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Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt

Note 5 – Debt

 

The following represents a summary of the Company’s debt (notes payable – related parties, third party debt for notes payable (including those owed on vehicles), and line of credit, including key terms, and outstanding balances at September 30, 2024 and December 31, 2023, respectively.

 

Notes Payable – Related Parties

 

The following is a summary of the Company’s notes payable – related parties at September 30, 2024 and December 31, 2023:

 

Balance - December 31, 2022  $-  
Advances   5,267,500 
Debt discount/issue costs   (1,608,900)
Amortization of debt discount/issue costs   1,406,015 
Repayments   (262,500)
Balance - December 31, 2023   4,802,115 
Advances   3,630,000 
Debt discount/issue costs - original issue discount   (330,000)
Debt discount/issue costs - stock issuances   (2,020,387)
Amortization of debt discount/issue costs   2,553,272 
Default penalty interest expense   4,317,500 
Conversion of debt - preferred stock   (3,630,000)
Conversion of debt - common stock   (9,322,500)
Balance - September 30, 2024  $- 

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

The following is a detail of the Company’s notes payable – related parties at September 30, 2024 and December 31, 2023:

 

Notes Payable - Related Parties
Note Holder  Issue Date  Maturity Date   Shares Issued with Debt       Interest Rate    Default Interest Rate    Default Conversion Rate   Collateral   September 30, 2024    December 31, 2023 
Note #1  April 19, 2023  July 17, 2024   100,000   A, B   10.00%   18.00%   150.00%  All assets  $-   $1,500,000 
Note #2  September 22, 2023  July 17, 2024   60,000   A, B   10.00%   18.00%   150.00%  All assets   -    600,000 
Note #3  October 13, 2023  July 17, 2024   176,000   A, B   0.00%   18.00%   150.00%  All assets   -    320,000 
Note #4  July 5, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    440,000 
Note #5  August 2, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    440,000 
Note #6  August 23, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    110,000 
Note #7  August 30, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    165,000 
Note #8  September 6, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    220,000 
Note #9  September 13, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    110,000 
Note #10  November 3, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    165,000 
Note #11  November 21, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    220,000 
Note #12  December 4, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    220,000 
Note #13  December 13, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    165,000 
Note #14  December 18, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    110,000 
Note #15  December 20, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    55,000 
Note #16  December 27, 2023  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    165,000 
Note #17  January 5, 2024  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    - 
Note #18  January 16, 2024  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    - 
Note #19  January 25, 2024  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    - 
Note #20  February 7, 2024  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    - 
Note #21  February 20, 2024  August 16, 2024   -       8.00%   18.00%   150.00%  All assets   -    - 
Note #22  February 28, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #23  March 8, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #24  March 15, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #25  March 26, 2024  August 16, 2024   13,889   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #26  April 2, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #27  April 8, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #28  April 22, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #29  May 8, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #30  May 15, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #31  May 20, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #32  May 28, 2024  August 16, 2024   13,889   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #33  June 10, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #34  June 28, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #35  July 5, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #36  July 10, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #37  July 22, 2024  August 16, 2024   20,800   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #38  August 6, 2024  August 16, 2024   53,500   C   8.00%   18.00%   150.00%  All assets   -    - 
Note #39  August 14, 2024  August 16, 2024   53,500   C   8.00%   18.00%   150.00%  All assets   -    - 
                                    -    5,005,000 
                       Less: unamortized debt discount   -    202,885 
                                   $-   $4,802,115 

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

A See discussion below regarding global amendment for Notes #1, #2 and #3.
B See discussion below regarding the limitation on the issuance of this lender due to a 9.99% equity ownership blocker.
CThese shares of common stock (425,978) were issued with the underlying original issue discount notes and treated as additional debt discount.

 

Year Ended December 31, 2023

 

Note #1 – Note Payable – Related Party - Material Stockholder greater than 5% and related Loss on Debt Extinguishment

 

During 2023, the Company originally executed a six-month (6) note payable with a face amount of $1,500,000, less an original issue discount of $150,000, along with an additional $140,000 in transaction related fees (total debt discount and issue costs of $290,000), resulting in net proceeds of $1,210,000. The $290,000 in debt discounts and issuance costs are being amortized over the life of the note to interest expense in the accompanying consolidated statements of operations.

 

In connection with obtaining this debt, the Company also committed 100,000 shares of common stock to the lender as additional interest expense (commitment fee). Under the terms of the agreement, only 40,000 shares of common stock were required to be issued on the commitment date resulting in a fair value of $256,000 ($6.40/share), based upon the quoted closing price. The Company recorded this amount as a debt discount which was being amortized over the life of the note. Total debt discounts recorded aggregated $546,000.

 

See Note 8.

 

In October 2023 (the initial maturity date), the Company executed a loan extension with the lender to extend the due date from October 2023 to April 2024. At this time, the remaining 60,000 shares were issued to the lender.

 

The Company evaluated the modification of terms under ASC 470-50, “Debt - Modification and Extinguishment”, and concluded that the extension of the maturity date resulted in significant and consequential changes to the economic substance of the debt and thus resulted in an extinguishment of the debt.

 

Specifically, on the date of modification, the Company determined that the present value of the cash flows of the modified debt instrument was greater than 10% different from the present value of the remaining cash flows under the original debt instrument.

 

For the year ended December 31, 2023, the Company recorded a loss on debt extinguishment of $291,000 as follows:

 

      
Fair value of debt and common stock on extinguishment date*  $1,791,000 
Fair value of debt subject to modification   1,500,000 
Loss on debt extinguishment - related party  $291,000 

 

*The Company valued the issuance of the 60,000 commitment shares at $291,000, based upon the quoted closing trading price on the date of modification ($4.85/share).

 

Pursuant to the January 17, 2024 global amendment, effective for all previously issued notes with this lender, in the event of default, the lender may convert the note into shares of common stock equal to the greater of $3.08 and the lower of the average VWAP over the ten (10) preceding trading days; or the greater of the average of the VWAP over the ten (10) preceding trading days or a floor price of $1.75. Additionally, if the Company raises $10,000,000 or more, then Note #3 will be repaid. If the Company raises $15,000,000 or more, then both Notes #2 and #3 will be repaid.

 

The Company has determined that in the event of default, the note at that time may be treated as a derivative liability subject to financial reporting at fair value and related mark to market adjustments in subsequent reporting periods.

 

This note is subject to cross-default. In the event this note or any other notes issued by this lender are in default (Notes #1, #2 and #3), all of the notes with this lender will be considered in default.

 

See May 9, 2024 loan date extension below.

 

This lender is considered a related party since it has a greater than 5% controlling interest in the Company’s outstanding common stock.

 

See discussion regarding debt conversion below on August 16, 2024.

 

Note #2 – Note Payable – Related Party - Material Stockholder greater than 5%

 

During 2023, the Company executed a six-month (6) note payable with a face amount of $600,000, less an original issue discount of $60,000, along with an additional $28,900 in transaction related fees (total debt discount and issue costs in cash of $88,900), resulting in net proceeds of $511,100.

 

In connection with obtaining this note, the Company also issued 60,000 shares of common stock to the lender having a fair value of $406,500, based upon the quoted closing trading price ($6.78/share).

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

The issuance of these shares resulted in an additional debt issue cost. In total, the Company recorded debt discounts/issuance costs of $495,400 which is being amortized over the life of the note to interest expense in the accompanying consolidated statements of operations.

 

See Note 8.

 

While the note was initially due in March 2024, the Company had the right to extend the note by an additional six-months (6) to September 2024. The note was not formally extended on its maturity date, however, the lender has not given notice on default.

 

Pursuant to the January 17, 2024 global amendment, effective for all previously issued notes with this lender, in the event of default, the lender may convert the note into shares of common stock equal to the greater of $3.08 and the lower of the average VWAP over the ten (10) preceding trading days; or the greater of the average of the VWAP over the ten (10) preceding trading days or a floor price of $1.75. Additionally, if the Company raises $10,000,000 or more, then Note #3 will be repaid. If the Company raises $15,000,000 or more, then both Notes #2 and #3 will be repaid.

 

The Company has determined that in the event of default, the note at that time may be treated as a derivative liability subject to financial reporting at fair value and related mark to market adjustments in subsequent reporting periods.

 

This note is subject to cross-default. In the event this note or any other notes issued by this lender are in default (Notes #1, #2 and #3), all of the notes with this lender will be considered in default.

 

See May 9, 2024 loan date extension below.

 

This lender is considered a related party since it has a greater than 5% controlling interest in the Company’s outstanding common stock.

 

See discussion regarding debt conversion below on August 16, 2024.

 

Note #3 – Note Payable – Related Party - Material Stockholder greater than 5%

 

In October 2023, the Company executed a three-month (3) note payable with a face amount of $320,000, less an original issue discount of $48,000, resulting in net proceeds of $272,000.

 

In connection with obtaining this note, the Company was required to issue 104,000 shares of common stock to the lender having a fair value of $539,760, based upon the quoted closing trading price ($5.19/share). However, the issuance of these shares would result in the lender having a greater than 9.99% ownership of the Company, which is prohibited by agreement. These shares are classified as common stock issuable in the accompanying consolidated balance sheets.

 

The future issuance of these shares resulted in an additional debt issue cost. In total, the Company recorded debt discounts/issuance costs of $320,000 which is being amortized over the life of the note to interest expense. The aggregate discounts calculated above exceeded the face amount of the note and therefore were limited to the face amount of the note totaling $320,000.

 

Pursuant to the January 17, 2024 global amendment, effective for all previously issued notes with this lender, in the event of default, the lender may convert the note into shares of common stock equal to the greater of $3.08 and the lower of the average VWAP over the ten (10) preceding trading days; or the greater of the average of the VWAP over the ten (10) preceding trading days or a floor price of $1.75. Additionally, if the Company raises $10,000,000 or more, then Note #3 will be repaid. If the Company raises $15,000,000 or more, then both Notes #2 and #3 will be repaid.

 

The Company has determined that in the event of default, the note at that time may be treated as a derivative liability subject to financial reporting at fair value and related mark to market adjustments in subsequent reporting periods.

 

This note is subject to cross-default. In the event this note or any other notes issued by this lender are in default (Notes #1, #2 and #3), all of the notes with this lender will be considered in default.

 

See May 9, 2024 loan date extension below.

 

This lender is considered a related party since it has a greater than 5% controlling interest in the Company’s outstanding common stock.

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

In January 2024, with respect to Notes #2 and #3 discussed above, as a result of extending the note maturity dates as amended to April 19, 2024, the Company was required to issue 72,000 shares of common stock. However, the issuance of these shares would result in the lender having a greater than 9.99% ownership of the Company, which is prohibited by agreement.

 

The Company determined the fair value of these shares was $270,000 ($3.75/share), based upon the quoted closing trading price, and recorded additional interest expense during the nine months ended September 30, 2024.

 

See discussion regarding debt conversion below on August 16, 2024.

 

Extension of Notes #1, #2 and #3

 

On May 9, 2024, with respect to Notes #1, #2 and #3 discussed above, as a result of extending the note maturity dates as amended to July 17, 2024, the Company was required to issue 66,000 shares of common stock. However, the issuance of these shares would result in the lender having a greater than 9.99% ownership of the Company, which is prohibited by agreement.

 

The Company determined the fair value of these shares was $407,550 ($6.18/share), based upon the quoted closing trading price, and recorded additional interest expense during the nine months ended September 30, 2024.

 

Debt Conversion to Series A Preferred Stock

 

On August 16, 2024, the Company converted all outstanding principal ($2,420,000) and accrued interest ($0) into 363,000 share of Series A, Preferred Stock, $10/share stated value. At the time of conversion, the lender executed a 150% penalty interest feature. As a result, the Company increased its interest expense and related debt by $1,210,000 for a total of $3,630,000 of debt that was converted. As a result of the debt conversion, the balance due to this lender was $0.

 

The fair value of the Series A, preferred stock and related loss on debt extinguishment at the conversion date was based on the as-converted basis, calculated as follows:

 

 

      
Market price per share of common stock - on date of issuance  $2.76 
Discount to market price on date of issuance   80%
Conversion price per share  $2.21 
      
Series A, preferred stock - stated value per share  $10.00 
Conversion price per share  $2.21 
Number of shares of common stock - for each share of Series A, preferred stock held   4.53 
      
Series A, preferred shares issued   363,000 
Number of shares of common stock - for each share of Series A, preferred stock held   4.53 
Equivalent common shares   1,644,022 
      
Market price per share of common stock - on date of issuance  $2.76 
      
As converted valuation of Series A, preferred stock  $4,537,500 
Debt converted in exchange for Series A, preferred stock   3,630,000 
Loss on debt extinguishment - related party  $907,500 

 

See Note 8 regarding features of this class of securities.

 

Common Stock Issuable – Notes #1, #2 and #3

 

In connection with the conversion of these notes on August 16, 2024, 242,000 shares of common stock previously issuable were issued. The net effect on stockholders equity was $0.

 

Notes #4 - #39 - Notes Payable – Related Party - Material Stockholder greater than 20%

 

Nine Months Ended September 30, 2024

 

The Company executed several two-month (2) notes payable with an aggregate face amount of $3,630,000, less original issue discounts of $330,000, resulting in net proceeds of $3,300,000.

 

In connection with obtaining these notes, the Company was required to issue 425,978 shares of common stock to the lender having a fair value of $2,020,387, based upon the quoted closing trading price ($2.81 - $7.10/share).

 

In total, the Company recorded debt discounts/issuance costs totaling $2,350,387, which amortized over the life of these notes to interest expense.

 

These notes are initially due two-months (2) from their issuance dates. If the notes reach maturity and are still outstanding, the notes and related accrued interest will automatically renew for successive two-month (2) periods.

 

These notes bear interest at 8% for the 1st nine-months (9), then 18% each month thereafter.

 

The lender is required to issue in writing any event of default. If an event of default occurs, all outstanding principal and accrued interest will be multiplied by 150% and become immediately due. Additionally, if the Company raises $3,000,000 (debt or equity based), the entire outstanding principal and accrued interest are immediately due.

 

Finally, in an event of default, the lender has the right to convert any or all of the outstanding principal and accrued interest into common stock equal to the greater of the average VWAP closing price over the ten (10) trading days ending on the date of conversion or $1.75 (the floor price). In the event such a conversion were to occur, which can only happen by default, the Company would evaluate the potential for recording derivative liabilities.

 

This lender is considered a related party as it is controlled by Michael Farkas, who is a greater than 20% stockholder in the Company.

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

Debt Conversion to Common Stock

 

On August 16, 2024, the Company converted all outstanding principal ($6,215,000) and accrued interest ($316,130) into 3,525,341 shares of common stock. At the time of conversion, the lender executed a 150% penalty interest feature. As a result, the Company increased its interest expense and related debt by $3,265,565 for a total of $9,796,696 of debt that was converted. As a result of the debt conversion, the balance due to this lender was $0. The fair value of the common stock at the conversion date was $2.76/share. Accordingly, there was no gain or loss on debt extinguishment.

 

See Note 8 regarding features of this class of securities.

 

Additionally, in connection with this debt conversion, all remaining unamortized debt discount was recorded as interest expense.

 

Year Ended December 31, 2023

 

During the year ended December 31, 2023, the Company executed several two-month (2) notes payable with an aggregate face amount of $2,585,000, less original issue discounts of $235,000, resulting in net proceeds of $2,350,000.

 

These notes are initially due two-months (2) from their issuance dates. If the notes reach maturity and are still outstanding, the notes and related accrued interest will automatically renew for successive two-month (2) periods.

 

These notes bear interest at 8% for the 1st nine-months (9), then 18% each month thereafter.

 

The lender is required to issue in writing any event of default. If an event of default occurs, all outstanding principal and accrued interest will be multiplied by 150% and become immediately due. Additionally, if the Company raises $3,000,000 (debt or equity based), the entire outstanding principal and accrued interest are immediately due.

 

Finally, in an event of default, the lender has the right to convert any or all of the outstanding principal and accrued interest into common stock equal to the greater of the average VWAP closing price over the ten (10) trading days ending on the date of conversion or $1.75 (the floor price). In the event such a conversion were to occur, which can only happen by default, the Company would evaluate the potential for recording derivative liabilities.

 

At December 31, 2023, the Company was not in default on any of these notes and believed it was in compliance with all terms and conditions of the notes.

 

This lender is considered a related party as it is controlled by Michael Farkas, who is a greater than 20% stockholder in the Company.

 

Note Payable - Other

 

Year Ended December 31, 2023

 

During 2023, an entity controlled by this majority stockholder (approximately 20% common stock ownership at that time) advanced unsecured working capital funds (net proceeds after original issue discount of $12,500 was $250,000) to the Company. In 2023, the note principal of $262,500 along with accrued interest of $13,125, aggregating $275,625 was repaid.

 

Note Payable (non-vehicles)

 

The following is a summary of the Company’s note payable (non-vehicles) at September 30, 2024 and December 31, 2023, respectively:

 

   Loan #1   Loan #2   Total 
Balance - December 31, 2022  $-   $-   $- 
Face amount of note   275,250    -    275,250 
Debt discount   (25,250)   -    (25,250)
Amortization of debt discount   9,729    -    9,729 
Repayments   (133,289)   -    (133,289)
Balance - December 31, 2023   126,440    -    126,440 
Face amount of note   -    277,500    277,500 
Debt discount   -    (27,500)   (27,500)
Amortization of debt discount   15,521    9,050    24,571 
Repayments   (141,961)   (93,281)   (235,242)
Balance - September 30, 2024  $-   $165,769   $165,769 

 

In April 2023, the Company executed a note payable with a face amount of $275,250. Under the terms of the agreement, the lender will withhold 8.9% of the Company’s daily funds arising from sales through the lender’s payment processing services until the Company has repaid the $275,250 (interest is $25,250). The $25,250 is considered a debt issuance cost and is being amortized over the life of the note to interest expense in the accompanying consolidated statements of operations. The Company received net proceeds of $250,000.

 

In April 2024, the Company executed a note payable with a face amount of $277,500. Under the terms of the agreement, the lender will withhold 8.1% of the Company’s daily funds arising from sales through the lender’s payment processing services until the Company has repaid the $277,500 (interest is $27,500). The $27,500 is considered a debt issuance cost and will be amortized over the life of the note to interest expense.

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

This note represented the refinancing of the initial note from April 2023. Under the terms of the new agreement, the Company received net proceeds of $192,131, which is a result of the repayment of the outstanding balance of $57,869 on the date of refinancing (gross amount of note exclusive of interest was $250,000).

 

On the date of refinancing, all previous outstanding unamortized debt discount associated with the initial advance (loan #1) will be expensed.

 

The following is a detail of the Company’s note payable (non-vehicles) at September 30, 2024 and December 31, 2023, respectively:

 

Note Payable
Issue Date  Maturity Date  Date Repaid  Collateral  September 30, 2024   December 31, 2023 
April 16, 2023  December 12, 2024  April 24, 2024  All assets  $-   $141,961 
April 24, 2024  October 21, 2025  N/A  All assets   184,219    - 
         Less: unamortized debt discount   18,450    15,521 
            $165,769   $126,440 

 

Notes Payable - Vehicles

 

The following is a summary of the Company’s notes payable for its vehicles at September 30, 2024 and December 31, 2023, respectively:

 

      
Balance - December 31, 2022  $2,009,896 
Repayments   (836,618)
Balance - December 31, 2023  $1,173,278 
Repayments   (613,713)
Balance - September 30, 2024  $559,565 

 

The following is a detail of the Company’s notes payable for its vehicles at September 30, 2024 and December 31, 2023, respectively:

 

Notes Payable - Vehicles
Issue Date  Maturity Date  Interest Rate   Default Interest Rate  Collateral  September 30, 2024   December 31, 2023 
January 15, 2021  November 15, 2025   11.00%  N/A  This vehicle  $17,964   $28,370 
April 9, 2019  February 17, 2024   4.90%  N/A  This vehicle   -    1,873 
December 15, 2021  December 18, 2024   3.50%  N/A  This vehicle   9,573    37,823 
December 16, 2021  December 18, 2024   3.50%  N/A  This vehicle   9,371    37,023 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   12,743    40,911 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   12,743    40,911 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   12,743    40,911 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   12,743    40,911 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   15,567    43,046 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   15,567    43,046 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   15,890    43,944 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   15,566    43,045 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,235    50,157 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,235    50,157 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   23,235    51,157 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,547    50,862 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,573    50,925 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,573    50,925 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,573    50,925 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   22,573    50,925 
August 4, 2022  August 18, 2025   4.99%  N/A  This vehicle   11,674    20,837 
August 4, 2022  August 18, 2025   4.99%  N/A  This vehicle   11,675    20,838 
November 1, 2021  November 11, 2025   4.84%  N/A  This vehicle   11,060    17,913 
November 1, 2021  November 11, 2025   0.00%  N/A  This vehicle   11,256    18,572 
November 1, 2021  November 11, 2025   0.00%  N/A  This vehicle   11,306    18,572 
June 1, 2022  May 23, 2026   0.90%  N/A  This vehicle   16,613    24,035 
June 1, 2022  May 23, 2026   0.90%  N/A  This vehicle   16,626    24,032 
April 27, 2022  May 10, 2027   9.05%  N/A  This vehicle   86,289    107,047 
April 27, 2022  May 1, 2026   8.50%  N/A  This vehicle   52,054    73,585 
                  559,565    1,173,278 
           Less: current portion   213,706    819,788 
           Long term portion  $345,859   $353,490 

 

 

EZFILL HOLDINGS, INC. AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2024

 

Debt Maturities

 

The following represents the maturities of the Company’s various debt arrangements as noted above for each of the five (5) succeeding years and thereafter as follows:

 

For the Year Ended December 31,  Notes Payable   Vehicle Notes Payable   Total 
             
2024 (3 Months)  $-   $206,094   $206,094 
2025   165,769    279,162    444,931 
2026   -    55,810    55,810 
2027   -    18,499    18,499 
Total  $165,769   $559,565   $725,334 

 

Line of Credit

 

Year Ended December 31, 2023

 

In 2021, the Company entered into a Securities-Based Line of Credit, Promissory Note, Security, Pledge and Guaranty Agreement (the “Line of Credit”) with City National Bank of Florida.

 

The line of credit had an outstanding balance of $1,000,000 at December 31, 2022 and was repaid in 2023 for $1,008,813 (principal of $1,000,000 plus accrued interest of $8,813).

 

To secure the repayment of the Credit Limit, the Bank had a first priority lien and continuing security interest in the securities held in the Company’s investment portfolio with the Bank. The Company liquidated its entire position in the investment portfolio in 2023.

 

In connection with the repayment of the line of credit, no further advances had been made and the bank closed the line of credit.