Q2 2020 Highlights
Month over month revenue was up significantly, June hitting the highest monthly revenue in the company's history
Utilization of available vehicles hit a 99% utilization rate at the end of June the highest utilization in the company's history
Despite the COVID-19 shutdowns Quarterly revenue down only 6.9%
BEVERLY HILLS, CA / ACCESSWIRE / August 6, 2020 / YayYo, Inc. ("YayYo" or "the Company") (OTC PINK:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced financial results for the quarter ended June 30, 2020.
"We are pleased with our performance in Q2 2020," commented Ramy El-Batrawi, CEO. "Although the COVID-19 shutdowns caused our quarterly revenue to decrease by 6.9% as compared to the same period in 2019, we are seeing a positive upward movement in revenue. In April 2020, we experienced the lowest monthly revenue of the past 12 months at $448,932, but it has only increased since then. In May 2020, revenue increased by $57,957, or 13%, to $506,889. Revenue increased yet again in June 2020 by $117,845, or 23%, to $624,734. This is a combined 39% increase since April, the highest monthly revenue in our Company's history.
"This significant increase in monthly revenue is a result of our immediate pivot in marketing to the delivery gig industry, a sector which continued activity throughout the COVID-19 shutdown. Revenue growth continued in July. In the last 60 days, we are seeing increased demand from drivers wanting to rent cars for ridesharing purposes. With new drivers renting cars for both rideshare and delivery gig economy, demand is higher than ever. We believe the Company is well-positioned for further growth and is taking steps to achieve profitability from operations by the end of the year. Additionally, future growth is aided by the fact that most of our major competitors have exited the market or shut down operations," CEO Ramy El-Batrawi added.
Rideshare Car Rentals LLC, our wholly-owned subsidiary, is an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned-fleet and third party fleets.
Fleet Management
Distinct Cars LLC, our wholly-owned subsidiary, maintains a fleet of passenger vehicles that are commercially available for rent by gig-economy drivers.
About YayYo, Inc.
YayYo bridges the gap between rideshare drivers needing a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. YayYo uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. YayYo seeks to become the preeminent provider of rental vehicles to drivers in the ever-expanding gig economy.
YayYo Inc provides SEC filings, investor events, press and earnings releases, about our financial performance, on the investor relations section of our website (yayyo.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.
Company Contact:
Ramy El-Batrawi
Investors@yayyo.com
888-209-5643
YAYYO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2020 and December 31, 2019
| June 30, | December 31, | |||||||
| 2020 | 2019 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 103,240 | $ | 1,256,429 | ||||
| Accounts receivable | 43,562 | 59,331 | ||||||
| Prepaid expenses | 549,404 | 782,900 | ||||||
| Total current assets | 696,206 | 2,098,660 | ||||||
| Equipment, net | 2,651 | 3,395 | ||||||
| Rental vehicles, net | 6,362,989 | 4,737,047 | ||||||
| Deposit on vehicles | - | 164,080 | ||||||
| Other assets | 200,000 | 200,000 | ||||||
| TOTAL ASSETS | $ | 7,261,846 | $ | 7,203,182 | ||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable (including $526,076 and $394,183 to related party) | $ | 1,334,521 | $ | 545,254 | ||||
| Accrued expenses (including $0 and $171,665 to related party) | 365,793 | 405,977 | ||||||
| Notes payables, current (net of discount of $12,383 and $32,289) | 500,059 | 287,378 | ||||||
| Finance lease obligations, current | 1,640,899 | 1,416,446 | ||||||
| Total current liabilities | 3,841,272 | 2,655,055 | ||||||
| Note payable, net of current portion | 149,900 | - | ||||||
| Finance lease obligations, net of current portion | 1,458,486 | 984,119 | ||||||
| TOTAL LIABILITIES | 5,449,658 | 3,639,174 | ||||||
| Commitments and contingencies | - | - | ||||||
| STOCKHOLDERS' DEFICIT | ||||||||
| 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 | 29,468,133 | 28,735,894 | ||||||
| Accumulated deficit | (27,655,977 | ) | (25,171,915 | ) | ||||
| Total stockholders' deficit | 1,812,188 | 3,564,008 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 7,261,846 | $ | 7,203,182 | ||||
YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenue | $ | 1,580,555 | $ | 1,696,917 | $ | 3,328,197 | $ | 3,475,518 | ||||||||
| Cost of revenue | 1,295,059 | 962,071 | 2,696,350 | 2,044,241 | ||||||||||||
| Gross profit | 285,496 | 734,846 | 631,847 | 1,431,277 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing expenses | 79,133 | 20,868 | 210,642 | 102,606 | ||||||||||||
| General and administrative expenses | 861,410 | 675,628 | 2,757,616 | 1,460,811 | ||||||||||||
| Loss on the settlement of debt | - | 12,900 | - | 252,900 | ||||||||||||
| Total operating expenses | 940,543 | 709,396 | 2,968,258 | 1,816,317 | ||||||||||||
| Loss from operations | (655,047 | ) | 25,450 | (2,336,411 | ) | (385,040 | ) | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest and financing costs | (67,795 | ) | (442,902 | ) | (147,651 | ) | (611,875 | ) | ||||||||
| Total other income (expense) | (67,795 | ) | (442,902 | ) | (147,651 | ) | (611,875 | ) | ||||||||
| Net loss | $ | (722,842 | ) | $ | (417,452 | ) | $ | (2,484,062 | ) | $ | (996,915 | ) | ||||
| Weighted average shares outstanding : | ||||||||||||||||
| Basic | 31,064,184 | 26,798,865 | 30,245,994 | 26,760,318 | ||||||||||||
| Diluted | 31,064,184 | 26,798,865 | 30,245,994 | 26,760,318 | ||||||||||||
| Loss per share | ||||||||||||||||
| Basic | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | ||||
| Diluted | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.04 | ) | ||||
YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)
| Additional | Total | |||||||||||||||||||
| Common Stock | Paid-in | Accumulated | Stockholders' | |||||||||||||||||
| Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||
| Balance, December 31, 2019 | 29,427,803 | $ | 29 | $ | 28,735,894 | $ | (25,171,915 | ) | $ | 3,564,008 | ||||||||||
| Stock option expense | 457,242 | 457,242 | ||||||||||||||||||
| Net loss | (1,761,220 | ) | (1,761,220 | ) | ||||||||||||||||
| Balance, March 31, 2020 | 29,427,803 | 29 | 29,193,136 | (26,933,135 | ) | 2,260,030 | ||||||||||||||
| Issuance of common stock for cash | 2,553,571 | 3 | 274,997 | 275,000 | ||||||||||||||||
| Net loss | (722,842 | ) | (722,842 | ) | ||||||||||||||||
| Balance, June 30, 2020 | 31,981,374 | $ | 32 | $ | 29,468,133 | $ | (27,655,977 | ) | $ | 1,812,188 | ||||||||||
| Balance, December 31, 2018 | 26,718,676 | $ | 27 | $ | 19,193,151 | $ | (21,241,694 | ) | $ | (2,048,516 | ) | |||||||||
| Issuance of common stock for settlement of debt | 80,000 | 640,000 | 640,000 | |||||||||||||||||
| Net loss | (579,463 | ) | (579,463 | ) | ||||||||||||||||
| Balance, March 31, 2019 | 26,798,676 | 27 | 19,833,151 | (21,821,157 | ) | (1,987,979 | ) | |||||||||||||
| Issuance of common stock for settlement of debt | 4,300 | 34,400 | 34,400 | |||||||||||||||||
| Net loss | (417,452 | ) | (417,452 | ) | ||||||||||||||||
| Balance, June 30, 2019 | 26,802,976 | $ | 27 | $ | 19,867,551 | $ | (22,238,609 | ) | $ | (2,371,031 | ) | |||||||||
YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2020 and 2019 (unaudited)
| 2019 | 2018 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (2,484,062 | ) | $ | (996,915 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 669,367 | 514,402 | ||||||
| Stock option expense | 457,242 | - | ||||||
| Common stock issued for services | - | - | ||||||
| Amortization of debt discounts | 19,906 | 19,797 | ||||||
| Loss on the settlement of debt | - | 252,900 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 15,769 | (65,115 | ) | |||||
| Prepaid expenses | 233,496 | (36,697 | ) | |||||
| Accounts payable | 789,267 | (214,585 | ) | |||||
| Accrued expenses | (40,184 | ) | 465,843 | |||||
| Net cash used in operating activities | (339,199 | ) | (60,370 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from notes payable | 342,675 | 1,051,300 | ||||||
| Proceeds from sale of common stock | 275,000 | - | ||||||
| Proceeds from advance from related party | 150,000 | - | ||||||
| Repayment of advance from related party | (150,000 | ) | - | |||||
| Repayment of notes payable | - | (508,394 | ) | |||||
| Repayment of finance lease obligations | (1,431,665 | ) | (725,599 | ) | ||||
| Net cash provided by (used in) financing activities | (813,990 | ) | (182,693 | ) | ||||
| NET INCREASE (DECREASE) IN CASH | (1,153,189 | ) | (243,063 | ) | ||||
| CASH, BEGINNING OF PERIOD | 1,256,429 | 277,444 | ||||||
| CASH, END OF PERIOD | $ | 103,240 | $ | 34,381 | ||||
| CASH PAID FOR: | ||||||||
| Interest | $ | 127,745 | $ | 564,961 | ||||
| Income taxes | $ | - | $ | - | ||||
| SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
| Payment of accounts payable/accrued expenses with common stock | $ | - | $ | 421,500 | ||||
| Value of equity recorded as debt discounts | $ | - | $ | - | ||||
| Finance lease obligations | $ | 2,246,285 | $ | 510,136 | ||||
SOURCE: YayYo Inc.
View source version on accesswire.com:
https://www.accesswire.com/600405/YayYo-Inc-Announces-Results-for-Q2-2020
