Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 4 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 29, 2020
Feb. 28, 2021
Revenues:        
Airfreight services $ 25,331,969 $ 0 $ 0 $ 115,218,997
Ocean freight and ocean services 54,399,755 0 0 127,653,935
Contract logistics 828,084 0 0 2,355,647
Customs brokerage and other services 10,402,606 0 0 27,788,522
Total revenues 90,962,414 0 0 273,017,101
Costs and operating expenses:        
Airfreight services 23,614,094 0 0 109,242,174
Ocean freight and ocean services 50,193,185 0 0 116,785,557
Contract logistics 354,723 0 0 916,549
Customs brokerage and other services 9,995,544 0 0 26,498,261
Salaries and related costs 2,424,476 0 0 6,716,612
Professional fees 425,676 0 0 1,084,156
Rent and occupancy 468,744 0 0 1,369,860
Selling and promotion 1,380,282 0 0 3,278,593
Depreciation and amortization 191,226 0 0 573,443
Fees on factoring agreements 1,271,384 0 0 3,155,647
Other 335,990 40,025 40,040 574,879
Total costs and operating expenses 90,655,324 40,025 40,040 270,195,731
Income (loss) from operations 307,090 (40,025) (40,040) 2,821,370
Other income (expenses)        
Interest (610,353) 0 0 (846,532)
Gain on forgiveness of promissory notes 1,646,062 0 0 1,646,062
Loss on extinguishment of convertible note 0 0 0 (1,147,856)
Total other income (expenses) 1,035,709 0 0 (348,326)
Net income (loss) before income taxes 1,342,799 (40,025) (40,040) 2,473,044
Income tax expense 77,801 0 0 385,000
Net income (loss) $ 1,264,998 $ (40,025) $ (40,040) $ 2,088,044
Net income (loss) per common share        
Earnings Per Share, Basic $ 0.00 $ 0 $ 0 $ 0.01
Earnings Per Share, Diluted $ 0.00 $ 0 $ 0 $ 0.00
Weighted average common shares outstanding        
Weighted Average Number of Shares Issued, Basic 357,891,040 0 0 230,663,175
Weighted Average Number of Shares Outstanding, Diluted 9,976,549,430 0 0 9,849,321,565