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: investors@evmo.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
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
