XML 160 R30.htm IDEA: XBRL DOCUMENT v3.25.0.1
BUSINESS COMBINATIONS (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
SCHEDULE OF TANGIBLE AND INTANGIBLE ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THEIR PRELIMINARY ESTIMATED FAIR VALUES  

The Company recorded all tangible and intangible assets and liabilities at their estimated fair values on the acquisition date. The following represents the allocation of the estimated purchase consideration:

   Estimated 
Description  Fair Value 
     
Assets:     
Cash  $69,104 
Accounts receivable   369,338 
Prepaid expenses and other current assets   17,893 
Inventory   64,894 
Fixed assets   1,134 
Intangible assets   6,471,621 
Goodwill   26,880,916 
Assets acquired total  $33,874,900 
      
Liabilities:     
Accounts payable and accrued expenses  $(1,009,993)
Customer deposits   (311,544)
Accrued payroll and related taxes   (21,077)
Derivative liability   (219,171)
Convertible notes payable   (1,466,382)
Convertible notes payable – related parties   (102,851)
Notes payable   (3,579,160)
Notes payable – related parties   (2,500)
Liabilities acquired total  $(6,712,678)
      
Net fair value of assets (liabilities)  $27,162,222 
SCHEDULE OF SUPPLEMENTAL PRO-FORMA FINANCIAL INFORMATION  

The following supplemental pro-forma financial information approximate combined financial information assumes that the acquisition had occurred at the beginning of the year ended December 31, 2022:

 

   Year Ended   Year Ended 
   December 31,   December 31, 
   2023   2022 
Total revenue  $7,993,090   $4,204,694 
Net loss  $(124,502,520)  $(29,014,991)
Pro forma loss per common share  $(0.73)  $(6.58)
Pro forma weighted average number of common shares basic and diluted   170,715,695    4,410,595 
SCHEDULE OF PURCHASE CONSIDERATION  
      
Titan Environmental Solutions Inc. market capitalization at closing  $27,162,222 
Total purchase consideration  $27,162,222 
Standard Waste Services LLC [Member]    
Business Acquisition [Line Items]    
SCHEDULE OF TANGIBLE AND INTANGIBLE ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THEIR PRELIMINARY ESTIMATED FAIR VALUES

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.

 

   Estimated 
Description  Fair Value 
     
Assets:     
Cash  $2,545 
Accounts receivable   1,387,932 
Property and equipment   5,174,422 
Prepaid expenses and other current assets   12,900 
Other receivables   1,600 
Right-of-use-asset   294,431 
Goodwill   13,864,967 
Assets acquired total  $20,738,797 
      
Liabilities:     
Accounts payable and accrued expenses  $(947,180)
Accrued payroll and related taxes   (46,189)
Operating lease liability, current   (83,654)
Finance lease liability, current   (29,230)
Notes payable   (3,271,231)
Operating lease liability, noncurrent   (210,778)
Finance lease liability, noncurrent   (70,137)
Liabilities acquired total  $(4,658,399)
      
Net fair value of assets (liabilities) acquired  $16,080,398 
 
SCHEDULE OF SUPPLEMENTAL PRO-FORMA FINANCIAL INFORMATION

Standard’s results of operations are included in our consolidated financial statements from the date of the transaction within its Trucking segment. If the transaction had occurred on the beginning of the year ended December 31, 2023, unaudited pro forma consolidated results for 2024 and 2023, would have been as follows:

 

   Nine Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2024   2023 
Total revenue  $12,317,716   $12,800,530 
Net loss  $(18,653,432)  $(141,608,357)
Pro forma loss per common share  $(0.08)  $(1.04)
Pro forma weighted average number of common shares basic and diluted   222,067,042    135,720,702 
 
Titan Trucking LLC [Member]    
Business Acquisition [Line Items]    
SCHEDULE OF TANGIBLE AND INTANGIBLE ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THEIR PRELIMINARY ESTIMATED FAIR VALUES

The Company recorded all tangible and intangible assets and liabilities at their estimated fair values on the acquisition date. The following represents the allocation of the purchase consideration:

 

Description  Fair Value 
     
Assets:     
Cash  $69,104 
Accounts receivable   369,338 
Prepaid expenses and other current assets   17,893 
Inventory   64,894 
Property and equipment   1,134 
Intangible assets   6,471,621 
Goodwill   26,880,916 
Assets acquired total  $33,874,900 
      
Liabilities:     
Accounts payable and accrued expenses  $(1,009,993)
Customer deposits   (311,544)
Accrued payroll and related taxes   (21,077)
Derivative liability   (219,171)
Convertible notes payable   (1,466,382)
Convertible notes payable – related parties   (102,851)
Notes payable   (3,579,160)
Notes payable – related parties   (2,500)
Liabilities acquired total  $(6,712,678)
      
Net fair value of assets (liabilities) acquired  $27,162,222 
 
SCHEDULE OF SUPPLEMENTAL PRO-FORMA FINANCIAL INFORMATION

The following supplemental pro-forma financial information approximate combined financial information assumes that the acquisition had occurred at the beginning of the year ended December 31, 2023:

 

   Nine Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2024   2023 
Total revenue  $8,300,038   $5,936,731 
Net loss  $(18,167,196)  $(122,348,055)
Pro forma loss per common share  $(0.10)  $(1.46)
Pro forma weighted average number of common shares basic and diluted   222,067,042    84,039,244 
 
SCHEDULE OF PURCHASE CONSIDERATION

      
Titan Environmental Solutions Inc. market capitalization at closing  $27,162,222 
Total purchase consideration  $27,162,222