Delaware
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001-34643
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98-0204758
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Common
stock, par value $0.0001 per share
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DCAR
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The
Nasdaq Stock Market
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Exhibit
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Number
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Description of Exhibits
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Press
release, dated November 14, 2019.
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DROPCAR,
INC.
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Dated: November 14,
2019
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By:
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/s/ Spencer
Richardson
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Name: Spencer
Richardson
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Title:
Chief
Executive Officer
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September
30,
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December
31,
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2019
|
2018
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|
(unaudited)
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ASSETS
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|
|
|
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CURRENT
ASSETS:
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Cash
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$2,594,888
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$4,303,480
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Accounts
receivable, net
|
176,328
|
295,626
|
Prepaid expenses
and other current assets
|
311,567
|
328,612
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Total current
assets
|
3,082,783
|
4,927,718
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|
|
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Property and
equipment, net
|
28,255
|
39,821
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Capitalized
software costs, net
|
478,129
|
659,092
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Operating lease
right-of-use asset
|
3,772
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-
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Other
assets
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3,525
|
3,525
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TOTAL
ASSETS
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$3,596,464
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$5,630,156
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LIABILITIES
AND STOCKHOLDERS' EQUITY
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CURRENT
LIABILITIES:
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Accounts payable
and accrued expenses
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$1,528,797
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$2,338,560
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Deferred
income
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304,683
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253,200
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Total current
liabilities
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1,833,480
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2,591,760
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TOTAL
STOCKHOLDERS' EQUITY
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1,762,984
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3,038,396
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TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
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$3,596,464
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$5,630,156
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For
the Three Months Ended September 30,
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|
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2019
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2018
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(Restated)
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SERVICE
REVENUES
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$1,095,320
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$1,389,134
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COST
OF REVENUES
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963,692
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1,789,021
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GROSS
PROFIT (LOSS)
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131,628
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(399,887)
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OPERATING
EXPENSES
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Research and
development
|
43,690
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60,299
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Selling, general
and administrative expenses
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745,827
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2,690,991
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Depreciation and
amortization
|
95,360
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94,031
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TOTAL
OPERATING EXPENSES
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884,877
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2,845,321
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OPERATING
LOSS
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(753,249)
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(3,245,208)
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Interest income
(expense), net
|
3,240
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171
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LOSS
FROM CONTINUING OPERATIONS
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(750,009)
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(3,245,037)
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DISCONTINUED
OPERATIONS
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Loss
from operations of discontinued component
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-
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(83,736)
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LOSS
FROM DISCONTINUED OPERATIONS
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-
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(83,736)
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NET
LOSS
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$(750,009)
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$(3,328,773)
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Deemed dividend on
exchange of warrants
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-
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(1,019,040)
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NET
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
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$(750,009)
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$(4,347,813)
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LOSS
PER SHARE FROM CONTINUING OPERATIONS:
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Basic
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$(0.19)
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$(2.26)
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Diluted
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$(0.19)
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$(2.26)
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LOSS
PER SHARE FROM DISCONTINUED OPERATIONS:
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Basic
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-
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$(0.06)
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Diluted
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-
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$(0.06)
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NET
LOSS PER SHARE:
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Basic
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$(0.19)
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$(3.03)
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Diluted
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$(0.19)
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$(3.03)
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WEIGHTED
AVERAGE SHARES OUTSTANDING
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Basic
|
4,050,006
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1,434,963
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Diluted
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4,050,006
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1,434,963
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For the
Nine Months Ended September 30,
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2019
|
2018
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(Restated)
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SERVICE
REVENUES
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$3,441,307
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$4,955,206
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COST
OF REVENUES
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3,206,524
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6,613,583
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GROSS
PROFIT (LOSS)
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234,783
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(1,658,377)
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OPERATING
EXPENSES
|
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Research and
development
|
161,002
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238,431
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Selling, general
and administrative expenses
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3,464,312
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8,943,389
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Depreciation and
amortization
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302,076
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257,440
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TOTAL
OPERATING EXPENSES
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3,927,390
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9,439,260
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OPERATING
LOSS
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(3,692,607)
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(11,097,637)
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Interest income
(expense), net
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15,937
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(1,081,328)
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LOSS
FROM CONTINUING OPERATIONS
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(3,676,670)
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(12,178,965)
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DISCONTINUED
OPERATIONS
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Income
from operations of discontinued component
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-
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377,207
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INCOME
FROM DISCONTINUED OPERATIONS
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-
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377,207
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NET
LOSS
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$(3,676,670)
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$(11,801,758)
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Deemed dividend on
exchange of warrants
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-
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(1,335,901)
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NET
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
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$(3,676,670)
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$(13,137,659)
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LOSS
PER SHARE FROM CONTINUING OPERATIONS:
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Basic
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$(1.09)
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$(9.65)
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Diluted
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$(1.09)
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$(9.65)
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EARNINGS
PER SHARE FROM DISCONTINUED OPERATIONS:
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Basic
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-
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$0.30
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Diluted
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-
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$0.30
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NET
LOSS PER SHARE:
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Basic
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$(1.09)
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$(10.41)
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Diluted
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$(1.09)
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$(10.41)
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WEIGHTED
AVERAGE SHARES OUTSTANDING
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Basic
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3,381,026
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1,262,409
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Diluted
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3,381,026
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1,262,409
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