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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2021
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________ to ______________
Commission file number 000-54218
EVO Transportation & Energy Services, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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37-1615850 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
2075 West Pinnacle Peak Rd. Suite 130
Phoenix, AZ 85027
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 877-973-9191
Securities registered pursuant to Section 12(b) of the Act: None.
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of June 27, 2022, there were 16,387,944 shares of the registrant’s common stock, par value $0.0001, outstanding.
Explanatory Note
We have been delayed in filing this Quarterly Report on Form 10-Q (this “Q2 2021 Quarterly Report”). Immediately following the filing of this Q2 2021 Quarterly Report, we expect to file our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2020 10-K”). Unless otherwise noted, the disclosures in this Q2 2021 Quarterly Report speak as of June 30, 2021 and for the three-month and six-month periods then ended.
EVO TRANSPORTATION & ENERGY SERVICES, INC.
INDEX
i
EVO TRANSPORTATION & ENERGY SERVICES, INC.
PART I – FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (unaudited)
Condensed Consolidated Balance Sheets (unaudited)
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June 30, 2021 |
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December 31, 2020 |
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($ in thousands, except share and per share data) |
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Assets |
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Current assets |
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Cash |
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$ |
12,426 |
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$ |
26,644 |
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Accounts receivable - trade, net |
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22,829 |
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13,033 |
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Alternative fuels tax credit receivable |
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237 |
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1,054 |
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Due from related party |
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10 |
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40 |
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Prepaids and other current assets |
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4,389 |
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2,205 |
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Total current assets |
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39,891 |
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42,976 |
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Non-current assets |
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Property and equipment, net |
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29,075 |
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28,240 |
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Goodwill |
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23,837 |
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23,837 |
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Intangible assets, net |
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4,631 |
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5,087 |
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Operating lease right-of-use assets, net |
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8,213 |
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10,473 |
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Finance lease right-of-use assets, net |
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25,350 |
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27,913 |
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Deposits and other long-term assets |
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4,865 |
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3,797 |
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Total non-current assets |
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95,971 |
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99,347 |
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Total assets |
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$ |
135,862 |
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$ |
142,323 |
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Liabilities, Temporary Equity and Stockholders’ Deficit |
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Current liabilities |
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Accounts payable |
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$ |
10,943 |
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$ |
11,698 |
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Accrued expenses and other current liabilities |
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12,891 |
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18,589 |
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Accrued interest - related party |
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2,469 |
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2,249 |
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Embedded derivative liability |
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2,182 |
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2,278 |
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Warrant liabilities |
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9,502 |
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11,264 |
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Advances under factoring arrangements, current portion |
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17,373 |
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24,397 |
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Current portion of long-term debt |
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30,412 |
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12,727 |
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Current portion of long-term debt - related party |
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24,170 |
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50,252 |
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Operating lease liabilities, current portion |
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3,618 |
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3,801 |
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Finance lease liabilities, current portion |
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4,459 |
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4,597 |
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Total current liabilities |
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118,019 |
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141,852 |
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Non-current liabilities |
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Advances under factoring arrangements, less current portion |
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6,069 |
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— |
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Long-term debt, less current portion |
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7,699 |
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24,737 |
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Long-term debt, less current portion - related party |
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11,399 |
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3,379 |
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Operating lease liabilities, less current portion |
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4,589 |
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6,553 |
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Finance lease liabilities, less current portion |
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22,512 |
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24,884 |
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Deferred tax liability |
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48 |
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17 |
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Total non-current liabilities |
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52,316 |
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59,570 |
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Total liabilities |
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170,335 |
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201,422 |
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Commitments and contingencies (Note 11) |
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Temporary Equity |
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Series A Redeemable Convertible Preferred stock, $0.0001 par value; 10,000,000 shares authorized, 100,000 shares issued and outstanding, includes accrued and undeclared dividends $116 (June 30, 2021) and $98 (December 31, 2020) liquidation preference $416 (June 30, 2021) and $398 (December 31, 2020) |
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416 |
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398 |
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Series B Redeemable Convertible Preferred stock, $0.0001 par value; 3,075,000 shares authorized, 2,050,000 shares issued and outstanding, includes accrued and undeclared dividends $780 (June 30, 2021) and $475 (December 31, 2020) liquidation preference $6,930 (June 30, 2021) and $6,625 (December 31, 2020) |
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6,930 |
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6,625 |
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Redeemable common stock, at redemption value; 2,240,000 (June 30, 2021 and December 31, 2020) |
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1,200 |
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1,200 |
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Stockholders’ deficit |
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Common stock, $0.0001 par value; 100,000,000 shares authorized; 12,972,815 (June 30, 2021 and December 31, 2020) shares issued and outstanding |
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2 |
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2 |
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Common stock subscribed and not yet issued 330 (June 30, 2021) and 80 (December 31, 2020) |
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— |
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— |
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Common stock issuable |
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4,390 |
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3,474 |
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Additional paid-in capital |
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32,139 |
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30,821 |
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Accumulated deficit |
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(79,550 |
) |
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(101,619 |
) |
Total stockholders’ deficit |
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(43,019 |
) |
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(67,322 |
) |
Total liabilities, temporary equity, and stockholders’ deficit |
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$ |
135,862 |
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$ |
142,323 |
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See notes to unaudited condensed consolidated financial statements.
2
EVO TRANSPORTATION & ENERGY SERVICES, INC.
Condensed Consolidated Statements of Operations (Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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($ in thousands, except share and per share data) |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue |
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Trucking |
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$ |
56,439 |
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$ |
51,719 |
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$ |
110,391 |
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$ |
107,125 |
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Other |
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— |
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— |
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34,758 |
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— |
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CNG |
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54 |
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232 |
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190 |
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|
552 |
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Total revenue |
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56,493 |
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51,951 |
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145,339 |
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107,677 |
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Operating expenses |
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Payroll, benefits and related |
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22,243 |
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25,200 |
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43,705 |
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52,731 |
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Purchased transportation |
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11,533 |
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7,384 |
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20,721 |
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15,477 |
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Fuel |
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6,485 |
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4,784 |
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11,853 |
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11,925 |
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Equipment rent |
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2,984 |
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2,420 |
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5,539 |
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5,658 |
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Maintenance and supplies |
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2,465 |
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2,657 |
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4,715 |
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5,490 |
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General and administrative |
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5,742 |
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4,284 |
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10,786 |
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9,228 |
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Operating supplies and expenses |
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3,472 |
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4,160 |
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7,560 |
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8,017 |
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Depreciation and amortization |
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3,738 |
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3,645 |
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7,362 |
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7,115 |
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Insurance and claims |
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2,377 |
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2,979 |
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4,963 |
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5,539 |
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Loss on sale of fixed assets |
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37 |
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— |
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37 |
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— |
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Change in fair value of contingent consideration |
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— |
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296 |
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— |
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|
296 |
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CNG expenses |
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16 |
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105 |
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194 |
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291 |
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Total operating expenses |
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61,092 |
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57,914 |
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117,435 |
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121,767 |
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Operating income (loss) |
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(4,599 |
) |
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(5,963 |
) |
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27,904 |
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(14,090 |
) |
Other income (expense) |
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Interest expense |
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(2,799 |
) |
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(3,440 |
) |
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(6,902 |
) |
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(7,064 |
) |
Change in fair value of embedded derivative liability |
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(692 |
) |
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(109 |
) |
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96 |
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(154 |
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Change in fair value of warrant liabilities |
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(1,345 |
) |
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(975 |
) |
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1,762 |
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7,260 |
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Gain (loss) on extinguishment of debt |
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256 |
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30 |
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|
790 |
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(10,056 |
) |
Other miscellaneous income |
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4 |
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— |
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4 |
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— |
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Total other expense |
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(4,576 |
) |
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(4,494 |
) |
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(4,250 |
) |
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(10,014 |
) |
Income (loss) before income taxes |
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(9,175 |
) |
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(10,457 |
) |
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23,654 |
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(24,104 |
) |
(Provision) benefit for income taxes |
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21 |
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(51 |
) |
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(1,585 |
) |
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(106 |
) |
Net income (loss) |
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$ |
(9,154 |
) |
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$ |
(10,508 |
) |
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$ |
22,069 |
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$ |
(24,210 |
) |
Earnings per share: |
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Basic |
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$ |
(0.30 |
) |
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$ |
(0.55 |
) |
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$ |
0.72 |
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$ |
(1.26 |
) |
Diluted |
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$ |
(0.30 |
) |
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$ |
(0.55 |
) |
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$ |
0.67 |
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$ |
(1.26 |
) |
Weighted average shares outstanding: |
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Basic |
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30,883,149 |
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19,542,498 |
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30,116,853 |
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19,722,498 |
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Diluted |
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30,883,149 |
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19,542,498 |
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33,322,039 |
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19,722,498 |
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See notes to unaudited condensed consolidated financial statements.
3
EVO TRANSPORTATION & ENERGY SERVICES, INC.
Condensed Consolidated Statements of Changes in Stockholders’ Deficit (Unaudited)
For the Six Months Ended June 30, 2021
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Common Stock |
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Common Stock Subscribed |
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Common Stock |
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Additional Paid-in |
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Accumulated |
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Total Stockholders’ |
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($ in thousands, except share data) |
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Shares |
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Amount |
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Shares |
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Amount |
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Issuable |
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Capital |
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Deficit |
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Deficit |
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Balance - December 31, 2020 |
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15,212,815 |
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|
$ |
2 |
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|
80 |
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|
$ |
— |
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|
$ |
3,474 |
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$ |
30,821 |
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$ |
(101,619 |
) |
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$ |
(67,322 |
) |
Obligation to issue common stock - related party |
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— |
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— |
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— |
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— |
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|
916 |
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— |
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— |
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|
916 |
|
Issuance of warrants to extinguish debt |
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— |
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— |
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— |
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— |
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|
— |
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|
1,224 |
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|
— |
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|
1,224 |
|
Common stock issued for services - related party |
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— |
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|
— |
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|
250 |
|
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|
— |
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— |
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|
— |
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|
— |
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|
— |
|
Stock-based compensation expense |
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— |
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|
— |
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|
|
— |
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|
— |
|
|
|
— |
|
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|
232 |
|
|
|
— |
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|
|
232 |
|
Series A Redeemable Preferred stock dividend |
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— |
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— |
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— |
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— |
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|
— |
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|
(9 |
) |
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|
— |
|
|
|
(9 |
) |
Series B Redeemable Preferred stock dividend |
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— |
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— |
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— |
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|
|
— |
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|
|
— |
|
|
|
(152 |
) |
|
|
— |
|
|
|
(152 |
) |
Net income |
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— |
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— |
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|
— |
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|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,223 |
|
|
|
31,223 |
|
Balance - March 31, 2021 |
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|
15,212,815 |
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|
2 |
|
|
|
330 |
|
|
|
— |
|
|
|
4,390 |
|
|
|
32,116 |
|
|
|
(70,396 |
) |
|
|
(33,888 |
) |
Issuance of warrants to extinguish debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
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|