UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
(AMENDMENT
NO. 1)
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 19, 2023
TRAQIQ,
INC.
(Exact
name of registrant as specified in charter)
California |
|
000-56148 |
|
30-0580318 |
(State
or other Jurisdiction of
Incorporation
or Organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1931
Austin Drive
Troy,
Michigan |
|
48083 |
(Address
of Principal Executive Offices) |
|
(zip
code) |
(248)
775-7400
(Registrant’s
telephone number, including area code)
14205
SE 37th Street, Suite 100, Bellevue, WA 98006
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any
of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $.0001 per share |
|
TRIQ |
|
OTC
QB |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLAINATORY
NOTE
On
May 19, 2023, TraQiQ, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Original Form 8-K”) to report
the consummation of its acquisition of Titan Trucking, LLC, a Michigan limited liability company (“Titan”). This Amendment
No. 1 to the Original Form 8-K amends and supplements Item 9.01 of the Original Form 8-K to provide the historical audited financial
statements of Titan and the unaudited pro form condensed combined financial information of the Company pursuant to Items 9.01(a) and
9.01(b) of Form 8-K that were excluded from the Original Form 8-K in reliance on the instructions to such items. Except as noted in this
paragraph, no other information contained in the Original Form 8-K is amended or supplemented.
Item 9.01. |
Financial Statements and Exhibits. |
(a)
Financial Statements of Business Acquired
The
financial statements for Titan required by Item 9.01(a) of Form 8-K are attached as Exhibit 99.1 and Exhibit 99.2 to this Amendment No.1
and incorporated herein by reference.
(b)
Pro Forma Financial Information
The
unaudited pro forma condensed financial information for the Company required by Item 9.01(b) of Form 8-K is attached as Exhibit 99.3
to this Amendment No. 1 to the Original Form 8-K and incorporated herein by reference.
(c)
Not applicable.
(d)
Exhibits. The exhibits listed in the exhibit index below are being filed herewith.
EXHIBIT
INDEX
Exhibit
Number |
|
Description |
|
|
|
23.1 |
|
Consent
of Freed Maxick CPAs, P.C., Independent Auditor for Titan Trucking, LLC and Subsidiary. |
|
|
|
99.1 |
|
The
audited Financial Statements of Titan Trucking, LLC and Subsidiary as of and for the years ended December 31, 2022 and 2021,
and the related notes thereto. |
|
|
|
99.2 |
|
The
unaudited Financial Statements of Titan Trucking, LLC and Subsidiary as of and for the three months ended March 31, 2023,
and the related notes thereto. |
|
|
|
99.3 |
|
The
unaudited Pro Forma Condensed Combined Financial Information of TraQiQ, Inc. as of and for the three months ended March 31,
2023, and the year ended December 31, 2022, and the related notes thereto. |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
November 16, 2023 |
TRAQIQ,
INC. |
|
|
|
|
By:
|
/s/
Glen Miller |
|
|
Glen
Miller |
|
|
Chief
Executive Officer |
Exhibit
23.1
CONSENT
OF INDEPENDENT AUDITOR
We consent to the use in this Current Report on
Form 8-K/A of TraQiQ, Inc. of our report for Titan Trucking, LLC and Subsidiary dated September 28, 2023, which includes an explanatory
paragraph as to Titan Trucking, LLC and Subsidiary’s ability to continue as a going concern, relating to the consolidated financial
statements of Titan Trucking, LLC and Subsidiary as of and for the years ended December 31, 2022 and 2021, appearing in this Current Report
on Form 8-K/A.
/s/ Freed
Maxick CPAs, P.C.
Buffalo, New York
November 16, 2023
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Exhibit
99.1
TITAN
TRUCKING, LLC, AND SUBSIDIARY
A
LIMITED LIABILTY COMPANY
AUDITED
CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER
31, 2022 AND 2021
C
O N T E N T S
Report
of Independent Registered Public Accounting Firm
To
the Members of Titan Trucking, LLC and Subsidiary (A Limited Liability Company):
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Titan Trucking, LLC and Subsidiary (A Limited Liability Company) (the Company)
as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in members’ equity (deficiency), and
cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2022 and 2021 and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles
generally accepted in the United States of America.
Emphasis
of Matter – Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 1 to the financial statements, the Company has suffered recurring losses from operations and its total current liabilities exceed
its total current assets. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s
plans in regard to these matters also are described in Note 1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provides a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Critical
Audit Matter Description
As
described in Notes 5 and 6 to the financial statements, on June 10, 2022 and December 9, 2022, the Company completed acquisitions of
Century Waste Management and WTI Global, Inc., respectively. The transactions were accounted for as asset acquisitions (the “Acquisitions”).
The net assets acquired were recorded at fair value and included vehicles and equipment from Century Waste Management and a customer
list intangible from WTI Global, Inc.
Auditing
the Company’s accounting for these Acquisitions was complex due to the judgement involved in evaluating whether the Acquisitions
met the criteria of a business combination or an asset acquisition among other accounting considerations. The subjective considerations
included whether substantially all the fair value of the gross assets acquired was concentrated in a single identifiable asset or group
of similar identifiable assets.
How
the Critical Matter Was Addressed in the Audits
To
test the Company’s accounting for the Acquisitions, we performed the following audit procedures:
|
● |
We
evaluated the Company’s application of the relevant accounting guidance under ASC Topic 805 – Business Combinations. |
|
● |
We
obtained and read the relevant asset purchase agreements and assessed the completeness and accuracy of the net assets acquired. |
|
● |
We
recalculated the fair value of the consideration paid in the Acquisitions. |
|
● |
We
evaluated the reasonableness of the valuation methodologies used to arrive at the fair value of the acquired assets. |
|
● |
We
assessed the appropriateness of the related disclosures in the financial statements. |
/s/ Freed Maxick CPAs, P.C.
We
have served as the Company’s auditor since 2023.
Buffalo,
New York
September
28, 2023
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED
BALANCE SHEETS
DECEMBER
31, 2022 AND 2021
| |
DECEMBER 31, 2022 | | |
DECEMBER 31, 2021 | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 26,650 | | |
$ | 33,579 | |
Accounts receivable, net | |
| 517,583 | | |
| 413,723 | |
Subscriptions receivable | |
| 200,000 | | |
| - | |
Other receivables | |
| 1,241 | | |
| 426,016 | |
Prepaid expenses and other current assets | |
| 128,689 | | |
| 88,314 | |
Total Current Assets | |
| 874,163 | | |
| 961,632 | |
| |
| | | |
| | |
Property and equipment, net | |
| 5,643,941 | | |
| 3,160,179 | |
Intangible assets, net | |
| 687,500 | | |
| - | |
Other assets | |
| 8,251 | | |
| 8,251 | |
Operating lease right-of-use asset, net | |
| 194,112 | | |
| 276,370 | |
Total Non-current Assets | |
| 6,533,804 | | |
| 3,444,800 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 7,407,967 | | |
$ | 4,406,432 | |
| |
| | | |
| | |
LIABILITIES AND MEMBERS’ EQUITY (DEFICIENCY) | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 736,658 | | |
$ | 373,647 | |
Accrued payroll and related taxes | |
| 50,983 | | |
| 33,039 | |
Notes payable, net of deferred financing costs | |
| 1,098,158 | | |
| 1,244,206 | |
Notes payable, net – related parties | |
| - | | |
| 3,660,864 | |
Notes payable, net | |
| - | | |
| 3,660,864 | |
Operating lease liability | |
| 95,243 | | |
| 85,303 | |
Total Current Liabilities | |
| 1,981,042 | | |
| 5,397,059 | |
| |
| | | |
| | |
Long-term notes, net of deferred financing costs | |
| 2,785,531 | | |
| 837,219 | |
Operating lease liability, net of current portion | |
| 115,290 | | |
| 210,533 | |
Total Non-current Liabilities | |
| 2,900,821 | | |
| 1,047,752 | |
| |
| | | |
| | |
Total Liabilities | |
| 4,881,863 | | |
| 6,444,811 | |
| |
| | | |
| | |
MEMBERS’ EQUITY (DEFICIENCY) | |
| | | |
| | |
Members’ equity (deficiency) | |
| 2,526,104 | | |
| (2,038,379 | ) |
| |
| | | |
| | |
Total Members’ Equity (Deficiency) | |
| 2,526,104 | | |
| (2,038,379 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND MEMBERS’ EQUITY (DEFICIENCY) | |
$ | 7,407,967 | | |
$ | 4,406,432 | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED
STATEMENTS OF OPERATIONS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
| |
2022 | | |
2021 | |
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
REVENUE | |
$ | 4,203,112 | | |
$ | 3,315,256 | |
COST OF REVENUES | |
| 4,207,852 | | |
| 3,317,225 | |
GROSS LOSS | |
| (4,740 | ) | |
| (1,969 | ) |
| |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | |
Salaries and salary related costs | |
| 475,512 | | |
| 395,395 | |
Professional fees | |
| 265,575 | | |
| 30,503 | |
General and administrative expenses | |
| 359,175 | | |
| 237,243 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 1,100,262 | | |
| 663,141 | |
| |
| | | |
| | |
OPERATING LOSS | |
| (1,105,002 | ) | |
| (665,110 | ) |
| |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | |
Interest expense, net of interest income | |
| (199,453 | ) | |
| (140,812 | ) |
Loss on sale of assets | |
| (168,208 | ) | |
| (262,264 | ) |
Employee Retention Credits | |
| - | | |
| 422,845 | |
Forgiveness of Paycheck Protection Program loans | |
| 812,305 | | |
| - | |
Other income | |
| 1,696 | | |
| 57,291 | |
Total other income (expense) | |
| 446,340 | | |
| 77,060 | |
| |
| | | |
| | |
NET LOSS | |
$ | (658,663 | ) | |
$ | (588,050 | ) |
| |
| | | |
| | |
LOSS PER UNIT (BASIC AND DILUTED) | |
| | | |
| | |
Weighted-average units outstanding | |
| 100 | | |
| 100 | |
Net loss per unit | |
$ | (6,587 | ) | |
$ | (5,881 | ) |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED
STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIENCY)
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
| |
Members’ Equity
(Deficiency) | |
Balance – January 1, 2021 | |
$ | (1,450,329 | ) |
| |
| | |
Net loss | |
| (588,050 | ) |
| |
| | |
Balance – December 31, 2021 | |
| (2,038,379 | ) |
Balance | |
| (2,038,379 | ) |
| |
| | |
Contributions | |
| 5,223,146 | |
| |
| | |
Net loss | |
| (658,663 | ) |
| |
| | |
Balance – December 31, 2022 | |
$ | 2,526,104 | |
Balance | |
$ | 2,526,104 | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
| |
2022 | | |
2021 | |
| |
FOR THE YEARS ENDED DECEMBER 31, | |
| |
2022 | | |
2021 | |
CASH FLOW FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (658,663 | ) | |
$ | (588,050 | ) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | |
| | | |
| | |
Employee Retention Credits | |
| - | | |
| (422,845 | ) |
Forgiveness of PPP loans | |
| (812,305 | ) | |
| - | |
Bad debt expense | |
| 77,690 | | |
| - | |
Depreciation and amortization | |
| 325,382 | | |
| 304,175 | |
Loss on sale of property and equipment | |
| 168,208 | | |
| 262,264 | |
Amortization of loan origination fees | |
| 6,663 | | |
| - | |
Change in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (181,549 | ) | |
| (63,873 | ) |
Prepaid expenses and other current assets | |
| (40,374 | ) | |
| (7,812 | ) |
Other receivables | |
| 424,775 | | |
| - | |
Other assets | |
| - | | |
| 3,800 | |
Operating lease right-of-use asset | |
| 82,258 | | |
| 76,179 | |
Accounts payable and accrued expenses | |
| 363,010 | | |
| (9,188 | ) |
Accrued payroll and payroll taxes | |
| 17,944 | | |
| 14,862 | |
Operating lease liability | |
| (85,303 | ) | |
| (76,172 | ) |
Total adjustments | |
| 580,761 | | |
| (62,204 | ) |
Net cash used in operating activities | |
| (312,264 | ) | |
| (506,660 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Acquisition of property and equipment | |
| (3,349,628 | ) | |
| (47,177 | ) |
Disposal of property and equipment | |
| 371,819 | | |
| 211,965 | |
Net cash provided by (used in) investing activities | |
| (2,977,809 | ) | |
| 164,788 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Loan origination fees | |
| (99,950 | ) | |
| - | |
Proceeds from notes payable | |
| 4,398,833 | | |
| 1,806,332 | |
Repayments of notes payable | |
| (1,015,739 | ) | |
| (1,486,279 | ) |
Net cash provided by financing activities | |
| 3,283,144 | | |
| 320,053 | |
| |
| | | |
| | |
NET DECREASE IN CASH | |
| (6,929 | ) | |
| (21,819 | ) |
| |
| | | |
| | |
CASH – BEGINNING OF YEAR | |
| 33,579 | | |
| 55,398 | |
| |
| | | |
| | |
CASH – END OF YEAR | |
$ | 26,650 | | |
$ | 33,579 | |
| |
| | | |
| | |
CASH PAID DURING THE YEAR FOR: | |
| | | |
| | |
Interest expense | |
$ | 219,404 | | |
$ | 112,423 | |
SUPPLEMENTAL NON-CASH DISCLOSURES OF CASH FLOW: | |
| | | |
| | |
Member contributions in exchange for loans payable | |
$ | 4,505,646 | | |
$ | - | |
Subscription receivable in exchange for equity | |
$ | 200,000 | | |
$ | - | |
Member contributions in exchange for intangible asset purchase | |
$ | 517,500 | | |
$ | - | |
Note payable in exchange for intangible asset purchase | |
$ | 170,000 | | |
$ | - | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTE
1 – ORGANIZATION AND NATURE OF OPERATIONS
Business
Operations
Titan
Trucking, LLC (the “Company”) was incorporated in the State of Michigan on January 26, 2017. The Company was formed as a
limited liability company. The registered business address is located at 51512 Industrial Drive, New Baltimore, Michigan 48047.
The
Company is engaged in the full-service solution of waste management. The Company offers a comprehensive package of waste reduction, collection,
recycling, and technology-enabled solutions to support customer demand.
Senior
Trucking, LLC (“Senior’) was established on March 14, 2017 with 100% ownership by the single member of Titan Trucking, LLC
(“Titan”). Senior was formally acquired by Titan on April 5, 2020. Senior has operated exclusively under the management and
assets of Titan since inception.
Going
Concern
The
Company’s consolidated financial statements as of December 31, 2022 and 2021, are prepared using accounting principles generally
accepted in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern.
This contemplates the realization of assets and liquidation of liabilities in the ordinary course of business.
For
the year ended December 31, 2022, the Company had a net loss of $658,663 ($588,050 in 2021). The working capital of the Company had a
deficit of $1,106,879 for the year ended December 31, 2022 (deficit of $4,435,427 in 2021). Additionally, the Company used cash of $312,264
related to its operating activities during the year ended December 31, 2022. The Company had a cash balance of $26,650 as of December
31, 2022. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time
within one year after the date that the financial statements are issued. The Company continues to shrink its working capital deficit
year-over-year and has been able to continually meet the working capital needs of the business as they come due.
Management’s
plans include raising capital through issuances of equity and debt securities and minimizing operating expenses of the business to improve
the Company’s cash burn rate, in conjunction with the TraqIQ reverse-merger (Note 13). The combined companies, subsequent to the
reverse merger, have been successful in attracting substantial capital from investors interested in the current public status of the
Company, which has been used to support its ongoing cash outlays. In the second half of the year ended 2023, TraqIQ, its new legal parent
company, obtained approximately $1 million in cash from private investors and believes, but cannot guarantee, it will continue to be
able to attract capital from outside sources as it pursues a move to a national exchange. The Company has engaged a qualified investment
bank to assist in its uplifting and simultaneous raise of capital. Additionally, the Company’s revenues continue to grow, and management
expects the Company to shrink its net losses over the upcoming quarters through organic and acquisitive growth.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTE
2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the regulations of the United States
Securities and Exchange Commission. The Company adopted a December 31 fiscal year-end for financial statement reporting purposes.
The
consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible
for their integrity and objectivity. In their opinion, such financial information is presented fairly and for all periods represented.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Titan Trucking LLC and Senior Trucking LLC, its wholly owned affiliate. All
material inter-company accounts and transactions have been eliminated.
Basis
of Accounting
The
Company’s policy is to prepare its combined financial statements on the accrual basis of accounting, whereby revenue is recognized
when earned and expenses are recognized when incurred.
Accounting
Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
Business
Combinations
Under
the guidance enumerated in FASB Accounting Standards Codification (“ASC”) 805, if substantially all of the fair value of
the gross assets acquired is concentrated in a single identifiable asst or group of similar identifiable assets, the set is not considered
a business and is accounted for as an asset acquisition at which point, the acquirer measures the assts acquired based on their cost,
which is allocated on a relative fair value basis.
Business
combinations are accounted for utilizing the fair value of consideration determined by the Company’s management and external specialists.
The Company recognizes estimated fair values of the tangible and intangible assets acquired and liabilities assumed as of the acquisition
date. Goodwill is recognized as any excess in fair value over the net value of assets acquired and liabilities assumed.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Cash
and cash equivalents
The
Company considers all highly liquid money market funds and certificates of deposit with original maturities of less than three months
to be cash equivalents. The Company maintains its cash balances with various banks. The balances are insured by the Federal Deposit Insurance
Corporation (“FDIC”) up to $250,000. At December 31, 2022, the Company had no amounts above this amount.
Accounts
Receivable, net
Accounts
receivables are recorded at the amount the Company expects to collect on the balance outstanding at year-end. Management closely monitors
outstanding balances during the year and allocates an allowance account if appropriate. The Company writes off bad debts as they occur
during the year. As of the year ended December 31, 2022, the Company allocated $77,690 to the allowance for doubtful accounts. There
was no allowance for the year ended December 31, 2021.
Subscriptions
Receivable
Subscription
receivable consists of members’ equity that have been issued with subscriptions that have not yet been settled. As of December
31, 2022 and 2021, there were $200,000 and nil, respectively, in subscriptions that had not yet settled. All these funds were settled
in January of 2023, prior to the filing of this report. Subscriptions receivable are carried at cost which approximates fair value.
Property
and Equipment, net
Property
and equipment are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of
the assets. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the
cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in the consolidated
statement of operations or the period in which the disposal occurred. The Company utilizes a useful life ranging from 5 to 25 years for
its trailers, tractors, shop equipment, leasehold improvements, and containers.
Management
regularly reviews property and equipment for possible impairment. This review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of December 31, 2022.
Finite
Intangible Assets, net
Finite
intangible assets are recorded at their estimated fair value at the date of acquisition. They are amortized on a straight-line basis
over their estimated useful lives. Management annually evaluates the estimated remaining useful lives of the intangible assets to determine
whether events or changes in circumstances warrant a revision to the remaining period of amortization. The Company acquired the finite
intangible asset, customer lists, as part of the asset acquisition of WTI Global, Inc. Customer lists are amortized over a remaining
useful life of 10 years as determined by management.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Finite-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully
recoverable. An impairment loss is recognized if the sum of the expected long-term undiscounted cash flows the asset is expected to generate
is less than its carrying amount. Any write-downs are treated as permanent reductions in the carrying amount of the respective asset.
Management assessed and concluded that no impairment write-down would be necessary for the finite-lived intangible assets as of December
31, 2022.
Fair
Value of Financial Instruments
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, accrued
expenses, and short-term notes payable. As of the consolidated balance sheet dates, the estimated fair values of the financial instruments
were not materially different from their carrying values as presented due to the short maturities of these instruments.
Leases
The
Company assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets (“ROU”)
and corresponding lease liabilities at the lease commencement date. The lease term is used to calculate the lease liability, which includes
options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The leases the Company currently
holds do not have implicit borrowing rates, therefore the Company utilizes its incremental borrowing rate to measure the ROU assets and
liabilities. Operating lease expense is generally recognized on a straight-line basis over the lease term. All leases that have lease
terms of one year or less are considered short-term leases, and therefore are not recorded through a ROU or liability.
The
Company has elected to apply the practical expedient to not separate the lease and non-lease components of a contract, which ultimately
results in a higher amount of total lease payments being included within the present value calculation of the lease liability.
Loan
Origination Fees
Loan
origination fees represent loan fees relating to notes granted to the Company and are amortized over the life of the note. Amortization
expense for the year ended December 31, 2022 was $6,663. The net amount of $93,745 was netted against the outstanding long-term debt.
Revenue
Recognition
The
Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers, which requires
the following:
1.
Identify the contract with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price of the contract.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when the performance obligations are met or delivered.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
The
Company’s operating revenues are primarily generated from fees charged for the collection and disposal of waste. Revenues are recognized
at a point in time immediately after completion of disposal of waste at a landfill or transfer station and billed out to customers. Rates
charged for services performed are usually based on pre-negotiated amounts via contractual obligations and are billed on a performance
satisfaction basis via invoice. Invoices usually contain a payment term of net 30 days. There are no significant financing operations
with customers in relation to revenues generated and collected.
Revenues
from collection operations are influenced by factors such as collection frequency, type of collection furnished, type and volume or weight
of the waste collected, distance to the disposal facility or material recovery facility and disposal costs. Fees charged at transfer
stations are generally based on the weight or volume of waste deposited, including the cost of loading, transporting, and disposing of
the solid waste at a disposal site. The fees charged for services generally include environmental, fuel charge and regulatory recovery
fees, which are intended to pass through to customers direct and indirect costs incurred.
Concentration
Risk
The
Company performs a regular review of customer activity and associated credit risks.
During
the year ended December 31, 2022, one customer accounted for more than 63% of accounts receivable. During the year ended December 31.
2021, two customers accounted for more than 77% of total accounts receivable.
During
the year ended December 31, 2022, three customers accounted for more than 76% of total revenues generated. During the year ended December
31, 2021, three customers accounted for more than 77% of total revenues generated.
The
Company maintains positive customer relationships and continually expands its customer base, mitigating the impact of any potential concentration
risks that exist.
Basic
and Diluted Loss per Unit
The
Company presents both basic and diluted earnings per unit for the periods presented in the consolidated financial statements. Basic and
diluted loss per unit is calculated by dividing the net loss attributable to the Company by the weighted average number of units outstanding
during the periods presented.
Income
Taxes
The
Company, with consent from its members, has elected under the Internal Revenue Code to be an “S” corporation. In lieu of
corporation income taxes, the shareholders of an “S” corporation are taxed on their proportionate share of the Company’s
taxable income.
Advertising
and Marketing Costs
Costs
associated with advertising are charged to expense as occurred. For the years ended December 31, 2022 and 2021, the advertising and marketing
costs were $11,336 and $3,394, respectively.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Recently
Issued Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables.
This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.
In November 2019, the FASB issued No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic
815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years. The Company does not expect a material impact from the adoption of ASU 2016-13 on the consolidated
financial statements.
NOTE
4 - OTHER RECEIVABLES
SCHEDULE
OF OTHER RECEIVABLES
| |
December 31,
2022 | | |
December 31,
2021 | |
Employee retention credit (1) | |
$ | - | | |
$ | 422,845 | |
Other receivables | |
| 1,241 | | |
| 3,171 | |
Total | |
$ | 1,241 | | |
$ | 426,016 | |
NOTE
5 – PROPERTY AND EQUIPMENT, NET
Property
and equipment consists of the following as of December 31, 2022 and 2021:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31,
2022 | | |
December 31,
2021 | |
Containers | |
$ | 1,397,311 | | |
$ | - | |
Trucks and tractors | |
| 4,086,968 | | |
| 2,213,265 | |
Trailers | |
| 1,197,357 | | |
| 1,829,853 | |
Shop equipment | |
| 40,380 | | |
| 40,380 | |
Leasehold improvements | |
| 19,589 | | |
| 19,589 | |
Property and equipment , gross | |
| 6,741,605 | | |
| 4,103,087 | |
Less: accumulated depreciation | |
| (1,097,664 | ) | |
| (942,908 | ) |
Net book value | |
$ | 5,643,941 | | |
$ | 3,160,179 | |
Depreciation
expenses for the year ended December 31, 2022 and 2021 were $325,382 and $304,175, respectively.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
On
June 10, 2022, the Company entered into an asset purchase agreement with Century Waste Management for consideration of approximately
$1,805,000. The entire purchase price agreement was allocated as fair value to the fixed assets acquired; no goodwill or intangible assets
were determined to be transferred as part of the sale. In order to fund the asset purchase from Century, the Company entered into several
private equipment financing agreements.
NOTE
6 – INTANGIBLES, NET
Intangible
assets acquired consisted of the following as of December 31, 2022 and 2021:
SCHEDULE
OF ACQUIRED INTANGIBLE ASSETS
| |
December 31,
2022 | | |
December 31,
2021 | |
Customer lists | |
$ | 687,500 | | |
$ | - | |
Less: accumulated amortization | |
| - | | |
| - | |
Net book value | |
$ | 687,500 | | |
$ | - | |
For
the years ended December 31, 2022 and 2021, there were no amortization expenses recorded. Amortization is expected to be $68,750 for
each of the next five years.
On
December 9, 2022, the Company entered into a purchase agreement with WTI Global, Inc. (the “seller”) for consideration of
approximately $687,500 in exchange for intangible assets. The entire purchase consideration was allocated as fair value to the customer
lists acquired from the seller. The $687,500 was funded through a combination of a note payable to the seller of $170,000 and an equity
infusion from a member of the Company for $517,500. See Note 9 and 10 for further details.
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Detail
of accounts payable and accrued expenses as of December 31, 2022 and 2021 is as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
December 31,
2022 | | |
December 31,
2021 | |
Accounts payable | |
$ | 669,231 | | |
$ | 309,833 | |
Credit card payable | |
| 29,454 | | |
| 28,683 | |
Accrued interest | |
| 12,298 | | |
| 35,131 | |
Accrued expenses and other | |
| 25,675 | | |
| - | |
Total accounts payable and accrued expenses | |
$ | 736,658 | | |
$ | 373,647 | |
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTE
8 – LEASE PAYABLE
The
Company leases both its headquarters office and operational warehouse in Troy, Michigan. Leases with an initial term of 12 months or
less or are immaterial are not included on the consolidated balance sheets. During the year ended December 31, 2019, the Company entered
into a 62-month lease which expires on January 15, 2025. The monthly payments were initiated on February 15, 2020 at $8,251
after a 2-month rent abatement period. Straight
rent was calculated at $8,479 per
month. The total remaining operating lease expenses through the expected termination date is approximately $211,963.
Total operating lease expenses for the years ended December 31, 2022 and 2021 were $112,753
and $112,198,
respectively.
SCHEDULE
OF LEASE PAYABLE
| |
As of December 31, | |
| |
2022 | | |
2021 | |
Weighted average remaining lease term (in years) | |
| 2.08 | | |
| 3.08 | |
Weighted average discount rate | |
| 7.57 | % | |
| 7.57 | % |
Future
minimum lease payments required under operating leases on an undiscounted cash flow basis as of December 31, 2022 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENT
Fiscal Year | |
Operating Lease Payments | |
2023 | |
$ | 107,930 | |
2024 | |
| 111,168 | |
2025 | |
| 9,287 | |
Total minimum lease payments | |
| 228,385 | |
Less: imputed interest | |
| (17,852 | ) |
Present value of future minimum lease payments | |
$ | 210,533 | |
| |
| | |
Current operating lease liabilities | |
| 95,243 | |
Non-current operating lease liabilities | |
| 115,290 | |
On
April 1, 2023, the Company entered into a 60-month lease in Detroit, Michigan with a related party, which terminates on March 31, 2028.
The monthly payments were initiated on May 1, 2023, after a 1-month rent abatement period. Straight rent was calculated at $33,564 per
month.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTES
9 – NOTES PAYABLE
The
Company borrows funds from various creditors to finance equipment and vehicles and acquisitions consisting of the following:
SCHEDULE
OF NOTES PAYABLE
| |
| |
| | |
| | |
December 31, 2022 | | |
December 31, 2021 | |
Lender | |
Maturity
Date | |
Interest
Rate | | |
Monthly Payment | | |
Short-Term | | |
Long-Term | | |
Short-Term | | |
Long-Term | |
| |
| |
| % | | |
| $ | | |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fifth Third Bank (PPP)** | |
2/8/22 - 5/24/22 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 812,304 | | |
| - | |
WTI Global | |
On demand | |
| 7.00 | | |
| - | | |
| 170,000 | | |
| - | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Collateralized Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Peoples United | |
11/10/23 | |
| 5.75 | | |
| 16,614 | | |
| 177,539 | | |
| - | | |
| 165,337 | | |
| 177,539 | |
M&T Bank | |
2/23/25 | |
| 8.78 | | |
| 13,000 | | |
| 121,927 | | |
| 321,192 | | |
| 128,191 | | |
| 443,120 | |
Daimler Truck | |
5/14/23 - 9/29/23 | |
| 4.95 - 6.00 | | |
| 2,487 - 2,762 | | |
| 74,873 | | |
| 53,429 | | |
| 138,374 | | |
| 216,560 | |
Ascentium Capital | |
5/5/27 - 6/5/27 | |
| 3.75 - 5.82 | | |
| 4,812 - 5,935 | | |
| 152,467 | | |
| 587,991 | | |
| - | | |
| - | |
Balboa Capital | |
8/13/27 | |
| 9.68 | | |
| 4,860 | | |
| 38,895 | | |
| 179,433 | | |
| - | | |
| - | |
Blue Bridge Financial | |
8/10/27 | |
| 12.18 | | |
| 1,442 | | |
| 10,394 | | |
| 50,951 | | |
| - | | |
| - | |
Financial Pacific | |
7/15/27 - 10/15/27 | |
| 7.49 - 9.87 | | |
| 1,585 - 1,906 | | |
| 29,187 | | |
| 133,220 | | |
| - | | |
| - | |
M2 Equipment | |
8/10/27 | |
| 8.68 | | |
| 4,739 | | |
| 39,527 | | |
| 178,039 | | |
| - | | |
| - | |
Meridian Equipment | |
7/12/27 | |
| 9.32 | | |
| 3,118 | | |
| 25,518 | | |
| 113,606 | | |
| - | | |
| - | |
Navitas | |
7/23/27 | |
| 7.99 | | |
| 4,257 | | |
| 36,791 | | |
| 158,723 | | |
| - | | |
| - | |
Pawnee | |
8/15/27 | |
| 10.19 | | |
| 5,296 | | |
| 41,480 | | |
| 193,759 | | |
| - | | |
| - | |
Signature | |
9/15/27 - 6/30/28 | |
| 6.93 - 8.25 | | |
| 3,901 - 4,842 | | |
| 73,973 | | |
| 374,921 | | |
| - | | |
| - | |
Trans Lease | |
2/20/27 | |
| 9.75 | | |
| 4,838 | | |
| 40,524 | | |
| 157,569 | | |
| - | | |
| - | |
Verdant | |
4/27/27 | |
| 6.25 | | |
| 4,702 | | |
| 44,324 | | |
| 169,390 | | |
| - | | |
| - | |
Western Equipment | |
8/15/27 | |
| 8.93 | | |
| 4,989 | | |
| 41,186 | | |
| 186,605 | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Related Parties | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Titan Property | |
On demand | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,204,532 | | |
| - | |
C. and M. Rizzo | |
On demand | |
| 3.00 | | |
| - | | |
| - | | |
| - | | |
| 500,000 | | |
| - | |
M. Rizzo | |
On demand | |
| 1.90 | | |
| - | | |
| - | | |
| - | | |
| 1,785,451 | | |
| - | |
J. Rizzo | |
On demand | |
| 5.00 | | |
| - | | |
| - | | |
| - | | |
| 170,881 | | |
| - | |
| |
| |
| | | |
| | | |
| 1,118,605 | | |
| 2,858,828 | | |
| 4,905,070 | | |
| 837,219 | |
** |
The Company applied for and received
loans from the Paycheck Protection Program (the “PPP”) in the amounts of $406,152
and $406,153,
received on May 5, 2020 and February 1, 2021, respectively. On January 31, 2022 and March 21, 2022, the Company received notices that
the entire balances of the loans plus any accrued interest were forgiven and recorded in the consolidated statement of operations as
forgiveness of $812,305 during the year ended December 31, 2022. |
Principal
maturities for the next five years and thereafter:
SCHEDULE
OF PRINCIPAL MATURITIES PAYMENT
| |
| | |
2023 | |
| 1,118,605 | |
2024 | |
| 806,510 | |
2025 | |
| 857,789 | |
2026 | |
| 723,597 | |
2027 | |
| 442,419 | |
Thereafter | |
| 28,514 | |
Total principal payments | |
| 3,977,434 | |
Less: debt issuance costs | |
| (93,745 | ) |
Total notes payable | |
| 3,883,689 | |
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
NOTES
10 – RELATED PARTY TRANSACTIONS
The
Company had various related party notes payable outstanding at December 31, 2021. The notes were payable to the owner, entities related
to the owner, and family members (Note 9). During the year ended December 31, 2022, the Company conducted several related party transactions
in exchange for equity ownership in Titan Trucking LLC. As a result of the transactions, a net balance of $4,505,646 of related party
loans were converted as equity contributions and eliminated. An additional $517,500 of contributions from a member were paid directly
to the sellers for the purchase of the WTI Global Inc. customer list acquisition. These equity contribution conversions and intangible
asset purchases were utilized in the calculation of equity ownership of the members as of the year ended December 31, 2022.
As
of December 31, 2022, there was $200,000 outstanding in subscriptions receivable owed from one of the members of the Company in relation
to these equity transactions (Note 2).
NOTE
11 – BENEFIT PLAN
The
Company offers a 401(k) plan. Employees are eligible to participate in the plan on the first day of the month following the date of hire.
Employees may defer up to $22,500 per year. The Company is required to contribute on behalf of each eligible participating employee.
The Company will match 50% of the participants deferral not to exceed 3%. Employees will share in the matching contribution regardless
of the amount of service completed during the plan year. Employees will become 100% vested in the employer matching contributions after
one year of service.
Employer
contributions for the year ended December 31, 2022 and 2021 was $11,164 and $10,957, respectively.
NOTE
12 - CONTINGENCIES
From
time to time, the Company is involved in routine litigation that arises in the ordinary course of business. The Company is in an ongoing
lawsuit with Wolverine Transfer Station over a contractual dispute and property damages. Wolverine is countersuing the Company for losses
from the cancellation of contractual obligations. It is the position of the Company that net losses arising from Wolverine’s claims
are not estimable nor probable at the time of this filing.
NOTE
13 – SUBSEQUENT EVENTS
Subsequent
events were evaluated through September 28, 2023, which is the date the consolidated financial statements were issued.
In
April 30, 2023, the Company entered into a notes payable agreement with Titan Holdings 2 in the amount of $592,470, which matures on
April 30, 2028. Interest accrues at 10.5% per annum for the first twelve months and shall increase 0.5 basis points on each anniversary
of the note. The Company shall make interest-only payments for the first 60 months of the note and pay the principal in full on the fifth
anniversary of the note.
On
May 19, 2023, pursuant to the terms of the Titan Merger Agreement, the Company completed the Titan Merger. Under the terms of the Titan
Merger Agreement, the Company agreed to pay the Titan owners 630,900 shares of the Company’s Series C Preferred Stock as consideration.
The Company accounted for the Titan Merger as a reverse acquisition using acquisition accounting.
Exhibit
99.2
TITAN
TRUCKING, LLC, AND SUBSIDIARY
A
LIMITED LIABILTY COMPANY
CONSOLIDATED
FINANCIAL STATEMENTS
MARCH
31, 2023
C
O N T E N T S
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED BALANCE SHEETS
| |
MARCH
31, 2023 | | |
DECEMBER
31, 2022 | |
| |
| (unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current
Assets: | |
| | | |
| | |
Cash | |
$ | 52,763 | | |
$ | 26,650 | |
Accounts
receivable, net | |
| 462,813 | | |
| 517,583 | |
Other
receivables | |
| 3,341 | | |
| 1,241 | |
Prepaid
expenses and other current assets | |
| 121,813 | | |
| 328,689 | |
Total
Current Assets | |
| 640,730 | | |
| 874,163 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 5,581,041 | | |
| 5,643,941 | |
Intangible
assets, net | |
| 680,625 | | |
| 687,500 | |
Other
assets | |
| 8,251 | | |
| 8,251 | |
Operating
lease right-of-use asset, net | |
| 172,518 | | |
| 194,112 | |
| |
| 6,442,435 | | |
| 6,533,804 | |
| |
| | | |
| | |
TOTAL
ASSETS | |
$ | 7,083,165 | | |
$ | 7,407,967 | |
| |
| | | |
| | |
LIABILITIES
AND MEMBERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 817,778 | | |
$ | 736,658 | |
Accrued
payroll and related taxes | |
| 72,015 | | |
| 50,983 | |
Notes
payable | |
| 816,694 | | |
| 1,098,158 | |
Operating
lease liability, current | |
| 97,866 | | |
| 95,243 | |
Total
Current Liabilities | |
| 1,804,353 | | |
| 1,981,042 | |
| |
| | | |
| | |
Long-term
notes, net of current portion | |
| 3,175,282 | | |
| 2,785,531 | |
Operating
lease liability, net of current portion | |
| 89,723 | | |
| 115,290 | |
Total
Non-current Liabilities | |
| 3,265,005 | | |
| 2,900,821 | |
| |
| | | |
| | |
Total
Liabilities | |
| 5,069,358 | | |
| 4,881,863 | |
| |
| | | |
| | |
MEMBERS’
EQUITY | |
| | | |
| | |
Members’
equity | |
| 2,013,807 | | |
| 2,526,104 | |
| |
| | | |
| | |
Total
Members’ Equity | |
| 2,013,807 | | |
| 2,526,104 | |
| |
| | | |
| | |
TOTAL
LIABILITIES AND MEMBERS’ EQUITY | |
$ | 7,083,165 | | |
$ | 7,407,967 | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR
THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
| |
For the three months ended
March 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
REVENUE | |
$ | 1,080,327 | | |
$ | 650,115 | |
COST
OF REVENUES | |
| 1,161,112 | | |
| 732,836 | |
GROSS
LOSS | |
| (80,785 | ) | |
| (82,721 | ) |
| |
| | | |
| | |
OPERATING
EXPENSES: | |
| | | |
| | |
Salaries
and salary related costs | |
| 189,316 | | |
| 96,984 | |
Professional
fees | |
| 194,779 | | |
| 15,631 | |
Depreciation
and amortization expense | |
| 6,419 | | |
| - | |
General
and administrative expenses | |
| 131,646 | | |
| 62,285 | |
| |
| | | |
| | |
Total
Operating Expenses | |
| 522,160 | | |
| 174,900 | |
| |
| | | |
| | |
OPERATING
LOSS | |
| (602,945 | ) | |
| (257,621 | ) |
| |
| | | |
| | |
OTHER
INCOME (EXPENSE): | |
| | | |
| | |
Interest
expense, net of interest income | |
| (79,652 | ) | |
| (31,553 | ) |
Other
income | |
| 300 | | |
| 783,301 | |
Total
other income (expense) | |
| (79,352 | ) | |
| 751,748 | |
| |
| | | |
| | |
NET
INCOME (LOSS) | |
$ | (682,297 | ) | |
$ | 494,127 | |
| |
| | | |
| | |
| |
| | | |
| | |
INCOME
(LOSS) PER UNIT (BASIC AND DILUTED) | |
$ | (682,297) | | |
$ | 494,127 | |
Weighted-average
units outstanding | |
| 100 | | |
| 100 | |
Net
income (loss) per unit | |
$ | (7,827 | ) | |
$ | 4,941 | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (DEFICIENCY)
FOR
THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
| |
Members’
Equity (Deficiency) | |
Balance
– December 31, 2021 | |
$ | (2,038,379 | ) |
| |
| | |
Net
income | |
| 494,127 | |
| |
| | |
Balance
– March 31, 2022 | |
| (1,544,252 | ) |
| |
| | |
Balance
– December 31, 2022 | |
| 2,526,104 | |
| |
| | |
Contributions,
net of distributions | |
| 170,000 | |
| |
| | |
Net
loss | |
| (682,297 | ) |
| |
| | |
Balance
– March 31, 2023 | |
$ | 2,013,807 | |
The
accompanying notes to the financial statements are an integral part of these statements.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
| |
FOR
THE THREE MONTHS ENDED MARCH
31, | |
| |
2023 | | |
2022 | |
CASH
FLOW FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
(loss) income | |
$ | (682,297 | ) | |
$ | 494,127 | |
Adjustments
to reconcile net (loss) income to net cash (used in) operating activities: | |
| | | |
| | |
Forgiveness
of PPP loans | |
| - | | |
| (812,305 | ) |
Depreciation
and amortization | |
| 119,286 | | |
| 67,048 | |
Amortization of debt issuance costs | |
| 4,664 | | |
| - | |
Loss
on sale of property and equipment | |
| - | | |
| 29,104 | |
Change
in assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| 54,770 | | |
| 151,343 | |
Prepaid
expenses and other current assets | |
| 6,876 | | |
| (16,114 | ) |
Other
receivables | |
| (2,100 | ) | |
| (34,362 | ) |
Operating
lease right-of-use asset | |
| 21,594 | | |
| (56,215 | ) |
Accounts
payable and accrued expenses | |
| 81,120 | | |
| 50,738 | |
Accrued
payroll and payroll taxes | |
| 21,032 | | |
| (6,379 | ) |
Operating
lease liability | |
| (22,944 | ) | |
| 55,638 | |
Total
adjustments | |
| 160,348 | | |
| 144,649 | |
Net
cash used in operating activities | |
| (397,459 | ) | |
| (77,377 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Acquisition
of property and equipment | |
| (50,050 | ) | |
| - | |
Disposal
of property and equipment | |
| - | | |
| 78,068 | |
Net
cash provided by (used in) investing activities | |
| (50,050 | ) | |
| 78,068 | |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds
from notes payable – related parties | |
| - | | |
| 125,000 | |
Subscription receivable | |
| 200,000 | | |
| - | |
Repayments
of notes payable - related parties | |
| - | | |
| (28,748 | ) |
Proceeds
from notes payable | |
| 512,470 | | |
| - | |
Repayments
of notes payable | |
| (238,848 | ) | |
| (94,381 | ) |
Net
cash provided by financing activities | |
| 473,622 | | |
| 1,871 | |
| |
| | | |
| | |
NET
INCREASE IN CASH | |
| 26,113 | | |
| 2,562 | |
| |
| | | |
| | |
CASH
– BEGINNING OF PERIOD | |
| 26,650 | | |
| 33,579 | |
| |
| | | |
| | |
CASH
– END OF PERIOD | |
$ | 52,763 | | |
$ | 36,141 | |
| |
| | | |
| | |
CASH
PAID DURING THE PERIOD FOR: | |
| | | |
| | |
Interest
expense | |
$ | 78,770 | | |
$ | 21,795 | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH
INVESTING AND FINANCING ACTIVITIES | |
| | | |
| | |
Settlement of note payable | |
$ | 170,000 | | |
| - | |
The
accompanying notes to the financial statements are an integral part of these statements.
NOTE
1 – ORGANIZATION AND NATURE OF OPERATIONS
Business
Operations
Titan
Trucking, LLC (the “Company”) was incorporated in the State of Michigan on January 26, 2017. The Company was formed as a
limited liability company. The registered business address is located at 51512 Industrial Drive, New Baltimore, Michigan 48047.
The
Company is engaged in the full-service solution of waste management. The Company offers a comprehensive package of waste reduction, collection,
recycling, and technology-enabled solutions to support customer demand.
Senior
Trucking, LLC (“Senior’) was established on March 14, 2017 with 100% ownership by the single member of Titan Trucking, LLC
(“Titan”). Senior was formally acquired by Titan on April 5, 2020. Senior has operated exclusively under the management and
assets of Titan since inception.
Going
Concern
The
Company’s consolidated financial statements, are prepared using accounting principles generally
accepted in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern.
This contemplates the realization of assets and liquidation of liabilities in the ordinary course of business.
For
the three months ended March 31, 2023, the Company had a net loss of $682,297. The working capital of the Company had a deficit
of $1,163,623 as of March 31, 2023. Additionally, the Company used cash of $397,459 related to its operating activities
during the three months ended March 31, 2023. The Company had a cash balance of $52,763 as of March 31, 2023. These conditions raise
substantial doubt about the Company’s ability to continue as a going concern for a period of time within one year after the date
that the financial statements are issued. The Company continues to shrink its working capital deficit year-over-year and has been able
to continually meet the working capital needs of the business as they come due.
Management’s
plans include raising capital through issuances of equity and debt securities and minimizing operating expenses of the business to improve
the Company’s cash burn rate, in conjunction with the TraqIQ reverse-merger (Note 11). The combined companies, subsequent
to the reverse merger, have been successful in attracting substantial capital from investors interested in the current public status
of the Company, which has been used to support its ongoing cash outlays. As of the third quarter of 2023, TraqIQ, its new legal parent
company, has been successful in attracting substantial capital from investors interested in the current public status of the Company
that has been used to support its ongoing cash outlays. This includes $2,178,000 of convertible notes during Q3 2023. The Company believes,
but cannot guarantee, it will continue to be able to attract capital from outside sources as it pursues a move to a national stock exchange.
The Company has engaged a qualified investment bank to assist in its uplifting and simultaneous raise of capital. Additionally, the Company’s
revenues continue to grow, and management expects the Company to shrink its net losses over the upcoming quarters through organic and
acquisitive growth.
NOTE
2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information
and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete
financial statements. In the opinion of management, all adjustments (consistent of normal recurring accruals and adjustments) considered
necessary for a fair presentation of the consolidated financial statements have been included. Results for the interim periods should
not be considered indicative of results to be expected for a full year. The Company adopted a December 31 fiscal year-end for financial
statement purposes.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Titan Trucking LLC and Senior Trucking LLC, its wholly owned affiliate. All
material inter-company accounts and transactions have been eliminated.
Basis
of Accounting
The
Company’s policy is to prepare its combined financial statements on the accrual basis of accounting, whereby revenue is recognized
when earned and expenses are recognized when incurred.
Accounting
Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
Business
Combinations
Under
the guidance enumerated in FASB Accounting Standards Codification (“ASC”) 805, if substantially all of the fair value of
the gross assets acquired is concentrated in a single identifiable asst or group of similar identifiable assets, the set is not considered
a business and is accounted for as an asset acquisition at which point, the acquirer measures the assts acquired based on their cost,
which is allocated on a relative fair value basis.
Business
combinations are accounted for utilizing the fair value of consideration determined by the Company’s management and external specialists.
The Company recognizes estimated fair values of the tangible and intangible assets acquired and liabilities assumed as of the acquisition
date. Goodwill is recognized as any excess in fair value over the net value of assets acquired and liabilities assumed.
Cash
and cash equivalents
The
Company considers all highly liquid money market funds and certificates of deposit with original maturities of less than three months
to be cash equivalents. The Company maintains its cash balances with various banks. The balances are insured by the Federal Deposit Insurance
Corporation (“FDIC”) up to $250,000. At March 31, 2023, the Company had no amounts above this amount.
Accounts
Receivable, net
Accounts
receivables are recorded at the amount the Company expects to collect on the balance outstanding at year-end. Management closely
monitors outstanding balances during the year and allocates an allowance account if appropriate. The Company estimates and records a
provision for its expected credit losses related to its financial instruments, including its trade receivables and contract assets.
The Company considers historical collection rates, the current financial status of its customers, macroeconomic factors, and other
industry-specific factors when evaluating for current expected credit losses. Forward-looking information is also considered in the
evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, the
Company believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical
and current analysis of such financial instruments. As of March 31, 2023 and December 31, 2022, the Company allocated $77,690 to the allowance for
doubtful accounts.
Subscriptions
Receivable
Subscription
receivable consists of members’ equity that have been issued with subscriptions that have not yet been settled. As of March 31,
2023 and December 31, 2022, there were $0 and $200,000, respectively, in subscriptions that had not yet settled. All these funds were
settled in January of 2023. Subscriptions receivable are carried at cost which approximates fair value.
Property
and Equipment, net
Property
and equipment are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of
the assets. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the
cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in the consolidated
statement of operations or the period in which the disposal occurred. The Company utilizes a useful life ranging from 5 to 25 years for
its trailers, tractors, shop equipment, leasehold improvements, and containers.
Management
regularly reviews property and equipment for possible impairment. This review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of March 31, 2023.
Finite
Intangible Assets, net
Finite
intangible assets are recorded at their estimated fair value at the date of acquisition. They are amortized on a straight-line basis
over their estimated useful lives. Management annually evaluates the estimated remaining useful lives of the intangible assets to determine
whether events or changes in circumstances warrant a revision to the remaining period of amortization. The Company acquired the finite
intangible asset, customer lists, as part of the asset acquisition of WTI Global, Inc. Customer lists are amortized over a remaining
useful life of 10 years as determined by management.
Finite-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully
recoverable. An impairment loss is recognized if the sum of the expected long-term undiscounted cash flows the asset is expected to generate
is less than its carrying amount. Any write-downs are treated as permanent reductions in the carrying amount of the respective asset.
Management assessed and concluded that no impairment write-down would be necessary for the finite-lived intangible assets as of March
31, 2023 or December 31, 2022.
Fair
Value of Financial Instruments
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, accrued
expenses, and short-term notes payable. As of the consolidated balance sheet dates, the estimated fair values of the financial instruments
were not materially different from their carrying values as presented due to the short maturities of these instruments.
Leases
The
Company assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets (“ROU”)
and corresponding lease liabilities at the lease commencement date. The lease term is used to calculate the lease liability, which includes
options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The leases the Company currently
holds do not have implicit borrowing rates, therefore the Company utilizes its incremental borrowing rate to measure the ROU assets and
liabilities. Operating lease expense is generally recognized on a straight-line basis over the lease term. All leases that have lease
terms of one year or less are considered short-term leases, and therefore are not recorded through a ROU or liability.
The
Company has elected to apply the practical expedient to not separate the lease and non-lease components of a contract, which ultimately
results in a higher amount of total lease payments being included within the present value calculation of the lease liability.
Loan
Origination Fees
Loan
origination fees represent loan fees relating to notes granted to the Company and are amortized over the life of the note. Amortization
expense for the three months ended March 31, 2023 and 2022 was $4,664 and $0, respectively. The net amount of $89,081
and $93,745 was netted against the outstanding long-term debt on March 31, 2023 and December 31, 2022, respectively.
Revenue
Recognition
The
Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers, which requires
the following:
1.
Identify the contract with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price of the contract.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when the performance obligations are met or delivered.
The
Company’s operating revenues are primarily generated from fees charged for the collection and disposal of waste. Revenues are recognized
at a point in time immediately after completion of disposal of waste at a landfill or transfer station and billed out to customers. Rates
charged for services performed are usually based on pre-negotiated amounts via contractual obligations and are billed on a performance
satisfaction basis via invoice. Invoices usually contain a payment term of net 30 days. There are no significant financing operations
with customers in relation to revenues generated and collected.
Revenues
from collection operations are influenced by factors such as collection frequency, type of collection furnished, type and volume or weight
of the waste collected, distance to the disposal facility or material recovery facility and disposal costs. Fees charged at transfer
stations are generally based on the weight or volume of waste deposited, including the cost of loading, transporting, and disposing of
the solid waste at a disposal site. The fees charged for services generally include environmental, fuel charge and regulatory recovery
fees, which are intended to pass through to customers direct and indirect costs incurred.
Concentration
Risk
The
Company performs a regular review of customer activity and associated credit risks.
During
the three months ended March 31, 2023, one customer accounted for more than 63% of accounts receivable. During the year ended December
31, 2022, one customer accounted for approximately 63% of total accounts receivable.
During
the three months ended March 31, 2023, one customer accounted for more than 53% of total revenues generated. During the three months
ended March 31, 2022, two customers accounted for more than 82% of total revenues generated.
The
Company maintains positive customer relationships and continually expands its customer base, mitigating the impact of any potential concentration
risks that exist.
Basic
and Diluted Income (Loss) per Unit
The
Company presents both basic and diluted earnings per unit for the periods presented in the consolidated financial statements. Basic and
diluted loss per unit is calculated by dividing the net income (loss) attributable to the Company by the weighted average number
of units outstanding during the periods presented.
Income
Taxes
The
Company, with consent from its members, has elected under the Internal Revenue Code to be an “S” corporation. In lieu of
corporation income taxes, the shareholders of an “S” corporation are taxed on their proportionate share of the Company’s
taxable income.
Recently
Issued Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables.
This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.
In November 2019, the FASB issued No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic
815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years. The Company adopted ASU 2020-06 effective January 1, 2023. The adoption of ASU 2020-06
did not have an impact on the Company’s financial statements.
NOTE
3– PROPERTY AND EQUIPMENT, NET
Property
and equipment consists of the following as of March 31, 2023 and December 31, 2022:
| |
March
31, 2023 | | |
December
31, 2022 | |
Containers | |
$ | 1,397,311 | | |
$ | 1,397,311 | |
Trucks
and tractors | |
| 4,137,019 | | |
| 4,086,968 | |
Trailers | |
| 1,197,357 | | |
| 1,197,357 | |
Shop
equipment | |
| 40,380 | | |
| 40,380 | |
Leasehold
improvements | |
| 19,589 | | |
| 19,589 | |
| |
| 6,791,656 | | |
| 6,741,605 | |
Less:
accumulated depreciation | |
| (1,210,615 | ) | |
| (1,097,664 | ) |
Net
book value | |
$ | 5,581,041 | | |
$ | 5,643,941 | |
Depreciation
expenses for the three months ended March 31, 2023 and 2022 were $112,951 and $67,048, respectively.
On
June 10, 2022, the Company entered into an asset purchase agreement with Century Waste Management for consideration of approximately
$1,805,000. The entire purchase price agreement was allocated as fair value to the fixed assets acquired; no goodwill or intangible assets
were determined to be transferred as part of the sale. In order to fund the asset purchase from Century, the Company entered into several
private equipment financing agreements.
NOTE
4 – INTANGIBLES, NET
Intangible
assets acquired consisted of the following as of March 31, 2023 and December 31, 2022:
| |
March 31, 2023 | | |
December 31, 2022 | |
Customer lists | |
$ | 687,500 | | |
$ | 687,500 | |
Less: accumulated amortization | |
| (6,875 | ) | |
| - | |
Net book value | |
$ | 680,625 | | |
$ | 687,500 | |
For
the three months ended March 31, 2023 amortization expense was $6,875. For the year ended December 31, 2022, there were no amortization
expenses recorded. Amortization is expected to be $68,750 for each of the next five years.
On
December 9, 2022, the Company entered into a purchase agreement with WTI Global, Inc. (the “seller”) for consideration of
approximately $687,500 in exchange for intangible assets. The entire purchase consideration was allocated as fair value to the customer
lists acquired from the seller. The $687,500 was funded through a combination of a note payable to the seller of $170,000 and an equity
infusion from a member of the Company for $517,500. See Note 7 and 8 for further details.
NOTE
5 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Detail
of accounts payable and accrued expenses as of March 31, 2023 and December 31, 2022 is as follows:
| |
March 31,
2023 | | |
December 31, 2022 | |
Accounts payable | |
$ | 729,180 | | |
$ | 669,231 | |
Credit card payable | |
| 29,126 | | |
| 29,454 | |
Accrued interest | |
| 12,585 | | |
| 12,298 | |
Accrued expenses and other | |
| 46,887 | | |
| 25,675 | |
| |
$ | 817,778 | | |
$ | 736,658 | |
NOTE
6 – LEASE PAYABLE
The
Company leases both its headquarters office and operational warehouse in Troy, Michigan. Leases with an initial term of 12 months or
less or are immaterial are not included on the consolidated balance sheets. During the year ended December 31, 2019, the Company entered
into a 62-month lease which expires on January 15, 2025. The monthly payments were initiated on February 15, 2020 at $8,251 after a 2-month
rent abatement period. Straight rent was calculated at $8,479 per month. The total remaining operating lease expenses through the expected
termination date is approximately $186,527. Total operating lease expenses for the three months ended March 31, 2023 and 2022
were $25,304 and $25,308, respectively.
| |
March 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
Weighted average remaining lease term (in years) | |
| 1.83 | | |
| 2.08 | |
Weighted average discount rate | |
| 7.57 | % | |
| 7.57 | % |
Future
minimum lease payments required under operating leases on an undiscounted cash flow basis as of March 31, 2023 are as follows:
Fiscal Year | |
Operating Lease Payments | |
2023 (remainder) | |
$ | 81,145 | |
2024 | |
| 111,168 | |
2025 | |
| 9,286 | |
Total minimum lease payments | |
| 201,599 | |
Less: imputed interest | |
| (14,010 | ) |
Present value of future minimum lease payments | |
$ | 187,589 | |
| |
| | |
Current operating lease liabilities | |
| 97,866 | |
Non-current operating lease liabilities | |
| 89,723 | |
On
April 1, 2023, Titan entered into a 60-month lease in Detroit, Michigan, with a related party through common ownership, which expires
on March 31, 2028. On September 1, 2023 the Company and the related party amended the lease, resulting in decreased payment terms. The
lease has the option to renew for an additional 5 years given proper notice. The monthly payments were initiated on May 1, 2023 after
a 1-month rent abatement period. Straight rent for the amended lease was calculated at $29,113 per month.
NOTES
7 – NOTES PAYABLE
The
Company borrows funds from various creditors to finance equipment and vehicles and acquisitions consisting of the following:
| |
| |
| | |
| | |
March 31, 2023 | | |
December 31, 2022 | |
Lender | |
Maturity Date | |
Interest Rate | | |
Monthly Payment | | |
Short-Term | | |
Long-Term | | |
Short-Term | | |
Long-Term | |
| |
| |
% | | |
$ | | |
$ | | |
$ | | |
$ | | |
$ | |
Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
WTI Global | |
On demand | |
| 7.00 | | |
| - | | |
| - | | |
| - | | |
| 170,000 | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Collateralized Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Peoples United | |
11/10/23 | |
| 5.75 | | |
| 16,614 | | |
| 130,031 | | |
| - | | |
| 177,539 | | |
| - | |
M&T Bank | |
2/23/25 | |
| 8.78 | | |
| 13,000 | | |
| 124,622 | | |
| 289,008 | | |
| 121,927 | | |
| 321,192 | |
Daimler Truck | |
5/14/23 - 9/29/23 | |
| 4.95 - 6.00 | | |
| 2,487 - 2,762 | | |
| 65,773 | | |
| 40,161 | | |
| 74,873 | | |
| 53,429 | |
Ascentium Capital | |
5/5/27 - 6/5/27 | |
| 3.75 - 5.82 | | |
| 4,812 - 5,935 | | |
| 154,373 | | |
| 548,675 | | |
| 152,467 | | |
| 587,991 | |
Balboa Capital | |
8/13/27 | |
| 9.68 | | |
| 4,860 | | |
| 39,843 | | |
| 169,109 | | |
| 38,895 | | |
| 179,433 | |
Blue Bridge Financial | |
8/10/27 | |
| 12.18 | | |
| 1,442 | | |
| 10,713 | | |
| 48,150 | | |
| 10,394 | | |
| 50,951 | |
Financial Pacific | |
7/15/27 - 10/15/27 | |
| 7.49 - 9.87 | | |
| 1,585 - 1,906 | | |
| 29,813 | | |
| 125,527 | | |
| 29,187 | | |
| 133,220 | |
M2 Equipment | |
8/10/27 | |
| 8.68 | | |
| 4,739 | | |
| 40,391 | | |
| 167,611 | | |
| 39,527 | | |
| 178,039 | |
Meridian Equipment | |
7/12/27 | |
| 9.32 | | |
| 3,118 | | |
| 26,116 | | |
| 106,847 | | |
| 25,518 | | |
| 113,606 | |
Navitas | |
7/23/27 | |
| 7.99 | | |
| 4,257 | | |
| 37,530 | | |
| 149,059 | | |
| 36,791 | | |
| 158,723 | |
Pawnee | |
8/15/27 | |
| 10.19 | | |
| 5,296 | | |
| 42,546 | | |
| 182,714 | | |
| 41,480 | | |
| 193,759 | |
Signature | |
9/15/27 - 6/30/28 | |
| 6.93 - 8.25 | | |
| 3,901 - 4,842 | | |
| 75,372 | | |
| 355,546 | | |
| 73,973 | | |
| 374,921 | |
Titan Holdings 2 | |
4/30/28 | |
| 10.50 | | |
| - | | |
| - | | |
| 512,470 | | |
| - | | |
| - | |
Trans Lease | |
2/20/27 | |
| 9.75 | | |
| 4,838 | | |
| 41,520 | | |
| 146,808 | | |
| 40,524 | | |
| 157,569 | |
Verdant | |
4/27/27 | |
| 6.25 | | |
| 4,702 | | |
| 45,020 | | |
| 157,871 | | |
| 44,324 | | |
| 169,390 | |
Western Equipment | |
8/15/27 | |
| 8.93 | | |
| 4,989 | | |
| 42,112 | | |
| 175,726 | | |
| 41,186 | | |
| 186,605 | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| 905,775 | | |
| 3,175,282 | | |
| 1,118,605 | | |
| 2,858,828 | |
Principal
maturities for the next five years and thereafter:
2023 (remainder) | |
$ | 709,759 | |
2024 | |
| 806,509 | |
2025 | |
| 857,789 | |
2026 | |
| 723,597 | |
2027 | |
| 442,419 | |
Thereafter | |
| 540,984 | |
Total principal payments | |
$ | 4,081,057 | |
Less: debt issuance costs | |
| (89,081 | ) |
Total notes payable | |
$ | 3,991,976 | |
NOTES
8 – RELATED PARTY TRANSACTIONS
The
Company had various related party notes payable outstanding at December 31, 2021. The notes were payable to the owner, entities related
to the owner, and family members (Note 7). During the year ended December 31, 2022, the Company conducted several related party
transactions in exchange for equity ownership in Titan Trucking LLC. As a result of the transactions, a net balance of $4,505,646 of
related party loans were converted as equity contributions and eliminated. An additional $517,500 of contributions from a member were
paid directly to the sellers for the purchase of the WTI Global Inc. customer list acquisition. These equity contribution conversions
and intangible asset purchases were utilized in the calculation of equity ownership of the members as of the year ended December 31,
2022.
During
the three months ended March 31, 2023, the Company borrowed $512,470 from Titan Holdings 2, LLC (“Titan Holdings 2”) under
an informal agreement (Note 7). On April 30th, 2023, Titan signed a promissory note (the “Titan Holdings 2 Note”) with Titan
Holdings 2, a stockholder of the Company. The Titan Holdings 2 Note has an interest rate of 10.5% per annum, which shall increase by
0.5% on each twelve-month anniversary of the Titan Holdings 2 Note’s signing, not to exceed an interest rate of 12.5% per annum.
The Titan Holdings 2 Note is interest only payments until maturity which is April 30, 2028. As a result, this borrowing is classified
as long-term.
As
of December 31, 2022, there was $200,000 outstanding in subscriptions receivable owed from one of the members of the Company in relation
to these equity transactions (Note 2).
NOTE
9 – BENEFIT PLAN
The
Company offers a 401(k) plan. Employees are eligible to participate in the plan on the first day of the month following the date of hire.
Employees may defer up to $22,500 per year. The Company is required to contribute on behalf of each eligible participating employee.
The Company will match 50% of the participants deferral not to exceed 3%. Employees will share in the matching contribution regardless
of the amount of service completed during the plan year. Employees will become 100% vested in the employer matching contributions after
one year of service.
Employer
contributions for the three months ended March 31, 2023 and March 31, 2022 was $2,858 and $2,525, respectively.
NOTE
10 - CONTINGENCIES
From
time to time, the Company is involved in routine litigation that arises in the ordinary course of business. The Company is in an ongoing
lawsuit with Wolverine Transfer Station over a contractual dispute and property damages. Wolverine is countersuing the Company for losses
from the cancellation of contractual obligations. It is the position of the Company that net losses arising from Wolverine’s claims
are not estimable nor probable at the time of this filing.
NOTE
11 – SUBSEQUENT EVENTS
Subsequent
events were evaluated through the date of these financial statements.
On
May 19, 2023, pursuant to the terms of the Titan Merger Agreement, the Company completed the Titan Merger. Under the terms of the Titan
Merger Agreement, the Company agreed to pay the Titan owners 630,900 shares of the Company’s Series C Preferred Stock as consideration.
The Company accounted for the Titan Merger as a reverse acquisition using acquisition accounting.
On
the Titan Merger acquisition date, the Company awarded 70,100 shares of Series C Preferred Stock that vested immediately to its chief
executive officer, and as a result recorded $5,586,796 of stock-based compensation. On September 28, 2023, the Company and the chief
executive officer signed a cancellation agreement and the Series C Preferred Stock shares were rescinded. Under the terms of the cancellation
agreement, the Company agreed to issue ten-year stock options to acquire a number of shares of common stock of the Company in order to
provide the chief executive officer an equity interest in the Company commensurate with the value of the original stock award. Such options
will have an exercise price equal to the sale price of the common stock in the next public offering of common stock consummated by the
Company.
Subsequent
to the period, TraQiQ’s Board of Directors and the holders of the TraQiQ’s capital stock representing a majority of
the total votes entitled to be cast by the TraQiQ’s shareholders approved a plan to reincorporate TraQiQ in the State of
Nevada (the “Reincorporation”) through the merger (the “Reincorporation Merger”) of TraQiQ with and into
Titan Environmental Solutions Inc., a wholly-owned, newly-formed Nevada subsidiary formed by TraQiQ specifically for this purpose
(“Titan Environmental”), in an effort to better position TraQiQ to attract capital as it seeks to grow its business
in the waste management industry. Implementing the Reincorporation will have, among other things, the following effects: 1) TraQiQ’s
corporate name will be charged to “Titan Environmental Solutions, Inc.”, 2) each share of TraQiQ’s common stock
issued and outstanding immediately prior to the effective time of the Reincorporation Merger will be converted into one share of common
stock of Titan Environmental, 3) each issued and outstanding share of TraQiQ’s Series C preferred stock immediately prior
to the effective time of the Reincorporation Merger will be converted into one share of Series A convertible preferred stock of Titan
Environmental, which has substantially the same rights and preferences as TraQiQ’s Series C preferred stock, 4) each outstanding
Right to Receive Common Stock issued and outstanding immediately prior to the effective time of the Reincorporation Merger will be converted
into one Right to Receive Common Stock of Titan Environmental, which has substantially the same rights and preferences as TraQiQ’s
Rights to Acquire Common Stock, 5) the outstanding warrants to purchase our common stock will automatically be assumed by Titan Environmental
and will represent a warrant to acquire shares of common stock of Titan Environmental, 6) TraQiQ’s authorized capital stock
will be increased to 425,000,000 total shares, consisting of 400,000,000 shares of common stock and 25,000,000 shares of “blank
check” preferred stock, of which 630,900 shares shall be designated “Series A Convertible Preferred Stock”, 7) the
persons presently serving as TraQiQ’s executive officers and directors will continue to serve in such respective capacities
following the effective time of the Reincorporation Merger, and 8) TraQiQ will be governed by the laws of the State of Nevada and
TraQiQ’s articles of incorporation and bylaws will be those of Titan Environmental, which were adopted under the laws of the
State of Nevada.
On
or about October 12, 2023, TraQiQ mailed an Information Statement that describes the Reincorporation to TraQiQ’s shareholders of
record as of October 5, 2023 for informational purposes only pursuant to Section 14(c) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations prescribed thereunder. Pursuant to Rule 14c-2 under the Exchange Act,
the Reincorporation will not be effective until 20 calendar days after the mailing of the Information Statement to the shareholders,
at which time TraQiQ may file with the California Secretary of State and the Nevada Secretary of State one or more certificates of merger
and incorporation to effectuate the Reincorporation. The Reincorporation will be effective at such time after the expiration of such
20-day period as the board of directors determines to be the appropriate effective time.
Exhibit
99.3
TRAQIQ,
INC.
PRO
FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS
OF MARCH 31, 2023
(UNAUDITED)
On
May 19, 2023, TraQiQ, Inc. (“TraQiQ” or the “Company”) entered into an Agreement and Plan of Merger (the “Titan
Merger Agreement”) by and among TraQiQ, Titan Trucking, LLC (“Titan”) and the owners of Titan on May 19, 2023 (the
“acquisition date”). Pursuant to the terms and conditions of the Titan Merger Agreement, the Company’s subsidiary Titan
Merger Sub Corp. (“Merger Sub”) was merged with and into Titan on the acquisition date with Titan surviving as a wholly owned
subsidiary of the Company (the “Titan Merger”). For U.S. federal income tax purposes, the Titan Merger qualified as a tax-free
“reorganization”. Under the Terms of the Titan Merger Agreement, the Company agreed to pay the Titan owners 630,900 shares
of the Company’s Series C Preferred Stock. Additionally, the company agreed to an inter-company capital contribution transfer of
$500,000 to Titan. Concurrent to the Titan Merger, the Company’s CEO and one of the Company’s Directors resigned from their
respective positions and a new CEO, COO, and CFO were appointed. Additionally, the new CEO and COO were both appointed as Directors of
the Company. The Company additionally agreed to issue stock compensation in the form of 70,100 shares of the Company’s Series C
Preferred Stock to the new CEO (the “Management Compensation Award”).
The
following unaudited pro forma condensed consolidated statement of financial position of TraQiQ as of March 31, 2023, is based on the
historical consolidated financial statements of TraQiQ and historical financial statements of Titan. The Titan Merger is accounted for
as a reverse acquisition with Titan as the accounting acquiror of TraQiQ. Titan, as the accounting acquirer, recorded the assets acquired
and liabilities assumed of TraQiQ in the Titan Merger at their fair values as of the acquisition date. TraQiQ remains the continuing
registrant and reporting company. The unaudited pro forma condensed consolidated statements of operations of TraQiQ for the year ended
December 31, 2022, and for the three months ended March 31, 2023, is based on the historical consolidated financial statements of TraQiQ
and historical financial statements of Titan.
The
transaction accounting adjustments consist of those necessary to account for the Titan Merger. The unaudited pro forma condensed consolidated
statement of financial position as of March 31, 2023, gives effect to the Titan Merger and Management Compensation Award as if the transactions
had occurred on March 31, 2023, and includes all adjustments necessary to reflect the application of acquisition accounting for the Titan
Merger. The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 2022, and the three months
ended March 31, 2023, give effect to the Merger as if they both had occurred on January 1, 2022 and include all adjustments necessary
to reflect the accounting for the Titan Merger.
The
unaudited pro forma condensed consolidated financial information does not give effect to any cost savings, operating synergies or revenue
synergies that may result from Merger or the costs to achieve any synergies.
The
unaudited pro forma condensed consolidated financial statements are presented for informational purposes only, in accordance with Article
11 of Regulation S-X and are not intended to represent or to be indicative of the income or financial position that the Company would
have reported had the Titan Merger been completed as of the dates set forth in the unaudited pro forma condensed consolidated financial
statements due to various factors. The unaudited pro forma condensed consolidated statement of financial position does not purport to
represent the future financial position of the Company and the unaudited pro forma condensed consolidated statements of operations do
not purport to represent the future results of operations of the Company.
The
unaudited pro forma condensed consolidated financial statements reflect management’s preliminary estimates of the fair value of
purchase consideration and the fair values of tangible and intangible assets acquired and liabilities assumed in the Titan Merger. Since
these unaudited pro forma condensed consolidated financial statements have been prepared based on preliminary estimates of the fair value
of warrants and fair values of assets acquired and liabilities assumed, the actual amounts to be reported in future filings may differ
materially from the amounts used in the pro forma condensed consolidated financial statements.
The
unaudited pro forma condensed consolidated financial information is presented to illustrate the estimated effects of the Merger, and
should be read in conjunction with the following:
| i. | The
audited financial statements of Titan as of and for the years ended December 31, 2022 and
2021. |
| ii. | The
audited consolidated financial statements of TraQiQ as of and for the years ended December
31, 2022 and 2021. |
| iii. | The
unaudited financial statements of TraQiQ as of and for the three-month periods ended March
31, 2023 and 2022 |
TRAQIQ,
INC.
PRO
FORMA CONDENDSED CONSOLIDATED BALANCE SHEET
MARCH
31, 2023
(UNAUDITED)
| |
Traqiq | | |
Titan | | |
Transaction
Adjustments | | |
| |
Consolidated | |
| |
| | |
| | |
| | |
| |
| |
ASSETS | |
| | | |
| | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| |
| | |
CURRENT ASSETS: | |
| | | |
| | | |
| | | |
| |
| | |
Cash | |
$ | 139,573 | | |
$ | 52,763 | | |
$ | - | | |
| |
$ | 192,336 | |
Accounts receivable, net | |
| 65,869 | | |
| 462,813 | | |
| - | | |
| |
| 528,682 | |
Subscription receivable | |
| - | | |
| - | | |
| - | | |
| |
| - | |
Other receivables | |
| - | | |
| 3,341 | | |
| - | | |
| |
| 3,341 | |
Prepaid expenses and other current assets | |
| 11,025 | | |
| 121,813 | | |
| - | | |
| |
| 132,838 | |
Inventory | |
| 359,845 | | |
| - | | |
| - | | |
| |
| 359,845 | |
Total Current Assets | |
| 576,312 | | |
| 640,730 | | |
| - | | |
| |
| 1,217,042 | |
| |
| | | |
| | | |
| | | |
| |
| | |
NONCURRENT ASSETS: | |
| | | |
| | | |
| | | |
| |
| | |
Fixed assets, net | |
| 1,156 | | |
| 5,581,041 | | |
| - | | |
| |
| 5,582,197 | |
Intangible assets, net | |
| 10,446,668 | | |
| 680,625 | | |
| - | | |
| |
| 11,127,293 | |
Goodwill | |
| 7,292,885 | | |
| - | | |
| - | | |
| |
| 7,292,885 | |
Other assets | |
| - | | |
| 8,251 | | |
| - | | |
| |
| 8,251 | |
Right-of-use asset | |
| - | | |
| 172,518 | | |
| - | | |
| |
| 172,518 | |
| |
| 17,740,709 | | |
| 6,442,435 | | |
| - | | |
| |
| 24,183,144 | |
| |
| | | |
| | | |
| | | |
| |
| | |
TOTAL ASSETS | |
$ | 18,317,021 | | |
$ | 7,083,165 | | |
$ | - | | |
| |
$ | 25,400,186 | |
| |
| | | |
| | | |
| | | |
| |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | | |
| |
| | |
| |
| | | |
| | | |
| | | |
| |
| | |
CURRENT LIABILITIES: | |
| | | |
| | | |
| | | |
| |
| | |
Accounts payable and accrued expenses | |
$ | 932,348 | | |
$ | 817,778 | | |
$ | - | | |
| |
$ | 1,750,126 | |
Customer deposits | |
| 311,544 | | |
| - | | |
| - | | |
| |
| 311,544 | |
Accrued payroll and related taxes | |
| 118,750 | | |
| 72,015 | | |
| - | | |
| |
| 190,765 | |
Derivative liability | |
| 112,333,348 | | |
| - | | |
| - | | |
| |
| 112,333,348 | |
Notes payable | |
| 3,607,480 | | |
| 816,694 | | |
| - | | |
| |
| 4,424,174 | |
Convertible notes payable | |
| 162,094 | | |
| - | | |
| - | | |
| |
| 162,094 | |
Operating lease liability, curernt | |
| - | | |
| 97,866 | | |
| - | | |
| |
| 97,866 | |
| |
| | | |
| | | |
| | | |
| |
| | |
Total Current Liabilities | |
| 117,465,564 | | |
| 1,804,353 | | |
| - | | |
| |
| 119,269,917 | |
| |
| | | |
| | | |
| | | |
| |
| | |
NONCURRENT LIABILITIES: | |
| | | |
| | | |
| | | |
| |
| | |
Long-term debt, net of current portion | |
| - | | |
| 3,175,282 | | |
| - | | |
| |
| 3,175,282 | |
Operating lease liability, net of current portion | |
| - | | |
| 89,723 | | |
| - | | |
| |
| 89,723 | |
| |
| | | |
| | | |
| | | |
| |
| | |
TOTAL LIABILITIES | |
| 117,465,564 | | |
| 5,069,358 | | |
| - | | |
| |
| 122,534,922 | |
| |
| | | |
| | | |
| | | |
| |
| | |
STOCKHOLDERS’ EQUITY (DEFICIENCY) | |
| | | |
| | | |
| | | |
| |
| | |
Traqiq: | |
| | | |
| | | |
| | | |
| |
| | |
Preferred stock, Series A | |
| - | | |
| - | | |
| - | | |
| |
| - | |
Preferred stock, Series B | |
| 147 | | |
| - | | |
| - | | |
| |
| 147 | |
Preferred stock, Series C | |
| - | | |
| - | | |
| 631 | | |
(b) | |
| 701 | |
| |
| | | |
| | | |
| 70 | | |
(c) | |
| | |
| |
| | | |
| | | |
| | | |
| |
| | |
Common stock | |
| 3,394 | | |
| - | | |
| - | | |
| |
| 3,394 | |
Additional paid-in capital | |
| 30,234,923 | | |
| - | | |
| (129,387,007 | ) | |
(d) | |
| (71,217,593 | ) |
| |
| | | |
| | | |
| 15,669,287 | | |
(a) | |
| | |
| |
| | | |
| | | |
| (631 | ) | |
(b) | |
| | |
| |
| | | |
| | | |
| 6,675,420 | | |
(e) | |
| | |
| |
| | | |
| | | |
| 5,590,415 | | |
(c) | |
| | |
| |
| | | |
| | | |
| | | |
| |
| | |
Accumulated deficit/Members’ Equity | |
| (129,387,007 | ) | |
| 2,013,807 | | |
| 129,387,007 | | |
(d) | |
| (25,921,385 | ) |
| |
| | | |
| | | |
| (6,675,420 | ) | |
(e) | |
| | |
| |
| | | |
| | | |
| (15,669,287 | ) | |
(a) | |
| | |
| |
| | | |
| | | |
| (5,590,485 | ) | |
(c) | |
| | |
| |
| | | |
| | | |
| | | |
| |
| | |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIENCY) | |
| (99,148,543 | ) | |
| 2,013,807 | | |
| - | | |
| |
| (97,134,736 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIENCY) | |
$ | 18,317,021 | | |
$ | 7,083,165 | | |
$ | - | | |
| |
$ | 25,400,186 | |
TRAQIQ,
INC.
PRO
FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
THREE
MONTHS ENDED MARCH 31, 2023
(UNAUDITED)
| |
Traqiq | | |
Titan | | |
Transaction Adjustments | | |
Consolidated | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 65,040 | | |
$ | 1,080,327 | | |
$ | - | | |
$ | 1,145,367 | |
Cost of revenues | |
| 37,216 | | |
| 1,161,112 | | |
| - | | |
| 1,198,328 | |
Gross profit (loss) | |
| 27,824 | | |
| (80,785 | ) | |
| - | | |
| (52,961 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Salaries and salary related costs | |
| 170,530 | | |
| 189,316 | | |
| - | | |
| 359,846 | |
Stock-based compensation | |
| - | | |
| 194,779 | | |
| - | | |
| 194,779 | |
Professional fees | |
| 31,951 | | |
| 6,419 | | |
| - | | |
| 38,370 | |
General and administrative expenses | |
| 522,503 | | |
| 131,646 | | |
| - | | |
| 654,149 | |
Total operating expenses | |
| 724,984 | | |
| 522,160 | | |
| - | | |
| 1,247,144 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (697,160 | ) | |
| (602,945 | ) | |
| - | | |
| (1,300,105 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense), net: | |
| | | |
| | | |
| | | |
| | |
Interest expense, net of interest income | |
| (156,562 | ) | |
| (79,652 | ) | |
| - | | |
| (236,214 | ) |
Derivative expense | |
| (94,183,461 | ) | |
| | | |
| - | | |
| (94,183,461 | ) |
Other income (expense) | |
| 1,255 | | |
| 300 | | |
| - | | |
| 1,555 | |
Change in fair value of derivative liability and derivative
expense | |
| (16,828,293 | ) | |
| - | | |
| - | | |
| (16,828,293 | ) |
Total other expense | |
| (111,167,061 | ) | |
| (79,352 | ) | |
| - | | |
| (111,246,413 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before provision for income taxes | |
| (111,864,221 | ) | |
| (682,297 | ) | |
| - | | |
| (112,546,518 | ) |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss | |
$ | (111,864,221 | ) | |
$ | (682,297 | ) | |
$ | - | | |
$ | (112,546,518 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (3.38 | ) | |
$ | N/A | | |
$ | - | | |
$ | (3.39 | ) |
Diluted | |
$ | (3.38 | ) | |
$ | N/A | | |
$ | - | | |
$ | (3.39 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 33,060,136 | | |
| N/A | | |
| N/A | | |
| 33,236,102 | |
Diluted | |
| 33,060,136 | | |
| N/A | | |
| N/A | | |
| 33,236,102 | |
TRAQIQ,
INC.
PRO
FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
YEAR
ENDED DECEMBER 31, 2022
(UNAUDITED)
| |
Traqiq | | |
Titan | | |
Transaction Adjustments | | |
| |
Consolidated | |
| |
| | |
| | |
| | |
| |
| |
Revenue | |
$ | 1,582 | | |
$ | 4,203,112 | | |
$ | - | | |
| |
$ | 4,204,694 | |
Cost of revenues | |
| 54,209 | | |
| 4,207,852 | | |
| - | | |
| |
| 4,262,061 | |
Gross profit | |
| (52,627 | ) | |
| (4,740 | ) | |
| - | | |
| |
| (57,367 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| |
| | |
Salaries and salary related costs | |
| 193,634 | | |
| 475,512 | | |
| - | | |
| |
| 669,146 | |
Stock-based compensation | |
| - | | |
| - | | |
| 5,590,485 | | |
(c) | |
| 5,590,485 | |
Professional fees | |
| 359,107 | | |
| 265,575 | | |
| - | | |
| |
| 624,682 | |
General and administrative expenses | |
| 787,302 | | |
| 359,176 | | |
| - | | |
| |
| 1,146,478 | |
Total operating expenses | |
| 1,340,043 | | |
| 1,100,263 | | |
| 5,590,485 | | |
| |
| 8,030,791 | |
| |
| | | |
| | | |
| | | |
| |
| | |
Loss from operations | |
| (1,392,670 | ) | |
| (1,105,003 | ) | |
| (5,590,485 | ) | |
| |
| (8,088,158 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Other income (expense), net: | |
| | | |
| | | |
| | | |
| |
| | |
Change in fair value of derivative liability | |
| (855,590 | ) | |
| - | | |
| - | | |
| |
| (855,590 | ) |
Gain (loss) on settlement of debt, net | |
| 1,752,678 | | |
| 812,305 | | |
| - | | |
| |
| 2,564,983 | |
Interest expense, net of interest income | |
| (1,906,260 | ) | |
| (199,453 | ) | |
| - | | |
| |
| (2,105,713 | ) |
Loss on sale of assets | |
| - | | |
| (168,208 | ) | |
| - | | |
| |
| (168,208 | ) |
Other income | |
| - | | |
| 1,696 | | |
| - | | |
| |
| 1,696 | |
Goodwill impairment | |
| - | | |
| - | | |
| (15,669,287 | ) | |
(a) | |
| (15,669,287 | ) |
Total other income (expense) | |
| (1,009,172 | ) | |
| 446,340 | | |
| (15,669,287 | ) | |
| |
| (16,232,119 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Loss from continuing operations before provision for
income taxes | |
| (2,401,842 | ) | |
| (658,663 | ) | |
| (21,259,772 | ) | |
| |
| (24,230,277 | ) |
Provision for income taxes | |
| - | | |
| - | | |
| - | | |
| |
| - | |
Net loss from continuing operations | |
$ | (2,401,842 | ) | |
$ | (658,663 | ) | |
$ | (21,259,772 | ) | |
| |
$ | (24,320,277 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Net loss from continuing operations per share | |
| | | |
| | | |
| | | |
| |
| | |
Basic (continuing operations) | |
$ | (0.54 | ) | |
$ | N/A | | |
$ | (4.82 | ) | |
| |
$ | (5.51 | ) |
Diluted (continuing operations) | |
$ | (0.54 | ) | |
$ | N/A | | |
$ | (4.82 | ) | |
| |
$ | (5.51 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | | |
| |
| | |
Basic | |
| 4,410,595 | | |
| N/A
| | |
| 4,410,595 | | |
| |
| 4,410,595 | |
Diluted | |
| 4,410,595 | | |
| N/A
| | |
| 4,410,595 | | |
| |
| 4,410,595 | |
TRAQIQ,
INC.
NOTES
TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2023 AND DECEMBER 31, 2022
(UNAUDITED)
NOTE
1 — BASIS OF PRO FORMA PRESENTATION
The
accompanying unaudited pro forma consolidated financial information has been prepared in accordance with Article 11 of Regulation
S-X. The unaudited pro forma consolidated financial information has been prepared to illustrate the effect of the Titan Merger and
the Management Compensation Award (the “Merger Transactions”) and have been prepared for informational purposes only.
The
unaudited pro forma consolidated balance sheet as of March 31, 2023, assumes that the Merger Transactions occurred on March 31, 2023.
The unaudited pro forma consolidated income statements for the three months ended March 31, 2023, and year ended December 31, 2022, assume
that the Merger Transactions occurred on January 1, 2022, respectively.
Management
has made significant estimates and assumptions in its determination of the transaction accounting adjustments. As the unaudited
pro forma consolidated financial information has been prepared based on these preliminary estimates, the final amounts recorded
may differ materially from the information presented.
The
unaudited pro forma consolidated financial information does not give effect to any anticipated synergies, operating efficiencies,
tax savings, or cost savings that may be associated with the Merger.
The
transaction accounting adjustments reflecting the completion of the Titan Merger and the Management Compensation Awards are based
on currently available information and assumptions and methodologies that management believes are reasonable under the circumstances.
The unaudited transaction accounting adjustments, which are described in the accompanying notes, may be revised as additional information
becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the transaction accounting adjustments,
and it is possible the difference may be material. Management believes that its assumptions and methodologies provide a reasonable basis
for presenting all the significant effects of the Titan Merger and the Management Compensation Award transactions based on information
available to management at the current time and that the transaction accounting adjustments give appropriate effect to those assumptions
and are properly applied in the unaudited pro forma consolidated financial information.
In
accordance with ASC 805 – Business Combinations, the Titan Merger was accounted for as a reverse acquisition with Titan being deemed
the accounting acquirer of TraQiQ. Titan, as the accounting acquirer, recorded the assets acquired and liabilities assumed of TraQiQ
in the Titan Merger at their fair values as of the acquisition date. Titan’s historical consolidated financial statements have
replaced TraQiQ’s historical consolidated financial statements with respect to periods prior to the completion of the Titan Merger
with retroactive adjustments to Titan’s legal capital to reflect the legal capital of TraQiQ. TraQiQ remains the continuing registrant
and reporting company.
The
unaudited pro forma consolidated financial information is not necessarily indicative of what the actual results of operations and
financial position of TraQiQ, Inc. would have been had the Titan Merger and Management Compensation Awards taken place on the date
indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination
company. They should be read in conjunction with the historical financial statements and notes thereto of TraQiQ and Titan.
NOTE
2 —ACCOUNTING POLICIES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The
unaudited pro forma consolidated financial statements do not reflect any differences in accounting policies. The company has completed
the review of Titan’s accounting policies and has concluded that differences between the accounting policies of the two companies
are not material.
NOTE
3 — TRANSACTION ACCOUNTING ADJUSTMENTS TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The
transaction accounting adjustments included in the unaudited pro forma consolidated balance sheet as of March 31, 2023, and the unaudited
pro forma statements of operations for the three months ended March 31, 2023 and the year ended December 31, 2022 are as follows:
| A. | Effect
of Titan Trucking, LLC Reverse Acquisition |
In
accordance with ASC 805 – Business Combinations, the Titan Merger was accounted for as a reverse acquisition with Titan being deemed
the accounting acquirer of Traqiq. Titan, as the accounting acquirer, recorded the assets acquired and liabilities assumed of Traqiq
in the Titan Merger at their fair values as of the acquisition date.
Titan
was deemed to be the accounting acquirer based on the following facts and circumstances: (1) the Titan Owners owned approximately 65%
of the voting interests of the combined company immediately following the transaction; (2) the Titan Merger resulted in significant changes
to the combined company’s Board of Directors; (3) the Titan Merger resulted in significant changes to the management of the combined
company.
The
company accounted for the Titan Merger as a reverse acquisition using acquisition accounting. Because the Titan Merger qualifies as a
reverse acquisition and given that Titan was a private company at the time of the Titan Merger and therefore its value was not readily
determinable, the fair value of the merger consideration was deemed to be equal to quoted market capitalization of the Company at the
acquisition date. The purchase consideration as if the transaction had occurred on March 31, 2023 and December 31, 2022 is as follows:
| |
March 31,
2023 | | |
December 31,
2022 | |
TraQiQ, Inc. market capitalization | |
$ | 27,162,222 | | |
$ | 27,162,222 | |
Total purchase consideration | |
$ | 27,162,222 | | |
$ | 27,162,222 | |
The
Company recorded all tangible and intangible assets acquired and liabilities assumed at their preliminary estimated fair values on the
acquisition date. The following represents the allocation of the estimated purchase consideration as if the transaction had occurred
on March 31, 2023 and December 31, 2022:
| |
Preliminary | |
| |
Estimated | |
| |
Fair Value | |
Description | |
March 31, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
Assets acquired: | |
| | | |
| | |
Cash | |
$ | 139,573 | | |
$ | 10,895 | |
Accounts receivable, net | |
| 65,869 | | |
| 358,865 | |
Prepaid expenses and other current assets | |
| 11,025 | | |
| 1,667 | |
Inventory | |
| 359,845 | | |
| - | |
Fixed assets | |
| 1,156 | | |
| - | |
Intangible assets
| |
| 10,697,622 | | |
| 10,697,222 | |
Goodwill | |
| 133,930,164 | | |
| 25,946,788 | |
| |
$ | 144,627,786 | | |
$ | 37,015,837 | |
| |
| | | |
| | |
Liabilities acquired: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 932,348 | | |
$ | 2,021,264 | |
Customer deposits | |
| 311,544 | | |
| - | |
Accrued payroll and related taxes | |
| 118,750 | | |
| - | |
Derivative liability | |
| 112,333,348 | | |
| 1,152,620 | |
Contingent consideration – Rohuma | |
| - | | |
| 1,383,954 | |
Contingent consideration – Mimo | |
| - | | |
| 656,179 | |
Notes payable – related parties | |
| - | | |
| 3,800,561 | |
Notes payable | |
| 3,607,480 | | |
| 184,186 | |
Convertible notes payable | |
| 162,094 | | |
| 654,851 | |
| |
$ | 117,465,564 | | |
$ | 9,853,615 | |
| |
| | | |
| | |
Net fair value of assets acquired (liabilities assumed) | |
$ | 27,162,222 | | |
$ | 27,162,222 | |
The
Company has evaluated the goodwill recognized upon closing the reverse acquisition and has assessed it for impairment. As a result of
the Company’s assessment, the Company impaired the goodwill and recognized an impairment expense in the pro forma consolidated
financial statements.
| B. | Series
C Preferred Stock Issued as Consideration to the Titan Owners |
The
pro forma financial statements include the effects of the 630,900 shares of the Company’s Series C Preferred Stock paid to the
Titan owners as consideration for the reverse acquisition.
| C. | Stock-Based
Compensation (“Management Compensation Award”) |
The
pro forma financial statements include the effects of 70,100 Preferred Stock Series C shares issued to the new CEO. The Preferred Stock
Series C shares vested immediately. The fair value of the Series C Preferred Stock is determined using observable inputs (level 2 fair
value measurement) with a market approach technique. The main input for the Series C Preferred Stock fair value is the price of the Company’s
common stock.
| D. | Elimination
of the Historical Accumulated Deficit of TraQiQ |
The
pro forma financial statements account for the Titan Merger as a reverse acquisition in accordance with ASC 805 - Business Combinations,
with TraQiQ treated as the legal acquirer and Titan treated as the accounting acquirer. As the accounting acquirer, Titan’s
legal capital has been retroactively adjusted to reflect the legal capital of TraQiQ. Therefor, the transaction adjustment eliminates
the historical accumulated deficit of TraQiQ in order to allow the presentation of the historical accumulated deficit of Titan within
the TraQiQ legal capital structure.
| E. | Elimination
of the Historical Members’ Equity Balance of Titan |
The
pro forma financial statements account for the Titan Merger as a reverse acquisition in accordance with ASC 805 - Business Combinations,
with TraQiQ treated as the legal acquirer and Titan treated as the accounting acquirer. As the accounting acquirer, Titan’s
legal capital has been retroactively adjusted to reflect the legal capital of TraQiQ. Therefore, the transaction adjustment eliminates
the historical Members’ Equity balance of Titan in order to allow the presentation of the historical Titan equity within the TraQiQ
legal capital structure.
NOTE
3 — PRO FORMA NET LOSS PER SHARE
The
pro forma basic and diluted net loss per share amounts were calculated using the Company’s historical weighted average common shares
outstanding for the three months ended March 31, 2023, and the year ended December 31, 2022. The following table presents the computation
of pro forma basic and diluted net loss per share:
| |
March 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
Numerator: | |
$ | | | |
$ | | |
Pro forma net loss | |
| (112,246,518 | ) | |
| (24,320,277 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding (basic and diluted) | |
| 33,236,102 | | |
| 4,410,595 | |
Pro forma basic and diluted net loss per share | |
$ | (3.39 | ) | |
$ | (5.51 | ) |
NOTE
4 — INCOME TAXES
The
pro forma financial statements do not include an income tax provision as it is more likely than not that the Company will not be able
to utilize the loss carry forwards. TraQiQ, Inc. and its subsidiaries are subject to income taxation in the U.S. federal tax jurisdiction
and various state tax jurisdictions. Prior to the Titan Merger, Titan, with consent from its shareholders, had elected under the U.S.
Internal Revenue Code to be an “S” corporation. In lieu of corporation income taxes, the shareholders of an “S”
corporation are taxed on their proportionate share of the Company’s taxable income. For U.S. federal income tax purposes, the Titan
Merger qualified as a tax-free “reorganization”. Therefore, following the Titan Merger, Titan is to be taxed as a “C”
corporation in the U.S. federal tax jurisdiction and in various state tax jurisdictions.
v3.23.3
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v3.23.3
Consolidated Balance Sheets - Titan Trucking LLC [Member] - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Current Assets: |
|
|
Cash |
$ 26,650
|
$ 33,579
|
Accounts receivable, net |
517,583
|
413,723
|
Subscriptions receivable |
200,000
|
|
Other receivables |
1,241
|
426,016
|
Prepaid expenses and other current assets |
128,689
|
88,314
|
Total Current Assets |
874,163
|
961,632
|
Property and equipment, net |
5,643,941
|
3,160,179
|
Intangible assets, net |
687,500
|
|
Other assets |
8,251
|
8,251
|
Operating lease right-of-use asset, net |
194,112
|
276,370
|
Total Non-current Assets |
6,533,804
|
3,444,800
|
TOTAL ASSETS |
7,407,967
|
4,406,432
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
736,658
|
373,647
|
Accrued payroll and related taxes |
50,983
|
33,039
|
Notes payable, net |
1,118,605
|
4,905,070
|
Operating lease liability |
95,243
|
85,303
|
Total Current Liabilities |
1,981,042
|
5,397,059
|
Long-term notes, net of deferred financing costs |
2,785,531
|
837,219
|
Operating lease liability, net of current portion |
115,290
|
210,533
|
Total Non-current Liabilities |
2,900,821
|
1,047,752
|
Total Liabilities |
4,881,863
|
6,444,811
|
MEMBERS’ EQUITY (DEFICIENCY) |
|
|
Members’ equity (deficiency) |
2,526,104
|
(2,038,379)
|
Total Members’ Equity (Deficiency) |
2,526,104
|
(2,038,379)
|
TOTAL LIABILITIES AND MEMBERS’ EQUITY (DEFICIENCY) |
7,407,967
|
4,406,432
|
Nonrelated Party [Member] |
|
|
Current Liabilities: |
|
|
Notes payable, net |
1,098,158
|
1,244,206
|
Related Party [Member] |
|
|
Current Liabilities: |
|
|
Notes payable, net |
|
$ 3,660,864
|
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v3.23.3
Consolidated Statements of Operations - Titan Trucking LLC [Member] - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
REVENUE |
$ 4,203,112
|
$ 3,315,256
|
COST OF REVENUES |
4,207,852
|
3,317,225
|
GROSS LOSS |
(4,740)
|
(1,969)
|
OPERATING EXPENSES: |
|
|
Salaries and salary related costs |
475,512
|
395,395
|
Professional fees |
265,575
|
30,503
|
General and administrative expenses |
359,175
|
237,243
|
Total Operating Expenses |
1,100,262
|
663,141
|
OPERATING LOSS |
(1,105,002)
|
(665,110)
|
OTHER INCOME (EXPENSE): |
|
|
Interest expense, net of interest income |
(199,453)
|
(140,812)
|
Loss on sale of assets |
(168,208)
|
(262,264)
|
Employee Retention Credits |
|
422,845
|
Forgiveness of Paycheck Protection Program loans |
812,305
|
|
Other income |
1,696
|
57,291
|
Total other income (expense) |
446,340
|
77,060
|
NET LOSS |
$ (658,663)
|
$ (588,050)
|
LOSS PER UNIT (BASIC AND DILUTED) |
|
|
Weighted-average units outstanding basic |
100
|
100
|
Weighted-average units outstanding diluted |
100
|
100
|
Net loss per unit basic |
$ (6,587)
|
$ (5,881)
|
Net loss per unit diluted |
$ (6,587)
|
$ (5,881)
|
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v3.23.3
Consolidated Statement of Changes in Members' Equity (Deficiency)
|
Titan Trucking LLC [Member]
USD ($)
|
Balance at Dec. 31, 2020 |
$ (1,450,329)
|
Net loss |
(588,050)
|
Balance at Dec. 31, 2021 |
(2,038,379)
|
Net loss |
(658,663)
|
Contributions |
5,223,146
|
Balance at Dec. 31, 2022 |
$ 2,526,104
|
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v3.23.3
Consolidated Statements of Cash Flows - Titan Trucking LLC [Member] - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
Net loss |
$ (658,663)
|
$ (588,050)
|
|
Adjustments to reconcile net loss to net cash (used in) operating activities: |
|
|
|
Employee Retention Credits |
|
(422,845)
|
$ (422,845)
|
Forgiveness of PPP loans |
(812,305)
|
|
|
Bad debt expense |
77,690
|
|
|
Depreciation and amortization |
325,382
|
304,175
|
|
Loss on sale of property and equipment |
168,208
|
262,264
|
|
Amortization of loan origination fees |
6,663
|
|
|
Change in assets and liabilities: |
|
|
|
Accounts receivable |
(181,549)
|
(63,873)
|
|
Prepaid expenses and other current assets |
(40,374)
|
(7,812)
|
|
Other receivables |
424,775
|
|
|
Other assets |
|
3,800
|
|
Operating lease right-of-use asset |
82,258
|
76,179
|
|
Accounts payable and accrued expenses |
363,010
|
(9,188)
|
|
Accrued payroll and payroll taxes |
17,944
|
14,862
|
|
Operating lease liability |
(85,303)
|
(76,172)
|
|
Total adjustments |
580,761
|
(62,204)
|
|
Net cash used in operating activities |
(312,264)
|
(506,660)
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Acquisition of property and equipment |
(3,349,628)
|
(47,177)
|
|
Disposal of property and equipment |
371,819
|
211,965
|
|
Net cash provided by (used in) investing activities |
(2,977,809)
|
164,788
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Loan origination fees |
(99,950)
|
|
|
Proceeds from notes payable |
4,398,833
|
1,806,332
|
|
Repayments of notes payable |
(1,015,739)
|
(1,486,279)
|
|
Net cash provided by financing activities |
3,283,144
|
320,053
|
|
NET DECREASE IN CASH |
(6,929)
|
(21,819)
|
|
CASH – BEGINNING OF YEAR |
33,579
|
55,398
|
|
CASH – END OF YEAR |
26,650
|
33,579
|
$ 55,398
|
CASH PAID DURING THE YEAR FOR: |
|
|
|
Interest expense |
219,404
|
112,423
|
|
SUPPLEMENTAL NON-CASH DISCLOSURES OF CASH FLOW: |
|
|
|
Member contributions in exchange for loans payable |
4,505,646
|
|
|
Subscription receivable in exchange for equity |
200,000
|
|
|
Member contributions in exchange for intangible asset purchase |
517,500
|
|
|
Note payable in exchange for intangible asset purchase |
$ 170,000
|
|
|
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v3.23.3
ORGANIZATION AND NATURE OF OPERATIONS
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
ORGANIZATION AND NATURE OF OPERATIONS |
NOTE
1 – ORGANIZATION AND NATURE OF OPERATIONS
Business
Operations
Titan
Trucking, LLC (the “Company”) was incorporated in the State of Michigan on January 26, 2017. The Company was formed as a
limited liability company. The registered business address is located at 51512 Industrial Drive, New Baltimore, Michigan 48047.
The
Company is engaged in the full-service solution of waste management. The Company offers a comprehensive package of waste reduction, collection,
recycling, and technology-enabled solutions to support customer demand.
Senior
Trucking, LLC (“Senior’) was established on March 14, 2017 with 100% ownership by the single member of Titan Trucking, LLC
(“Titan”). Senior was formally acquired by Titan on April 5, 2020. Senior has operated exclusively under the management and
assets of Titan since inception.
Going
Concern
The
Company’s consolidated financial statements as of December 31, 2022 and 2021, are prepared using accounting principles generally
accepted in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern.
This contemplates the realization of assets and liquidation of liabilities in the ordinary course of business.
For
the year ended December 31, 2022, the Company had a net loss of $658,663 ($588,050 in 2021). The working capital of the Company had a
deficit of $1,106,879 for the year ended December 31, 2022 (deficit of $4,435,427 in 2021). Additionally, the Company used cash of $312,264
related to its operating activities during the year ended December 31, 2022. The Company had a cash balance of $26,650 as of December
31, 2022. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of time
within one year after the date that the financial statements are issued. The Company continues to shrink its working capital deficit
year-over-year and has been able to continually meet the working capital needs of the business as they come due.
Management’s
plans include raising capital through issuances of equity and debt securities and minimizing operating expenses of the business to improve
the Company’s cash burn rate, in conjunction with the TraqIQ reverse-merger (Note 13). The combined companies, subsequent to the
reverse merger, have been successful in attracting substantial capital from investors interested in the current public status of the
Company, which has been used to support its ongoing cash outlays. In the second half of the year ended 2023, TraqIQ, its new legal parent
company, obtained approximately $1 million in cash from private investors and believes, but cannot guarantee, it will continue to be
able to attract capital from outside sources as it pursues a move to a national exchange. The Company has engaged a qualified investment
bank to assist in its uplifting and simultaneous raise of capital. Additionally, the Company’s revenues continue to grow, and management
expects the Company to shrink its net losses over the upcoming quarters through organic and acquisitive growth.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the regulations of the United States
Securities and Exchange Commission. The Company adopted a December 31 fiscal year-end for financial statement reporting purposes.
The
consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible
for their integrity and objectivity. In their opinion, such financial information is presented fairly and for all periods represented.
Principles
of Consolidation
The
consolidated financial statements include the accounts of Titan Trucking LLC and Senior Trucking LLC, its wholly owned affiliate. All
material inter-company accounts and transactions have been eliminated.
Basis
of Accounting
The
Company’s policy is to prepare its combined financial statements on the accrual basis of accounting, whereby revenue is recognized
when earned and expenses are recognized when incurred.
Accounting
Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
Business
Combinations
Under
the guidance enumerated in FASB Accounting Standards Codification (“ASC”) 805, if substantially all of the fair value of
the gross assets acquired is concentrated in a single identifiable asst or group of similar identifiable assets, the set is not considered
a business and is accounted for as an asset acquisition at which point, the acquirer measures the assts acquired based on their cost,
which is allocated on a relative fair value basis.
Business
combinations are accounted for utilizing the fair value of consideration determined by the Company’s management and external specialists.
The Company recognizes estimated fair values of the tangible and intangible assets acquired and liabilities assumed as of the acquisition
date. Goodwill is recognized as any excess in fair value over the net value of assets acquired and liabilities assumed.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Cash
and cash equivalents
The
Company considers all highly liquid money market funds and certificates of deposit with original maturities of less than three months
to be cash equivalents. The Company maintains its cash balances with various banks. The balances are insured by the Federal Deposit Insurance
Corporation (“FDIC”) up to $250,000. At December 31, 2022, the Company had no amounts above this amount.
Accounts
Receivable, net
Accounts
receivables are recorded at the amount the Company expects to collect on the balance outstanding at year-end. Management closely monitors
outstanding balances during the year and allocates an allowance account if appropriate. The Company writes off bad debts as they occur
during the year. As of the year ended December 31, 2022, the Company allocated $77,690 to the allowance for doubtful accounts. There
was no allowance for the year ended December 31, 2021.
Subscriptions
Receivable
Subscription
receivable consists of members’ equity that have been issued with subscriptions that have not yet been settled. As of December
31, 2022 and 2021, there were $200,000 and nil, respectively, in subscriptions that had not yet settled. All these funds were settled
in January of 2023, prior to the filing of this report. Subscriptions receivable are carried at cost which approximates fair value.
Property
and Equipment, net
Property
and equipment are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of
the assets. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the
cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in the consolidated
statement of operations or the period in which the disposal occurred. The Company utilizes a useful life ranging from 5 to 25 years for
its trailers, tractors, shop equipment, leasehold improvements, and containers.
Management
regularly reviews property and equipment for possible impairment. This review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of December 31, 2022.
Finite
Intangible Assets, net
Finite
intangible assets are recorded at their estimated fair value at the date of acquisition. They are amortized on a straight-line basis
over their estimated useful lives. Management annually evaluates the estimated remaining useful lives of the intangible assets to determine
whether events or changes in circumstances warrant a revision to the remaining period of amortization. The Company acquired the finite
intangible asset, customer lists, as part of the asset acquisition of WTI Global, Inc. Customer lists are amortized over a remaining
useful life of 10 years as determined by management.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Finite-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully
recoverable. An impairment loss is recognized if the sum of the expected long-term undiscounted cash flows the asset is expected to generate
is less than its carrying amount. Any write-downs are treated as permanent reductions in the carrying amount of the respective asset.
Management assessed and concluded that no impairment write-down would be necessary for the finite-lived intangible assets as of December
31, 2022.
Fair
Value of Financial Instruments
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, accrued
expenses, and short-term notes payable. As of the consolidated balance sheet dates, the estimated fair values of the financial instruments
were not materially different from their carrying values as presented due to the short maturities of these instruments.
Leases
The
Company assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets (“ROU”)
and corresponding lease liabilities at the lease commencement date. The lease term is used to calculate the lease liability, which includes
options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The leases the Company currently
holds do not have implicit borrowing rates, therefore the Company utilizes its incremental borrowing rate to measure the ROU assets and
liabilities. Operating lease expense is generally recognized on a straight-line basis over the lease term. All leases that have lease
terms of one year or less are considered short-term leases, and therefore are not recorded through a ROU or liability.
The
Company has elected to apply the practical expedient to not separate the lease and non-lease components of a contract, which ultimately
results in a higher amount of total lease payments being included within the present value calculation of the lease liability.
Loan
Origination Fees
Loan
origination fees represent loan fees relating to notes granted to the Company and are amortized over the life of the note. Amortization
expense for the year ended December 31, 2022 was $6,663. The net amount of $93,745 was netted against the outstanding long-term debt.
Revenue
Recognition
The
Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers, which requires
the following:
1.
Identify the contract with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price of the contract.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when the performance obligations are met or delivered.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
The
Company’s operating revenues are primarily generated from fees charged for the collection and disposal of waste. Revenues are recognized
at a point in time immediately after completion of disposal of waste at a landfill or transfer station and billed out to customers. Rates
charged for services performed are usually based on pre-negotiated amounts via contractual obligations and are billed on a performance
satisfaction basis via invoice. Invoices usually contain a payment term of net 30 days. There are no significant financing operations
with customers in relation to revenues generated and collected.
Revenues
from collection operations are influenced by factors such as collection frequency, type of collection furnished, type and volume or weight
of the waste collected, distance to the disposal facility or material recovery facility and disposal costs. Fees charged at transfer
stations are generally based on the weight or volume of waste deposited, including the cost of loading, transporting, and disposing of
the solid waste at a disposal site. The fees charged for services generally include environmental, fuel charge and regulatory recovery
fees, which are intended to pass through to customers direct and indirect costs incurred.
Concentration
Risk
The
Company performs a regular review of customer activity and associated credit risks.
During
the year ended December 31, 2022, one customer accounted for more than 63% of accounts receivable. During the year ended December 31.
2021, two customers accounted for more than 77% of total accounts receivable.
During
the year ended December 31, 2022, three customers accounted for more than 76% of total revenues generated. During the year ended December
31, 2021, three customers accounted for more than 77% of total revenues generated.
The
Company maintains positive customer relationships and continually expands its customer base, mitigating the impact of any potential concentration
risks that exist.
Basic
and Diluted Loss per Unit
The
Company presents both basic and diluted earnings per unit for the periods presented in the consolidated financial statements. Basic and
diluted loss per unit is calculated by dividing the net loss attributable to the Company by the weighted average number of units outstanding
during the periods presented.
Income
Taxes
The
Company, with consent from its members, has elected under the Internal Revenue Code to be an “S” corporation. In lieu of
corporation income taxes, the shareholders of an “S” corporation are taxed on their proportionate share of the Company’s
taxable income.
Advertising
and Marketing Costs
Costs
associated with advertising are charged to expense as occurred. For the years ended December 31, 2022 and 2021, the advertising and marketing
costs were $11,336 and $3,394, respectively.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Recently
Issued Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables.
This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.
In November 2019, the FASB issued No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic
815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years. The Company does not expect a material impact from the adoption of ASU 2016-13 on the consolidated
financial statements.
|
X |
- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
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v3.23.3
OTHER RECEIVABLES
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
OTHER RECEIVABLES |
NOTE
4 - OTHER RECEIVABLES
SCHEDULE
OF OTHER RECEIVABLES
| |
December 31,
2022 | | |
December 31,
2021 | |
Employee retention credit (1) | |
$ | - | | |
$ | 422,845 | |
Other receivables | |
| 1,241 | | |
| 3,171 | |
Total | |
$ | 1,241 | | |
$ | 426,016 | |
(1) | During 2021, the
Company applied for the Employee Retention Credits (“ERC”) in the amount of $422,845 relating to the 2020 and 2021 fiscal
years. The Company assessed the probability of receiving the funds at December 31, 2021 and determined that the conditions attached to
receiving the ERC were met and it was probable to be received. As a result, the Company recognized income of $422,845 during the year
ended December 31, 2021. |
|
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v3.23.3
PROPERTY AND EQUIPMENT, NET
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
PROPERTY AND EQUIPMENT, NET |
NOTE
5 – PROPERTY AND EQUIPMENT, NET
Property
and equipment consists of the following as of December 31, 2022 and 2021:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31,
2022 | | |
December 31,
2021 | |
Containers | |
$ | 1,397,311 | | |
$ | - | |
Trucks and tractors | |
| 4,086,968 | | |
| 2,213,265 | |
Trailers | |
| 1,197,357 | | |
| 1,829,853 | |
Shop equipment | |
| 40,380 | | |
| 40,380 | |
Leasehold improvements | |
| 19,589 | | |
| 19,589 | |
Property and equipment , gross | |
| 6,741,605 | | |
| 4,103,087 | |
Less: accumulated depreciation | |
| (1,097,664 | ) | |
| (942,908 | ) |
Net book value | |
$ | 5,643,941 | | |
$ | 3,160,179 | |
Depreciation
expenses for the year ended December 31, 2022 and 2021 were $325,382 and $304,175, respectively.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
On
June 10, 2022, the Company entered into an asset purchase agreement with Century Waste Management for consideration of approximately
$1,805,000. The entire purchase price agreement was allocated as fair value to the fixed assets acquired; no goodwill or intangible assets
were determined to be transferred as part of the sale. In order to fund the asset purchase from Century, the Company entered into several
private equipment financing agreements.
|
X |
- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
INTANGIBLES, NET
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
INTANGIBLES, NET |
NOTE
6 – INTANGIBLES, NET
Intangible
assets acquired consisted of the following as of December 31, 2022 and 2021:
SCHEDULE
OF ACQUIRED INTANGIBLE ASSETS
| |
December 31,
2022 | | |
December 31,
2021 | |
Customer lists | |
$ | 687,500 | | |
$ | - | |
Less: accumulated amortization | |
| - | | |
| - | |
Net book value | |
$ | 687,500 | | |
$ | - | |
For
the years ended December 31, 2022 and 2021, there were no amortization expenses recorded. Amortization is expected to be $68,750 for
each of the next five years.
On
December 9, 2022, the Company entered into a purchase agreement with WTI Global, Inc. (the “seller”) for consideration of
approximately $687,500 in exchange for intangible assets. The entire purchase consideration was allocated as fair value to the customer
lists acquired from the seller. The $687,500 was funded through a combination of a note payable to the seller of $170,000 and an equity
infusion from a member of the Company for $517,500. See Note 9 and 10 for further details.
|
X |
- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Detail
of accounts payable and accrued expenses as of December 31, 2022 and 2021 is as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
December 31,
2022 | | |
December 31,
2021 | |
Accounts payable | |
$ | 669,231 | | |
$ | 309,833 | |
Credit card payable | |
| 29,454 | | |
| 28,683 | |
Accrued interest | |
| 12,298 | | |
| 35,131 | |
Accrued expenses and other | |
| 25,675 | | |
| - | |
Total accounts payable and accrued expenses | |
$ | 736,658 | | |
$ | 373,647 | |
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
LEASE PAYABLE
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
LEASE PAYABLE |
NOTE
8 – LEASE PAYABLE
The
Company leases both its headquarters office and operational warehouse in Troy, Michigan. Leases with an initial term of 12 months or
less or are immaterial are not included on the consolidated balance sheets. During the year ended December 31, 2019, the Company entered
into a 62-month lease which expires on January 15, 2025. The monthly payments were initiated on February 15, 2020 at $8,251
after a 2-month rent abatement period. Straight
rent was calculated at $8,479 per
month. The total remaining operating lease expenses through the expected termination date is approximately $211,963.
Total operating lease expenses for the years ended December 31, 2022 and 2021 were $112,753
and $112,198,
respectively.
SCHEDULE
OF LEASE PAYABLE
| |
As of December 31, | |
| |
2022 | | |
2021 | |
Weighted average remaining lease term (in years) | |
| 2.08 | | |
| 3.08 | |
Weighted average discount rate | |
| 7.57 | % | |
| 7.57 | % |
Future
minimum lease payments required under operating leases on an undiscounted cash flow basis as of December 31, 2022 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENT
Fiscal Year | |
Operating Lease Payments | |
2023 | |
$ | 107,930 | |
2024 | |
| 111,168 | |
2025 | |
| 9,287 | |
Total minimum lease payments | |
| 228,385 | |
Less: imputed interest | |
| (17,852 | ) |
Present value of future minimum lease payments | |
$ | 210,533 | |
| |
| | |
Current operating lease liabilities | |
| 95,243 | |
Non-current operating lease liabilities | |
| 115,290 | |
On
April 1, 2023, the Company entered into a 60-month lease in Detroit, Michigan with a related party, which terminates on March 31, 2028.
The monthly payments were initiated on May 1, 2023, after a 1-month rent abatement period. Straight rent was calculated at $33,564 per
month.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
NOTES PAYABLE
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
NOTES PAYABLE |
NOTES
9 – NOTES PAYABLE
The
Company borrows funds from various creditors to finance equipment and vehicles and acquisitions consisting of the following:
SCHEDULE
OF NOTES PAYABLE
| |
| |
| | |
| | |
December 31, 2022 | | |
December 31, 2021 | |
Lender | |
Maturity
Date | |
Interest
Rate | | |
Monthly Payment | | |
Short-Term | | |
Long-Term | | |
Short-Term | | |
Long-Term | |
| |
| |
| % | | |
| $ | | |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fifth Third Bank (PPP)** | |
2/8/22 - 5/24/22 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 812,304 | | |
| - | |
WTI Global | |
On demand | |
| 7.00 | | |
| - | | |
| 170,000 | | |
| - | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Collateralized Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Peoples United | |
11/10/23 | |
| 5.75 | | |
| 16,614 | | |
| 177,539 | | |
| - | | |
| 165,337 | | |
| 177,539 | |
M&T Bank | |
2/23/25 | |
| 8.78 | | |
| 13,000 | | |
| 121,927 | | |
| 321,192 | | |
| 128,191 | | |
| 443,120 | |
Daimler Truck | |
5/14/23 - 9/29/23 | |
| 4.95 - 6.00 | | |
| 2,487 - 2,762 | | |
| 74,873 | | |
| 53,429 | | |
| 138,374 | | |
| 216,560 | |
Ascentium Capital | |
5/5/27 - 6/5/27 | |
| 3.75 - 5.82 | | |
| 4,812 - 5,935 | | |
| 152,467 | | |
| 587,991 | | |
| - | | |
| - | |
Balboa Capital | |
8/13/27 | |
| 9.68 | | |
| 4,860 | | |
| 38,895 | | |
| 179,433 | | |
| - | | |
| - | |
Blue Bridge Financial | |
8/10/27 | |
| 12.18 | | |
| 1,442 | | |
| 10,394 | | |
| 50,951 | | |
| - | | |
| - | |
Financial Pacific | |
7/15/27 - 10/15/27 | |
| 7.49 - 9.87 | | |
| 1,585 - 1,906 | | |
| 29,187 | | |
| 133,220 | | |
| - | | |
| - | |
M2 Equipment | |
8/10/27 | |
| 8.68 | | |
| 4,739 | | |
| 39,527 | | |
| 178,039 | | |
| - | | |
| - | |
Meridian Equipment | |
7/12/27 | |
| 9.32 | | |
| 3,118 | | |
| 25,518 | | |
| 113,606 | | |
| - | | |
| - | |
Navitas | |
7/23/27 | |
| 7.99 | | |
| 4,257 | | |
| 36,791 | | |
| 158,723 | | |
| - | | |
| - | |
Pawnee | |
8/15/27 | |
| 10.19 | | |
| 5,296 | | |
| 41,480 | | |
| 193,759 | | |
| - | | |
| - | |
Signature | |
9/15/27 - 6/30/28 | |
| 6.93 - 8.25 | | |
| 3,901 - 4,842 | | |
| 73,973 | | |
| 374,921 | | |
| - | | |
| - | |
Trans Lease | |
2/20/27 | |
| 9.75 | | |
| 4,838 | | |
| 40,524 | | |
| 157,569 | | |
| - | | |
| - | |
Verdant | |
4/27/27 | |
| 6.25 | | |
| 4,702 | | |
| 44,324 | | |
| 169,390 | | |
| - | | |
| - | |
Western Equipment | |
8/15/27 | |
| 8.93 | | |
| 4,989 | | |
| 41,186 | | |
| 186,605 | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Related Parties | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Titan Property | |
On demand | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,204,532 | | |
| - | |
C. and M. Rizzo | |
On demand | |
| 3.00 | | |
| - | | |
| - | | |
| - | | |
| 500,000 | | |
| - | |
M. Rizzo | |
On demand | |
| 1.90 | | |
| - | | |
| - | | |
| - | | |
| 1,785,451 | | |
| - | |
J. Rizzo | |
On demand | |
| 5.00 | | |
| - | | |
| - | | |
| - | | |
| 170,881 | | |
| - | |
| |
| |
| | | |
| | | |
| 1,118,605 | | |
| 2,858,828 | | |
| 4,905,070 | | |
| 837,219 | |
** |
The Company applied for and received
loans from the Paycheck Protection Program (the “PPP”) in the amounts of $406,152
and $406,153,
received on May 5, 2020 and February 1, 2021, respectively. On January 31, 2022 and March 21, 2022, the Company received notices that
the entire balances of the loans plus any accrued interest were forgiven and recorded in the consolidated statement of operations as
forgiveness of $812,305 during the year ended December 31, 2022. |
Principal
maturities for the next five years and thereafter:
SCHEDULE
OF PRINCIPAL MATURITIES PAYMENT
| |
| | |
2023 | |
| 1,118,605 | |
2024 | |
| 806,510 | |
2025 | |
| 857,789 | |
2026 | |
| 723,597 | |
2027 | |
| 442,419 | |
Thereafter | |
| 28,514 | |
Total principal payments | |
| 3,977,434 | |
Less: debt issuance costs | |
| (93,745 | ) |
Total notes payable | |
| 3,883,689 | |
** |
The Company applied for and received
loans from the Paycheck Protection Program (the “PPP”) in the amounts of $406,152
and $406,153,
received on May 5, 2020 and February 1, 2021, respectively. On January 31, 2022 and March 21, 2022, the Company received notices that
the entire balances of the loans plus any accrued interest were forgiven and recorded in the consolidated statement of operations as
forgiveness of $812,305 during the year ended December 31, 2022. |
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
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v3.23.3
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
RELATED PARTY TRANSACTIONS |
NOTES
10 – RELATED PARTY TRANSACTIONS
The
Company had various related party notes payable outstanding at December 31, 2021. The notes were payable to the owner, entities related
to the owner, and family members (Note 9). During the year ended December 31, 2022, the Company conducted several related party transactions
in exchange for equity ownership in Titan Trucking LLC. As a result of the transactions, a net balance of $4,505,646 of related party
loans were converted as equity contributions and eliminated. An additional $517,500 of contributions from a member were paid directly
to the sellers for the purchase of the WTI Global Inc. customer list acquisition. These equity contribution conversions and intangible
asset purchases were utilized in the calculation of equity ownership of the members as of the year ended December 31, 2022.
As
of December 31, 2022, there was $200,000 outstanding in subscriptions receivable owed from one of the members of the Company in relation
to these equity transactions (Note 2).
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
BENEFIT PLAN
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Multiemployer Plan [Line Items] |
|
BENEFIT PLAN |
NOTE
11 – BENEFIT PLAN
The
Company offers a 401(k) plan. Employees are eligible to participate in the plan on the first day of the month following the date of hire.
Employees may defer up to $22,500 per year. The Company is required to contribute on behalf of each eligible participating employee.
The Company will match 50% of the participants deferral not to exceed 3%. Employees will share in the matching contribution regardless
of the amount of service completed during the plan year. Employees will become 100% vested in the employer matching contributions after
one year of service.
Employer
contributions for the year ended December 31, 2022 and 2021 was $11,164 and $10,957, respectively.
|
X |
- DefinitionThe entire disclosure for defined benefit plan.
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v3.23.3
CONTINGENCIES
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
CONTINGENCIES |
NOTE
12 - CONTINGENCIES
From
time to time, the Company is involved in routine litigation that arises in the ordinary course of business. The Company is in an ongoing
lawsuit with Wolverine Transfer Station over a contractual dispute and property damages. Wolverine is countersuing the Company for losses
from the cancellation of contractual obligations. It is the position of the Company that net losses arising from Wolverine’s claims
are not estimable nor probable at the time of this filing.
|
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- DefinitionThe entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.
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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SUBSEQUENT EVENTS |
NOTE
13 – SUBSEQUENT EVENTS
Subsequent
events were evaluated through September 28, 2023, which is the date the consolidated financial statements were issued.
In
April 30, 2023, the Company entered into a notes payable agreement with Titan Holdings 2 in the amount of $592,470, which matures on
April 30, 2028. Interest accrues at 10.5% per annum for the first twelve months and shall increase 0.5 basis points on each anniversary
of the note. The Company shall make interest-only payments for the first 60 months of the note and pay the principal in full on the fifth
anniversary of the note.
On
May 19, 2023, pursuant to the terms of the Titan Merger Agreement, the Company completed the Titan Merger. Under the terms of the Titan
Merger Agreement, the Company agreed to pay the Titan owners 630,900 shares of the Company’s Series C Preferred Stock as consideration.
The Company accounted for the Titan Merger as a reverse acquisition using acquisition accounting.
|
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) - Titan Trucking LLC [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the regulations of the United States
Securities and Exchange Commission. The Company adopted a December 31 fiscal year-end for financial statement reporting purposes.
The
consolidated financial statements and accompanying notes are the representations of the Company’s management, who are responsible
for their integrity and objectivity. In their opinion, such financial information is presented fairly and for all periods represented.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of Titan Trucking LLC and Senior Trucking LLC, its wholly owned affiliate. All
material inter-company accounts and transactions have been eliminated.
|
Basis of Accounting |
Basis
of Accounting
The
Company’s policy is to prepare its combined financial statements on the accrual basis of accounting, whereby revenue is recognized
when earned and expenses are recognized when incurred.
|
Accounting Estimates |
Accounting
Estimates
The
preparation of consolidated financial statements in conformity with U.S. GAAP in the United States of America requires management to
make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates.
|
Business Combinations |
Business
Combinations
Under
the guidance enumerated in FASB Accounting Standards Codification (“ASC”) 805, if substantially all of the fair value of
the gross assets acquired is concentrated in a single identifiable asst or group of similar identifiable assets, the set is not considered
a business and is accounted for as an asset acquisition at which point, the acquirer measures the assts acquired based on their cost,
which is allocated on a relative fair value basis.
Business
combinations are accounted for utilizing the fair value of consideration determined by the Company’s management and external specialists.
The Company recognizes estimated fair values of the tangible and intangible assets acquired and liabilities assumed as of the acquisition
date. Goodwill is recognized as any excess in fair value over the net value of assets acquired and liabilities assumed.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
Cash and cash equivalents |
Cash
and cash equivalents
The
Company considers all highly liquid money market funds and certificates of deposit with original maturities of less than three months
to be cash equivalents. The Company maintains its cash balances with various banks. The balances are insured by the Federal Deposit Insurance
Corporation (“FDIC”) up to $250,000. At December 31, 2022, the Company had no amounts above this amount.
|
Accounts Receivable, net |
Accounts
Receivable, net
Accounts
receivables are recorded at the amount the Company expects to collect on the balance outstanding at year-end. Management closely monitors
outstanding balances during the year and allocates an allowance account if appropriate. The Company writes off bad debts as they occur
during the year. As of the year ended December 31, 2022, the Company allocated $77,690 to the allowance for doubtful accounts. There
was no allowance for the year ended December 31, 2021.
|
Subscriptions Receivable |
Subscriptions
Receivable
Subscription
receivable consists of members’ equity that have been issued with subscriptions that have not yet been settled. As of December
31, 2022 and 2021, there were $200,000 and nil, respectively, in subscriptions that had not yet settled. All these funds were settled
in January of 2023, prior to the filing of this report. Subscriptions receivable are carried at cost which approximates fair value.
|
Property and Equipment, net |
Property
and Equipment, net
Property
and equipment are stated at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of
the assets. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the
cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in the consolidated
statement of operations or the period in which the disposal occurred. The Company utilizes a useful life ranging from 5 to 25 years for
its trailers, tractors, shop equipment, leasehold improvements, and containers.
Management
regularly reviews property and equipment for possible impairment. This review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of December 31, 2022.
|
Finite Intangible Assets, net |
Finite
Intangible Assets, net
Finite
intangible assets are recorded at their estimated fair value at the date of acquisition. They are amortized on a straight-line basis
over their estimated useful lives. Management annually evaluates the estimated remaining useful lives of the intangible assets to determine
whether events or changes in circumstances warrant a revision to the remaining period of amortization. The Company acquired the finite
intangible asset, customer lists, as part of the asset acquisition of WTI Global, Inc. Customer lists are amortized over a remaining
useful life of 10 years as determined by management.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
Finite-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully
recoverable. An impairment loss is recognized if the sum of the expected long-term undiscounted cash flows the asset is expected to generate
is less than its carrying amount. Any write-downs are treated as permanent reductions in the carrying amount of the respective asset.
Management assessed and concluded that no impairment write-down would be necessary for the finite-lived intangible assets as of December
31, 2022.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, accrued
expenses, and short-term notes payable. As of the consolidated balance sheet dates, the estimated fair values of the financial instruments
were not materially different from their carrying values as presented due to the short maturities of these instruments.
|
Leases |
Leases
The
Company assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets (“ROU”)
and corresponding lease liabilities at the lease commencement date. The lease term is used to calculate the lease liability, which includes
options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The leases the Company currently
holds do not have implicit borrowing rates, therefore the Company utilizes its incremental borrowing rate to measure the ROU assets and
liabilities. Operating lease expense is generally recognized on a straight-line basis over the lease term. All leases that have lease
terms of one year or less are considered short-term leases, and therefore are not recorded through a ROU or liability.
The
Company has elected to apply the practical expedient to not separate the lease and non-lease components of a contract, which ultimately
results in a higher amount of total lease payments being included within the present value calculation of the lease liability.
|
Loan Origination Fees |
Loan
Origination Fees
Loan
origination fees represent loan fees relating to notes granted to the Company and are amortized over the life of the note. Amortization
expense for the year ended December 31, 2022 was $6,663. The net amount of $93,745 was netted against the outstanding long-term debt.
|
Revenue Recognition |
Revenue
Recognition
The
Company records revenue based on a five-step model in accordance with ASC 606, Revenue from Contracts with Customers, which requires
the following:
1.
Identify the contract with a customer.
2.
Identify the performance obligations in the contract.
3.
Determine the transaction price of the contract.
4.
Allocate the transaction price to the performance obligations in the contract.
5.
Recognize revenue when the performance obligations are met or delivered.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
The
Company’s operating revenues are primarily generated from fees charged for the collection and disposal of waste. Revenues are recognized
at a point in time immediately after completion of disposal of waste at a landfill or transfer station and billed out to customers. Rates
charged for services performed are usually based on pre-negotiated amounts via contractual obligations and are billed on a performance
satisfaction basis via invoice. Invoices usually contain a payment term of net 30 days. There are no significant financing operations
with customers in relation to revenues generated and collected.
Revenues
from collection operations are influenced by factors such as collection frequency, type of collection furnished, type and volume or weight
of the waste collected, distance to the disposal facility or material recovery facility and disposal costs. Fees charged at transfer
stations are generally based on the weight or volume of waste deposited, including the cost of loading, transporting, and disposing of
the solid waste at a disposal site. The fees charged for services generally include environmental, fuel charge and regulatory recovery
fees, which are intended to pass through to customers direct and indirect costs incurred.
|
Concentration Risk |
Concentration
Risk
The
Company performs a regular review of customer activity and associated credit risks.
During
the year ended December 31, 2022, one customer accounted for more than 63% of accounts receivable. During the year ended December 31.
2021, two customers accounted for more than 77% of total accounts receivable.
During
the year ended December 31, 2022, three customers accounted for more than 76% of total revenues generated. During the year ended December
31, 2021, three customers accounted for more than 77% of total revenues generated.
The
Company maintains positive customer relationships and continually expands its customer base, mitigating the impact of any potential concentration
risks that exist.
|
Basic and Diluted Loss per Unit |
Basic
and Diluted Loss per Unit
The
Company presents both basic and diluted earnings per unit for the periods presented in the consolidated financial statements. Basic and
diluted loss per unit is calculated by dividing the net loss attributable to the Company by the weighted average number of units outstanding
during the periods presented.
|
Income Taxes |
Income
Taxes
The
Company, with consent from its members, has elected under the Internal Revenue Code to be an “S” corporation. In lieu of
corporation income taxes, the shareholders of an “S” corporation are taxed on their proportionate share of the Company’s
taxable income.
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs
Costs
associated with advertising are charged to expense as occurred. For the years ended December 31, 2022 and 2021, the advertising and marketing
costs were $11,336 and $3,394, respectively.
TITAN
TRUCKING, LLC AND SUBSIDIARY
A
LIMITED LIABILITY COMPANY
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current GAAP with a methodology that reflects expected credit losses on instruments within its scope, including trade receivables.
This update is intended to provide financial statement users with more decision-useful information about the expected credit losses.
In November 2019, the FASB issued No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic
815), and Leases (Topic 842), which deferred the effective date of ASU 2016-13 for fiscal years beginning after December 15, 2022, including
interim periods within those fiscal years. The Company does not expect a material impact from the adoption of ASU 2016-13 on the consolidated
financial statements.
|
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v3.23.3
OTHER RECEIVABLES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF OTHER RECEIVABLES |
SCHEDULE
OF OTHER RECEIVABLES
| |
December 31,
2022 | | |
December 31,
2021 | |
Employee retention credit (1) | |
$ | - | | |
$ | 422,845 | |
Other receivables | |
| 1,241 | | |
| 3,171 | |
Total | |
$ | 1,241 | | |
$ | 426,016 | |
(1) | During 2021, the
Company applied for the Employee Retention Credits (“ERC”) in the amount of $422,845 relating to the 2020 and 2021 fiscal
years. The Company assessed the probability of receiving the funds at December 31, 2021 and determined that the conditions attached to
receiving the ERC were met and it was probable to be received. As a result, the Company recognized income of $422,845 during the year
ended December 31, 2021. |
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v3.23.3
PROPERTY AND EQUIPMENT, NET (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment consists of the following as of December 31, 2022 and 2021:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
December 31,
2022 | | |
December 31,
2021 | |
Containers | |
$ | 1,397,311 | | |
$ | - | |
Trucks and tractors | |
| 4,086,968 | | |
| 2,213,265 | |
Trailers | |
| 1,197,357 | | |
| 1,829,853 | |
Shop equipment | |
| 40,380 | | |
| 40,380 | |
Leasehold improvements | |
| 19,589 | | |
| 19,589 | |
Property and equipment , gross | |
| 6,741,605 | | |
| 4,103,087 | |
Less: accumulated depreciation | |
| (1,097,664 | ) | |
| (942,908 | ) |
Net book value | |
$ | 5,643,941 | | |
$ | 3,160,179 | |
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Titan Trucking LLC [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
Detail
of accounts payable and accrued expenses as of December 31, 2022 and 2021 is as follows:
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES
| |
December 31,
2022 | | |
December 31,
2021 | |
Accounts payable | |
$ | 669,231 | | |
$ | 309,833 | |
Credit card payable | |
| 29,454 | | |
| 28,683 | |
Accrued interest | |
| 12,298 | | |
| 35,131 | |
Accrued expenses and other | |
| 25,675 | | |
| - | |
Total accounts payable and accrued expenses | |
$ | 736,658 | | |
$ | 373,647 | |
|
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v3.23.3
LEASE PAYABLE (Tables) - Titan Trucking LLC [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF LEASE PAYABLE |
SCHEDULE
OF LEASE PAYABLE
| |
As of December 31, | |
| |
2022 | | |
2021 | |
Weighted average remaining lease term (in years) | |
| 2.08 | | |
| 3.08 | |
Weighted average discount rate | |
| 7.57 | % | |
| 7.57 | % |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT |
Future
minimum lease payments required under operating leases on an undiscounted cash flow basis as of December 31, 2022 are as follows:
SCHEDULE
OF FUTURE MINIMUM LEASE PAYMENT
Fiscal Year | |
Operating Lease Payments | |
2023 | |
$ | 107,930 | |
2024 | |
| 111,168 | |
2025 | |
| 9,287 | |
Total minimum lease payments | |
| 228,385 | |
Less: imputed interest | |
| (17,852 | ) |
Present value of future minimum lease payments | |
$ | 210,533 | |
| |
| | |
Current operating lease liabilities | |
| 95,243 | |
Non-current operating lease liabilities | |
| 115,290 | |
|
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v3.23.3
NOTES PAYABLE (Tables) - Titan Trucking LLC [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF NOTES PAYABLE |
The
Company borrows funds from various creditors to finance equipment and vehicles and acquisitions consisting of the following:
SCHEDULE
OF NOTES PAYABLE
| |
| |
| | |
| | |
December 31, 2022 | | |
December 31, 2021 | |
Lender | |
Maturity
Date | |
Interest
Rate | | |
Monthly Payment | | |
Short-Term | | |
Long-Term | | |
Short-Term | | |
Long-Term | |
| |
| |
| % | | |
| $ | | |
| $ | | |
| $ | | |
| $ | | |
| $ | |
Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fifth Third Bank (PPP)** | |
2/8/22 - 5/24/22 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 812,304 | | |
| - | |
WTI Global | |
On demand | |
| 7.00 | | |
| - | | |
| 170,000 | | |
| - | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Collateralized Loans | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Peoples United | |
11/10/23 | |
| 5.75 | | |
| 16,614 | | |
| 177,539 | | |
| - | | |
| 165,337 | | |
| 177,539 | |
M&T Bank | |
2/23/25 | |
| 8.78 | | |
| 13,000 | | |
| 121,927 | | |
| 321,192 | | |
| 128,191 | | |
| 443,120 | |
Daimler Truck | |
5/14/23 - 9/29/23 | |
| 4.95 - 6.00 | | |
| 2,487 - 2,762 | | |
| 74,873 | | |
| 53,429 | | |
| 138,374 | | |
| 216,560 | |
Ascentium Capital | |
5/5/27 - 6/5/27 | |
| 3.75 - 5.82 | | |
| 4,812 - 5,935 | | |
| 152,467 | | |
| 587,991 | | |
| - | | |
| - | |
Balboa Capital | |
8/13/27 | |
| 9.68 | | |
| 4,860 | | |
| 38,895 | | |
| 179,433 | | |
| - | | |
| - | |
Blue Bridge Financial | |
8/10/27 | |
| 12.18 | | |
| 1,442 | | |
| 10,394 | | |
| 50,951 | | |
| - | | |
| - | |
Financial Pacific | |
7/15/27 - 10/15/27 | |
| 7.49 - 9.87 | | |
| 1,585 - 1,906 | | |
| 29,187 | | |
| 133,220 | | |
| - | | |
| - | |
M2 Equipment | |
8/10/27 | |
| 8.68 | | |
| 4,739 | | |
| 39,527 | | |
| 178,039 | | |
| - | | |
| - | |
Meridian Equipment | |
7/12/27 | |
| 9.32 | | |
| 3,118 | | |
| 25,518 | | |
| 113,606 | | |
| - | | |
| - | |
Navitas | |
7/23/27 | |
| 7.99 | | |
| 4,257 | | |
| 36,791 | | |
| 158,723 | | |
| - | | |
| - | |
Pawnee | |
8/15/27 | |
| 10.19 | | |
| 5,296 | | |
| 41,480 | | |
| 193,759 | | |
| - | | |
| - | |
Signature | |
9/15/27 - 6/30/28 | |
| 6.93 - 8.25 | | |
| 3,901 - 4,842 | | |
| 73,973 | | |
| 374,921 | | |
| - | | |
| - | |
Trans Lease | |
2/20/27 | |
| 9.75 | | |
| 4,838 | | |
| 40,524 | | |
| 157,569 | | |
| - | | |
| - | |
Verdant | |
4/27/27 | |
| 6.25 | | |
| 4,702 | | |
| 44,324 | | |
| 169,390 | | |
| - | | |
| - | |
Western Equipment | |
8/15/27 | |
| 8.93 | | |
| 4,989 | | |
| 41,186 | | |
| 186,605 | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Related Parties | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Titan Property | |
On demand | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,204,532 | | |
| - | |
C. and M. Rizzo | |
On demand | |
| 3.00 | | |
| - | | |
| - | | |
| - | | |
| 500,000 | | |
| - | |
M. Rizzo | |
On demand | |
| 1.90 | | |
| - | | |
| - | | |
| - | | |
| 1,785,451 | | |
| - | |
J. Rizzo | |
On demand | |
| 5.00 | | |
| - | | |
| - | | |
| - | | |
| 170,881 | | |
| - | |
| |
| |
| | | |
| | | |
| 1,118,605 | | |
| 2,858,828 | | |
| 4,905,070 | | |
| 837,219 | |
** |
The Company applied for and received
loans from the Paycheck Protection Program (the “PPP”) in the amounts of $406,152
and $406,153,
received on May 5, 2020 and February 1, 2021, respectively. On January 31, 2022 and March 21, 2022, the Company received notices that
the entire balances of the loans plus any accrued interest were forgiven and recorded in the consolidated statement of operations as
forgiveness of $812,305 during the year ended December 31, 2022. |
**The Company applied for and received
loans from the Paycheck Protection Program (the “PPP”) in the amounts of $406,152
and $406,153,
received on May 5, 2020 and February 1, 2021, respectively. On January 31, 2022 and March 21, 2022, the Company received notices that
the entire balances of the loans plus any accrued interest were forgiven and recorded in the consolidated statement of operations as
forgiveness of $812,305 during the year ended December 31, 2022.
|
SCHEDULE OF PRINCIPAL MATURITIES PAYMENT |
Principal
maturities for the next five years and thereafter:
SCHEDULE
OF PRINCIPAL MATURITIES PAYMENT
| |
| | |
2023 | |
| 1,118,605 | |
2024 | |
| 806,510 | |
2025 | |
| 857,789 | |
2026 | |
| 723,597 | |
2027 | |
| 442,419 | |
Thereafter | |
| 28,514 | |
Total principal payments | |
| 3,977,434 | |
Less: debt issuance costs | |
| (93,745 | ) |
Total notes payable | |
| 3,883,689 | |
|
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v3.23.3
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - Titan Trucking LLC [Member] - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Incorporated date |
Jan. 26, 2017
|
|
Net loss |
$ 658,663
|
$ 588,050
|
Working capital deficit |
1,106,879
|
4,435,427
|
Operating activities |
312,264
|
506,660
|
Cash |
26,650
|
$ 33,579
|
Investor [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Cash |
$ 1,000,000
|
|
Titan Trucking LLC [Member] |
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
Ownership percentage |
100.00%
|
|
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v3.23.3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - Titan Trucking LLC [Member] - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Product Information [Line Items] |
|
|
Cash FDIC amount |
$ 250,000
|
|
Allowance for doubtful accounts |
77,690
|
|
Subscriptions receivable |
$ 200,000
|
|
Finite intangible assets net |
10 years
|
|
Amortization expense |
$ 6,663
|
|
Long term debt |
93,745
|
|
Advertising and marketing costs |
$ 11,336
|
$ 3,394
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customers [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk percentage |
63.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk percentage |
|
77.00%
|
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] |
|
|
Product Information [Line Items] |
|
|
Concentration risk percentage |
76.00%
|
77.00%
|
Trailers,Tractors, Shop Equipment Leasehold Improvements and Container [Member] | Minimum [Member] |
|
|
Product Information [Line Items] |
|
|
Trailers |
5 years
|
|
Trailers,Tractors, Shop Equipment Leasehold Improvements and Container [Member] | Maximum [Member] |
|
|
Product Information [Line Items] |
|
|
Trailers |
25 years
|
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v3.23.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - Titan Trucking LLC [Member] - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 6,741,605
|
$ 4,103,087
|
Less: accumulated depreciation |
(1,097,664)
|
(942,908)
|
Net book value |
5,643,941
|
3,160,179
|
Containers [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
1,397,311
|
|
Trucks [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
4,086,968
|
2,213,265
|
Trailers [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
1,197,357
|
1,829,853
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
40,380
|
40,380
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 19,589
|
$ 19,589
|
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- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
PROPERTY AND EQUIPMENT, NET (Details Narrative) - Titan Trucking LLC [Member] - USD ($)
|
|
12 Months Ended |
Jun. 10, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Depreciation expense |
|
$ 325,382
|
$ 304,175
|
Payments to acquire property, plant, and equipment |
|
$ 3,349,628
|
$ 47,177
|
Asset Purchase Agreement [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Payments to acquire property, plant, and equipment |
$ 1,805,000
|
|
|
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INTANGIBLES, NET (Details Narrative) - Titan Trucking LLC [Member] - USD ($)
|
|
12 Months Ended |
Dec. 09, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Amortization expense |
|
$ 68,750
|
|
Note payable in exchange for intangible asset purchase |
|
170,000
|
|
Member contributions in exchange for intangible asset purchase |
|
$ 517,500
|
|
Purchase Agreement [Member] | WTI Global Inc. [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Payments for intangible assets |
$ 687,500
|
|
|
Note payable in exchange for intangible asset purchase |
170,000
|
|
|
Member contributions in exchange for intangible asset purchase |
$ 517,500
|
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v3.23.3
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - Titan Trucking LLC [Member] - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Accounts payable |
$ 669,231
|
$ 309,833
|
Credit card payable |
29,454
|
28,683
|
Accrued interest |
12,298
|
35,131
|
Accrued expenses and other |
25,675
|
|
Total accounts payable and accrued expenses |
$ 736,658
|
$ 373,647
|
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v3.23.3
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT (Details) - Titan Trucking LLC [Member] - USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
2023 |
$ 107,930
|
|
2024 |
111,168
|
|
2025 |
9,287
|
|
Total minimum lease payments |
228,385
|
|
Less: imputed interest |
(17,852)
|
|
Present value of future minimum lease payments |
210,533
|
|
Current operating lease liabilities |
95,243
|
$ 85,303
|
Non-current operating lease liabilities |
$ 115,290
|
$ 210,533
|
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v3.23.3
LEASE PAYABLE (Details Narrative) - Titan Trucking LLC [Member] - USD ($)
|
|
|
12 Months Ended |
Apr. 01, 2023 |
Feb. 15, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2019 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Lease expiration date |
|
|
|
|
Jan. 15, 2025
|
Payments for rent |
|
$ 8,251
|
|
|
|
Straight rent |
|
$ 8,479
|
|
|
|
Operating Lease, Expense |
|
|
$ 112,753
|
$ 112,198
|
$ 211,963
|
Subsequent Event [Member] |
|
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
|
Lease expiration date |
Mar. 31, 2028
|
|
|
|
|
Straight rent |
$ 33,564
|
|
|
|
|
X |
- DefinitionDate which lease or group of leases is set to expire, in YYYY-MM-DD format.
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- DefinitionCash payments to lessor's for use of assets under operating leases.
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v3.23.3
SCHEDULE OF NOTES PAYABLE (Details) - Titan Trucking LLC [Member] - USD ($)
|
12 Months Ended |
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
$ 1,118,605
|
$ 4,905,070
|
Notes payable, noncurrent |
|
2,785,531
|
837,219
|
Notes payable, noncurrent |
|
2,858,828
|
837,219
|
Related Party [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
|
3,660,864
|
Fifth Third Bank (PPP) [Member] | Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
[1] |
|
|
Debt instrument, periodic payment |
[1] |
|
|
Notes payable, current |
[1] |
|
812,304
|
Notes payable, noncurrent |
[1] |
|
|
Fifth Third Bank (PPP) [Member] | Minimum [Member] | Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
[1] |
Feb. 08, 2022
|
|
Fifth Third Bank (PPP) [Member] | Maximum [Member] | Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
[1] |
May 24, 2022
|
|
WTI Global Inc. [Member] | Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
|
7.00%
|
|
Debt instrument, periodic payment |
|
|
|
Notes payable, current |
|
170,000
|
|
Notes payable, noncurrent |
|
|
|
Debt instrument, maturity date |
|
On demand
|
|
Peoples United [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Nov. 10, 2023
|
|
Debt instrument, interest rate, stated percentage |
|
5.75%
|
|
Debt instrument, periodic payment |
|
$ 16,614
|
|
Notes payable, current |
|
177,539
|
165,337
|
Notes payable, noncurrent |
|
|
177,539
|
M&T Bank [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Feb. 23, 2025
|
|
Debt instrument, interest rate, stated percentage |
|
8.78%
|
|
Debt instrument, periodic payment |
|
$ 13,000
|
|
Notes payable, current |
|
121,927
|
128,191
|
Notes payable, noncurrent |
|
321,192
|
443,120
|
Daimler Truck [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
74,873
|
138,374
|
Notes payable, noncurrent |
|
$ 53,429
|
216,560
|
Daimler Truck [Member] | Minimum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
May 14, 2023
|
|
Debt instrument, interest rate, stated percentage |
|
4.95%
|
|
Debt instrument, periodic payment |
|
$ 2,487
|
|
Daimler Truck [Member] | Maximum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Sep. 29, 2023
|
|
Debt instrument, interest rate, stated percentage |
|
6.00%
|
|
Debt instrument, periodic payment |
|
$ 2,762
|
|
Ascentium Capital [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
152,467
|
|
Notes payable, noncurrent |
|
$ 587,991
|
|
Ascentium Capital [Member] | Minimum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
May 05, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
3.75%
|
|
Debt instrument, periodic payment |
|
$ 4,812
|
|
Ascentium Capital [Member] | Maximum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Jun. 05, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
5.82%
|
|
Debt instrument, periodic payment |
|
$ 5,935
|
|
Balboa Capital [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Aug. 13, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
9.68%
|
|
Debt instrument, periodic payment |
|
$ 4,860
|
|
Notes payable, current |
|
38,895
|
|
Notes payable, noncurrent |
|
$ 179,433
|
|
Blue Bridge Financial [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Aug. 10, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
12.18%
|
|
Debt instrument, periodic payment |
|
$ 1,442
|
|
Notes payable, current |
|
10,394
|
|
Notes payable, noncurrent |
|
50,951
|
|
Financial Pacific [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
29,187
|
|
Notes payable, noncurrent |
|
$ 133,220
|
|
Financial Pacific [Member] | Minimum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Jul. 15, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
7.49%
|
|
Debt instrument, periodic payment |
|
$ 1,585
|
|
Financial Pacific [Member] | Maximum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Oct. 15, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
9.87%
|
|
Debt instrument, periodic payment |
|
$ 1,906
|
|
M2 Equipment [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Aug. 10, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
8.68%
|
|
Debt instrument, periodic payment |
|
$ 4,739
|
|
Notes payable, current |
|
39,527
|
|
Notes payable, noncurrent |
|
$ 178,039
|
|
Meridian Equipment [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Jul. 12, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
9.32%
|
|
Debt instrument, periodic payment |
|
$ 3,118
|
|
Notes payable, current |
|
25,518
|
|
Notes payable, noncurrent |
|
$ 113,606
|
|
Navitas [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Jul. 23, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
7.99%
|
|
Debt instrument, periodic payment |
|
$ 4,257
|
|
Notes payable, current |
|
36,791
|
|
Notes payable, noncurrent |
|
$ 158,723
|
|
Pawnee [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Aug. 15, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
10.19%
|
|
Debt instrument, periodic payment |
|
$ 5,296
|
|
Notes payable, current |
|
41,480
|
|
Notes payable, noncurrent |
|
193,759
|
|
Signature [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Notes payable, current |
|
73,973
|
|
Notes payable, noncurrent |
|
$ 374,921
|
|
Signature [Member] | Minimum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Sep. 15, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
6.93%
|
|
Debt instrument, periodic payment |
|
$ 3,901
|
|
Signature [Member] | Maximum [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Jun. 30, 2028
|
|
Debt instrument, interest rate, stated percentage |
|
8.25%
|
|
Debt instrument, periodic payment |
|
$ 4,842
|
|
Trans Lease [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Feb. 20, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
9.75%
|
|
Debt instrument, periodic payment |
|
$ 4,838
|
|
Notes payable, current |
|
40,524
|
|
Notes payable, noncurrent |
|
$ 157,569
|
|
Verdant [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Apr. 27, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
6.25%
|
|
Debt instrument, periodic payment |
|
$ 4,702
|
|
Notes payable, current |
|
44,324
|
|
Notes payable, noncurrent |
|
$ 169,390
|
|
Western Equipment [Member] | Collateralized Loans [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, maturity date |
|
Aug. 15, 2027
|
|
Debt instrument, interest rate, stated percentage |
|
8.93%
|
|
Debt instrument, periodic payment |
|
$ 4,989
|
|
Notes payable, current |
|
41,186
|
|
Notes payable, noncurrent |
|
$ 186,605
|
|
Titan Property [Member] | Related Party [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
Debt instrument, periodic payment |
|
|
|
Notes payable, current |
|
|
1,204,532
|
Notes payable, noncurrent |
|
|
|
Debt instrument, maturity date |
|
On demand
|
|
C. and M. Rizzo [Member] | Related Party [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
|
3.00%
|
|
Debt instrument, periodic payment |
|
|
|
Notes payable, current |
|
|
500,000
|
Notes payable, noncurrent |
|
|
|
Debt instrument, maturity date |
|
On demand
|
|
M. Rizzo [Member] | Related Party [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
|
1.90%
|
|
Debt instrument, periodic payment |
|
|
|
Notes payable, current |
|
|
1,785,451
|
Notes payable, noncurrent |
|
|
|
Debt instrument, maturity date |
|
On demand
|
|
J. Rizzo [Member] | Related Party [Member] |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, interest rate, stated percentage |
|
5.00%
|
|
Debt instrument, periodic payment |
|
|
|
Notes payable, current |
|
|
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|
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v3.23.3
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v3.23.3
SCHEDULE OF PRINCIPAL MATURITIES PAYMENT (Details) - Titan Trucking LLC [Member]
|
Dec. 31, 2022
USD ($)
|
Restructuring Cost and Reserve [Line Items] |
|
2023 |
$ 1,118,605
|
2024 |
806,510
|
2025 |
857,789
|
2026 |
723,597
|
2027 |
442,419
|
Thereafter |
28,514
|
Total principal payments |
3,977,434
|
Less: debt issuance costs |
(93,745)
|
Total notes payable |
$ 3,883,689
|
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