 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 3,121 | $ 5,665 |
Fixed assets, accumulated depreciation | 384,447 | 284,216 |
Intangible assets, accumulated amortization | $ 1,442,814 | $ 1,205,379 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 26,312,131 | 26,243,474 |
Common stock, shares outstanding | 26,312,131 | 26,243,474 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Revenues | $ 2,340,068 | $ 1,521,819 |
TOTAL REVENUES | 2,340,068 | 1,521,819 |
COSTS & EXPENSES | ||
Cost of sales | 2,324,160 | 1,394,396 |
Operating expenses | 2,948,001 | 1,244,490 |
Depreciation and amortization | 337,664 | 118,744 |
TOTAL COSTS AND EXPENSES | 5,609,825 | 2,757,630 |
OPERATING LOSS | (3,269,757) | (1,235,811) |
OTHER INCOME AND EXPENSES | ||
Interest income | 12,271 | |
Interest expense | (9,024) | (112,344) |
LOSS BEFORE INCOME TAXES | (3,266,510) | (1,348,155) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (3,266,510) | $ (1,348,155) |
NET LOSS PER SHARE | ||
Basic and diluted | $ (0.12) | $ (0.08) |
Basic and diluted weighted average number of common shares outstanding | 26,265,171 | 17,349,636 |
Comprehensive Loss: | ||
Net loss | $ (3,266,510) | $ (1,348,155) |
Other comprehensive loss: | ||
Change in fair value of debt securities | (47,286) | |
Total comprehensive loss | $ (3,313,796) | $ (1,348,155) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 1,720 | $ 6,472,536 | $ (7,956,000) | $ (1,481,744) | ||
Balance, shares at Dec. 31, 2020 | 17,199,912 | |||||
Stock based compensation | $ 9 | 368,240 | 368,249 | |||
Stock based compensation, shares | 97,854 | |||||
Options granted | 49,213 | 49,213 | ||||
Debt discount | $ 1 | 29,999 | 30,000 | |||
Debt discount, shares | 7,972 | |||||
Consideration for acquisition | $ 16 | 599,984 | $ 600,000 | |||
Consideration for acquisition, shares | 159,437 | 159,437 | ||||
Net loss | (1,348,155) | $ (1,348,155) | ||||
Ending balance, value at Mar. 31, 2021 | $ 1,746 | 7,519,972 | (9,304,155) | (1,782,437) | ||
Ending balance, shares at Mar. 31, 2021 | 17,465,175 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 2,624 | 39,210,291 | (17,339,396) | (5,073) | 21,868,446 | |
Balance, shares at Dec. 31, 2021 | 26,243,474 | |||||
Stock based compensation | $ 3 | 470,682 | 470,685 | |||
Stock based compensation, shares | 28,334 | |||||
Consideration for acquisition | $ 4 | 49,996 | 50,000 | |||
Consideration for acquisition, shares | 40,323 | |||||
Net loss | (3,266,510) | (3,266,510) | ||||
Other comprehensive loss | (47,286) | (47,286) | ||||
Ending balance, value at Mar. 31, 2022 | $ 2,631 | $ 39,730,969 | $ (20,605,906) | $ (52,359) | $ 19,075,335 | |
Ending balance, shares at Mar. 31, 2022 | 26,312,131 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (3,266,510) | $ (1,348,155) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock based compensation | 470,685 | 417,462 |
Depreciation and amortization | 337,664 | 118,745 |
Amortization of bond premium | 12,702 | 75,000 |
Bad debt expense | 4,010 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (133,401) | (32,912) |
Inventory | (23,634) | 7,363 |
Prepaid expenses and other | (24,249) | (98,004) |
Operating lease assets and liabilities | 35,868 | |
Accounts payable and accrued expenses | 256,887 | 48,391 |
Accounts payable and accrued expenses - related party | (93,469) | |
Net cash used in operating activities | (2,329,978) | (905,579) |
Cash flows from investing activities: | ||
Acquisition of business | (321,250) | |
Acquisition of fixed assets | (1,271,548) | (23,841) |
Net cash used in investing activities | (1,592,798) | (23,841) |
Cash flows from financing activities: | ||
Borrowings under line of credit | 152,500 | |
Proceeds from issuance of debt | 893,928 | |
Proceeds from issuance of related party debt | 300,000 | |
Repayment of debt | (113,145) | (8,393) |
Repayment of related party debt | (14,231) | |
Net cash provided by financing activities | 933,283 | 227,376 |
Net change in cash and cash equivalents | (2,989,493) | (652,044) |
Cash and cash equivalents at beginning of period | 13,561,266 | 882,870 |
Cash and cash equivalents cash at end of period | 10,571,774 | 230,826 |
Noncash investing and financing activity: | ||
Debt discount | 30,000 | |
Issuance of acquisition, bonus and settlement shares | 600,000 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 9,024 | 37,343 |
Cash paid for taxes |
Nature of Organization and Summ
Nature of Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization and Summary of Significant Accounting Policies | (1) Nature of Organization and Summary of Significant Accounting Policies Nature of Organization EzFill Holdings, Inc. (the Company) was incorporated on March 28, 2019, in the State of Delaware and operates in South Florida providing an on-demand mobile gas delivery service. Its wholly-owned subsidiary Neighborhood Fuel Holdings, LLC is inactive. Unaudited Interim Financial Statements The Company has prepared these financial statements in accordance with GAAP for interim financial statements. Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 9, 2022. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of the Company’s financial statements for the interim period reported, have been included. The results for the three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2021, or for any other interim period or for any future year. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimates and assumptions made by management include allowance for doubtful accounts, valuation allowance for deferred tax assets, depreciation lives of property and equipment, recoverability of long-lived assets, fair value of equity instruments and the assumptions used in Black-Scholes valuation models related to stock options and warrants. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Cash and Cash Equivalents The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At March 31, 2022 and December 31, 2021, the Company had $ 10,571,774 13,561,266 Investments Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment, and it is not adjusted for subsequent recoveries in fair value. The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2022: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Cost Gross Unrealized Gross Unrealized Losses Fair Value Corporate bonds $ 3,355,251 $ - $ 52,359 $ 3,302,892 Accounts Receivable The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. The Company records an allowance for doubtful accounts that is based on historical trends, customer knowledge, any known disputes, and considers the aging of the accounts receivable balances combined with management’s estimate of future potential recoverability. Accounts are written off against the allowance after all attempts to collect a receivable have failed. At March 31, 2022 and December 31, 2021, the allowance was $ 3,121 and $ 5,665 respectively in the consolidated financial statements. Inventory Inventory is valued at the lower of the inventory’s cost or market using the first-in, first-out method. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Inventory consists solely of fuel. At March 31, 2022 and December 31, 2021, the allowance was $ 0 Concentrations Major Customers For the three months ended March 31, 2022 and 2021, the Company had one customer that made up approximately 49 55 The Company had three customers that made up 27 22 10 37 23 Major Vendors The Company purchases substantially all of its fuel from one vendor. Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The lease payments used to determine the Company’s operating lease asset may include lease incentives and stated rent increases. Our lease term may include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Advertising Costs Advertising costs are expensed as incurred. The Company incurred advertising costs for the three months ended March 31, 2022 and 2021 of approximately $ 188,591 24,837 Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes Net loss per share Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. FASB ASC 260, Earnings per Share Schedule of Shares Excluded from the Computations of Diluted Loss Per Share Description 2022 2021 Three months ended March 31, Description 2022 2021 Stock options 88,620 Reclassifications Certain reclassifications of prior year amounts have been made to be consistent with the current year presentation. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | (2) Liquidity The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained a net loss since inception and does not have sufficient revenues and income to fully fund the operations. As a result, the Company has relied on loans from stockholders and others as well as stock sales to fund its activities to date. For the quarter ended March 31, 2022, the Company had a net loss of $ 3,266,510 20,605,906 12,747,827 In September 2021, the Company completed its Initial Public Offering and raised $ 25,250,000 in net proceeds after deducting the underwriting discount and offering expenses. The Company expects that its cash on hand will fund its operations for approximately 12-14 months after the issuance date of these financial statements. However, since inception, the Company’s operations have primarily been funded through proceeds received in equity and debt financings. The Company anticipates that it will need to raise additional capital in order to fund its operations. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its initiatives or attain profitable operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully expand to new markets, competition, and the need to enter into collaborations with other companies or acquire other companies to enhance or complement its product and service offerings. There can be no assurances that, in the event that we require additional financing, such financing will be available on terms which are favorable to us, or at all. If we are unable to raise additional funding to meet our working capital needs in the future, we will be forced to delay, reduce or cease our operations. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (3) Related Party Transactions During the three months ended March 31, 2021, Company issued 26,573 100,000 160,219 396,511 475,000 22,321 125,951 112,500 The Company entered into a consulting agreement, dated November 18, 2020, with Balance Labs, Inc. Pursuant to the Consulting Agreement, Balance Labs is providing consulting services including assisting with the Company’s IPO and assisting with introductions to, and assistance with, negotiating and entering agreements with potential fleet, residential, marine and corporate customers that Balance Labs has relationships with. Balance Labs is also assisting with the Company’s expansion efforts. Under the Consulting Agreement, in payment of services that Balance Labs had already provided, the Company issued Balance Labs 265,728 200,000 25,000 22,500 132,905 26 The Company is party to a technology license agreement with Fuel Butler LLC, which is owned 20 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | (4) Fixed Assets Fixed assets consisted of the following: Schedule of Fixed Assets Description March 31, 2022 December 31, 2021 Fixed assets: Equipment $ 175,068 $ 175,068 Leasehold improvements 22,733 16,265 Vehicles 2,545,647 975,377 Office furniture 88,910 - Office equipment 9,471 9,471 Vehicle construction in process 1,153,256 1,394,355 Total fixed assets 3,995,085 2,570,536 Accumulated depreciation (384,447 ) (284,216 ) Fixed assets, net $ 3,610,638 $ 2,286,320 Depreciation expense totaled $ 100,230 28,760 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (5) Intangible Assets Intangible assets consisted of the following: Schedule of Intangible Assets Description March 31, 2022 December 31, 2021 Indefinite lived intangible assets: Domain name $ 20,000 $ 20,000 Goodwill $ 146,838 $ 109,983 Total indefinite lived intangible assets $ 166,838 $ 129,983 Other intangible assets: Trademarks $ 123,024 $ 103,258 Software 539,036 503,517 Customer list 921,486 855,073 Non-compete 1,698 858 Loading rack license 58,858 - Technology license 2,950,000 2,950,000 Total other intangible assets $ 4,594,102 $ 4,412,706 Accumulated amortization (1,442,814 ) (1,205,379 ) Total other intangible assets, net $ 3,151,288 $ 3,207,327 On April 7, 2021, the Company entered into a Technology License Agreement, under which the Company licensed certain proprietary technology. Under the terms of the license, the Company issued 265,728 332,160 186,010 730,752 531,456 3.76 1,062,913 See Note 11 for details of intangibles from an acquisition during the three months ended March 31, 2022. Amortization expense on intangible assets totaled $ 237,434 89,984 Future amortization schedule for intangible assets as of March 31, 2022 is as follows: Schedule of Future Amortization Expense for Intangible Assets 2022 (April to December) 681,724 2023 834,205 2024 747,659 2025 633,941 2026 246,507 2027 7,252 TOTAL $ 3,151,288 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | (6) Accounts Payable and Accrued Liabilities The Company had accounts payable and accrued liabilities as follows: Schedule of Accounts Payable and Accrued Liabilities March 31, 2022 December 31, 2021 Accounts Payable and Accrued Liabilities: Accounts payable $ 735,261 $ 491,598 Accrued payroll 100,991 82,080 Total Accounts Payable and Accrued Liabilities $ 836,252 $ 579,365 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt Bank Line of Credit On December 10, 2021, the Company entered into a Securities-Based Line of Credit, Promissory Note, 12.1 16.2 152,500 0 1.75 1.5 Vehicle Loans The Company has entered into various loans for the purchase of vehicles in the ordinary course of business. Each loan is secured by the vehicle that is financed. One of the lenders has provided a commercial line of credit of $ 2.4 1.3 3.5 7.4 3.5 Other Debt On November 24, 2020, the Company issued a note payable in the amount of $ 1,000,000 1 April 21, 2021 100,000 On March 10, 2021, the Company borrowed a total of $ 300,000 100,000 1 March 10, 2022 10,000 30,000 All debt except for vehicle loans was repaid in September 2021 after the consummation of the Company’s IPO. Maturities of debt as of March 31, 2022 are as follows: Schedule of Maturities of Long-Term Debt 2022 (April to December) 314,108 2023 429,261 2024 421,551 2025 92,170 Total $ 1,257,090 |
Shareholders Equity
Shareholders Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders Equity | (8) Shareholders Equity Authorized shares include 500 50 18,750,000 one for 3.763243 reverse stock split approved by the Company’s board of directors and its shareholders On August 1, 2020, the Company’s board of directors approved the EzFill Holdings, Inc. 2020 Equity Incentive Plan (Plan), which plan has also been approved by the Company’s shareholders. The Company has reserved 1,913,243 Common stock During the three months ended March 31, 2021, the Company issued 54,474 205,000 During the three months ended March 31, 2021, the Company issued 16,807 26,573 163,249 During the three months ended March 31, 2021, the Company issued 159,437 During the three months ended March 31, 2022, the Company issued 10,000 During the three months ended March 31, 2022, the Company issued 40,323 A total of 237,500 shares of restricted stock were granted to employees during the three months ended March 31, 2022. The restricted shares vest over periods from two to three years and are being recognized as expense on a straight-line basis over the vesting period of the awards. A total expense of $ 368,162 was recorded for the three months ended March 31, 2022 related to restricted shares. A summary of the restricted stock activity is presented as follows: Schedule of Restricted Stock Activity Weighted Average Grant Date Shares Fair Value Outstanding at December 31, 2021 317,586 3.27 Granted 182,539 1.30 Vested (32,321 ) 1.72 Forfeited (7,500 ) 2.93 March 31, 2022 460,304 3.36 The Company recognizes forfeitures of restricted shares as they occur rather than estimating a forfeiture rate. The reduction of stock compensation expense related to the forfeitures was $ 1,221 Unrecognized stock compensation expense related to restricted stock was approximately $ 709,000 0.74 Stock Options and Warrants The following table represents stock option activity during the three months ended March 31, 2022: Schedule of Stock Option Activity Number of Weighted Weighted Options Exercise Price (years) Outstanding at December 31, 2021 175,384 $ 1.78 3.3 Options granted 522,462 1.26 7.8 Outstanding at March 31, 2022 697,846 $ 1.39 6.6 Exercisable at March 31, 2022 301,335 1.56 5.1 During the three months ended March 31, 2022, the Company granted a total of 522,462 1.26 8 years 350,000 Schedule of Fair Value Assumptions Three Months Ended Valuation assumptions: Risk-free rate 1.64 % Expected volatility 62 % Expected term (years) 5 Dividend yield — Unrecognized stock compensation expense related to stock options was approximately $ 243,000 2.75 The underwriter’s representatives for the Company’s IPO received warrants to purchase up to 359,375 March 14, 2022 September 14, 2026 5.00 In April 2021, the Company issued 106,291 September 14, 2024 5.00 The intrinsic value of options and warrants outstanding at March 31, 2022 and December 31, 2021 was $ 0 0 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (9) Commitments and Contingencies Litigation The Company is subject to litigation claims arising in the ordinary course of business. The Company records litigation accruals for legal matters which are both probable and estimable and for related legal costs as incurred. The Company does not reduce these liabilities for potential insurance or third-party recoveries. As of March 31, 2022, and December 31, 2021, the Company is not aware of any litigation, pending litigation, or other transactions that would require accrual or disclosure under GAAP. Lease Commitment On December 3, 2021, the Company signed a lease for 5778 effective January 1, 2022. The lease term is 39 21,773 14,743 735,197 50,577 61,444 Future minimum payments under non-cancellable leases as of March 31, 2022 were as follows: Schedule of Future Minimum Payments Under Non-Cancellable Leases Future Minimum Payments 2022 (April 1 to December 31) $ 195,961 2023 251,403 2024 256,414 2025 69,421 Total undiscounted operating leases payments 773,199 Less: Imputed interest 54,621 Present Value of Operating Lease Liabilities 718,578 Other Information Weighted-average remaining lease term 3.0 Weighted-average discount rate 5.0 As a practical expedient, short-term leases with an initial term of 12 months or less are excluded from the consolidated balance sheets and charges from these leases are expensed as incurred. 36,852 9,227 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (10) Income Taxes Book income before taxes was negative for the three months ended March 31, 2022. Tax expense for the three months ended March 31, 2022 and 2021 was $ 0 The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. The tax years subject to examination include the years 2019 and forward. There are no uncertain tax positions that would require recognition in the consolidated financial statements. If the Company incurs an income tax liability in the future, interest on any income tax liability would be reported as interest expense and penalties on any income tax liability would be reported as income taxes. The Company’s conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analyses of tax laws, regulations and interpretations thereof as well as other factors. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | (11) Acquisition On March 11, 2022, the Company acquired substantially all of the assets of Full Service Fueling (“Seller”), a mobile fueling service provider, for (a) a net amount of $ 321,250 3,750 40,323 50,000 A summary of the purchase price allocation at fair value is below. Schedule of Purchase Price Allocation at Fair Value Purchase Vehicles $ 153,000 Customer list 66,413 Loading rack license 58,857 Other identifiable intangibles 56,124 Goodwill 36,856 Purchase Allocation $ 371,250 The purchase price was paid as follows: Schedule of Business Acquisitions by Acquisition Issued or Issuable 2022 Cash $ 321,250 Common stock 50,000 Purchase Allocation $ 371,250 The vehicles and the identifiable intangibles will be depreciated and amortized over their estimated useful lives. Transaction costs related to the acquisition were not material. The results of operations for the quarter ended March 31, 2022 include approximately $ 13,000 3,000 March 11, 2022 The accompanying unaudited pro forma combined statements of operations present the accounts of EzFill Holdings, Inc. and Full Service Fueling for the year ended December 31, 2021 assuming the acquisition occurred on January 1, 2021. Schedule of Unaudited Pro Forma Combined Statement of Operations Year Ended December 31, 2021 Summary Statement of Operations EzFill Holdings Full Service Fueling Combined Revenue $ 7,233,957 $ 242,271 $ 7,476,228 Net Loss $ (9,383,397 ) $ (122,507 ) $ (9,505,904 ) Net Loss per common share – basic and diluted $ (0.46 ) $ (0.47 ) Weighted average common shares – basic and diluted 20,199,444 20,199,444 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (12) Subsequent Events The Company evaluates subsequent events that occur after the balance sheet date through the date the financial statements were issued. |
Nature of Organization and Su_2
Nature of Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Organization | Nature of Organization EzFill Holdings, Inc. (the Company) was incorporated on March 28, 2019, in the State of Delaware and operates in South Florida providing an on-demand mobile gas delivery service. Its wholly-owned subsidiary Neighborhood Fuel Holdings, LLC is inactive. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The Company has prepared these financial statements in accordance with GAAP for interim financial statements. Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 9, 2022. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of the Company’s financial statements for the interim period reported, have been included. The results for the three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ending December 31, 2021, or for any other interim period or for any future year. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimates and assumptions made by management include allowance for doubtful accounts, valuation allowance for deferred tax assets, depreciation lives of property and equipment, recoverability of long-lived assets, fair value of equity instruments and the assumptions used in Black-Scholes valuation models related to stock options and warrants. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid securities with original maturities of three months or less when acquired, to be cash equivalents. At March 31, 2022 and December 31, 2021, the Company had $ 10,571,774 13,561,266 |
Investments | Investments Available-for-sale debt securities are recorded at fair value with the net unrealized gains and losses (that are deemed to be temporary) reported as a component of other comprehensive income (loss). Realized gains and losses and charges for other-than-temporary impairments are included in determining net income, with related purchase costs based on the first-in, first-out method. The Company evaluates its available-for-sale-investments for possible other than-temporary impairments by reviewing factors such as the extent to which, and length of time, an investment’s fair value has been below the Company’s cost basis, the issuer’s financial condition, and the Company’s ability and intent to hold the investment for sufficient time for its market value to recover. For impairments that are other-than temporary, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment then becomes the new amortized cost basis of the investment, and it is not adjusted for subsequent recoveries in fair value. The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2022: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Cost Gross Unrealized Gross Unrealized Losses Fair Value Corporate bonds $ 3,355,251 $ - $ 52,359 $ 3,302,892 |
Accounts Receivable | Accounts Receivable The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. The Company records an allowance for doubtful accounts that is based on historical trends, customer knowledge, any known disputes, and considers the aging of the accounts receivable balances combined with management’s estimate of future potential recoverability. Accounts are written off against the allowance after all attempts to collect a receivable have failed. At March 31, 2022 and December 31, 2021, the allowance was $ 3,121 and $ 5,665 respectively in the consolidated financial statements. |
Inventory | Inventory Inventory is valued at the lower of the inventory’s cost or market using the first-in, first-out method. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Inventory consists solely of fuel. At March 31, 2022 and December 31, 2021, the allowance was $ 0 |
Concentrations | Concentrations Major Customers For the three months ended March 31, 2022 and 2021, the Company had one customer that made up approximately 49 55 The Company had three customers that made up 27 22 10 37 23 Major Vendors The Company purchases substantially all of its fuel from one vendor. |
Operating Leases | Operating Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses an incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The lease payments used to determine the Company’s operating lease asset may include lease incentives and stated rent increases. Our lease term may include the option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. The Company incurred advertising costs for the three months ended March 31, 2022 and 2021 of approximately $ 188,591 24,837 |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes |
Net loss per share | Net loss per share Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted during the period. FASB ASC 260, Earnings per Share Schedule of Shares Excluded from the Computations of Diluted Loss Per Share Description 2022 2021 Three months ended March 31, Description 2022 2021 Stock options 88,620 |
Reclassifications | Reclassifications Certain reclassifications of prior year amounts have been made to be consistent with the current year presentation. |
Nature of Organization and Su_3
Nature of Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Unrealized Gains, Losses, and Fair Value | The following is a summary of the unrealized gains, losses, and fair value by investment type as of March 31, 2022: Schedule of Unrealized Gains, Losses, and Fair Value Amortized Cost Gross Unrealized Gross Unrealized Losses Fair Value Corporate bonds $ 3,355,251 $ - $ 52,359 $ 3,302,892 |
Schedule of Shares Excluded from the Computations of Diluted Loss Per Share | Schedule of Shares Excluded from the Computations of Diluted Loss Per Share Description 2022 2021 Three months ended March 31, Description 2022 2021 Stock options 88,620 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following: Schedule of Fixed Assets Description March 31, 2022 December 31, 2021 Fixed assets: Equipment $ 175,068 $ 175,068 Leasehold improvements 22,733 16,265 Vehicles 2,545,647 975,377 Office furniture 88,910 - Office equipment 9,471 9,471 Vehicle construction in process 1,153,256 1,394,355 Total fixed assets 3,995,085 2,570,536 Accumulated depreciation (384,447 ) (284,216 ) Fixed assets, net $ 3,610,638 $ 2,286,320 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: Schedule of Intangible Assets Description March 31, 2022 December 31, 2021 Indefinite lived intangible assets: Domain name $ 20,000 $ 20,000 Goodwill $ 146,838 $ 109,983 Total indefinite lived intangible assets $ 166,838 $ 129,983 Other intangible assets: Trademarks $ 123,024 $ 103,258 Software 539,036 503,517 Customer list 921,486 855,073 Non-compete 1,698 858 Loading rack license 58,858 - Technology license 2,950,000 2,950,000 Total other intangible assets $ 4,594,102 $ 4,412,706 Accumulated amortization (1,442,814 ) (1,205,379 ) Total other intangible assets, net $ 3,151,288 $ 3,207,327 |
Schedule of Future Amortization Expense for Intangible Assets | Future amortization schedule for intangible assets as of March 31, 2022 is as follows: Schedule of Future Amortization Expense for Intangible Assets 2022 (April to December) 681,724 2023 834,205 2024 747,659 2025 633,941 2026 246,507 2027 7,252 TOTAL $ 3,151,288 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The Company had accounts payable and accrued liabilities as follows: Schedule of Accounts Payable and Accrued Liabilities March 31, 2022 December 31, 2021 Accounts Payable and Accrued Liabilities: Accounts payable $ 735,261 $ 491,598 Accrued payroll 100,991 82,080 Total Accounts Payable and Accrued Liabilities $ 836,252 $ 579,365 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-Term Debt | Maturities of debt as of March 31, 2022 are as follows: Schedule of Maturities of Long-Term Debt 2022 (April to December) 314,108 2023 429,261 2024 421,551 2025 92,170 Total $ 1,257,090 |
Shareholders Equity (Tables)
Shareholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Restricted Stock Activity | Schedule of Restricted Stock Activity Weighted Average Grant Date Shares Fair Value Outstanding at December 31, 2021 317,586 3.27 Granted 182,539 1.30 Vested (32,321 ) 1.72 Forfeited (7,500 ) 2.93 March 31, 2022 460,304 3.36 |
Schedule of Stock Option Activity | The following table represents stock option activity during the three months ended March 31, 2022: Schedule of Stock Option Activity Number of Weighted Weighted Options Exercise Price (years) Outstanding at December 31, 2021 175,384 $ 1.78 3.3 Options granted 522,462 1.26 7.8 Outstanding at March 31, 2022 697,846 $ 1.39 6.6 Exercisable at March 31, 2022 301,335 1.56 5.1 |
Schedule of Fair Value Assumptions | Schedule of Fair Value Assumptions Three Months Ended Valuation assumptions: Risk-free rate 1.64 % Expected volatility 62 % Expected term (years) 5 Dividend yield — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-Cancellable Leases | Future minimum payments under non-cancellable leases as of March 31, 2022 were as follows: Schedule of Future Minimum Payments Under Non-Cancellable Leases Future Minimum Payments 2022 (April 1 to December 31) $ 195,961 2023 251,403 2024 256,414 2025 69,421 Total undiscounted operating leases payments 773,199 Less: Imputed interest 54,621 Present Value of Operating Lease Liabilities 718,578 Other Information Weighted-average remaining lease term 3.0 Weighted-average discount rate 5.0 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Purchase Price Allocation at Fair Value | |
Schedule of Business Acquisitions by Acquisition Issued or Issuable | The purchase price was paid as follows: Schedule of Business Acquisitions by Acquisition Issued or Issuable 2022 Cash $ 321,250 Common stock 50,000 Purchase Allocation $ 371,250 |
Schedule of Unaudited Pro Forma Combined Statement of Operations | The accompanying unaudited pro forma combined statements of operations present the accounts of EzFill Holdings, Inc. and Full Service Fueling for the year ended December 31, 2021 assuming the acquisition occurred on January 1, 2021. Schedule of Unaudited Pro Forma Combined Statement of Operations Year Ended December 31, 2021 Summary Statement of Operations EzFill Holdings Full Service Fueling Combined Revenue $ 7,233,957 $ 242,271 $ 7,476,228 Net Loss $ (9,383,397 ) $ (122,507 ) $ (9,505,904 ) Net Loss per common share – basic and diluted $ (0.46 ) $ (0.47 ) Weighted average common shares – basic and diluted 20,199,444 20,199,444 |
Schedule of Unrealized Gains, L
Schedule of Unrealized Gains, Losses, and Fair Value (Details) - Corporate Bond Securities [Member] | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Net Investment Income [Line Items] | |
Amortized cost | $ 3,355,251 |
Gross unrealized gains | |
Gross unrealized losses | 52,359 |
Fair value | $ 3,302,892 |
Schedule of Shares Excluded fro
Schedule of Shares Excluded from the Computations of Diluted Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 88,620 |
Nature of Organization and Su_4
Nature of Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Cash and cash equivalents | $ 10,571,774 | $ 13,561,266 | |
Allowance for doubtful accounts receivable | 3,121 | 5,665 | |
Allowance for inventory | 0 | $ 0 | |
Advertising costs | $ 188,591 | $ 24,837 | |
One Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 49.00% | 55.00% | |
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 27.00% | 37.00% | |
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 22.00% | 23.00% | |
Customer Three [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 10.00% |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net loss | $ 3,266,510 | $ 1,348,155 | ||
Accumulated deficit | 20,605,906 | $ 17,339,396 | ||
Working capital surplus | $ 12,747,827 | |||
Net proceeds from initial public offering | $ 25,250,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Nov. 18, 2021 | Mar. 10, 2021 | Nov. 18, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Stock issued during period, shares | 30,000 | ||||
Share based compensation | $ 475,000 | $ 100,000 | |||
Shares vested | 22,321 | ||||
Shares granted | 522,462 | ||||
Balance labs Inc [Member] | Consulting Agreement [Member] | |||||
One time payment made upon completion initial public offering | $ 200,000 | ||||
Percentage of equity ownership | 26.00% | ||||
Balance labs Inc [Member] | Consulting Agreement [Member] | First Year [Member] | |||||
Monthly payment | 25,000 | ||||
Balance labs Inc [Member] | Consulting Agreement [Member] | Second Year [Member] | |||||
Monthly payment | $ 22,500 | ||||
Balance labs Inc [Member] | Consulting Agreement [Member] | Common Stock [Member] | |||||
Stock issued during period, shares | 132,905 | ||||
Number of shares issued for services | 265,728 | ||||
Fuel Butler LLC [Member] | License Agreement [Member] | |||||
Percentage of equity ownership | 20.00% | ||||
Executives [Member] | |||||
Stock issued during period, shares | 26,573 | ||||
Restricted stock issued | 160,219 | ||||
Number of stock options issued | $ 396,511 | ||||
Former Executive [Member] | |||||
Share based compensation | $ 112,500 | ||||
Shares granted | 125,951 |
Schedule of Fixed Assets (Detai
Schedule of Fixed Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 3,995,085 | $ 2,570,536 |
Accumulated depreciation | (384,447) | (284,216) |
Fixed assets, net | 3,610,638 | 2,286,320 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 175,068 | 175,068 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 22,733 | 16,265 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 2,545,647 | 975,377 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 88,910 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | 9,471 | |
Vehicle construction in process [Member]. | ||
Property, Plant and Equipment [Line Items] | ||
Total fixed assets | $ 1,153,256 | $ 1,394,355 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 100,230 | $ 28,760 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Domain name | $ 20,000 | $ 20,000 |
Goodwill | 146,838 | 109,983 |
Total indefinite lived intangible assets | 166,838 | 129,983 |
Trademarks | 123,024 | 103,258 |
Software | 539,036 | 503,517 |
Customer list | 921,486 | 855,073 |
Non-compete | 1,698 | 858 |
Loading rack license | 58,858 | |
Technology license | 2,950,000 | 2,950,000 |
Total other intangible assets | 4,594,102 | 4,412,706 |
Accumulated amortization | (1,442,814) | (1,205,379) |
Total other intangible assets, net | $ 3,151,288 | $ 3,207,327 |
Schedule of Future Amortization
Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (April to December) | $ 681,724 | |
2023 | 834,205 | |
2024 | 747,659 | |
2025 | 633,941 | |
2026 | 246,507 | |
2027 | 7,252 | |
Total other intangible assets, net | $ 3,151,288 | $ 3,207,327 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | Apr. 07, 2021 | Mar. 10, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Shares issuable | 30,000 | ||||
Stock options, shares | 697,846 | 175,384 | |||
Share issued price exercised | $ 1.26 | ||||
Stock issued during the period, acquisitions | 159,437 | ||||
Amortization expense | $ 237,434 | $ 89,984 | |||
Common Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Stock issued during the period, acquisitions | 40,323 | 159,437 | |||
Technology License Agreement [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Stock options, shares | 531,456 | ||||
Share issued price exercised | $ 3.76 | ||||
Licensor [Member] | Technology License Agreement [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Shares issuable | 332,160 | ||||
Stock issued during the period, acquisitions | 1,062,913 | ||||
Licensor [Member] | Technology License Agreement [Member] | IPO [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Shares issuable | 730,752 | ||||
Licensor [Member] | Technology License Agreement [Member] | Common Stock [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Shares issuable | 265,728 | ||||
Licensor [Member] | Technology License Agreement [Member] | Common Stock [Member] | IPO [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||
Shares issuable | 186,010 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 735,261 | $ 491,598 |
Accrued payroll | 100,991 | 82,080 |
Total Accounts Payable and Accrued Liabilities | $ 836,252 | $ 579,365 |
Schedule of Maturities of Long-
Schedule of Maturities of Long-Term Debt (Details) | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
2022 (April to December) | $ 314,108 |
2023 | 429,261 |
2024 | 421,551 |
2025 | 92,170 |
Total | $ 1,257,090 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | Mar. 10, 2021 | Nov. 24, 2020 | Mar. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||||
Line of credit | $ 12,100,000 | $ 16,200,000 | ||
Outstanding borrowings | $ 152,500 | $ 0 | ||
Line of credit facility, interest rate | 1.75% | 1.50% | ||
Notes payable | $ 300,000 | $ 1,000,000 | ||
Interest rate | 1.00% | 1.00% | ||
Maturity date | Mar. 10, 2022 | Apr. 21, 2021 | ||
Number of shares issued to common stock | 30,000 | |||
Note holder [Member] | ||||
Short-Term Debt [Line Items] | ||||
Number of shares issued to common stock | 100,000 | |||
Lender [Member] | ||||
Short-Term Debt [Line Items] | ||||
Number of shares issued to common stock | 10,000 | |||
Vehicle Loans [Member] | ||||
Short-Term Debt [Line Items] | ||||
Line of credit | $ 2,400,000 | |||
Line of credit facility, interest rate | 3.50% | |||
Line of credit | $ 1,300,000 | |||
Vehicle Loans [Member] | Minimum [Member] | ||||
Short-Term Debt [Line Items] | ||||
Line of credit facility, interest rate | 3.50% | |||
Vehicle Loans [Member] | Maximum [Member] | ||||
Short-Term Debt [Line Items] | ||||
Line of credit facility, interest rate | 7.40% | |||
Promissory Notes [Member] | Related Party Three [Member] | ||||
Short-Term Debt [Line Items] | ||||
Notes payable | $ 100,000 |
Schedule of Restricted Stock Ac
Schedule of Restricted Stock Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Equity [Abstract] | |
Number of shares, beginning | shares | 317,586 |
Weighted average grant date fair value, beginning | $ / shares | $ 3.27 |
Number of shares, granted | shares | 182,539 |
Weighted average grant date fair value, granted | $ / shares | $ 1.30 |
Number of shares, vested | shares | (32,321) |
Weighted average grant date fair value, vested | $ / shares | $ 1.72 |
Number of Shares, Forfeited | shares | (7,500) |
Weighted average grant date fair value, forfeited | $ / shares | $ 2.93 |
Number of shares, ending | shares | 460,304 |
Weighted average grant date fair value, ending | $ / shares | $ 3.36 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Option Indexed to Issuer's Equity [Line Items] | |
Number of Options, Beginning balance | shares | 175,384 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 1.78 |
Weighted Average Remaining Contractual Term (years), Vested and Exercisable, Outstanding balance | 3 years 3 months 18 days |
Number of Options, Options granted | shares | 522,462 |
Weighted Average Exercise Price, Options granted | $ / shares | $ 1.26 |
Weighted Average Remaining Contractual Term (years), Options granted | 7 years 9 months 18 days |
Number of Options, Ending balance | shares | 697,846 |
Weighted Average Exercise Price, Ending balance | $ / shares | $ 1.39 |
Share-Based Payment Arrangement, Option [Member] | |
Option Indexed to Issuer's Equity [Line Items] | |
Weighted Average Remaining Contractual Term (years), Outstanding balance | 6 years 7 months 6 days |
Number of Options, Exercisable, Ending balance | shares | 301,335 |
Weighted Average Exercise Price, Exercisable, Ending balance | $ / shares | $ 1.56 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 6 days |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Valuation assumptions: | |
Risk-free rate | 1.64% |
Expected volatility | 62.00% |
Expected term | 5 years |
Dividend yield |
Shareholders Equity (Details Na
Shareholders Equity (Details Narrative) - USD ($) | Mar. 10, 2021 | Apr. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Aug. 01, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||
Number of shares issued to common stock | 30,000 | |||||
Stock compensation expense related to stock options, unrecognized | $ 470,685 | $ 417,462 | ||||
Number of shares issued to acquisitions | 159,437 | |||||
Number of stock granted | 237,500 | |||||
Restricted stock expense | $ 368,162 | |||||
Weighted-average period | 2 years 9 months | 8 months 26 days | ||||
Number of options granted | 522,462 | |||||
Exercise price | $ 1.26 | |||||
Stock options term | 8 years | |||||
Fair value of the stock options | $ 0 | $ 0 | ||||
Intrinsic value of options and warrants outstanding | 0 | $ 0 | ||||
Underwriter [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Warrants exercisable date | Sep. 14, 2024 | |||||
Exercise price per share | $ 5 | |||||
Lender [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued to common stock | 10,000 | |||||
Number of warrants issued | 106,291 | |||||
Restricted Stock Forfeitures [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock compensation expense related to stock options, unrecognized | $ 1,221 | |||||
Restricted Stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock compensation expense related to stock options, unrecognized | $ 709,000 | |||||
Unrecognized Stock [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock compensation expense related to stock options, unrecognized | $ 243,000 | |||||
Executives and Other Employees [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued to common stock | 54,474 | |||||
Stock compensation expense related to stock options, unrecognized | $ 205,000 | |||||
Sponsorship [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued to common stock | 16,807 | |||||
Consulting Services [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares issued to common stock | 26,573 | |||||
Stock issued for sevices | 10,000 | |||||
Sponsorship and Consulting Services [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock compensation expense related to stock options, unrecognized | $ 163,249 | |||||
Seller of Assets for Service Fueling [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock issued for sevices | 40,323 | |||||
Black Scholes [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Fair value of the stock options | $ 350,000 | |||||
2020 Equity Incentive Plan [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of shares reserved | 1,913,243 | |||||
IPO [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Stock Issued during period, shares, conversion of convertible securities | 18,750,000 | |||||
Stockholders' equity, reverse stock split | one for 3.763243 reverse stock split approved by the Company’s board of directors and its shareholders | |||||
IPO [Member] | Underwriter [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Warrant to purchase common stock | 359,375 | |||||
Warrants exercisable date | Mar. 14, 2022 | |||||
Warrants exercisable date | Sep. 14, 2026 | |||||
Exercise price per share | $ 5 |
Schedule of Future Minimum Paym
Schedule of Future Minimum Payments Under Non-Cancellable Leases (Details) | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (April 1 to December 31) | $ 195,961 |
2023 | 251,403 |
2024 | 256,414 |
2025 | 69,421 |
Total undiscounted operating leases payments | 773,199 |
Less: Imputed interest | 54,621 |
Present Value of Operating Lease Liabilities | $ 718,578 |
Weighted average remaining lease term | 3 years |
Weighted average discount rate | 5.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | Dec. 03, 2021USD ($)ft² | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||||
Area of Land | ft² | 5,778 | |||
Lessee, operating lease, term of contract | 39 months | |||
Operating leases, rent expense | $ 21,773 | |||
Payments for rent | 14,743 | $ 36,852 | $ 9,227 | |
Lease right of use asset | $ 735,197 | 682,710 | ||
Operating lease liability | 50,577 | |||
Operating lease expense | $ 61,444 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
PROVISION FOR INCOME TAXES |
Schedule of Purchase Price Allo
Schedule of Purchase Price Allocation at Fair Value (Details) | Mar. 11, 2022USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | $ 371,250 |
Vehicles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 153,000 |
Customer Lists [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 66,413 |
Loading Rack License [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 58,857 |
Other Identifiable Intangibles [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | 56,124 |
Goodwill [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Purchase Allocation | $ 36,856 |
Schedule of Business Acquisitio
Schedule of Business Acquisitions by Acquisition Issued or Issuable (Details) - USD ($) | Mar. 11, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Business Acquisition [Line Items] | |||
Cash | $ 321,250 | ||
Palmdale Oil Company Inc [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 321,250 | ||
Common stock | 50,000 | ||
Purchase Allocation | $ 371,250 |
Schedule of Unaudited Pro Forma
Schedule of Unaudited Pro Forma Combined Statement of Operations (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenue | $ 7,233,957 |
Net Loss | $ (9,383,397) |
Net Loss per common share – basic and diluted | $ / shares | $ (0.46) |
Weighted average common shares – basic and diluted | $ / shares | $ 20,199,444 |
Full Service Fueling [Member] | |
Business Acquisition [Line Items] | |
Revenue | $ 242,271 |
Net Loss | (122,507) |
Ez Fill Holdings And Full Service Fueling [Member] | |
Business Acquisition [Line Items] | |
Revenue | 7,476,228 |
Net Loss | $ (9,505,904) |
Net Loss per common share – basic and diluted | $ / shares | $ (0.47) |
Weighted average common shares – basic and diluted | $ / shares | $ 20,199,444 |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - USD ($) | Mar. 11, 2022 | Mar. 10, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Stock issued during period, shares | 30,000 | |||
Revenue | $ 7,233,957 | |||
Net loss | $ (9,383,397) | |||
Palmdale Oil Company Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire | $ 321,250 | |||
Cash | $ 3,750 | |||
Stock issued during period, shares | 40,323 | |||
Issuance of stock, value | $ 50,000 | |||
Revenue | $ 13,000 | |||
Net loss | $ 3,000 | |||
Business acquisition, date of acquisition agreement | Mar. 11, 2022 |