Balance Sheet Disclosures

6 Months Ended

Jun. 30, 2019

Balance Sheet Disclosures [Abstract]

Balance Sheet Disclosures

Note 3 - Balance Sheet Disclosures

Accounts receivable - trade are summarized as follows:

	June 30,			December 31,
	2019			2018
	(Unaudited)
Accounts receivable - trade	$	7,475,074		$	6,370,412
Allowance for doubtful accounts		(26,979	)		-
	$	7,448,095		$	6,370,412

Property, equipment, and land are summarized as follows:

	June 30,			December 31,
	2019			2018
	(Unaudited)
Tractors, trailers, and other vehicles	$	15,829,906		$	377,896
Equipment		6,247,899			3,329,893
Buildings		3,849,312			3,849,312
Land		975,899			975,899
Leasehold improvements		262,485			-
Office equipment		11,631			-
Computer equipment		62,977			37,627
		27,240,109			8,570,627
Less accumulated depreciation		(2,987,641	)		(966,765	)
	$	24,252,468		$	7,603,862

Depreciation expense for the six months ended June 30, 2019 and 2018, was $2,030,579 and $247,734, respectively.

Goodwill consists of the following:

	June 30,		December 31,
	2019		2018
	(Unaudited)
Beginning goodwill	$	2,887,281	$	-
Additions:		-		-
Sheehy acquisition		4,065,326		-
Ursa and JB Lease acquisition		4,470,824		-
Thunder Ridge acquisition		-		2,887,281
	$	11,423,431	$	2,887,281

Intangible assets consist of the following:

	June 30,			December 31,
	2019			2018
	(Unaudited)
Customer list	$	3,873,730		$	2,743,730
Trade name		2,156,000			546,000
Favorable leases		-			307,000
Non-competition agreement		200,000			40,000
		6,229,730			3,636,730
Less amortization		(824,799	)		(599,991	)
	$	5,404,931		$	3,036,739

Amortization expense for the six months ended June 30, 2019 and 2018, was $404,189 and $161,868, respectively. Future amortization expense will be approximately as follows:

Remainder of 2019	$	413,000
2020		818,000
2021		790,000
2022		702,000
2023		696,000
Thereafter		1,986,000
	$	5,405,000

The favorable lease and accumulated amortization were reclassified with the adoption of ASC 842 into right-of -use assets.

Accrued expenses consist of the following:

	June 30, 2019		December 31, 2018
	(unaudited)
Compensation, related taxes, and benefits	$	3,020,865	$	1,344,046
Purchased transportation		1,535,001		2,187,616
Credit cards		768,403		-
Federal alternative fuels tax credit		525,940		242,725
Professional fees		504,970		250,000
Interest		257,006		137,597
Regulatory fees		145,000		233,279
Credit cards		115,373		584,746
Operating expenses		379,590		80,573
Excise taxes		34,980		5,273
Deferred rent		-		7,462
	$	7,287,128	$	5,073,317