Description of Business and Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Schedule of Computation of Basic and Diluted Earnings (loss) Per Share |
The following table presents the computation of basic and diluted earnings (loss) per share (amounts in thousands, except share data):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Numerator: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(12,763 |
) |
|
$ |
31,223 |
|
Accrued and undeclared preferred stock dividends in arrears |
|
|
(161 |
) |
|
|
(161 |
) |
Net income (loss) available to common stockholders - numerator for basic EPS |
|
|
(12,924 |
) |
|
|
31,062 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
$4.0 million Secured Convertible Promissory Notes |
|
|
— |
|
|
|
202 |
|
Redeemable Series A Preferred stock |
|
|
— |
|
|
|
9 |
|
Redeemable Series B Preferred stock |
|
|
— |
|
|
|
152 |
|
Subtotal |
|
|
— |
|
|
|
363 |
|
Adjusted net income (loss) available to common stockholders - numerator for diluted EPS |
|
$ |
(12,924 |
) |
|
$ |
31,425 |
|
|
|
|
|
|
|
|
Denominator: |
|
|
|
|
|
|
Denominator for basic EPS - weighted average common shares outstanding |
|
|
35,469,317 |
|
|
|
29,342,042 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
$4.0 million Secured Convertible Promissory Notes |
|
|
— |
|
|
|
1,531,634 |
|
Redeemable Series A Preferred stock |
|
|
— |
|
|
|
132,647 |
|
Redeemable Series B Preferred stock |
|
|
— |
|
|
|
2,208,384 |
|
Subtotal |
|
|
— |
|
|
|
3,872,665 |
|
Denominator for diluted EPS - adjusted weighted average common shares outstanding |
|
|
35,469,317 |
|
|
|
33,214,707 |
|
Basic EPS |
|
$ |
(0.36 |
) |
|
$ |
1.06 |
|
Diluted EPS |
|
$ |
(0.36 |
) |
|
$ |
0.95 |
|
|
| Schedule of Computation of Diluted Earnings (loss) per Share of Common Stock Attributable to Common Stockholders |
The following table presents the potentially dilutive shares that were excluded from the computation of diluted earnings (loss) per share of common stock attributable to common stockholders, because either their effect was anti-dilutive or they are contingently issuable shares that were not issuable assuming the end of the reporting period was the end of the contingency period:
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|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Stock options |
|
|
10,905,711 |
|
|
|
9,539,249 |
|
Warrants |
|
|
12,606,255 |
|
|
|
12,606,255 |
|
Common stock to be issued upon conversion of
$4.0 million Secured Convertible Promissory Notes |
|
|
122,204 |
|
|
|
— |
|
Common stock to be issued upon conversion of
Redeemable Series A Preferred stock |
|
|
147,606 |
|
|
|
— |
|
Common stock to be issued upon conversion of
Redeemable Series B Preferred stock |
|
|
2,463,932 |
|
|
|
— |
|
Common stock to be issued upon conversion of
four convertible promissory notes with an aggregate principal
amount of $9.5 million |
|
|
— |
|
|
|
7,437,500 |
|
Common stock and warrant to be issued for purchase
of fixed assets |
|
|
2,348,000 |
|
|
|
2,348,000 |
|
Total |
|
|
28,593,708 |
|
|
|
31,931,004 |
|
|
| Schedule of Disaggregation of Trucking Revenue from Contracts with Customers |
In accordance with ASC 606-10-50, the Company disaggregates Trucking revenue from contracts with its customers between USPS revenue and Freight revenue as follows:
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
For the Three Months
Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
USPS revenue |
|
$ |
64,913 |
|
|
$ |
47,151 |
|
Freight revenue |
|
|
5,781 |
|
|
|
6,561 |
|
Other revenue |
|
|
1,850 |
|
|
|
240 |
|
Total Trucking revenue |
|
$ |
72,544 |
|
|
$ |
53,952 |
|
|