Asset Purchase Agreements |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Asset Purchase Agreements | |
| Asset Purchase Agreements | Note 9 – Asset Purchase Agreements
Yoshi, Inc.
In 2024, the Company executed an asset purchase agreement with Yoshi, Inc. In connection with this transaction, the Company acquired various vehicles as part of a growth and expansion plan.
The Company has access to and utilizes these vehicles for mobile fueling as part of its ongoing operations.
Since the transaction did not close until February 2025, the payments made/due as of December 31, 2024, have been classified as a component of deposit on future asset purchase totaling $2,035,283.
NEXTNRG, INC. AND SUBSIDIARIES FORMERLY KNOWN AS EZFILL HOLDINGS, INC. Notes to Consolidated Financial Statements
Consideration for this asset purchase consisted of the following:
1 Cash - $1,250,000;
2 Common Stock – shares of common stock; having a fair value of $535,283 ($/share), based upon the quoted closing price; and
3 Note Payable - $250,000
1 At December 31, 2024, the Company had paid $650,000. The balance of $600,000 was paid in February 2025.
2 All shares were issued as of December 31, 2024
3 At December 31, 2024, the $250,000 had not yet been paid. In February 2025, the balance was paid.
Shell
In 2024, the Company executed an asset purchase agreement with Shell Retail and Convenience Operations, d/b/a Shell TapUp and d/b/a Instafuel (“Shell”) to purchase 73 vehicles ($5,139,877) and above ground storage tanks ($80,000) as part of a growth and expansion plan for a total purchase price of $5,219,877. The Company began its Shell related operations in January 2025, and at that time placed these assets into service. These vehicles have a useful life of five (5) years.
Right-of-Use Assets – Operating Leases - Shell
In connection with the closing of the Shell transaction, the Company assumed certain operating leases (parking lots and offices) subsequent to year end. These leases had commencement dates ranging from January – February 2025 ending between October 2028 – June 2029. Total payments over the remaining lease terms are approximately $814,000.
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