XML 204 R70.htm IDEA: XBRL DOCUMENT v3.24.3
SCHEDULE OF LONG-TERM DEBT (Details) - USD ($)
1 Months Ended
Jun. 30, 2024
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
Jun. 30, 2023
May 31, 2024
May 30, 2024
Feb. 23, 2024
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. 29, 2022
Sep. 28, 2022
May 16, 2022
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities $ 5,435,232 $ 3,911,446                                                                                
Long term debt noncurrent maturities 6,168,548 3,174,685                                                                                
Notes payable, current   3,911,446                                                                       $ 1,098,158        
Notes payable, net of current portion and discounts   3,174,685                                                                       2,785,531        
Total outstanding principal current 6,539,419 3,932,831                                                                       1,118,605        
Total outstanding principal non-current 7,953,755 3,228,010                                                                       2,858,828        
Less: discounts current (1,104,187) (21,385)                                                                       (20,447)        
Less: discounts non-current (1,785,207) (53,325)                                                                       (73,297)        
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]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [1] 326,000 175,000                                                                                
Long term debt noncurrent maturities [1] 537,470 603,470                                                                                
Titan Holdings 2 [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                                           $ 175,000     $ 712,470                  
Debt Instrument, Interest Rate, Effective Percentage                                                             13.00%         10.50%            
Titan Holdings 5 [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [2] 207,000 40,000                                                                                
Long term debt noncurrent maturities [2]                                                                                
Glen Miller [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 355,000 [3] 250,000 [3],[4]                                                                       [4]        
Long term debt noncurrent maturities [3] [3],[4]                                                                       [4]        
Glen Miller [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 250,000                                                                                  
Debt Instrument, Face Amount                                                         $ 55,000         $ 250,000                
Jeff Rizzo [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 108,500 [5] 65,000 [5],[6]                                                                       [6]        
Long term debt noncurrent maturities [5] [5],[6]                                                                       [6]        
Jeff Rizzo [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                                               $ 65,000                    
Debt Instrument, Interest Rate, Effective Percentage 10.00%                                                                                  
Charles B Rizzo [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [7] $ 70,000                                                                                
Long term debt noncurrent maturities [7]                                                                                
Frank Celli [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [8] 200,000                                                                                
Long term debt noncurrent maturities [8]                                                                                
Related Party [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities                                                                                  
Long term debt noncurrent maturities   603,470                                                                              
Notes payable, net of current portion and discounts 2,897,368 603,470                                                                              
Notes payable, net of discounts 1,766,500 530,000                                                                              
Nonrelated Party [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Notes payable, net of current portion and discounts 3,271,180 2,571,215                                                                       2,785,531        
Notes payable, net of discounts 3,668,732 3,381,446                                                                       1,098,158        
Titan Holdings 2 [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [9]   175,000                                                                              
Long term debt noncurrent maturities [9]   603,470                                                                              
Titan Holdings 2 [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                                           $ 175,000     $ 712,470                  
Debt Instrument, Interest Rate, Effective Percentage                                                             13.00%         10.50%            
Titan Holdings 5 [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [10]   40,000                                                                              
Long term debt noncurrent maturities [10]                                                                                
Keystone [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Notes payable, current [11] 240,000                                                                                
Notes payable, net of current portion and discounts [11]                                                                                
Michaelson Capital [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 2,107,090 [12] 2,307,090 [12],[13]                                                                       [13]        
Long term debt noncurrent maturities [12] [12],[13]                                                                       [13]        
Michaelson Capital [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Periodic Payment                 $ 35,000                                                                  
Debt Instrument, Interest Rate, Effective Percentage                 12.00%                                                                  
Loanbuilder [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 47,252 [14] 91,096 [14],[15]                                                                       [15]        
Long term debt noncurrent maturities 101,112 [14] 102,916 [14],[15]                                                                       [15]        
Loanbuilder [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Periodic Payment 1,545 1,545         $ 6,325                                     $ 6,325                                
Individual Notes Payable [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities 25,000 [16] 25,000 [16],[17]                                                                       [17]        
Long term debt noncurrent maturities [16] [16],[17]                                                                       [17]        
Individual Notes Payable [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                                                                   $ 25,000
Debt Instrument, Interest Rate, Effective Percentage                                                                                   12.00%
Kabbage Funding Loans [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [18] 9,344                                                                                
Long term debt noncurrent maturities [18]                                                                                
Standard Waste Promissory Note (1) [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Notes payable, current 500,000                                                     $ 500,000                            
Notes payable, net of current portion and discounts [19]                                                                                
Notes payable, net of discounts [19] 500,000                                                                                
Standard Waste Promissory Note (2) [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Notes payable, current [20] [20]                                                 $ 2,359,898                              
Notes payable, net of current portion and discounts [20] 2,359,898                                                                                
WTI Global Inc [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [21]                                                                         170,000        
Long term debt noncurrent maturities [21]                                                                                
WTI Global Inc [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                                                             $ 170,000      
Debt Instrument, Interest Rate, Effective Percentage                                                                             7.00%      
Peoples United [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [22]                                                                         177,539        
Long term debt noncurrent maturities [22]                                                                                
Peoples United [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                             $ 354,876                                      
Debt Instrument, Periodic Payment                                             $ 16,614                                      
Debt Instrument, Interest Rate, Effective Percentage                                             5.75%                                      
Mand T Bank [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [23]   133,072                                                                       121,927        
Long term debt noncurrent maturities [23]   188,121                                                                       321,192        
Mand T Bank [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Periodic Payment                   $ 13,000                                                                
Debt Instrument, Interest Rate, Effective Percentage                   8.78%                                                                
Daimler Truck [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [24]   53,429                                                                       74,873        
Long term debt noncurrent maturities [24]                                                                         53,429        
Debt Instrument, Interest Rate, Effective Percentage                                               6.00%                                    
Daimler Truck [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                               $ 160,601 $ 131,940                                  
Debt Instrument, Periodic Payment                                               $ 2,795 $ 2,487                                  
Debt Instrument, Interest Rate, Effective Percentage                                                 4.95%                                  
Ascentium Capital [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [25]   195,519                                                                       152,467        
Long term debt noncurrent maturities [25]   612,674                                                                       587,991        
Ascentium Capital [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount     $ 220,202                                 $ 311,795 $ 259,646 $ 250,000                                        
Debt Instrument, Periodic 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]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [26]   42,829                                                                       38,895        
Long term debt noncurrent maturities [26]   136,604                                                                       179,433        
Balboa Capital [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                             $ 230,482                                                      
Debt Instrument, Periodic Payment                             $ 4,860                                                      
Debt Instrument, Interest Rate, Effective Percentage                             9.68%                                                      
Blue Bridge Financial [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [27]   11,733                                                                       10,394        
Long term debt noncurrent maturities [27]   39,218                                                                       50,951        
Blue Bridge Financial [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                               $ 64,539                                                    
Debt Instrument, Periodic Payment                               $ 1,442                                                    
Debt Instrument, Interest Rate, Effective Percentage                               12.18%                                                    
Channel Equipment Finance [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [28]   93,818                                                                              
Long term debt noncurrent maturities [28]   98,230                                                                              
Channel Equipment Finance [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount         $ 84,000 $ 123,574                                                                        
Debt Instrument, Periodic Payment         $ 7,448 $ 3,051                                                                        
Debt Instrument, Interest Rate, Effective Percentage         56.95% 16.69%                                                                        
Financial Pacific [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [29]   33,006                                                                       29,187        
Long term debt noncurrent maturities [29]   100,214                                                                       133,220        
Financial Pacific [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                     $ 95,127               $ 74,841                                              
Debt Instrument, Periodic Payment                     $ 1,906               $ 1,585                                              
Debt Instrument, Interest Rate, Effective Percentage                     7.49%               9.87%                                              
M 2 Equipment [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [30]   43,099                                                                       39,527        
Long term debt noncurrent maturities [30]   134,940                                                                       178,039        
M 2 Equipment [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                 $ 230,000                                                  
Debt Instrument, Periodic Payment                                 $ 4,739                                                  
Debt Instrument, Interest Rate, Effective Percentage                                 8.68%                                                  
Meridian Equipment Finance [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [31]   28,001                                                                       25,518        
Long term debt noncurrent maturities [31]   85,606                                                                                
Meridian Equipment [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long term debt noncurrent maturities [31]                                                                           113,606        
Meridian Equipment [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                         $ 149,076                                                          
Debt Instrument, Periodic Payment                         $ 3,118                                                          
Debt Instrument, Interest Rate, Effective Percentage                         9.32%                                                          
Navitas [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [32]   39,840                                                                       36,791        
Long term debt noncurrent maturities [32]   118,883                                                                       158,723        
Navitas [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                                   $ 210,000                                                
Debt Instrument, Periodic Payment                                   $ 4,257                                                
Debt Instrument, Interest Rate, Effective Percentage                                   7.99%                                                
Pawnee Leasing Corp [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [33]   45,910                                                                       41,480        
Long term debt noncurrent maturities [33]   147,848                                                                       193,759        
Signature Bank [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [34]   79,732                                                                       73,973        
Long term debt noncurrent maturities [34]   295,189                                                                       374,921        
Trans Lease [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [35]   44,657                                                                       40,524        
Long term debt noncurrent maturities [35]   112,912                                                                       157,569        
Trans Lease [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                       $ 210,750                                                            
Debt Instrument, Periodic Payment                       $ 4,838                                                            
Debt Instrument, Interest Rate, Effective Percentage                       9.75%                                                            
Verdant Commercial Credit [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [36]   47,175                                                                       44,324        
Long term debt noncurrent maturities [36]   122,215                                                                       169,390        
Western Equipment Capital [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [37]   45,016                                                                       41,186        
Long term debt noncurrent maturities [37]   141,589                                                                       186,605        
Amur Equipment Finance [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [38]   33,465                                                                              
Long term debt noncurrent maturities [38]   187,381                                                                              
Amur Equipment Finance [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount       $ 223,428                                                                            
Debt Instrument, Periodic Payment       $ 5,215                                                                            
Debt Instrument, Interest Rate, Effective Percentage       14.14%                                                                            
Kabbage Loans [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [39]   9,344                                                                              
Long term debt noncurrent maturities [39]                                                                                
Kabbage Loans [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount               $ 77,748                                                               $ 120,800 $ 120,800  
Debt Instrument, Periodic Payment               $ 35,507                                                                    
Baxter Credit Union [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [40]                                                                                
Long term debt noncurrent maturities [40]                                                                                
Debt Instrument, Interest Rate, Effective Percentage                                                                         8.50%          
Pawnee [Member] | Titan Trucking LLC [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Debt Instrument, Face Amount                           $ 248,157                                                        
Debt Instrument, Periodic Payment                           $ 5,296                                                        
Debt Instrument, Interest Rate, Effective Percentage                           10.19%                                                        
Collateralized Loans [Member]                                                                                    
Short-Term Debt [Line Items]                                                                                    
Long-term debt, current maturities [41] 2,353,577 970,301                                                                                
Long term debt noncurrent maturities [41] 4,955,275 2,521,624                                                                                
Debt Instrument, Face Amount $ 7,300,000 $ 3,491,925                                                                                
[1] On April 30, 2023, Titan Trucking signed a promissory note (the “Titan Holdings 2 Note”) with Titan Holdings 2, LLC (“Titan Holdings 2”), a stockholder of the Company. The promissory note matures on March 31, 2028. 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 was 10.5% for the period of April 30, 2023 through November 30, 2023 and increased to 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. Titan Trucking was also required to make a one-time principal payment of $175,000 on or before December 8, 2023, and because all outstanding interest and principal was not repaid by December 31, 2023, an additional $50,000 penalty charge was added to the outstanding principal owed.
[2] On December 31, 2023, Titan Trucking 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 June 30, 2024, Titan had borrowed $170,439 in additional funding.
[3] On October 30, 2023, Titan Trucking and the Company’s CEO, Glen Miller (“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 Titan Trucking will pay a 10% late fee in the event repayment is not made by more than 30 days past maturity. The promissory note currently has an outstanding balance of $250,000 and as of June 30, 2024 is in default.
[4] On October 30, 2023, the Company and its CEO, Glen Miller, agreed to a promissory note for a principal amount of $
[5] On November 30, 2023, the Company and its COO, Jeff Rizzo (“Rizzo”), agreed to a promissory note for a principal amount of $65,000. The promissory note has an interest rate of 10% and a maturity date of June 30, 2024. 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.
[6] On November 30, 2023, the Company and its COO, Jeff Rizzo, agreed to a promissory note for a principal amount of $
[7] Titan has an informal agreement with Charles B. Rizzo (“C. Rizzo”) to continually borrow from C. Rizzo as working capital needs arise. These additional funds are to be repaid as funding becomes available. As of June 30, 2024, Titan had borrowed $70,000 in additional funding.
[8] On May 30, 2024, the Company and Frank Celli (“Celli”), agreed to a promissory note for a principal amount of $
[9] 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 $
[10] 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 $
[11] During the six months ended June 30, 2024, there were three note payable agreements executed between the Company and Keystone Capital Partners, LLC for an aggregate amount of $
[12] On January 5, 2023, the Company completed its asset acquisition of the Recoup Digester Assets and as part of the consideration, assumed the liabilities of a $3,017,090 Secured Promissory Note owed to Michaelson Capital Special Finance Fund II, L.P. (“Michaelson”). The Company and Michaelson agreed to amend and restate the Secured Promissory Note, as well as sign a related Forbearance Agreement (together known as the “Michaelson Note”). The Michaelson Note originally had a 12% per annum interest rate. The Michaelson Note has the following terms: (1) the Company was to make monthly interest payments for the interest amounts owed, (2) the Company was to make monthly principal payments of $35,000, (3) the Company was to make a $250,000 principal repayment due as of December 31, 2023, and (4) the Company was to repay all other outstanding amounts owed by December 31, 2023. The Michaelson Note also includes a provision granting Michaelson a security interest and lien on all of the Company’s assets as collateral.
[13] 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
[14] 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 had entered into settlement agreements 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 under all the Loanbuilder Notes was $299,710, inclusive of $50,599 owed due to Loanbuilder – 3.
[15] 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 $
[16] 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 matured on December 31, 2023, at which time all principal and accrued interest is owed. The Individual #1 Note is in default and therefor incurs additional interest of 0.5% on all outstanding principal and interest owed.
[17] On May 16, 2022, the Company issued a $
[18] 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 amount 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. As of June 30, 2024 the Kabbage Loans had been fully repaid.
[19] On May 30, 2024 the Company entered into a promissory note agreement with Dominic and Sharon Campo for $500,000. The note matures on July 15, 2024. The promissory note has an annual interest rate of 13.75% until maturity date and 18% after the maturity. As of June 30, 2024 the outstanding loan balance is $500,000 and has incurred $5,651 of accrued interest expense. The Company incurred debt issuance costs of $245,469 in connection with the execution of this agreement of which $122,734 has been amortized for the six months ending June 30, 2024 (please see Guarantee of Debt above). The debt issuance cost balance as of June 30, 2024 is $122,734. Upon default, a fifteen day “cure period” shall begin. Following the expiration of the cure period, any amounts outstanding shall be immediately due and payable. An additional charge of either $100,000 or 200,000 shares of Series A Preferred Stock shall become due. Subsequent to June 30, 2024, the maturity date of the note had passed and the cure period elapsed. Therefor the note was in default.
[20] On May 31, 2024 the Company entered into a promissory note agreement with Dominic and Sharon Campo for $
[21] On December 15, 2022, Titan Trucking entered into a $
[22] On December 10, 2021, Titan Trucking entered into a collateralized loan agreement for $
[23] 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
[24] On February 12, 2018, Titan Trucking entered into a collateralized loan agreement with Daimler Trucks for $
[25] On May 5, 2022, Titan Trucking entered into an equipment financing agreement with Ascentium Capital for $
[26] On August 13, 2022, Titan Trucking entered into a collateralized loan agreement with Balboa Capital for $
[27] On August 11, 2022, Titan Trucking entered into an equipment finance agreement with Blue Bridge Financial for $
[28] On September 19, 2023, Titan Trucking entered into a business advance finance agreement with Channel Equipment Finance for $
[29] On July 15, 2022, Titan Trucking entered into an equipment financing agreement with Financial Pacific for $
[30] On August 10, 2022, Titan Trucking entered into an equipment financing agreement with M2 Equipment for $
[31] On August 16, 2022, Titan Trucking entered into an equipment financing agreement with Meridian for $
[32] On July 23, 2022, Titan Trucking entered into an equipment financing agreement with Navitas for $
[33] On August 15, 2022, Titan Trucking entered into an equipment financing agreement with Pawnee Leasing Corp. for $
[34] On June 22, 2022, Titan Trucking entered into a collateralized loan agreement with Signature Bank for $
[35] On August 20, 2022, Titan Trucking entered into a collateralized loan agreement with Trans Lease, Inc. for $
[36] On April 27, 2022, Titan Trucking entered into a collateralized debt agreement with Verdant Commercial Capital for $
[37] On August 15, 2022, Titan Trucking entered into an equipment financing agreement with Western Equipment Capital for $
[38] On November 8, 2023, Titan Trucking entered into an equipment financing agreement with Amur Equipment Finance for $
[39] 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 $
[40] The Company signed a revolving loan with Baxter Credit Union, which was renewed on April 26, 2023, with a principal liability of $
[41] The May 30, 2022 acquisition of Standard included the assumption of approximately $3.3 million of debt obligations associated with the fleet of equipment. The Company also had existing collateralized debt of $3,491,925 outstanding at December 31, 2023. The aggregated debt as of June 30, 2024 has $7.3 million of outstanding principal and is made up of installment notes with a weighted average interest rate of 9.74%, due in monthly installments with final maturities at various dates ranging from August 2024 to December 2030, secured by related equipment. The Company entered into a Guarantee Fee Agreement pursuant to which certain outstanding indebtedness owed by the Company to the sellers of Standard is guaranteed. A total of $1,611,969 of debt issuance costs were recorded in relation to the Guaranty Fee Agreement for the collateralized loans. As of June 30, 2024, collateralized installment loans with an aggregate principal amount of approximately $56,000 had passed their maturity date and were in default.