Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2022 |
Feb. 28, 2021 |
Feb. 28, 2022 |
Feb. 28, 2021 |
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Revenues: | ||||
Total revenues | $ 250,435,895 | $ 90,962,414 | $ 845,638,444 | $ 273,017,101 |
Costs and operating expenses: | ||||
Airfreight services | 127,220,095 | 23,614,094 | 447,865,096 | 109,242,174 |
Ocean freight and ocean services | 99,620,036 | 50,193,185 | 323,381,733 | 116,785,557 |
Contract logistics | 459,492 | 354,723 | 1,529,318 | 916,549 |
Customs brokerage and other services | 16,011,938 | 9,995,544 | 41,330,633 | 26,498,261 |
Salaries and related costs | 2,551,481 | 2,424,476 | 8,120,799 | 6,716,612 |
Professional fees | 190,765 | 425,676 | 669,091 | 1,084,156 |
Rent and occupancy | 508,621 | 468,744 | 1,478,600 | 1,369,860 |
Selling and promotion | 899,097 | 1,380,282 | 4,591,715 | 3,278,593 |
Depreciation and amortization | 196,347 | 191,226 | 585,019 | 573,443 |
Fees on factoring agreements | 1,271,384 | 27,000 | 3,155,647 | |
Other | 524,933 | 335,990 | 1,948,000 | 574,879 |
Total costs and operating expenses | 248,182,805 | 90,655,324 | 831,527,004 | 270,195,731 |
Income from operations | 2,253,090 | 307,090 | 14,111,440 | 2,821,370 |
Other income (expenses) | ||||
Interest expense, net | (1,395,396) | (434,997) | (4,566,876) | (241,013) |
Amortization of debt discount | (175,356) | (776,515) | (605,519) | |
Loss on extinguishment of convertible notes payable | (1,344,087) | (564,037) | (1,147,856) | |
Gain on forgiveness of promissory note | 1,646,062 | 358,236 | 1,646,062 | |
Change in fair value of derivative liabilities | (4,275,986) | (4,275,986) | ||
Other Income | 60,000 | 60,000 | ||
Total other income (expenses) | (6,955,469) | 1,035,709 | (9,765,178) | (348,326) |
Net (loss) income before income tax provision | (4,702,379) | 1,342,799 | 4,346,262 | 2,473,044 |
Income tax provision | 228,207 | 77,801 | 2,765,207 | 385,000 |
Net (loss) income | (4,930,586) | 1,264,998 | 1,581,055 | 2,088,044 |
Deemed Dividend | (4,565,725) | (4,565,725) | ||
Net (loss) income available to common shareholders | $ (9,496,311) | $ 1,264,998 | $ (2,984,670) | $ 2,088,044 |
Net income per common share | ||||
– basic | $ (0.01) | $ 0.00 | $ (0.01) | $ 0.01 |
– diluted | $ (0.01) | $ 0.00 | $ (0.01) | $ 0.00 |
Weighted average common shares outstanding | ||||
– basic | 655,781,078 | 357,891,040 | 582,680,746 | 230,663,175 |
– diluted | 655,781,078 | 9,976,549,430 | 582,680,746 | 9,849,321,565 |
Airfreight Services [Member] | ||||
Revenues: | ||||
Total revenues | $ 127,787,167 | $ 25,331,969 | $ 455,020,012 | $ 115,218,997 |
Ocean Freight and Ocean Services [Member] | ||||
Revenues: | ||||
Total revenues | 104,379,472 | 54,399,755 | 343,102,200 | 127,653,935 |
Contract Logistics [Member] | ||||
Revenues: | ||||
Total revenues | 725,932 | 828,084 | 2,659,652 | 2,355,647 |
Customs Brokerage And Other Services [Member] | ||||
Revenues: | ||||
Total revenues | $ 17,543,324 | $ 10,402,606 | $ 44,856,580 | $ 27,788,522 |
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- Definition Airfreight services. No definition available.
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- Definition Amortization of debt discount. No definition available.
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- Definition Contract logistics. No definition available.
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- Definition Customs brokerage and other services. No definition available.
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- Definition Deemed dividend. No definition available.
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- Definition Fees on factoring agreements. No definition available.
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- Definition Gain on forgiveness of notes. No definition available.
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- Definition Ocean freight and ocean services. No definition available.
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- Definition Rent and occupancy. No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- References No definition available.
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Expenses recognized in the period that are directly related to the selling and distribution of products or services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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