Description of Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share (amounts in thousands, except share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net income (loss)	$	(9,154	)	$	(10,508	)	$	22,069		$	(24,210	)
Accrued and undeclared preferred stock dividends in arrears		(162	)		(162	)		(323	)		(204	)
Issuance of warrants as deemed dividend - related party		—			—			—			(455	)
Net income (loss) available to common stockholders - numerator for basic EPS		(9,316	)		(10,670	)		21,746			(24,869	)
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		—			—			231			—
Redeemable Series A Preferred stock		—			—			18			—
Redeemable Series B Preferred stock		—			—			305			—
Subtotal		—			—			554			—
Adjusted net income (loss) available to common stockholders - numerator for diluted EPS	$	(9,316	)	$	(10,670	)	$	22,300		$	(24,869	)
Denominator:
Denominator for basic EPS - weighted average common shares outstanding		30,883,149			19,542,498			30,116,853			19,722,498
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		—			—			864,155			—
Redeemable Series A Preferred stock		—			—			132,647			—
Redeemable Series B Preferred stock		—			—			2,208,384			—
Subtotal		—			—			3,205,186			—
Denominator for diluted EPS - adjusted weighted average common shares outstanding		30,883,149			19,542,498			33,322,039			19,722,498
Basic EPS	$	(0.30	)	$	(0.55	)	$	0.72		$	(1.26	)
Diluted EPS	$	(0.30	)	$	(0.55	)	$	0.67		$	(1.26	)

Schedule of Computation of Diluted Net Loss per Share of Common Stock Attributable to Common Stockholders

The following table presents the potentially dilutive shares that were excluded from the computation of diluted earnings (loss) per share of common stock attributable to common stockholders, because either their effect was anti-dilutive or they are contingently issuable shares that were not issuable assuming the end of the reporting period was the end of the contingency period:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock options		9,459,249		9,354,250		9,459,249		9,354,250
Warrants		12,606,255		20,031,255		12,606,255		20,031,255
Common stock to be issued upon conversion of    $4.0 million Secured Convertible Promissory Notes		205,705		1,674,699		—		1,674,699
Common stock to be issued upon conversion of    Redeemable Series A Preferred stock		138,597		126,597		—		126,597
Common stock to be issued upon conversion of    Redeemable Series B Preferred stock		2,310,041		2,105,041		—		2,105,041
Common stock to be issued upon conversion of    Four convertible promissory notes with an aggregate principal    amount of $9.5 million		7,463,750		7,358,750		7,463,750		7,358,750
Common stock and warrant to be issued for purchase    of fixed assets		2,348,000		2,348,000		2,348,000		2,348,000
Total		34,531,597		42,998,593		31,877,254		42,998,593

Schedule of Disaggregates Trucking Revenue from Contracts with Customers (ASC 606-10-50)

In accordance with ASC 606-10-50, the Company disaggregates Trucking revenue from contracts with its customers between USPS revenue and Freight revenue as follows:

($ in thousands)	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
USPS revenue	$	49,153	$	45,358	$	96,304	$	93,541
Freight revenue		6,561		5,985		13,122		12,560
Other revenue		725		376		965		1,024
Total Trucking revenue	$	56,439	$	51,719	$	110,391	$	107,125