Driveitaway Holdings, Inc. (ticker DWAY), a leading technology-focused provider of rental and subscription services for electric vehicles (EVs), has experienced a significant increase in advertising costs and expanded its vehicle fleet in the first half of 2023, according to its Securities and Exchange Commission (SEC) report. The company has also made major investments in website development during this period.
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In the first six months of 2023, general advertising costs for the company surged to $38,451, a considerable rise compared to $4,889 in the same period last year.
The increase highlights the company’s growing emphasis on developing its brand presence and customer awareness in the competitive EV rental market.
During this period, Driveitaway expanded its vehicle fleet, purchasing additional vehicles for a total of $67,039.
As of March 31, 2023, the company’s vehicles’ net worth has increased to $200,447, up from $149,428 in September 2022. This expansion underscores the company’s determination to capitalize on the growing demand for electric vehicles and their associated services.
Another notable investment was in website development, with Driveitaway spending $16,331 in the first six months of 2023.
As of March 31, the net worth of the company’s website stood at $14,516, reflecting its commitment to offering a seamless and user-friendly experience for its customers. During the same period, the company also incurred amortization expenses of $1,815 for its website development initiatives.
Driveitaway’s revenue is generated through various sources, including rental terms, excess usage charges, telematics equipment, and software services. The company recognizes revenue when equipment is delivered to a vehicle owner and recognizes monthly revenue for telematics software usage.
The company’s cost of goods sold includes direct expenses like roadside assistance, telematics service fees, and credit card fees incurred through its cash collections and remittance processes. They have chosen to recognize compensation expenses for restricted stock awards and stock options, with the fair value of restricted stock awards measured by the Board of Directors.
Driveitaway has authorization to issue one billion common shares, with a par value of $0.0001 per share, and ten million preferred shares, also with a par value of $0.0001 per share. During the six months ended March 31, 2023, the company issued 1,250,000 common shares for various purposes, including commitment fees and consulting services.
The company continues to focus on expanding its vehicle fleet, improving its telematics software platform, and investing in advertising and website development. With a comprehensive approach to growth in the EV rental sector, Driveitaway Holdings, Inc. is well-positioned to capitalize on further opportunities in this emerging market.
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