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

9 Months Ended

Sep. 30, 2021

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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Numerator:
Net income (loss)	$	5,329		$	(8,435	)	$	27,398		$	(32,645	)
Accrued and undeclared preferred stock dividends in arrears		(164	)		(164	)		(487	)		(368	)
Issuance of warrants as deemed dividend - related party		—			—			—			(455	)
Net income (loss) available to common stockholders - numerator for basic EPS		5,165			(8,599	)		26,911			(33,468	)
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		27			—			258			—
Redeemable Series A Preferred stock		9			—			27			—
Redeemable Series B Preferred stock		155			—			460			—
Subtotal		191			—			745			—
Adjusted net income (loss) available to common stockholders - numerator for diluted EPS	$	5,356		$	(8,599	)	$	27,656		$	(33,468	)
Denominator:
Denominator for basic EPS - weighted average common shares outstanding		30,891,398			20,270,915			30,377,872			19,906,638
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		196,802			—			639,259			—
Redeemable Series A Preferred stock		138,597			—			132,647			—
Redeemable Series B Preferred stock		2,310,041			—			2,208,384			—
Subtotal		2,645,440			—			2,980,290			—
Denominator for diluted EPS - adjusted weighted average common shares outstanding		33,536,838			20,270,915			33,358,162			19,906,638
Basic EPS	$	0.17		$	(0.42	)	$	0.89		$	(1.68	)
Diluted EPS	$	0.16		$	(0.42	)	$	0.83		$	(1.68	)

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Stock options		10,420,249		9,354,250		10,420,249		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		—		1,712,690		—		1,712,690
Common stock to be issued upon conversion of    Redeemable Series A Preferred stock		—		129,622		—		129,622
Common stock to be issued upon conversion of    Redeemable Series B Preferred stock		—		2,156,712		—		2,156,712
Common stock to be issued upon conversion of    Four convertible promissory notes with an aggregate principal    amount of $9.5 million		7,490,000		7,385,000		7,490,000		7,385,000
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		32,864,504		43,117,529		32,864,504		43,117,529

Schedule of Disaggregation of Trucking Revenue from Contracts with Customers

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 September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
USPS revenue	$	59,546	$	45,607	$	155,849	$	139,148
Freight revenue		6,976		6,224		20,098		18,784
Other revenue		2,247		302		3,213		1,326
Total Trucking revenue	$	68,769	$	52,133	$	179,160	$	159,258