YayYo, Inc. Announces Results for Q2 2020
Back to Newsroom
Mentioned in this Article

YayYo, Inc. Announces Results for Q2 2020

Thursday, August 6, 2020 9:00 AM
Share this article now
Topic:
Earnings

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
[email protected]
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.

YayYo Inc.
Exchange:
Ticker:
OTC PINK
YAYO
$0.0000
NaN%
Back to Newsroom
Copyright 2020 © ACCESSWIRE. All rights reserved. Privacy Policy  |  Terms and Conditions
Drop us a line: