Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  

(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 cash after a credit of $3,750, and (b) 40,323 common shares, with a value of $50,000 based upon the Company’s closing stock price on the NASDAQ on the date immediately preceding the Closing Date. Further, the Purchase Agreement includes provisions wherein the Company agrees to utilize Seller’s affiliate Palmdale Oil Company, Inc. (“Palmdale”) as one if its main fuel suppliers throughout the state of Florida, with preferred pricing on all fuel purchases. Palmdale will also provide the Company with access to vehicle parking at their locations throughout the state in order to support the expansion of the Company’s mobile fueling business. This acquisition was considered an acquisition of a business under ASC 805.


A summary of the purchase price allocation at fair value is below.


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:

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 of revenue and $3,000 net loss related to the acquired business since the March 11, 2022 acquisition date.


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.


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