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DriveItAway Holdings, Inc. (DWAY) has elected to “go dark” by filing a Form 15 to voluntarily terminate the registration of its common stock under Section 12(g) of the Exchange Act and suspend its reporting obligations under Sections 13(a) and 15(d). The company states it is eligible because its common stock is held of record by fewer than 300 persons. Upon filing, obligations to file Forms 10-K, 10-Q and certain other SEC reports were immediately suspended, and deregistration is expected to become effective 90 days after the Form 15 filing, or sooner if determined by the SEC. The board cites the substantial costs and demands of full SEC reporting relative to the company’s size and resources, and plans to continue providing financial and other information through the OTC Markets Alternative Reporting Standard so the stock can remain quoted on the OTC Markets current-information tier.
DriveItAway Holdings, Inc. reported higher revenue but continued sizeable losses and severe balance sheet strain for the quarter ended March 31, 2026. Quarterly revenue rose to $377,522 from $210,665, with six‑month revenue of $659,764 versus $452,611 a year earlier. However, the company posted a quarterly net loss of $1,520,029 and a six‑month net loss of $971,261, compared with a small profit of $8,505 in the prior‑year six‑month period.
At March 31, 2026, total assets were only $250,180 against total liabilities of $9,332,312, resulting in a stockholders’ deficit of $9,082,132. The balance sheet includes a large derivative liability of $4,811,079, substantial convertible notes payable, and several promissory notes, some in default. Cash was $83,006, with $479,987 used in operating activities over six months.
The company’s accumulated deficit reached $11,432,878, and management states that recurring losses, limited cash, and dependence on raising additional capital create “substantial doubt” about its ability to continue as a going concern.
DriveItAway Holdings, Inc. reported a small quarterly net profit mainly driven by non-cash derivative gains while its core business remains weak and highly leveraged. For the three months ended December 31, 2025, revenue was $282,242, up modestly from $241,946 a year earlier, with gross profit of $83,894.
The company posted an operating loss of $140,277, but a $981,354 gain from revaluing derivative liabilities produced net income of $548,868. Cash used in operating activities was $176,811, and cash at period end was only $89,743.
The balance sheet is severely strained, with total assets of $544,929 versus total liabilities of $8,192,559, resulting in a stockholders’ deficit of $7,647,630. Key obligations include $1,814,777 of convertible notes, $450,000 of convertible notes in default, a derivative liability of $3,473,411, and various promissory and SBA loans. Management discloses substantial doubt about the company’s ability to continue as a going concern and plans to rely on additional equity sales, new debt and support from insiders.
Driveitaway Holdings, Inc. filed an amended annual report to substitute the correct report of its independent registered public accounting firm for the year ended September 30, 2025. The auditor issued an opinion that the financial statements fairly present the company’s position and results in accordance with U.S. GAAP but highlighted substantial doubt about the company’s ability to continue as a going concern.
As of September 30, 2025, Driveitaway had an accumulated deficit of $10,461,619 and a working capital deficit of $8,988,114, indicating significant financial strain. The audit also identified accounting for warrants issued in connection with notes payable as a critical audit matter, with derivative liabilities of $4,454,765 and deferred financing costs, net of discount, of $11,811 as of that date. Non‑affiliate market value was $871,659 as of March 31, 2025, and there were 121,525,082 common shares outstanding as of January 13, 2026.
DriveItAway Holdings, Inc. operates an app-based “subscription to ownership” vehicle program targeting subprime and EV customers, working with franchised and large independent dealers rather than traditional buy-here/pay-here lots. In 2025 the company expanded partnerships, including a national flexible lease-to-own program branded “Free2move Powered by DriveItAway” with Stellantis’ mobility arm, and launched a small-business offering while adding Board of Advisors members from fleet, leasing, and automotive investment banking.
For the year ended September 30, 2025, revenue rose to $987,937 from $460,661, driven mainly by rental growth as the vehicle pool increased. Despite this, gross profit was modest at $135,693 and operating expenses climbed to $1,004,196, producing an operating loss of $868,503. Heavy non‑cash charges and financing costs pushed other expense to $4,033,977, resulting in a net loss of $4,902,480 and an accumulated deficit of $10,461,619.
Liquidity is strained: cash was $39,930, current assets were $82,462, and current liabilities reached $9,070,576, including significant convertible notes and a $4,454,765 derivative liability. Working capital deficiency widened to $8,988,114. The auditor and management highlight substantial doubt about the company’s ability to continue as a going concern, and the business remains dependent on new equity, debt conversions, and additional financing to fund operations.
DriveItAway Holdings, Inc. filed a notification of late filing for its Annual Report on Form 10-K for the year ended September 30, 2025. The company explains that it needs additional time to compile and review information to ensure adequate disclosure in the Form 10-K. DriveItAway states that it expects to file the annual report on or before the 15th calendar day following the original due date, consistent with the extension permitted under SEC Rule 12b-25.