Driveitaway Holdings Inc
For the period ended Sep 30, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Item 8. Consolidated Statements of Cash Flows
| Years Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Income (Loss) | $(2,248,243) | $(930,137) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Amortization of deferred financing costs | 201,236 | — |
| Stock compensation | — | 15,000 |
| Loss on change in fair value of derivative liability | 342,751 | (169,723) |
| Loss on debt extinguishment | — | 36,313 |
| Amortization and depreciation | 57,324 | 36,783 |
| Amortization of debt discount | 393,946 | 122,279 |
| Discount on lines of credit | (85,000) | — |
| Additions to derivative liability | 686,102 | — |
| Discount on notes payable | (112,246) | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | (2,970) | — |
| Accounts receivable | 10,146 | (5,502) |
| Deferred revenue | (3,927) | 5,132 |
| Accounts payable and accrued liabilities | 329,563 | 437,598 |
| Customer deposits | (895) | 2,234 |
| Accrued interest related party | 7,834 | 4,918 |
| Net Cash Used in Operating Activities | (424,379) | (445,105) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Website development | — | (5,833) |
| Purchase of vehicles | (642,647) | (67,039) |
| Net Cash Used in Investing Activities | (642,647) | (72,872) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from related party advances | — | 26,460 |
| Repayment of related party advances | — | (1,460) |
| Proceeds from sale of common stock for cash | 23,000 | — |
| Proceeds from convertible notes payable | — | 310,000 |
| Proceeds from the sale of warrants | 100,000 | — |
| Proceeds from notes payable | 454,250 | — |
| Proceeds from lines of credit | 655,882 | — |
| Proceeds from promissory notes payable | — | 104,458 |
| Proceeds from promissory notes - related party | — | 50,000 |
| Repayment of notes payable | (155,709) | (42,011) |
| Debt issuance costs | — | (33,388) |
| Net Cash Provided By Financing Activities | 1,077,423 | 414,059 |
| Net increase (decrease) in cash and cash equivalents | 10,397 | (103,918) |
| Cash and cash equivalents, beginning of period | 23,191 | 127,109 |
| Cash and cash equivalents, end of period | $33,588 | $23,191 |
| Supplemental cash flow information | ||
| Cash paid for interest | $— | $49,863 |
| Cash paid for taxes | $— | $— |
| Non-cash transactions: | ||
| Common stock issued in connection with promissory note | $120,000 | $60,000 |
| Recognition of derivative liability as debt discount | $— | $26,959 |
| Debt discount in connection with original issue discount | $28,000 | $— |
| Prepaid expenses reclassified to website development | $— | $10,498 |
| Deferred financing costs | $449,999 | $— |
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