Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.21.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2021
Nov. 30, 2020
Nov. 30, 2021
Nov. 30, 2020
Revenues:        
Total revenues $ 405,430,689 $ 124,639,420 $ 595,202,549 $ 182,054,687
Costs and operating expenses:        
Airfreight services 269,019,226 68,891,139 320,645,001 85,628,080
Ocean freight and ocean services 107,173,955 38,726,139 223,761,697 66,592,372
Contract logistics 679,426 297,758 1,069,826 561,826
Customs brokerage and other services 12,393,603 8,357,835 25,318,695 16,502,717
Salaries and related costs 2,817,938 2,191,247 5,569,318 4,292,136
Professional fees 184,459 228,739 478,326 658,480
Rent and occupancy 489,770 442,605 969,979 901,116
Selling and promotion 2,659,490 846,883 3,692,618 1,898,311
Depreciation and amortization 194,875 191,398 388,672 382,311
Fees on factoring agreements 1,410,203 27,000 1,884,263
Other 1,154,945 16,190 1,423,067 238,889
Total costs and operating expenses 396,767,687 121,600,136 583,344,199 179,540,407
Income from operations 8,663,002 3,039,284 11,858,350 2,514,280
Other income (expenses)        
Interest expense, net (1,881,201) (28,474) (3,171,480) (60,913)
Amortization of debt discount (391,035) (175,266) (776,515) (175,266)
Gain (loss) on extinguishment of convertible notes payable (1,147,856) 780,050 (1,147,856)
Gain on forgiveness of promissory note 358,236
Total other income (expenses) (2,272,236) (1,351,596) (2,809,709) (1,384,035)
Net income before income tax provision 6,390,766 1,687,688 9,048,641 1,130,245
Income tax provision 1,902,541 290,505 2,537,000 307,199
Net income $ 4,488,225 $ 1,397,183 $ 6,511,641 $ 823,046
Net income per common share        
– basic $ 0.00 $ 0.00 $ 0.00 $ 0.00
– diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted average common shares outstanding        
– basic 1,764,049,961 1,393,560,488 1,687,489,133 1,308,705,539
– diluted 10,899,465,407 9,306,568,440 10,822,904,579 9,221,713,491
Airfreight Services [Member]        
Revenues:        
Total revenues $ 275,070,204 $ 72,388,144 $ 327,232,845 $ 89,887,028
Ocean Freight and Ocean Services [Member]        
Revenues:        
Total revenues 115,421,970 42,601,314 238,722,728 73,254,180
Contract Logistics [Member]        
Revenues:        
Total revenues 1,211,056 838,853 1,933,720 1,527,563
Customs Brokerage And Other Services [Member]        
Revenues:        
Total revenues $ 13,727,459 $ 8,811,109 $ 27,313,256 $ 17,385,916