Driveitaway Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Driveitaway Holdings, Inc. has filed its 2023 10-K report, detailing financial performance and corporate history.</b>

AI Summary

Driveitaway Holdings, Inc. (DWAY) filed a Annual Report (10-K) with the SEC on March 8, 2024. Driveitaway Holdings, Inc. filed its annual report on Form 10-K for the fiscal year ending September 30, 2023. The company was formerly known as CREATIVE LEARNING Corp and B2 HEALTH, INC. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key personnel mentioned include John Possumato (CEO) and Adam Potash. The report details various financial instruments including convertible notes and warrants.

Why It Matters

For investors and stakeholders tracking Driveitaway Holdings, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors assessing its current standing. The historical company name changes and the mention of specific financial instruments like convertible notes and warrants offer insights into the company's evolution and financing strategies.

Risk Assessment

Risk Level: medium — Driveitaway Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information. Specific risks are not detailed in the provided header information, necessitating a deeper review of the full document for a precise risk assessment.

Analyst Insight

Investors should review the full 10-K filing to understand the company's financial performance, risks, and strategic direction for fiscal year 2023.

Key Numbers

• 2023-09-30 — Fiscal Year End (Reporting period)
• 2024-03-08 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Reporting period)
• 2022 — Fiscal Year (Comparative period)
• 2021 — Fiscal Year (Comparative period)

Key Players & Entities

• Driveitaway Holdings, Inc. (company) — Filer name
• CREATIVE LEARNING Corp (company) — Former company name
• B2 HEALTH, INC. (company) — Former company name
• John Possumato (person) — CEO
• Adam Potash (person) — Mentioned personnel
• Driveitaway LLC (company) — Subsidiary or related entity

FAQ

Key Dates

• 2023-09-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing extensive financial and operational details.)

Convertible Notes

A type of bond or debt security that can be converted into a predetermined amount of the issuer's equity at certain times. (Indicates a potential source of financing and future dilution for shareholders.)

Warrants

A security that gives the holder the right, but not the obligation, to purchase shares of a company's stock at a specific price until a certain expiration date. (Similar to options, these can impact future share count and company capitalization.)

Key Financial Figures

• $0.0001 — g) of the Act : Common Stock, par value $0.0001 per share Indicate by check mark if t
• $0.038 — 706,337 based on the closing price of $0.038 of the Company's common stock as quoted
• $50,000 — Business, the parties agreed to offset $50,000 in severance due to Christopher Rego as
• $100,000 — and Mr. Rego in the principal amount of $100,000, which is payable in full on April 20,
• $47,000 — ew vehicle is selling for approximately $47,000 dollars while the average used vehicle
• $28,000 — ed vehicle is selling for approximately $28,000 with an average six-year payment of ove
• $716 — ith an average six-year payment of over $716. Our average vehicle usage/rental fees
• $150 — ees are priced a little higher (between $150-225 a week, not counting insurance) on
• $25k — en the selling price is written down to $25k or less, and he/she will receive a $4,0
• $4,000 — $25k or less, and he/she will receive a $4,000 or 30% of the sale price tax credit (in
• $75k — ct (note: the buyer must make less than $75k a year, or $150k for couples). This us
• $150k — yer must make less than $75k a year, or $150k for couples). This used EV incentive,
• $700 — ,000 with the average car payment above $700 a month with an average six-year term l

Filing Documents

• e5448_10k.htm (10-K) — 1087KB
• e5448_ex21.htm (EX-21) — 2KB
• e5448_ex31-1.htm (EX-31.1) — 65KB
• e5448_ex31-2.htm (EX-31.2) — 12KB
• e5448_ex32-1.htm (EX-32.1) — 6KB
• e5448_ex32-2.htm (EX-32.2) — 11KB
• image_001.jpg (GRAPHIC) — 62KB
• 0001731122-24-000378.txt (&nbsp;) — 6078KB
• clcn-20230930.xsd (EX-101.SCH) — 56KB
• clcn-20230930_cal.xml (EX-101.CAL) — 53KB
• clcn-20230930_def.xml (EX-101.DEF) — 199KB
• clcn-20230930_lab.xml (EX-101.LAB) — 370KB
• clcn-20230930_pre.xml (EX-101.PRE) — 327KB
• e5448_10k_htm.xml (XML) — 679KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 9 Item 2.

Properties

Properties 9 Item 3.

Legal Proceedings

Legal Proceedings 9 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 10 Item 6.

Selected Financial Data

Selected Financial Data 10 Item 7.

Management's Discussion and Analysis

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 7A.

Quantitative and Qualitative Disclosures

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary

Financial Statements and Supplementary Data 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 16 Item 9A.

Controls and Procedures

Controls and Procedures 16 Item 9B. Other Information 17 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevents Inspection 17 PART III Item 10. Directors, Executive Officers and Corporate Governance 18 Item 11.

Executive Compensation

Executive Compensation 20 Item 12.

Security Ownership of Certain Beneficial

Security Ownership of Certain Beneficial 21 Item 13. Certain Relationships and Related Transactions, and Director Independence 22 Item 14. Principal Accounting Fees and Services 23 PART IV Item 15. Exhibits and Financial Statement Schedules 24 Item 16. Form 10-K Summary 25 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Report") includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. You should read statements that contain these words carefully because they: discuss future expectations; contain projections of future results of operations or financial condition; or information. We believe it is important to communicate our expectations to our stockholders. However, there may be events in the future that we are not able to accurately predict or over which we have no control. The cautionary language discussed in this Form 10-K provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations described by us in our forward-looking statements, including among other things: the operating and financial results of the Company; our failure to successfully implement our growth strategy; changing economic conditions; our need for additional financing; litigation and regulatory issues; our failure to comply with current or future

Business

Item 1. Business General As used in this Annual Report, references to the "Company," "DriveItAway," "we," "our," and "us" refer to DriveItAway Holdings, Inc. and its consolidated subsidiary, unless otherwise indicated. In addition, references to our "financial requires. We prepare our consolidated financial statements in United States dollars and in accordance with generally accepted accounting principles as applied in the United dollars. Overview DriveItAway Holdings, Inc. was formed in Delaware on March 8, 2006 as B2 Health, Inc. On July 2, 2010, the Company acquired BFK Franchise Company, LLC ("BFK"), a Nevada limited liability company, and concurrently changed its name to Creative Learning Corporation. On February 24, 2022, the Company acquired DriveItAway, Inc., and on March 18, 2022, disposed of BFK and its other subsidiaries involved in the learning business. On April 18, 2022, the name was changed to DriveItAway Holdings, Inc. The Company is a national dealer focused mobility platform that enables car dealers to sell more vehicles in a seamless way through eCommerce, with its exclusive "Pay as You Go" app-based subscription program. We provide a comprehensive turnkey, solutions driven program with proprietary mobile technology and driver app, insurance coverages and training to get dealerships up and running quickly and profitably in emerging online sales opportunities. The Company has expanded its easy and transparent consumer app subscription to ownership' platform to enable entry level consumers to drive and acquire new Electric Vehicles. Agreement and Plan of Share Exchange On December 7, 2021, the Company (f/k/a Creative Learning Corporation), DriveItAway, Inc., a Delaware corporation (" DIA "), and the existing sharehol

View Full Filing

View this 10-K filing on SEC EDGAR