The Company plans for exponential revenue and EBITDA growth in 2021 and beyond Management will host a conference call and webcast on April 7 at 4:30 p.m. ET to discuss results LOS ANGELES, April 06, 2021 (GLOBE NEWSWIRE) — EVmo, Inc. (“EVmo” or the “Company”) (OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, today announced financial results for the year ended December 31, 2020. 2020 Highlights 2020 record revenue, up 10.2% over 2019 to $7.6M, despite COVID-19 shutdownsQ4 2020 record revenue of $2.2M, up 29% from $1.7M in Q4 2019Rented highest number of vehicles in the Company’s historyDeployed 40 electric vehiclesEntered the last-mile logistics space, deploying high-roof cargo vansIncreased line of credit by $2M to $5M “Our record revenue for 2020 is a result of deploying the first phase of our strategic plan, which included cost-cutting measures, increasing the size of our fleet, committing to an all EV strategy, increasing our credit-lines and entering the last mile logistics space. Our capital formation strategy, which includes debt and equity capital, is expected to translate into exponential revenue and EBITDA growth,” commented Stephen Sanchez, CEO. “Although the COVID-19 shutdowns caused our quarterly revenue to decrease in the beginning of the second quarter of 2020 compared to the same period in 2019, we saw positive upward movement in revenue at the end of the second quarter. While I am pleased that revenue for 2020 was up 10.2% year-over-year, I am particularly pleased with our Q4 revenue of $2.2M which was the highest in the Company’s history. We also maintained strong gross margins of 31% making the Company’s core rental operations profitable before taking into account corporate overhead and one-time costs. We expect our gross margins will expand significantly in 2021 as we significantly increase our fleet and transition to an all EV model.” EVmo rents vehicles to customers who are participating in the gig economy. This includes ridesharing and e-commerce platforms. The Company’s technology and expertise allow for a frictionless rental experience, from intake to vehicle return. Focused on executing an environmentally friendly growth strategy, EVmo is adding all electric vehicles (EVs) in current and future North American markets. The type of vehicles on the Company’s platform range from electric passenger vehicles to well-equipped cargo vans that are used by e-commerce delivery providers. Business Model Highlights: As 2021 progresses we anticipate strong revenue contribution of $1,700 per month per additional EV and $1,400 per month per additional cargo van. We will deploy capital to facilitate the purchase of new EVs and cargo vans. The company anticipates scaling to a 25% EBITDA margin. At the margin, every $10 million in debt and or equity capital raised should enable the company to purchase approximately 4,041 vehicles with an 85%/15% Tesla to van mix. This should translate to approximately $80 million in annual revenue for every $10 million capital raised at the margin. EVmo currently has more than 32,000 registered drivers on its platform and is currently in discussions with multiple new and existing lending partners to meet anticipated growth in vehicles. EVmo has leveraged its partnership with best-in-class OEMs in the EV category to build a fleet of EV vehicles at attractive lease terms, receiving best pricing and delivery from multiple OEMs. EVmo has attractive buy back agreements and the option to purchase vehicles at the end of the financing term and has consistently been able to sell vehicles at a gain given the strong residual value relative to attractive initial acquisition price (discount to MSRP). “We are on a mission to rent every car, every day and provide excellent service in the process, and we are committed to an environmentally friendly user platform,” continued Sanchez. “We buy right, maintain high utilization through our maintenance excellence program, and forge key strategic relationships to drive our environmental and economic initiatives. Our plans are bold and aggressive, and 2021 should be a banner year for EVmo.” According to Global Market Insights, the ridesharing market in North America was $4.5 billion in 2019 and expected to grow at a CAGR of 6.5% through 2026. Webcast and Conference Call The Company will host a conference call and webcast to discuss its fiscal year 2020 financial results on Wednesday, April 7, at 4:30 p.m. ET. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0784 (U.S. Toll-Free) or 1-201-689-8560 (International) a few minutes before the 4:30 p.m. ET start time. An audio-only webcast is also available by visiting: http://public.viavid.com/index.php?id=144285 For interested individuals unable to join the conference call, a dial-in replay of the call will be available until April 21, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13718593. About EVmo, Inc. EVmo, Inc. bridges the gap between rideshare and “last mile” delivery drivers in need of suitable vehicles and the companies in the rideshare, delivery and logistics businesses that depend on attracting and keeping drivers. EVmo, Inc. is a leading provider of rental vehicles to drivers and delivery companies in this ever-expanding gig economy. The company uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. The company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers. EVmo provides cargo storage vans to the last-mile delivery and logistics industry. The company provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (www.evmo.com). Forward-Looking Statement Disclaimer This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investor Relations Contact:Dave GentryRedChip Companies Inc. 1-800-RED-CHIP (733-2447)Or 407-491-4498Dave@redchip.com Company ContactEmail: email@example.comFor more investor information go towww.Evmo.com EVmo, Inc.Consolidated Balance SheetsAs of December 31, 2020 and 2019 2020 2019 ASSETS Current Assets: Cash $72,890 $1,256,429 Accounts receivable 119,239 59,331 Prepaid expenses 23,861 782,900 Total current assets 215,990 2,098,660 Equipment, net 1,908 3,395 Rental vehicles, net 6,196,433 4,737,047 Deposit on vehicles – 164,080 Other assets 200,000 200,000 TOTAL ASSETS $6,614,331 $7,203,182 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities: Accounts payable (including $590,176 and $394,183 to related party) $1,157,299 $545,254 Accrued expenses (including $0 and $171,665 to related party) 961,704 405,977 Notes payables, current (net of discount of $1,973 and $32,289) 666,132 287,378 Customer deposit – related party 150,000 – Advance from related party 100,000 – Finance lease obligations, current 1,426,425 1,416,446 Total current liabilities 4,461,560 2,655,055 Note payable, net of current portion 149,414 – Finance lease obligations, net of current portion 926,453 984,119 TOTAL LIABILITIES 5,537,427 3,639,174 Commitments and contingencies – – STOCKHOLDERS’ EQUITY Preferred stock, $0.000001 par value; 10,000,000 shares authorized; nil shares issued and outstanding – – Common stock, $0.000001 par value; 90,000,000 shares authorized; 31,981,374 and 29,427,803 shares issued and outstanding 32 29 Additional paid-in capital 29,750,864 28,735,894 Accumulated deficit (28,673,992) (25,171,915)Total stockholders’ equity 1,076,904 3,564,008 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $6,614,331 $7,203,182 EVmo, Inc.Consolidated Statements of OperationsFor the Years Ended December 31, 2020 and 2019 2020 2019 Revenue $7,621,180 $6,914,910 Cost of revenue 5,263,474 4,673,870 Gross profit 2,357,706 2,241,040 Operating expenses: Selling and marketing expenses 490,403 765,441 Product development – 13,500 General and administrative expenses 5,288,316 4,023,921 Loss on the settlement of debt – 252,900 Total operating expenses 5,778,719 5,055,762 Loss from operations (3,421,013) (2,814,722) Other income (expense): Interest and financing costs (265,839) (1,115,499)Gain on forgiveness of debt 184,775 – Total other income (expense) (81,064) (1,115,499) Net loss $(3,502,077) $(3,930,221) Weighted average shares outstanding : Basic 31,118,425 27,112,557 Diluted 31,118,425 27,112,557 Loss per share Basic $(0.11) $(0.14)Diluted $(0.11) $(0.14) EVmo, Inc.Consolidated Statements of Stockholders’ EquityFor the Years Ended December 31, 2020 and 2019 Additional Total Common Stock Paid-in Accumulated Stockholders’ Shares Amount Capital Deficit Equity (Deficit) Balance, December 31, 2018 26,718,676 $27 $19,193,151 $(21,241,694) $(2,048,516) Correction to outstanding shares (173) – – – – Proceeds from the sale of common stock 2,625,000 2 10,499,998 – 10,500,000 Offering costs – – (1,631,655) – (1,631,655)Issuance of common stock for settlement of debt 84,300 – 674,400 – 674,400 Net loss – – (3,930,221) (3,930,221) Balance, December 31, 2019 29,427,803 29 28,735,894 $(25,171,915) 3,564,008 Issuance of common stock for cash 2,553,571 3 274,997 – 275,000 Stock option expense – – 739,973 – 739,973 Net loss – – – (3,502,077) (3,502,077) Balance, December 31, 2020 31,981,374 $32 $29,750,864 $(28,673,992) $1,076,904 EVmo, Inc.Consolidated Statements of Cash FlowsFor the Years Ended December 31, 2020 and 2019 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(3,502,077) $(3,930,221)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 1,436,383 995,228 Stock option expense 739,973 – Common stock issued for services – – Amortization of debt discounts 30,316 39,922 Loss on the settlement of debt – 252,900 Gain on forgiveness of debt (184,775) Changes in operating assets and liabilities: Accounts receivable (59,908) (59,331)Prepaid expenses 759,039 (674,000)Other assets – (200,000)Accounts payable 612,045 (174,132)Accrued expenses 555,727 333,411 Customer deposit – related party 150,000 – Net cash provided by (used in) operating activities 536,723 (3,416,223) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of vehicles – (225,000)Deposit for vehicles – (164,080)Net cash used in investing activities – (389,080) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of common stock 275,000 10,500,000 Offering costs paid – (1,565,155)Proceeds from advance from related party 250,000 – Repayment of advance from related party (150,000) – Proceeds from notes payable 342,675 2,009,300 Repayment of notes payable (15,486) (4,379,814)Repayment of finance lease obligations (2,422,451) (1,780,043)Net cash provided by (used in) financing activities (1,720,262) 4,784,288 NET INCREASE (DECREASE) IN CASH (1,183,539) 978,985 CASH, BEGINNING OF YEAR 1,256,429 277,444 CASH, END OF YEAR $72,890 $1,256,429 CASH PAID FOR: Interest $185,224 $1,105,049 Income taxes $- $- SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES Payment of accounts payable/accrued expenses with common stock $- $421,500 Finance lease obligations $3,705,417 $1,159,470
British Columbia tackles innovation investment gap – The Globe and Mail
The B.C. government will create its own investment fund to help promising B.C. companies scale up and keep jobs here at home, as part of its post-pandemic recovery plan.
The InBC strategic investment fund, announced in Monday’s Throne Speech, will be administered by a new Crown corporation. The initiative is designed to respond to concerns that the province’s world-leading innovations in sectors such as life sciences are consistently flowing to other jurisdictions with better investment climates.
The Throne Speech, read by Lieutenant-Governor Janet Austin, offers a self-congratulatory account of the government’s response to the health and economic challenges brought by COVID-19 over the past year, and acknowledges that the province is still in the grips of the pandemic. But it also focuses on plans to rebuild the economy.
“We open this sitting of the legislature at a turning point in our fight to end the pandemic,” she read. “The threat of new variants means we cannot relax, even as your government accelerates the largest mass-immunization program in B.C.’s history.”
Ms. Austin cited the province’s contributions to the global effort to fight COVID-19, noting that its life-sciences companies have helped develop a vaccine and a treatment for the virus, as well as the development of an ICU ventilator for use in Canadian hospitals.
“Their work will not only help bring us out of the pandemic, it will position our province for success in the years ahead,” she said.
The speech predicts the province will find continued growth in trade. “Global markets are changing in ways that offer significant opportunities for B.C.’s goods and services. Prices are expected to continue to reflect environmental, social and governance aspects of production,” it states. “British Columbia firms will be able to take advantage of a premium paid for inclusive and sustainable products.”
But leaders in health sciences and the high-tech sectors have noted that B.C., while it excels in research and development, fails to foster a business environment where those innovations can stay and grow.
Quebec and Ontario have helped secure life sciences investments by partnering with Ottawa to offer incentives. Most recently, the global pharmaceutical giant Sanofi unveiled its plans to build an influenza vaccine manufacturing facility in Toronto, after the federal government and the province of Ontario committed to invest close to half a billion dollars in the project.
The B.C. government provided no detail on the new investment fund on Monday, and it is unclear how the new agency will assist. “This new strategic fund will help promising B.C. companies scale up, anchor talent – keeping jobs and investment at home in British Columbia,” it reads.
It also promises additional funding to address the challenges that COVID-19 has exposed for the homeless, for health care and for seniors in long-term care. “In the year ahead, your government will continue to improve care for seniors by hiring thousands of new workers for long-term care and fixing the cracks COVID-19 has exposed.”
The Throne Speech also promises initiatives to assist British Columbians who struggle with the cost of living. The budget, which will be introduced on April 20, will include funds to help get thousands of rental homes built throughout the province, and will expand access to the province’s $10-a-day daycare spaces.
The government is also promising changes to its vehicle insurance rates through the Insurance Corporation of B.C. ICBC will deliver a 20-per-cent cut to car insurance rates, in addition to the COVID-19 rebate that was issued earlier this year.
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eBay Is Helping Gen-Y and Gen-Z Get Their Investment Kicks – Forbes
At a time when Sotheby’s is auctioning off rare sneakers, you know the nature of investing has changed. Those changes are coming as Generations Y and Z are looking to invest in what they love, while changing the nature of what investment-grade goods look like.
eBay, for one has been leading the charge and looks to remain the go-to agent for its monetization. And, to combat counterfeiting while supporting the segment’s growth, the online marketplace is innovating. eBay has begun a series of pop-up authentication events, intended to give their collectors and sellers a new source to both authenticate and value their rare kicks, as well as high-end watches, and collector cards.
Sneakers and watches are two of eBays most popular luxury categories. There are more than a half-million sneaker listings on eBay, and over 165,00 luxury watches listed on any given day. And over the past year the marketplace saw a 10 percent increase for high-end time pieces like Rolex, whose sales have jumped 60 percent since 2019.
The on-site authentication events are an extension of the recently expanded “Authentication Guarantee” services that eBay offers, utilizing an independent team of industry experts. It’s the same group that authenticated a $1 million pair of 1985 Air Jordon 1’s, signed by non-other than the “Air-apparent” himself.
The program first launched in LA’s Koreatown, back in November 2020 in a vintage, fifties-looking converted gas station. Participants handed the goods off to an attendant, who brought the items in to the inspection teams. The process was in full view via large outside screens, and successful assessments earned an eBay Authentication Guarantee. Participants were able to receive “on the spot” offers or elected to list the items themselves.
The East-Hollywood, LA experiment was successful enough to replicate. And pop-up authentication events took place this past Friday and Saturday in Atlanta. They are expected to again be replicated in Las Vegas, Seattle, Nashville, and Austin in coming weeks. Admissions to the events are free, without an appointment.
Playing A New Card
In a parallel effort, by late April eBay will add an imaging listing tool to its mobile app, designed to facilitate more efficient listings of trading cards. This is another category that has evolved from mere collecting to high-buck investing.
Beginning in late April 2021, eBay plans to launch an image listing tool in its mobile app to initially support Magic the Gathering cards and ultimately Pokémon and Yu-Gi-Oh! as well. Users will point their camera at the card and hold to scan. A list of possible matches will pop-up, along with details on game name, title, card set, number and rarity. After tapping the closest match, the user can add their details and pricing to post. eBay plans to add other collectable and trading cards to the offering later in 2021.
Joe Biden tax plan affect US investment in Ireland?
Wander around Dublin’s Grand Canal Quay and you get a sense of how successful the Republic of Ireland has been in attracting US technology companies.
Google has its international headquarters across a campus of offices and will soon have more space nearby at the Boland’s Mill development.
Just across the canal, Facebook has its international HQ with Tripadvisor and AirBnB close by.
Stripe, the United States-based payments firm, could soon be in the area.
Last month its Irish founders said they’re planning about 1,000 new jobs in Ireland.
The head of the country’s inward investment agency, Martin Shanahan, described the Stripe investment as a “phenomenal signal from Ireland and about Ireland”.
But there’s now a risk that the pipeline of investment from the US could dry up if President Joe Biden can lead a major change to global tax rules.
Irish tax advantage under threat
In among those tech company HQs in Dublin’s docklands, you will also find the offices of the lawyers and accountants who help US firms use Ireland’s tax system to reduce their global tax bills.
For the last 20 years Ireland has had a simple message: invest here and you will pay just 12.5% tax on your Irish profits.
That compares favourably to headline corporation tax rates of 19% in the UK, 30% in Germany and 26.5% in Canada.
It is an article of faith in Irish politics that the 12.5% rate has been vital to attracting US investment.
But that tax advantage could be seriously undermined if President Biden gets his way.
The most striking of his proposals – and the one of most consequence for Ireland – is for a global minimum corporate tax rate.
The US Treasury Secretary Janet Yellen has suggested a 21% minimum rate.
“We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” she said in a speech last week.
“Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations.”
What would it mean for Ireland’s economy?
Essentially that would mean if a company paid tax at the lower Irish rate, then the US (or other countries) could top up that company’s tax in their jurisdiction to get it to the global minimum.
So if a US company had a presence in Ireland primarily for the tax advantage, that advantage would disappear.
This is a matter of urgency for the Biden administration because it is planning to raise corporate taxes at home and would prefer not to see more tax revenues leaking to other countries.
Peter Vale, tax partner with accounting firm Grant Thornton in Dublin, thinks a global minimum rate is now an inevitability.
“If you’d asked me six months ago I’d have been quite sceptical, there was a lot of opposition,” he said.
“But it’s now moving by the day and, with the US behind it with its plans, I think we’re going to arrive at some sort of global consensus.”
He said the key issue for Ireland becomes the level at which the rate is set.
“I don’t think 21% is where it will land, I suspect it will be somewhere in the teens.”
Other details will be important too: “Exactly how will you work out what the rate is a company is paying in Ireland and what does that mean in terms of any top up? The detail becomes pretty critical.”
The Biden proposals have reinvigorated work which is being led by the OECD (Organisation for Economic Co-operation and Development), an intergovernmental economic organisation.
It began a project known as Base Erosion and Profit Shifting (BEPS) in 2013, which aims to mitigate tax loopholes which currently allow companies to shift profits from higher tax countries to lower tax countries like Ireland.
‘Intention to target Ireland’
Perhaps ironically Ireland appears to have been a major beneficiary of some of the early outcomes of the BEPS project.
The country’s corporation tax receipts have soared from about €4bn (£3.5bn) in 2013 to around €12bn (£10.5bn) in 2020.
Seamus Coffey, an expert in Irish corporation tax, told the At the Margin podcast that this was because of the focus on what is known as “substance”.
That is the principle that companies should declare their profits in the location where they have real operations or activities.
“Countries like Ireland have been a huge winner from BEPS mark one,” he said.
“The objective was to align profit with substance and we actually are one of the countries where these companies have substance, whether it be pharmaceuticals, computer chips, medical devices and the ICT companies.
“I think when countries in the G7 looked at this they thought ‘that’s not quite what we wanted’ – maybe the intention was to target countries like Ireland, not benefit them.”
When could we see an impact?
In the next round of BEPS, with the US on board, those other rich countries are more likely to get what they want at Ireland’s expense.
But even if President Biden can agree the reforms at home and abroad, how quickly would that have an impact in Ireland?
Mr Coffey thinks any negative effects would not be instant because tax is not everything.
“Are the ICT companies likely to head off around the world, scattering their headquarters to various different cities?” he said.
“There are benefits to being co-located. At least in the medium term we are not likely to see a huge shock.”
That is echoed by the IDA (Industrial Development Authority), the inward investment agency, which points to Ireland’s workforce and significant clusters of specialisation in areas like medical technology and pharmaceuticals.
The IDA also sees the Brexit angle, pointing out that Ireland, unlike its UK neighbour, is part of the EU’s single market.
In a statement, it said: “Ireland is at the heart of Europe. Ireland’s continued commitment to the EU is a core part of Ireland’s value proposition to foreign investors, offering a base to access the European Single Market and to grow their business.
“Ireland also benefits from free movement of people within the EU, giving businesses located in Ireland access to a European labour market.”
The Irish government has been engaged in the BEPS process, though in a speech last year the Finance Minister, Pascal Donohoe, said he remained to be convinced of the need for minimum taxation, beyond the specific challenges relating to the digital economy.
This week a government spokesman said: “Ireland is aware of the US proposals.
“We are constructively engaging in these discussions, and will consider any proposals carefully noting that political level discussions on these issues have not yet taken place with the 139 countries involved in this process.”
Source: – BBC News
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