XML 81 R65.htm IDEA: XBRL DOCUMENT v3.24.1.u1
SCHEDULE OF LONG-TERM DEBT (Details) - USD ($)
Dec. 31, 2023
Dec. 25, 2023
Nov. 08, 2023
Oct. 31, 2023
Sep. 19, 2023
Jun. 15, 2023
May 19, 2023
Jan. 05, 2023
Dec. 23, 2022
Oct. 15, 2022
Aug. 20, 2022
Aug. 16, 2022
Aug. 15, 2022
Aug. 13, 2022
Aug. 11, 2022
Aug. 10, 2022
Jul. 23, 2022
Jul. 15, 2022
Jun. 05, 2022
May 10, 2022
May 05, 2022
Dec. 10, 2021
Jun. 03, 2019
Feb. 12, 2018
Dec. 08, 2023
Dec. 01, 2023
Nov. 30, 2023
Nov. 10, 2023
Oct. 30, 2023
Jul. 17, 2023
Apr. 30, 2023
Apr. 26, 2023
Dec. 31, 2022
Dec. 15, 2022
Sep. 28, 2022
May 16, 2022
Notes and Loans Payable, Current $ 3,932,831                                                               $ 1,118,605      
Notes and Loans, Noncurrent 3,228,010                                                               2,858,828      
Debt Instrument, Unamortized Discount, Current (21,385)                                                               (20,447)      
Debt Instrument, Unamortized Discount, Noncurrent (53,325)                                                               (73,297)      
Notes Payable 3,911,446                                                               1,098,158      
Notes Payable, Noncurrent 3,174,685                                                               2,785,531      
Notes payable current 3,381,446                                                               1,098,158      
Notes payable noncurrent 2,571,215                                                               2,785,531      
Debt instrument face amount                                                           $ 1,944,000            
Titan Holdings 2 [Member]                                                                        
Long-term debt, current maturities [1] 175,000                                                                    
Long term debt noncurrent maturities [1] 603,470                                                                    
Titan Holdings 2 [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                                 $ 175,000     $ 712,470                
Debt instrument, interest rate, effective percentage                                                   13.00%         10.50%          
Titan Holdings 5 [Member]                                                                        
Long-term debt, current maturities [2] 40,000                                                                    
Long term debt noncurrent maturities [2]                                                                    
Glen Miller [Member]                                                                        
Long-term debt, current maturities [3] 250,000                                                                    
Long term debt noncurrent maturities [3]                                                                    
Glen Miller [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                                         $ 250,000              
Jeff Rizzo [Member]                                                                        
Long-term debt, current maturities [4] 65,000                                                                    
Long term debt noncurrent maturities [4]                                                                    
Jeff Rizzo [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                                     $ 65,000                  
Related Party [Member]                                                                        
Long-term debt, current maturities                                                                      
Long term debt noncurrent maturities 603,470                                                                    
Notes Payable, Noncurrent 603,470                                                                    
Notes Payable, Current 530,000                                                                    
WTI Global Inc [Member]                                                                        
Long-term debt, current maturities [5]                                                               170,000      
Long term debt noncurrent maturities [5]                                                                    
WTI Global Inc [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                                                   $ 170,000    
Debt instrument, interest rate, effective percentage                                                                   7.00%    
Peoples United [Member]                                                                        
Long-term debt, current maturities [6]                                                               177,539      
Long term debt noncurrent maturities [6]                                                                    
Peoples United [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                           $ 354,876                            
Debt instrument monthly payment                                           $ 16,614                            
Debt instrument, interest rate, effective percentage                                           5.75%                            
M&T Bank [Member]                                                                        
Long-term debt, current maturities [7] 133,072                                                               121,927      
Long term debt noncurrent maturities [7] 188,121                                                               321,192      
M&T Bank [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument monthly payment                 $ 13,000                                                      
Debt instrument, interest rate, effective percentage                 8.78%                                                      
Daimler Truck [Member]                                                                        
Long-term debt, current maturities [8] 53,429                                                               74,873      
Long term debt noncurrent maturities [8]                                                               53,429      
Debt instrument, interest rate, effective percentage                                             6.00%                          
Daimler Truck [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                             $ 160,601 $ 131,940                        
Debt instrument monthly payment                                             $ 2,795 $ 2,487                        
Debt instrument, interest rate, effective percentage                                               4.95%                        
Ascentium Capital [Member]                                                                        
Long-term debt, current maturities [9] 195,519                                                               152,467      
Long term debt noncurrent maturities [9] 612,674                                                               587,991      
Ascentium Capital [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount   $ 220,202                                 $ 311,795 $ 259,646 $ 250,000                              
Debt instrument monthly payment   $ 4,742                                 $ 5,935 $ 4,753 $ 4,812                              
Debt instrument, interest rate, effective percentage   10.58%                                 5.36% 3.75% 5.82%                              
Balboa Capital [Member]                                                                        
Long-term debt, current maturities [10] 42,829                                                               38,895      
Long term debt noncurrent maturities [10] 136,604                                                               179,433      
Balboa Capital [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                           $ 230,482                                            
Debt instrument monthly payment                           $ 4,860                                            
Debt instrument, interest rate, effective percentage                           9.68%                                            
Blue Bridge Financial [Member]                                                                        
Long-term debt, current maturities [11] 11,733                                                               10,394      
Long term debt noncurrent maturities [11] 39,218                                                               50,951      
Blue Bridge Financial [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                             $ 64,539                                          
Debt instrument monthly payment                             $ 1,442                                          
Debt instrument, interest rate, effective percentage                             12.18%                                          
Channel Equipment Finance [Member]                                                                        
Long-term debt, current maturities [12] 93,818                                                                    
Long term debt noncurrent maturities [12] 98,230                                                                    
Channel Equipment Finance [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount       $ 84,000 $ 123,574                                                              
Debt instrument monthly payment       $ 7,448 $ 3,051                                                              
Debt instrument, interest rate, effective percentage       56.95% 16.69%                                                              
Financial Pacific [Member]                                                                        
Long-term debt, current maturities [13] 33,006                                                               29,187      
Long term debt noncurrent maturities [13] 100,214                                                               133,220      
Financial Pacific [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                   $ 95,127               $ 74,841                                    
Debt instrument monthly payment                   $ 1,906               $ 1,585                                    
Debt instrument, interest rate, effective percentage                   7.49%               9.87%                                    
M2 Equipment [Member]                                                                        
Long-term debt, current maturities [14] 43,099                                                               39,527      
Long term debt noncurrent maturities [14] 134,940                                                               178,039      
M2 Equipment [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                               $ 230,000                                        
Debt instrument monthly payment                               $ 4,739                                        
Debt instrument, interest rate, effective percentage                               8.68%                                        
Meridian Equipment Finance [Member]                                                                        
Long-term debt, current maturities [15] 28,001                                                               25,518      
Long term debt noncurrent maturities [15] 85,606                                                                      
Meridian Equipment [Member]                                                                        
Long term debt noncurrent maturities [15]                                                                 113,606      
Meridian Equipment [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                       $ 149,076                                                
Debt instrument monthly payment                       $ 3,118                                                
Debt instrument, interest rate, effective percentage                       9.32%                                                
Navitas [Member]                                                                        
Long-term debt, current maturities [16] 39,840                                                               36,791      
Long term debt noncurrent maturities [16] 118,883                                                               158,723      
Navitas [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                 $ 210,000                                      
Debt instrument monthly payment                                 $ 4,257                                      
Debt instrument, interest rate, effective percentage                                 7.99%                                      
Pawnee Leasing Corp [Member]                                                                        
Long-term debt, current maturities [17] 45,910                                                               41,480      
Long term debt noncurrent maturities [17] 147,848                                                               193,759      
Signature Bank [Member]                                                                        
Long-term debt, current maturities [18] 79,732                                                               73,973      
Long term debt noncurrent maturities [18] 295,189                                                               374,921      
Trans Lease [Member]                                                                        
Long-term debt, current maturities [19] 44,657                                                               40,524      
Long term debt noncurrent maturities [19] 112,912                                                               157,569      
Trans Lease [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                     $ 210,750                                                  
Debt instrument monthly payment                     $ 4,838                                                  
Debt instrument, interest rate, effective percentage                     9.75%                                                  
Verdant Commercial Credit [Member]                                                                        
Long-term debt, current maturities [20] 47,175                                                               44,324      
Long term debt noncurrent maturities [20] 122,215                                                               169,390      
Western Equipment Capital [Member]                                                                        
Long-term debt, current maturities [21] 45,016                                                               41,186      
Long term debt noncurrent maturities [21] 141,589                                                               186,605      
Amur Equipment Finance [Member]                                                                        
Long-term debt, current maturities [22] 33,465                                                                    
Long term debt noncurrent maturities [22] 187,381                                                                    
Amur Equipment Finance [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount     $ 223,428                                                                  
Debt instrument monthly payment     $ 5,215                                                                  
Debt instrument, interest rate, effective percentage     14.14%                                                                  
Michaelson Capital [Member]                                                                        
Long-term debt, current maturities [23] 2,307,090                                                                    
Long term debt noncurrent maturities [23]                                                                    
Michaelson Capital [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument monthly payment               $ 35,000                                                        
Loanbuilder [Member]                                                                        
Long-term debt, current maturities [24] 91,096                                                                    
Long term debt noncurrent maturities [24] 102,916                                                                    
Loanbuilder [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument monthly payment 1,545         $ 6,325                                                            
Individual Notes Payable [Member]                                                                        
Long-term debt, current maturities [25] 25,000                                                                    
Long term debt noncurrent maturities [25]                                                                    
Individual Notes Payable [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                                                                       $ 25,000
Debt instrument, interest rate, effective percentage                                                                       12.00%
Kabbage Loans [Member]                                                                        
Long-term debt, current maturities [26] 9,344                                                                    
Long term debt noncurrent maturities [26]                                                                    
Kabbage Loans [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount             $ 77,748                                                       $ 120,800  
Debt instrument monthly payment             $ 35,507                                                          
Baxter Credit Union [Member]                                                                        
Long-term debt, current maturities [27]                                                                    
Long term debt noncurrent maturities [27]                                                                    
Debt instrument, interest rate, effective percentage                                                               8.50%        
Pawnee [Member] | Titan Trucking LLC [Member]                                                                        
Debt instrument face amount                         $ 248,157                                              
Debt instrument monthly payment                         $ 5,296                                              
Debt instrument, interest rate, effective percentage                         10.19%                                              
[1] On April 30, 2023, the Company signed a promissory note (the “Titan Holdings 2 Note”) with Titan Holdings 2, LLC (“Titan Holdings 2”), a stockholder of the Company. On November 10, 2023 Titan Trucking and Titan Holdings 2 agreed to a restated promissory note (together the two notes are the “Titan Holdings 2 Note”). The Titan Holdings 2 Note has a principal amount of $712,470. The interest rate is 10.5% for the period of April 30, 2023 through November 30, 2023 and 13.00% commencing on December 1, 2023. Accrued interest is required to be paid on a monthly basis and all outstanding principal owed is due five years commencing after the signing of the restated promissory note. The Company was also required to make a one-time principal payment of $175,000 on or before December 8, 2023 and because all principal and interest owed on December 31, 2023 was not repaid, an additional $50,000 penalty charge was added to the outstanding principal owed.
[2] On December 31, 2023, the Company and a stockholder of the Company agreed to an informal agreement (the “Titan Holdings 5 Note”) to borrow funds from the stockholder as working capital needs arise. These additional funds are to be repaid as funding becomes available. As of December 31, 2023, Titan had borrowed $40,000 in additional funding.
[3] On October 30, 2023, the Company and its CEO, Glen Miller, agreed to a promissory note for a principal amount of $250,000. The promissory note is non-interest bearing and to be repaid within 30 days of the Company’s receipt of bridge funding. The note also features a provision stating the Company will pay a 10% late fee in the event repayment is not made by more than 30 days past maturity.
[4] On November 30, 2023, the Company and its COO, Jeff Rizzo, agreed to a promissory note for a principal amount of $65,000. The promissory note is non-interest bearing and to be repaid within 30 days of the Company’s receipt of bridge funding. The note also features a provision stating the Company will pay a 10% late fee in the event repayment is not made by more than 30 days past maturity.
[5] On December 15, 2022, Titan Trucking entered into a $170,000 promissory note agreement with WTI Global Inc. (“WTI”) at a 7% per annum interest rate. The promissory note was issued as consideration for the acquisition of intangible assets from WTI (Note 5 – Intangible Assets). On February 1, 2023, WTI agreed to cancel the promissory note in exchange for an ownership interest in the Company. The cancellation was recorded on the condensed consolidated balance sheet as an equity contribution (See Note 14 – Stockholders’ Equity).
[6] On December 10, 2021, Titan Trucking entered into a collateralized loan agreement for $354,876 with Peoples United Bank at a 5.75% per annum interest rate. The loan had a maturity date of November 10, 2023, required monthly payments of $16,614 and was fully repaid as of December 31, 2023.
[7] Titan Trucking entered into a collateralized loan on December 23, 2022 with M&T Bank which matures on February 23, 2025. The loan has an interest rate of 8.78% and the Company remits monthly payments of $13,000 with a balloon payment at maturity of $176,497.
[8] On February 12, 2018, Titan Trucking entered into a collateralized loan agreement with Daimler Trucks for $131,940, with a maturity date of May 14, 2023. Titan Trucking made monthly payments of $2,487 towards principal and interest. Interest accrued at a rate of 4.95% per annum. As of December 31, 2023 this loan had been fully paid off.
[9] On May 5, 2022, Titan Trucking entered into an equipment financing agreement with Ascentium Capital for $250,000, which matures on May 5, 2027. Titan Trucking makes monthly payments of $4,812 towards principal and interest. Interest accrues at a rate of 5.82% per annum.
[10] On August 13, 2022, Titan Trucking entered into a collateralized loan agreement with Balboa Capital for $230,482, which matures five years from the commencement date. Titan Trucking makes monthly payments of $4,860 towards principal and interest. Interest accrues at a rate of 9.68% per annum.
[11] On August 11, 2022, Titan Trucking entered into an equipment finance agreement with Blue Bridge Financial for $64,539, which matures five years from the commencement date. Titan Trucking makes monthly payments of $1,442 towards principal and interest. Interest accrues at a rate of 12.18% per annum.
[12] On September 19, 2023, Titan Trucking entered into a business advance finance agreement with Channel Equipment Finance for $123,574, which matures on August 28, 2028. Titan Trucking makes monthly payments of $3,051 towards principal and interest. Interest accrues at a rate of 16.69% per annum.
[13] On July 15, 2022, Titan Trucking entered into an equipment financing agreement with Financial Pacific for $74,841, which matures five years from commencement. Titan Trucking makes monthly payments of $1,585 towards principal and interest. Interest accrues at a rate of 9.87% per annum.
[14] On August 10, 2022, Titan Trucking entered into an equipment financing agreement with M2 Equipment for $230,000, which matures five years from commencement. Titan Trucking makes monthly payments of $4,739 towards principal and interest. Interest accrues at a rate of 8.68% per annum.
[15] On August 16, 2022, Titan Trucking entered into an equipment financing agreement with Meridian for $149,076, which matures five years from commencement. Titan Trucking makes monthly payments of $3,118 towards principal and interest. Interest accrues at a rate of 9.32% per annum.
[16] On July 23, 2022, Titan Trucking entered into an equipment financing agreement with Navitas for $210,000, which matures five years from commencement. Titan Trucking makes monthly payments of $4,257 towards principal and interest. Interest accrues at a rate of 7.99% per annum.
[17] On August 15, 2022, Titan Trucking entered into an equipment financing agreement with Pawnee Leasing Corp. for $248,157, which matures five years from commencement. Titan Trucking makes monthly payments of $5,296 towards principal and interest. Interest accrues at a rate of 10.19% per annum.
[18] On June 22, 2022, Titan Trucking entered into a collateralized loan agreement with Signature Bank for $284,951, which matures six years from commencement. Titan makes monthly payments of $4,849 towards principal and interest. Interest accrues at a rate of 6.93% per annum.
[19] On August 20, 2022, Titan Trucking entered into a collateralized loan agreement with Trans Lease, Inc. for $210,750, which matures five years from commencement. Titan Trucking makes monthly payments of $4,838 towards principal and interest. Interest accrues at a rate of 9.75% per annum.
[20] On April 27, 2022, Titan Trucking entered into a collateralized debt agreement with Verdant Commercial Capital for $241,765, which matures five years from commencement. Titan Trucking makes monthly payments of $4,702 towards principal and interest. Interest accrues at a rate of 6.25% per annum.
[21] On August 15, 2022, Titan Trucking entered into an equipment financing agreement with Western Equipment Capital for $240,726, which matures five years from commencement. Titan Trucking makes monthly payments of $4,989 towards principal and interest. Interest accrues at a rate of 8.93% per annum.
[22] On November 8, 2023, Titan Trucking entered into an equipment financing agreement with Amur Equipment Finance for $223,428, which matures five years from commencement. Titan Trucking makes monthly payments of $5,215 towards principal and interest. Interest accrues at a rate of 14.14% per annum.
[23] On January 5, 2023, the Company completed its asset acquisition of the Recoup Digester Assets and as part of the consideration the Company paid for such assets, the Company assumed the liabilities of a
[24] Between January 14, 2022 and July 6, 2022, the Company signed four loan agreements with the Loanbuilder service of Paypal, Inc (the “Loanbuilder Notes”). Three of the four Loanbuilder Notes were settled prior to May 19, 2023. The remaining note (“Loanbuilder – 3”) was in default on May 19, 2023. On May 19, 2023, the outstanding liabilities owed due to the Loanbuilder Notes was $299,710, inclusive of $50,599 owed due to Loanbuilder – 3.
[25] On May 16, 2022, the Company issued a $25,000 promissory note (the “Individual #1 Note”) with an individual private investor. The Individual Note has an annual interest rate of 12% per annum and matures on December 31, 2023, at which time all principal and accrued interest is owed. In the event of default, the promissory note incurs additional interest of 0.5% on all outstanding principal and interest owed.
[26] On September 28, 2022 and September 29, 2022, the Company agreed to two Kabbage Funding Loan Agreements (together known as the “Kabbage Loans”) owed to American Express National Bank. The Kabbage Loans had an initial principal value of $120,800 and as of May 19, 2023 had a principal amount of $77,748. Each loan includes a cost of capital interest expense of $4,077 and is to be repaid in nine monthly repayments of $3,658, followed by nine monthly payments of $35,507.
[27] The Company signed a revolving loan with Baxter Credit Union, which was renewed on April 26, 2023, with a principal liability of $99,995. The loan had an annual interest rate of 8.50% and a maturity date of July 30, 2023, at which point all principal and accrued interest was due and payable. As of December 31, 2023 this loan was fully repaid.