Driveitaway Holdings Inc
For the period ended Sep 30, 2023. Filed Mar 8, 2024.
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FY2023 · Filed Mar 8, 2024
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Item 8. Consolidated Statements of Cash Flows
| Years Ended | ||
|---|---|---|
| Sept 30, | ||
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | $(930,137) | $(1,475,365) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Gain on PPP Loan Forgiveness | — | (24,148) |
| Loss on debt extinguishment | 36,313 | — |
| Stock-based compensation | 15,000 | 288,461 |
| Loss on change in fair value of derivative liability | (169,723) | (435,188) |
| Amortization and depreciation | 36,783 | 8,436 |
| Amortization of debt discount | 122,279 | 677,561 |
| Changes in operating assets and liabilities: | ||
| Prepaid website development | — | (10,498) |
| Accounts receivable | (5,502) | 15,373 |
| Deferred revenue | 5,132 | 2,101 |
| Customer deposits | 2,234 | — |
| Accounts payable and accrued liabilities | 437,598 | 123,279 |
| Accrued liabilities- related party | 4,918 | 2,377 |
| Net Cash used in Operating Activities | (445,105) | (827,611) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Acquisition of subsidiary | — | 70,360 |
| Purchase of intangible assets | (5,833) | — |
| Purchase of fixed assets | (67,039) | (157,864) |
| Net Cash used in Investing Activities | (72,872) | (87,504) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from related party advances | 26,460 | — |
| Repayments of related party advances | (1,460) | — |
| Proceeds from convertible notes payable | 310,000 | 1,125,000 |
| Proceeds from promissory notes payable - related parties | 50,000 | — |
| Proceeds from promissory notes payable | 104,458 | 36,200 |
| Repayment of promissory notes payable | (42,011) | — |
| Debt issuance costs | (33,388) | (128,750) |
| Net Cash provided by Financing Activities | 414,059 | 1,032,450 |
| Net change in cash and restricted cash | (103,918) | 117,335 |
| Cash and restricted cash, beginning of period | 127,109 | 9,774 |
| Cash and restricted cash, end of period | $23,191 | $127,109 |
| Supplemental cash flow information | ||
| Cash paid for interest | $49,863 | $45,203 |
| Cash paid for taxes | $— | $— |
| Non-cash Investing and Financing transactions: | ||
| Preferred stock issued for conversion of debt -related party | $— | $104,564 |
| Preferred stock issued for conversion of debt | $— | $288,458 |
| Common stock and warrant issued in connection with promissory note | $— | $65,274 |
| Common stock in connection with promissory note | $60,000 | $— |
| Preferred stock issued for exercise of stock option - related party | $— | $84,375 |
| Conversion of preferred stock to common stock | $— | $8,809 |
| Cancellation of common shares against note receivable | $— | $100,000 |
| Recognition of derivative liability as debt discount | $26,959 | $550,197 |
| Prepaid expenses reclassified to intangible assets | $10,498 | $— |
| Note receivable exchanged for settlement of accrued wages | $— | $50,000 |
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