Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.22.1
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
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