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

12 Months Ended

Dec. 31, 2021

Schedule of Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Maintenance and repair expenditures are charged to expense as incurred. Gains and losses on disposals of revenue equipment are included in operations as they are a normal, recurring component of our operations. Depreciation is provided utilizing the straight-line method over the following estimated useful lives.

	Years
Tractors		7
Trailers		14
Equipment		5
Buildings		35
Leasehold improvements		5

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):

	For the Years Ended December 31,
	2021			2020
Numerator:
Net income (loss)	$	14,253		$	(46,848	)
Accrued and undeclared preferred stock dividends in arrears		(651	)		(532	)
Issuance of warrants as deemed dividend - related party		—			(455	)
Net income (loss) available to common stockholders - numerator for basic EPS		13,602			(47,835	)
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		285			—
Redeemable Series A Preferred stock		36			—
Redeemable Series B Preferred stock		615			—
Subtotal		936			—
Adjusted net income (loss) available to common stockholders - numerator for diluted EPS	$	14,538		$	(47,835	)
Denominator:
Denominator for basic EPS - weighted average common shares outstanding		30,507,308			21,176,453
Effect of dilutive securities:
$4.0 million Secured Convertible Promissory Notes		527,736			—
Redeemable Series A Preferred stock		132,647			—
Redeemable Series B Preferred stock		2,208,384			—
Subtotal		2,868,767			—
Denominator for diluted EPS - adjusted weighted average common shares outstanding		33,376,075			21,176,453
Basic EPS	$	0.45		$	(2.26	)
Diluted EPS	$	0.44		$	(2.26	)

Schedule of Computation of Diluted Earnings (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:

	For the Years Ended December 31,
	2021		2020
Stock options		10,920,249		9,539,249
Warrants		12,606,255		12,106,255
Common stock to be issued upon conversion of $4.0 million Secured Convertible     Promissory Notes		—		1,751,542
Common stock to be issued upon conversion of Redeemable Series A Preferred stock		—		132,647
Common stock to be issued upon conversion of Redeemable Series B Preferred stock		—		2,208,384
Common stock to be issued upon conversion of Four convertible promissory notes with an     aggregate principal amount of $9.5 million		7,516,250		7,411,250
Common stock and warrant to be issued for purchase of fixed assets		2,348,000		2,348,000
Total		33,390,754		35,497,327

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:

	December 31,
($ in thousands)	2021		2020
USPS revenue	$	235,926	$	200,494
Freight revenue		26,578		26,179
Other revenue		6,409		1,603
Total Trucking revenue	$	268,913	$	228,276