UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
(AMENDMENT
NO. 2)
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): June 4, 2024
TITAN
ENVIRONMENTAL SOLUTIONS INC.
(Exact
name of registrant as specified in charter)
Nevada |
|
000-56148 |
|
30-0580318 |
(State
or other Jurisdiction of
Incorporation
or Organization) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
300
E. Long Lake Road, Suite 100A
Bloomfield
Hills, Michigan |
|
48304 |
(Address of Principal Executive
Offices) |
|
(zip code) |
(248)
775-7400
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any
of the following provisions:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLAINATORY
NOTE
On
June 4, 2024, Titan Environmental Solutions Inc. (the “Company”) filed a Current Report on Form 8-K (as amended by Form 8-K/A
filed on June 6, 2024, the “Original Form 8-K”) to report the consummation of its acquisition of Standard Waste Services,
LLC, a Michigan limited liability company (“Standard”). This Amendment No. 2 to the Original Form 8-K amends and supplements
Item 9.01 of the Original Form 8-K to provide the historical audited financial statements of Standard, the historical unaudited interim
financial statements of Standard and the unaudited pro form condensed combined financial information of the Company pursuant to
Items 9.01(a) and 9.01(b) of Form 8-K that were excluded from the Original Form 8-K in reliance on the instructions to such items. Except
as noted in this paragraph, no other information contained in the Original Form 8-K is amended or supplemented.
Item
9.01 Financial Statements and Exhibits.
(a)
Financial Statements of Business Acquired
The
financial statements for Standard required by Item 9.01(a) of Form 8-K are attached as Exhibit 99.1 and Exhibit 99.2 to this Amendment
No. 2 and incorporated herein by reference.
(b)
Pro Forma Financial Information
The
unaudited pro forma condensed combined financial
information for the Company required by Item 9.01(b) of Form 8-K is attached as Exhibit 99.3 to this Amendment No. 2 to the Original
Form 8-K and incorporated herein by reference.
(c)
Not applicable.
(d)
Exhibits. The exhibits listed in the exhibit index below are being filed herewith.
Exhibit |
|
Description |
23.1 |
|
Consent of Freed Maxick CPAs, P.C., Independent Auditor for Standard Waste Services, LLC |
99.1 |
|
The audited financial statements of Standard Waste Services, LLC as of and for the years ended December 31, 2023 and 2022, and the related notes thereto |
99.2 |
|
The
unaudited financial statements of Standard Waste Services, LLC as of March 31, 2024 and December 31, 2023, and for the three
months ended March 31, 2024 and 2023 and the related notes thereto |
99.3 |
|
The
unaudited pro forma condensed combined financial information of Titan Environmental Solutions Inc. as of and for the three
months ended March 31, 2024, and the year ended December 31, 2023, and the related notes thereto |
104 |
|
Cover Page Interactive
Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 16, 2024 |
TITAN ENVIRONMENTAL SOLUTIONS INC. |
|
|
|
|
By: |
/s/ Glen
Miller |
|
|
Glen Miller |
|
|
Chief Executive Officer |
Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the use in this Current Report on Amendment No. 2 to Form 8-K/A of Titan Environmental Solutions Inc. of our report
for Standard Waste Services, LLC dated April 8, 2024, relating to the financial statements of Standard Waste Services, LLC as of and
for the years ended December 31, 2023 and 2022, appearing in this Current Report on Form 8-K/A.
/s/
Freed Maxick CPAs, P.C.
Buffalo,
New York
August
16, 2024
Exhibit
99.1
Audited
Financial Statements
Standard
Waste Services, LLC
(A
Limited Liability Company)
December
31, 2023 and 2022
C
O N T E N T S
Report
of Independent Registered Public Accounting Firm
To
the Members of Standard Waste Services, LLC (A Limited Liability Company):
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Standard Waste Services, LLC (A Limited Liability Company) (the Company) as of December
31, 2023 and 2022, the related statements of income, changes in members’ equity, and cash flows for the years then ended, and the
related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022 and the results of their operations
and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Emphasis
of Matter - Leases
As
discussed in Note 1 to the financial statements, as of January 1, 2022, the Company adopted the new accounting guidance ASC Topic 842,
Leases. Our opinion is not modified with respect to this matter.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provides a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters, providing
separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. We did not identify any critical
audit matters during the current period audit.
/s/
Freed Maxick CPAs, P.C.
We
have served as the Company’s auditor since 2023.
Buffalo,
New York
April
8, 2024
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
BALANCE
SHEETS
| |
| | | |
| | |
| |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
| |
| | | |
| | |
Cash and equivalents | |
$ | 52,045 | | |
$ | 137,389 | |
Accounts receivable | |
| 1,236,867 | | |
| 1,001,761 | |
Employee loans | |
| 3,300 | | |
| - | |
Deposits on asset purchases | |
| - | | |
| 22,000 | |
| |
| | | |
| | |
Total current assets | |
| 1,292,212 | | |
| 1,161,150 | |
| |
| | | |
| | |
Property and Equipment, Net | |
| 5,534,186 | | |
| 5,310,144 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
| |
| | | |
| | |
Security deposits | |
| 12,900 | | |
| 12,900 | |
Goodwill | |
| 412,800 | | |
| 412,800 | |
Operating lease right-of-use asset, net | |
| 336,191 | | |
| 415,725 | |
| |
| | | |
| | |
Total other assets | |
| 761,891 | | |
| 841,425 | |
| |
| | | |
| | |
Total assets | |
$ | 7,588,289 | | |
$ | 7,312,719 | |
| |
| | | |
| | |
LIABILITIES AND MEMBERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
| |
| | | |
| | |
Accounts payable | |
$ | 890,185 | | |
$ | 721,904 | |
Accrued expenses | |
| 39,031 | | |
| 33,440 | |
Current portion of operating lease liability | |
| 90,992 | | |
| 86,134 | |
Current portion of finance lease liability | |
| 27,802 | | |
| 24,654 | |
Current portion of notes payable | |
| 982,060 | | |
| 919,337 | |
| |
| | | |
| | |
Total current liabilities | |
| 2,030,070 | | |
| 1,785,469 | |
| |
| | | |
| | |
Noncurrent Liabilities | |
| | | |
| | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 259,533 | | |
| 350,525 | |
Finance lease liability, net of current portion | |
| 82,744 | | |
| 110,546 | |
Notes payable | |
| 2,720,523 | | |
| 2,818,649 | |
| |
| | | |
| | |
Total noncurrent liabilities | |
| 3,062,800 | | |
| 3,279,720 | |
| |
| | | |
| | |
Total liabilities | |
| 5,092,870 | | |
| 5,065,189 | |
| |
| | | |
| | |
Members’ Equity | |
| 2,495,419 | | |
| 2,247,530 | |
| |
| | | |
| | |
Total liabilities and members’ equity | |
$ | 7,588,289 | | |
$ | 7,312,719 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
STATEMENTS
OF INCOME AND CHANGES IN MEMBERS’ EQUITY
| |
| | | |
| | |
| |
For The Year Ended | |
| |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Revenues | |
$ | 9,643,074 | | |
$ | 8,454,605 | |
| |
| | | |
| | |
Cost of Revenues | |
| 6,552,612 | | |
| 5,892,910 | |
| |
| | | |
| | |
Gross Profit | |
| 3,090,462 | | |
| 2,561,695 | |
| |
| | | |
| | |
General and Administrative Expenses | |
| 2,093,841 | | |
| 1,743,711 | |
| |
| | | |
| | |
Income From Operations | |
| 996,621 | | |
| 817,984 | |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
| |
| | | |
| | |
Interest income | |
| 28 | | |
| 83 | |
Gain on sale of property and equipment | |
| - | | |
| 83,144 | |
Interest expense | |
| (266,632 | ) | |
| (254,529 | ) |
| |
| | | |
| | |
Net Other Expense | |
| (266,604 | ) | |
| (171,302 | ) |
| |
| | | |
| | |
Income Before Income Taxes | |
| 730,017 | | |
| 646,682 | |
| |
| | | |
| | |
State Income Taxes | |
| - | | |
| 500 | |
| |
| | | |
| | |
Net Income | |
| 730,017 | | |
| 646,182 | |
| |
| | | |
| | |
Members’ Equity - Beginning | |
| 2,247,530 | | |
| 1,859,032 | |
| |
| | | |
| | |
Member distributions | |
| (482,128 | ) | |
| (257,684 | ) |
| |
| | | |
| | |
Members’ Equity - Ending | |
$ | 2,495,419 | | |
$ | 2,247,530 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
STATEMENTS
OF CASH FLOWS
| |
| | | |
| | |
| |
For The Year Ended | |
| |
December 31, | |
| |
2023 | | |
2022 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net income | |
$ | 730,017 | | |
$ | 646,182 | |
Adjustments to reconcile net income to net cash and cash equivalents provided
by operating activities: | |
| | | |
| | |
Depreciation | |
| 766,706 | | |
| 648,787 | |
Gain on sale of property and equipment | |
| - | | |
| (83,144 | ) |
(Increase) decrease in operating assets: | |
| | | |
| | |
Accounts receivable | |
| (235,106 | ) | |
| (115,245 | ) |
Employee loans | |
| (3,300 | ) | |
| 500 | |
Deposits on asset purchases | |
| 22,000 | | |
| (22,000 | ) |
Security deposits | |
| - | | |
| (12,900 | ) |
Operating lease right-of-use asset | |
| 79,534 | | |
| 35,723 | |
Increase (decrease) in operating liabilities: | |
| | | |
| | |
Accounts payable | |
| 168,281 | | |
| 272,469 | |
Accrued expenses | |
| 5,591 | | |
| 4,375 | |
Operating lease liability | |
| (86,134 | ) | |
| (14,789 | ) |
| |
| | | |
| | |
Net Cash Provided by Operating Activities | |
| 1,447,589 | | |
| 1,359,958 | |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of property and equipment | |
| (67,699 | ) | |
| (297,416 | ) |
Proceeds from the sale of property and equipment | |
| - | | |
| 150,000 | |
| |
| | | |
| | |
Net Cash Used in Investing Activities | |
| (67,699 | ) | |
| (147,416 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Principal payments on finance lease liability | |
| (24,654 | ) | |
| (18,575 | ) |
Principal payments on notes payable | |
| (958,452 | ) | |
| (818,967 | ) |
Member distributions | |
| (482,128 | ) | |
| (257,684 | ) |
| |
| | | |
| | |
Net Cash Used in Financing Activities | |
| (1,465,234 | ) | |
| (1,095,226 | ) |
| |
| | | |
| | |
Net (Decrease) Increase in Cash and Cash Equivalents | |
| (85,344 | ) | |
| 117,316 | |
| |
| | | |
| | |
Cash and Cash Equivalents - Beginning | |
| 137,389 | | |
| 20,073 | |
| |
| | | |
| | |
Cash and Cash Equivalents - Ending | |
$ | 52,045 | | |
$ | 137,389 | |
| |
| | | |
| | |
Supplementary Cash Flow Information: | |
| | | |
| | |
Cash paid for interest | |
$ | 266,632 | | |
$ | 254,529 | |
Cash paid for state income taxes | |
$ | - | | |
$ | 500 | |
Establishment of right of use asset | |
$ | - | | |
$ | 451,448 | |
Establishment of lease liability | |
$ | - | | |
$ | 451,448 | |
Non-cash financing of property and equipment acquisitions | |
$ | 923,049 | | |
$ | 1,704,496 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This
summary of significant accounting policies of Standard Waste Services, LLC (a Michigan Limited Liability Company) is presented to assist
in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s
management, which is responsible for their integrity and objectivity. The accounting policies conform to accounting principles generally
accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
Nature
of Operations
Standard
Waste Services, LLC (the “Company”) is located in Detroit, Michigan. The Company provides waste management services primarily
to commercial and industrial customers. The Company’s customers are primarily located in Southeast Michigan.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
the use of estimates that affect certain reported amounts and disclosures. These estimates are based on management’s knowledge
and experience. Accordingly, actual results could differ from these estimates.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined as cash on hand and demand deposits in banks plus short-term investments that are readily convertible
to cash as well as investments with original maturities of three months or less.
Account
Receivable
Accounts
receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying
value of the Company’s receivables, net of allowance for credit losses, represents their estimated net realizable value.
The
allowance for credit losses is based on management’s assessment of collectability of assets pooled together with similar risk characteristics.
The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical
location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that
specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance
is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been
unsuccessful in collecting the amount due. For the years ended December 31, 2023 and 2022, the Company had no allowance for credit losses
established as management’s assessment of collectability of its accounts receivables did not identify any receivables as uncollectable.
The
carrying value of accounts receivable for the years ended December 31, 2023, 2022, and 2021 were $1,236,867, $1,001,761, and $886,516, respectively.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Property
and Equipment
Property
and equipment are carried at cost. Maintenance, repairs and renewals which neither materially add to the value of the property nor appreciably
prolong its life are charged to expense as incurred. Depreciation of equipment is provided on the straight-line method at the following
rates:
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
| |
|
Software | |
3 years |
Computer and office equipment | |
10 years |
Furniture and fixtures | |
10 years |
Trucks and tractors | |
7 years |
Equipment | |
7 - 15 years |
Leasehold improvements | |
15 years |
Management
regularly reviews property and equipment for possible impairment. The review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of December 31, 2023 and 2022.
Goodwill
Goodwill
is carried at the amount paid for a company’s assets in excess of the sum of their fair values. The Company periodically tests
these assets for impairment on an annual basis or more frequently if an event occurs or circumstances change that would more likely than
not reduce the fair value of the assets below their carrying amounts.
The
Company may elect to perform a qualitative assessment that considers economic, industry, and Company-specific factors for all or selected
assets of which goodwill has been assigned at purchase. If, after completing the assessment, it is determined that it is more likely
than not that the fair value of the assessed asset(s) is less than its carrying value, the Company proceeds to a quantitative test. The
Company may also elect to perform a quantitative test for any or all of its assets with goodwill assigned at purchase.
Quantitative
testing requires a comparison of the fair value of each asset with assigned goodwill to its carrying value. The Company uses the discounted
cash flow method to estimate the fair value of the asset(s) with assigned goodwill. The discounted cash flow method incorporates various
assumptions, the most significant being projected sales growth rates, operating margins and cash flows, the terminal growth rate, and
the weighted average cost of capital. If the carrying value of the assets(s) with assigned goodwill exceeds its fair value, the shortfall
up to the carrying value of the goodwill represents the amount of goodwill impairment.
During
the years ended December 31, 2023 and 2022, the Company did not record
any impairment and there were no changes in the carrying value of goodwill, respectively.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Right
of Use Assets and Lease Liabilities
In
February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance for accounting for leases under
Topic 840, Leases. The FASB also subsequently issued several ASUs, which amend and clarify Topic 842. The most significant change
in the new leasing guidance is the requirement to recognize right-of-use (ROU) assets and lease liabilities for operating leases on the
balance sheet. Similar to the previous lease guidance, the update retains a distinction between finance leases (similar to capital leases
in Topic 840, Leases) and operating leases, with classification affecting pattern of expense recognition in the income statement.
The Company adopted this ASU effective January 1, 2022 and utilized all of the available practical expedients.
The
determination of whether an arrangement is a lease is made at the lease’s inception. Under ASC 842, a contract is (or contains)
a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control
is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and
the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are
changed.
ROU
assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s
obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. The Company uses the implicit rate when it is readily determinable. Since the
Company’s leases do not provide an implicit rate, to determine the present value of lease payments, management uses the Company’s
incremental borrowing rate based on the information available at lease commencement. Operating lease ROU assets also include any lease
payments made and excludes any lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease
term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company
will exercise the option.
The
Company has elected to apply the short-term lease exception to all leases with a term of one year or less. Several of the Company’s
leases as of December 31, 2023 and 2022 are for periods of less than 12 months, or on a month-to-month basis; therefore, lease assets
and liabilities described above are not recorded on the balance sheet.
The
Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component
for its operating and finance leases.
Revenue
and Cost Recognition
The
Company recognizes revenue when performance obligations are satisfied in accordance with ASC 606, Revenue from Contracts with Customers.
The Company’s performance obligations are satisfied at the point in time once waste is disposed of at a landfill or transfer station.
The Company then invoices its customers based upon pre-negotiated rates and billed to the customer once the performance obligations have
been met. Invoices for services are normally due upon receipt. There are no significant financing agreements customers in relation to
revenues generated and collected.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Revenue
and Cost Recognition – Continued
The
Company’s single-day contracts are invoiced by the Company at the time of the order and payment is required prior to delivery of
the equipment used for hauling the waste. Based on the type of waste the customer needs disposed or hauled from the location, contract
prices are negotiated in advance. If the customer requires more time than the agreed-upon contract stipulates, the Company invoices the
customer on a daily basis until the customer no longer requires waste hauling by the Company.
The
Company also provides waste hauling services to commercial customers which normally includes hauling away the waste and leaving equipment
at the location for further use and future hauling and disposal. Invoices for these contracts are billed upon pickup and disposal of
the waste at a landfill or transfer station. Invoice normally include disposal fees based on weight, type of waste to be disposed of,
and fuel surcharges.
Cost
of revenues earned includes direct contract costs, such as disposal fees, driver wages and related employer taxes, truck and equipment
depreciation and maintenance expenses, and other costs such as customer property damages due to driver error.
Income
Taxes
The
Company is not a taxpaying entity for federal income tax purposes, and thus no federal income tax expense has been recorded in these
financial statements. Income from the Company is taxed to the Members in their respective tax returns. The Company accounts for tax positions
in accordance with the Recognition and Initial Measurement Sections of the Income Taxes Topic of Financial Accounting Standards Board
(FASB) Accounting Standards Codification.
With
few exceptions, the Company is subject to U.S. federal and state income tax examinations by tax authorities for the prior three years.
Management has reviewed the LLC’s tax positions and determined there were no uncertain tax positions as of December 31, 2023 and
2022.
Advertising
Advertising
costs are expensed as they are incurred. Advertising costs included in general and administrative expenses for the years ended December
31, 2023 and 2022 were $6,129 and
$9,188,
respectively.
Recently
Adopted Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current generally accepted accounting principles with a methodology that reflects expected credit losses on instruments within its
scope, including trade receivables.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Recently
Adopted Accounting Standards – Continued
This
update is intended to provide financial statement users with more decision useful information about the expected credit losses. The Company
adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statements and
primarily resulted in new and enhanced disclosures only.
On
January 1, 2022, the Company adopted new guidance under Accounting Standards Codification (ASC) Topic 842, Leases. Under the new
guidance, the Company recognizes right of use assets and lease liabilities for leases with terms greater than 12 months. Leases are now
classified as either financial or operating leases, which dictates whether the expense is recognized based on effective interest method
or on a straight-line basis over the term of the lease. The Company adopted Topic 842 using the modified retrospective method. Accordingly,
the new guidance was applied retrospectively to leases that existed as of January 1, 2022 (the date of initial application). The adoption
did not have a significant impact on the Company’s equity, results of operations or cash flows.
The
Company elected the following practical expedients and accounting policy elections:
| 1. | Expired
or existing contracts were not assessed to determine whether they are or contain leases upon
adoption. |
| 2. | Previous
classification of existing leases (operating or finance) was retained as of the date of adoption. |
| 3. | Initial
direct costs were not reassessed upon adoption. |
| 4. | Hindsight
is used in determining the lease term and in evaluating impairment of right of use assets. |
NOTE
2 – CONCENTRATION OF CREDIT RISK
The
Company maintains cash and cash equivalents balances at a financial institution located in Michigan. Accounts at this institution were
insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The Company’s cash balances at December 31, 2023 and
2022 were fully insured.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
3 – PROPERTY AND EQUIPMENT
Property
and equipment at December 31, 2023 and 2022 consisted of the following:
SCHEDULE OF
PROPERTY AND EQUIPMENT
| |
2023 | | |
2022 | |
| |
| | |
| |
Software | |
$ | 3,743 | | |
$ | 3,743 | |
Computer and office equipment | |
| 23,142 | | |
| 23,142 | |
Furniture and fixtures | |
| 9,257 | | |
| 9,257 | |
Trucks and tractors | |
| 4,131,319 | | |
| 3,598,702 | |
Equipment | |
| 3,685,749 | | |
| 3,230,617 | |
Leasehold improvements | |
| 126,555 | | |
| 123,555 | |
| |
| | | |
| | |
Total undepreciated cost | |
| 7,979,765 | | |
| 6,989,016 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 2,445,579 | | |
| 1,678,872 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 5,534,186 | | |
$ | 5,310,144 | |
Depreciation
expense included in cost of revenues related to trucks and tractors and equipment for the years ended December 31, 2023 and 2022 amounted
to $755,770 and $645,587, respectively. Depreciation expense included in general and administrative expenses for the years ended December
31, 2023 and 2022 amounted to $10,936 and $3,200, respectively.
NOTE
4 – LEASES
During
March 2022, the Company entered into a lease agreement for its Detroit operations which commenced in August 2022 through July 2027. There
is an exclusive right to purchase the premises through the original term of the lease at a fair value to be mutually agreed upon. The
Company is not reasonably certain it will exercise the option and therefore, the lease is classified as an operating lease. Monthly payments
required under this lease are approximately $9,000.
The Company discounted the lease liability utilizing the incremental borrowing rate at lease commencement which was 5.50%.
Total lease expense under this lease for the years ended December 31, 2023 and 2022 was $104,000
and $43,333,
respectively. The remaining term under this lease at December 31, 2023 is 3.6
years.
Also,
the Company leases a truck used for is operations under a five-year lease which commenced during May 2022 ending during May 2027, classified
as a finance lease. The lease calls for monthly payments of $3,304
bearing interest at 12.08%
per annum. The lease includes a purchase option
upon maturity of which the Company intends to exercise. The remaining term under this lease at December 31, 2023 is 3.3
years .
The
Company also leases land for equipment storage on a month-to-month basis. These monthly leases are expensed to lease expense as incurred.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
4 – LEASES – Continued
The
following table summarizes right of use assets at December 31, 2023 and 2022:
SCHEDULE OF RIGHT OF USE ASSETS
| |
| | | |
| | | |
|
| |
2023 | | |
2022 | | |
Location
Recorded on Balance Sheet |
| |
| | |
| | |
|
Assets | |
| | | |
| | | |
|
Operating
lease | |
$ | 336,191 | | |
$ | 415,725 | | |
Right-of-use
asset |
Finance
lease | |
| 117,162 | | |
| 139,130 | | |
Property
and equipment, net |
| |
| | | |
| | | |
|
Total
leased assets | |
$ | 453,353 | | |
$ | 554,855 | | |
|
The
following table summarizes the maturities of the Company’s lease liabilities presented on the balance sheets as of December 31,
2023:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Year | |
Operating Lease | | |
Finance Lease | |
| |
| | |
| |
2024 | |
$ | 108,000 | | |
$ | 39,650 | |
2025 | |
| 108,000 | | |
| 39,650 | |
2026 | |
| 108,000 | | |
| 39,650 | |
2027 | |
| 63,000 | | |
| 16,521 | |
| |
| | | |
| | |
Total lease payments | |
| 387,000 | | |
| 135,471 | |
Less interest | |
| 36,475 | | |
| 24,925 | |
| |
| | | |
| | |
Total lease obligations | |
| 350,525 | | |
| 110,546 | |
| |
| | | |
| | |
Less current portion | |
| 90,992 | | |
| 27,802 | |
| |
| | | |
| | |
Long-term lease liabilities | |
$ | 259,533 | | |
$ | 82,744 | |
The
following summarizes the composition of net lease cost during the years ended December 31, 2023
and 2022:
SCHEDULE COMPOSITION OF NET LEASE COST
| |
| | | |
| | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Short-term
lease costs | |
$ | 28,431 | | |
$ | 141,163 | |
Operating
lease costs | |
| 104,000 | | |
| 43,333 | |
Finance
lease costs | |
| | | |
| | |
Amortization
of right-to-use asset | |
| 21,968 | | |
| 9,077 | |
Interest
on lease liabilities | |
| 14,997 | | |
| 10,040 | |
| |
| | | |
| | |
Total
lease costs | |
$ | 169,396 | | |
$ | 203,613 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
5 – NOTES PAYABLE
Notes
payable at December 31, 2023 and 2022 can be summarized as follows:
SCHEDULE OF NOTES PAYABLE
| |
| | | |
| | |
| |
Years Ended | |
| |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Note payable to third-party individual, secured by underlying assets, due in equal monthly
payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum. | |
$ | 525,381 | | |
$ | 579,822 | |
Note payable to third-party individual, secured by underlying assets, due in equal monthly
payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum. | |
$ | 525,381 | | |
$ | 579,822 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, beginning August 2018, due in equal monthly
payments of $3,094 plus interest of 10.19% per annum. Paid in full during 2023. | |
| - | | |
| 32,366 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,576,
beginning January 2019 and due December 2023 in full, plus interest of 12.07% per annum. | |
| 7,574 | | |
| 35,692 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,315,
beginning March 2019 and due March 2024 in full, plus interest of 11.27% per annum. | |
| 15,616 | | |
| 40,121 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,663,
beginning May 2019 and due March 2024 in full, plus interest of 11.89% per annum. | |
| 15,437 | | |
| 43,700 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,503,
beginning May 2019 and due April 2024 in full, plus interest of 10.59% per annum. | |
| 14,324 | | |
| 29,591 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,510,
beginning June 2019 and due May 2024 in full, plus interest of 11.08% per annum. | |
| 30,176 | | |
| 66,719 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,639,
beginning August 2019 and due July 2024 in full, plus interest of 12.56% per annum. | |
| 17,727 | | |
| 45,264 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,384,
beginning February 2020 and due February 2025 in full, plus interest of 7.61% per annum. | |
| 45,204 | | |
| 80,891 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly
payments of $1,619, beginning March 2020 and due March 2024 in full, plus interest of 8.73% per annum. | |
| 11,013 | | |
| 28,638 | |
| |
| | | |
| | |
Subtotal | |
$ | 682,452 | | |
$ | 982,804 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
5 – NOTES PAYABLE – Continued
| |
2023 | | |
2022 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 682,452 | | |
$ | 982,804 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,902,
beginning June 2020 and due June 2026 in full, plus interest of 5.50% per annum. | |
| 53,195 | | |
| 72,512 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,016,
beginning July 2020 and due July 2025 in full, plus interest of 12.51% per annum. | |
| 34,584 | | |
| 53,165 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,239,
beginning July 2020 and due July 2025 in full, plus interest of 12.41% per annum. | |
| 38,451 | | |
| 59,136 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $979,
beginning August 2020 and due August 2026 in full, plus interest of 5.50% per annum. | |
| 29,069 | | |
| 38,919 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,079,
beginning November 2020 and due October 2025 in full, plus interest of 9.40% per annum. | |
| 40,113 | | |
| 60,250 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,940,
beginning November 2020 and due October 2025 in full, plus interest of 9.42% per annum. | |
| 31,407 | | |
| 46,393 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,829,
beginning December 2020 and due December 2025 in full, plus interest of 6.25% per annum. | |
| 63,666 | | |
| 92,643 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,162,
beginning December 2020 and due September 2025 in full, plus interest of 8.88% per annum. | |
| 49,428 | | |
| 74,422 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,033,
beginning March 2021 and due March 2026 in full, plus interest of 5.99% per annum. | |
| 51,222 | | |
| 71,868 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly
payments of $2,855, beginning May 2021 and due May 2026 in full, plus interest of 6.95% per annum. | |
| 75,603 | | |
| 103,541 | |
| |
| | | |
| | |
Subtotal | |
$ | 1,149,190 | | |
$ | 1,655,653 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
5 – NOTES PAYABLE – Continued
| |
2023 | | |
2022 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 1,149,190 | | |
$ | 1,655,653 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,967,
beginning August 2021 and due August 2028 in full, plus interest of 6.10% per annum. | |
| 144,271 | | |
| 170,208 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,275,
beginning August 2021 and due August 2026 in full, plus interest of 6.92% per annum. | |
| 66,289 | | |
| 88,167 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,176,
beginning September 2021 and due September 2026 in full, plus interest of 6.72% per annum. | |
| 95,440 | | |
| 126,010 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,225,
beginning November 2021 and due November 2026 in full, plus interest of 6.73% per annum. | |
| 102,226 | | |
| 132,915 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,586,
beginning December 2021 and due December 2026 in full, plus interest of 5.99% per annum. | |
| 117,906 | | |
| 152,740 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,134,
beginning February 2022 and due February 2026 in full, plus interest of 7.50% per annum. | |
| 74,982 | | |
| 105,700 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,000,
beginning March 2022 and due February 2029 in full, plus interest of 4.99% per annum. | |
| 165,428 | | |
| 192,213 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,063,
beginning April 2022 and due April 2029 in full, plus interest of 5.64% per annum. | |
| 171,205 | | |
| 197,493 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,381,
beginning July 2022 and due July 2029 in full, plus interest of 6.29% per annum. | |
| 190,626 | | |
| 218,261 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly
payments of $3,427, beginning July 2022 and due July 2026 in full, plus interest of 7.90% per annum. | |
| 95,816 | | |
| 127,979 | |
| |
| | | |
| | |
Subtotal | |
$ | 2,373,379 | | |
$ | 3,167,339 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
5 – NOTES PAYABLE – Continued
| |
2023 | | |
2022 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 2,373,379 | | |
$ | 3,167,339 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 141,455 | | |
| 180,477 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 141,455 | | |
| 180,477 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,071, beginning
July 2022 and due August 2027 in full, plus interest of 9.26% per annum. | |
| 114,199 | | |
| 139,200 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,446, beginning
November 2022 and due November 2027 in full, plus interest of 8.50% per annum. | |
| 58,676 | | |
| 70,493 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,850, beginning
March 2023 and due January 2029 in full, plus interest of 6.76% per annum. | |
| 96,587 | | |
| - | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $5,590, beginning
March 2023 and due March 2028 in full, plus interest of 7.35% per annum. | |
| 244,214 | | |
| - | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,213, beginning
December 2023 and due December 2030 in full, plus interest of 8.47% per annum. | |
| 266,434 | | |
| - | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,269, beginning
December 2023 and due December 2030 in full, plus interest of 8.90% per annum. | |
| 266,184 | | |
| - | |
| |
| | | |
| | |
Total notes payable | |
| 3,702,583 | | |
| 3,737,986 | |
| |
| | | |
| | |
Less: current portion of notes payable | |
| 982,060 | | |
| 919,337 | |
| |
| | | |
| | |
Notes payable - long-term portion | |
$ | 2,720,523 | | |
$ | 2,818,649 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
NOTE
5 – NOTES PAYABLE – Continued
Principal
payments on notes payable for the next five years ending December 31 and thereafter as follows:
SCHEDULE
OF PRINCIPAL
PAYMENTS ON NOTES PAYABLE
| |
| | |
2024 | |
$ | 982,060 | |
2025 | |
| 849,498 | |
2026 | |
| 647,485 | |
2027 | |
| 743,898 | |
2028 | |
| 250,302 | |
Thereafter | |
| 229,340 | |
Total
interest expense included on the statements of income and changes in members’ equity for the years ended December 31, 2023 and
2022 amounted to $251,883 and $244,620, respectively.
NOTE
6 – CONTINGENCIES
From
time to time, the Company is involved in routine litigation that arises in the ordinary course of business. During 2022, the Company
was party to litigation with its previous lessor over rent increases. The Company settled during November 2022 and paid $85,000 to the
previous lessor. This amount is included in lease expense in general and administrative expenses on the statement of income and changes
in members’ equity for the year ended December 31, 2022.
NOTE
7 – RELATED PARTY TRANSACTIONS
During
the years ended December 31, 2023 and 2022, the Company conducted business with an entity owned by a family member of one of the Company’s
members. The related party performs waste hauling services similar to the Company. During the year ended December 31, 2022, brokerage
fees were paid to the related party for providing successful sales leads to the Company. Further, during both years ended December 31,
2023 and 2022, the Company provided services to the related party due to the related party being at full capacity and requiring additional
equipment and hauling in order to service its customers of which the Company provided.
The
following summarizes the Company’s related party transactions as of and for the years ended December 31, 2023 and 2022:
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
| | | |
| | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Statements of Income: | |
| | | |
| | |
Revenues for services provided | |
$ | 169,322 | | |
$ | 3,750 | |
Brokerage fees paid | |
| - | | |
| 1,302 | |
| |
| | | |
| | |
Assets: | |
| | | |
| | |
Accounts receivable | |
| 53,177 | | |
| 500 | |
NOTE
8 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events that occurred after the balance sheet date, up to the date that the financial statements were issued.
The
Company is currently in negotiations to sell its assets and operations to a third party. As of the date of these financial statements
the transaction has not completed and both parties are working on due diligence that include operational and financial information. Closing
of the transaction is currently expected to occur during April 2024.
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Exhibit
99.2
Standard
Waste Services, LLC
(A
Limited Liability Company)
March
31, 2024 and 2023
C
O N T E N T S
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
(UNUAUDITED) BALANCE
SHEETS
| |
March
31, 2024 | | |
December
31, 2023 | |
ASSETS | |
| | | |
| | |
Current Assets | |
| | | |
| | |
| |
| | | |
| | |
Cash and cash equivalents | |
$ | 9,545 | | |
$ | 52,045 | |
Accounts receivable | |
| 1,284,899 | | |
| 1,236,867 | |
Employee loans | |
| 1,500 | | |
| 3,300 | |
| |
| | | |
| | |
Total current assets | |
| 1,295,944 | | |
| 1,292,212 | |
| |
| | | |
| | |
Property and Equipment, Net | |
| 5,318,328 | | |
| 5,534,186 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
| |
| | | |
| | |
Security deposits | |
| 12,900 | | |
| 12,900 | |
Goodwill | |
| 412,800 | | |
| 412,800 | |
Operating lease right-of-use asset, net | |
| 322,037 | | |
| 336,191 | |
| |
| | | |
| | |
Total other assets | |
| 747,737 | | |
| 761,891 | |
| |
| | | |
| | |
Total assets | |
$ | 7,362,009 | | |
$ | 7,588,289 | |
| |
| | | |
| | |
LIABILITIES AND MEMBERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
| |
| | | |
| | |
Accounts payable | |
$ | 874,452 | | |
$ | 890,185 | |
Accrued expenses | |
| 44,289 | | |
| 39,031 | |
Current portion of operating lease liability | |
| 91,828 | | |
| 90,992 | |
Current portion of finance lease liability | |
| 28,650 | | |
| 27,802 | |
Current portion of notes payable | |
| 942,738 | | |
| 982,060 | |
| |
| | | |
| | |
Total current liabilities | |
| 1,981,957 | | |
| 2,030,070 | |
| |
| | | |
| | |
Noncurrent Liabilities | |
| | | |
| | |
| |
| | | |
| | |
Operating lease liability, net of current portion | |
| 243,876 | | |
| 259,533 | |
Finance lease liability, net of current portion | |
| 75,256 | | |
| 82,744 | |
Notes payable, net of current portion | |
| 2,507,863 | | |
| 2,720,523 | |
| |
| | | |
| | |
Total noncurrent liabilities | |
| 2,826,995 | | |
| 3,062,800 | |
| |
| | | |
| | |
Total liabilities | |
| 4,808,952 | | |
| 5,092,870 | |
| |
| | | |
| | |
Members’ Equity | |
| 2,553,057 | | |
| 2,495,419 | |
| |
| | | |
| | |
Total liabilities and members’ equity | |
$ | 7,362,009 | | |
$ | 7,588,289 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
(UNAUDITED)
STATEMENTS OF INCOME AND CHANGES IN MEMBERS’
EQUITY
| |
2024 | | |
2023 | |
| |
For the Three-Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 2,304,226 | | |
$ | 2,197,713 | |
| |
| | | |
| | |
Cost of Revenues | |
| 1,612,136 | | |
| 1,421,281 | |
| |
| | | |
| | |
Gross Profit | |
| 692,090 | | |
| 776,432 | |
| |
| | | |
| | |
General and Administrative Expenses | |
| 435,035 | | |
| 498,149 | |
| |
| | | |
| | |
Income From Operations | |
| 257,055 | | |
| 278,283 | |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
| |
| | | |
| | |
Interest income | |
| 11 | | |
| 9 | |
Interest expense | |
| (65,498 | ) | |
| (68,153 | ) |
| |
| | | |
| | |
Net Other Expense | |
| (65,487 | ) | |
| (68,144 | ) |
| |
| | | |
| | |
Net Income | |
| 191,568 | | |
| 210,139 | |
| |
| | | |
| | |
Members’ Equity - Beginning | |
| 2,495,419 | | |
| 2,247,530 | |
| |
| | | |
| | |
Member distributions | |
| (133,930 | ) | |
| (51,830 | ) |
| |
| | | |
| | |
Members’ Equity - Ending | |
$ | 2,553,057 | | |
$ | 2,405,839 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
(UNAUDITED)
STATEMENTS OF CASH FLOWS
| |
2024 | | |
2023 | |
| |
For the Three-Months Ended | |
| |
March 31, | |
| |
2024 | | |
2023 | |
Cash Flows From Operating Activities | |
| | | |
| | |
Net income | |
$ | 191,568 | | |
$ | 210,139 | |
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 215,859 | | |
| 184,975 | |
(Increase) decrease in operating assets: | |
| | | |
| | |
Accounts receivable | |
| (48,032 | ) | |
| (124,617 | ) |
Employee loans | |
| 1,800 | | |
| (1,500 | ) |
Operating lease right-of-use asset | |
| 14,154 | | |
| 17,492 | |
Increase (decrease) in operating liabilities: | |
| | | |
| | |
Accounts payable | |
| (15,733 | ) | |
| 33,806 | |
Accrued expenses | |
| 5,258 | | |
| 14,540 | |
Operating lease liability | |
| (14,821 | ) | |
| (21,093 | ) |
| |
| | | |
| | |
Net Cash Provided by Operating Activities | |
| 350,053 | | |
| 313,742 | |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchases of property and equipment | |
| - | | |
| (43,500 | ) |
Net Cash Used in Investing Activities | |
| - | | |
| (43,500 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Principal payments on finance lease liability | |
| (6,640 | ) | |
| (5,888 | ) |
Principal payments on notes payable | |
| (251,983 | ) | |
| (224,376 | ) |
Member distributions | |
| (133,930 | ) | |
| (51,830 | ) |
| |
| | | |
| | |
Net Cash Used in Financing Activities | |
| (392,553 | ) | |
| (282,094 | ) |
| |
| | | |
| | |
Net Decrease in Cash and Cash Equivalents | |
| (42,500 | ) | |
| (11,852 | ) |
| |
| | | |
| | |
Cash and Cash Equivalents - Beginning | |
| 52,045 | | |
| 137,389 | |
| |
| | | |
| | |
Cash and Cash Equivalents - Ending | |
$ | 9,545 | | |
$ | 125,537 | |
| |
| | | |
| | |
Supplementary Cash Flow Information: | |
| | | |
| | |
Cash paid for interest | |
$ | 65,498 | | |
$ | 68,153 | |
Non-cash financing of property and equipment acquisitions | |
$ | - | | |
$ | 390,431 | |
See
accompanying notes to financial statements
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE THREE-MONTHS ENDED MARCH 31, 2024 AND 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This
summary of significant accounting policies of Standard Waste Services, LLC (a Michigan Limited Liability Company) is presented to assist
in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s
management, which is responsible for their integrity and objectivity. The accounting policies conform to accounting principles generally
accepted in the United States of America (U.S. GAAP) and the regulations of the United States Securities and Exchange Commission
and have been consistently applied in the preparation of the financial statements.
Nature
of Operations
Standard
Waste Services, LLC (the “Company”) is located in Detroit, Michigan. The Company provides waste management services primarily
to commercial and industrial customers. The Company’s customers are primarily located in Southeast Michigan.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires the use of estimates that affect certain reported amounts
and disclosures. These estimates and assumptions are based on management’s knowledge and experience. Accordingly, actual
results could differ from these estimates.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined as cash on hand and demand deposits in banks plus short-term investments that are readily convertible
to cash as well as investments with original maturities of three months or less.
Account
Receivable
Accounts
receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying
value of the Company’s receivables, net of allowance for credit losses, represents their estimated net realizable value.
The
allowance for credit losses is based on management’s assessment of collectability of assets pooled together with similar risk characteristics.
The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical
location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that
specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance
is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been
unsuccessful in collecting the amount due. For the three-months ended March 31, 2024 and 2023, the Company had no allowance for credit
losses established as management’s assessment of collectability of its accounts receivables did not identify any receivables as
uncollectable.
The
carrying value of accounts receivable as of March 31, 2024 and December 31, 2023 was $1,284,899 and $1,236,867,
respectively. The carrying value of accounts receivable as of March 31, 2023 and December 31, 2022 was $1,126,378 and $1,001,761,
respectively.
STANDARD WASTE SERVICES, LLC
(A Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Property
and Equipment
Property
and equipment are carried at cost. Maintenance, repairs and renewals which neither materially add to the value of the property nor appreciably
prolong its life are charged to expense as incurred. Depreciation of equipment is provided on the straight-line method at the following
rates:
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
Software | |
| 3 years | |
Computer and office equipment | |
| 10 years | |
Furniture and fixtures | |
| 10 years | |
Trucks and tractors | |
| 7 years | |
Equipment | |
| 7 - 15 years | |
Leasehold improvements | |
| 15 years | |
Management
regularly reviews property and equipment for possible impairment. The review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of March 31, 2024 and December 31, 2023.
Goodwill
Goodwill
is carried at the amount paid for a company’s assets in excess of the sum of their fair values. The Company periodically tests
these assets for impairment on an annual basis or more frequently if an event occurs or circumstances change that would more likely than
not reduce the fair value of the assets below their carrying amounts.
The
Company may elect to perform a qualitative assessment that considers economic, industry, and Company-specific factors for all or selected
assets of which goodwill has been assigned at purchase. If, after completing the assessment, it is determined that it is more likely
than not that the fair value of the assessed asset(s) is less than its carrying value, the Company proceeds to a quantitative test. The
Company may also elect to perform a quantitative test for any or all of its assets with goodwill assigned at purchase.
Quantitative
testing requires a comparison of the fair value of each asset with assigned goodwill to its carrying value. The Company uses the discounted
cash flow method to estimate the fair value of the asset(s) with assigned goodwill. The discounted cash flow method incorporates various
assumptions, the most significant being projected sales growth rates, operating margins and cash flows, the terminal growth rate, and
the weighted average cost of capital. If the carrying value of the assets(s) with assigned goodwill exceeds its fair value, the shortfall
up to the carrying value of the goodwill represents the amount of goodwill impairment.
During
the three-months ended March 31, 2024 and 2023, the Company did not record any impairment and there were no changes in the carrying value
of goodwill, respectively.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Right
of Use Assets and Lease Liabilities
The
determination of whether an arrangement is a lease is made at the lease’s inception. Under ASC 842, a contract is (or contains)
a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control
is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and
the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are
changed.
ROU
assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s
obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. The Company uses the implicit rate when it is readily determinable. Since the
Company’s leases do not provide an implicit rate, to determine the present value of lease payments, management uses the Company’s
incremental borrowing rate based on the information available at lease commencement. Operating lease ROU assets also include any lease
payments made and excludes any lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease
term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company
will exercise the option.
The
Company has elected to apply the short-term lease exception to all leases with a term of one year or less. Several of the Company’s
leases as of March 31, 2024 and December 31, 2023 are for periods of less than 12 months, or on a month-to-month basis; therefore,
lease assets and liabilities described above are not recorded on the balance sheets.
The
Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component
for its operating and finance leases.
Revenue
and Cost Recognition
The
Company recognizes revenue when performance obligations are satisfied in accordance with ASC 606, Revenue from Contracts with Customers.
The Company’s performance obligations are satisfied at the point in time once waste is disposed of at a landfill or transfer station.
The Company then invoices its customers based upon pre-negotiated rates and billed to the customer once the performance obligations have
been met. Invoices for services are normally due upon receipt. There are no significant financing agreements customers in relation to
revenues generated and collected.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Revenue
and Cost Recognition – Continued
The
Company’s single-day contracts are invoiced by the Company at the time of the order and payment is required prior to delivery of
the equipment used for hauling the waste. Based on the type of waste the customer needs disposed or hauled from the location, contract
prices are negotiated in advance. If the customer requires more time than the agreed-upon contract stipulates, the Company invoices the
customer on a daily basis until the customer no longer requires waste hauling by the Company.
The
Company also provides waste hauling services to commercial customers which normally includes hauling away the waste and leaving equipment
at the location for further use and future hauling and disposal. Invoices for these contracts are billed upon pickup and disposal of
the waste at a landfill or transfer station. Invoices normally include disposal fees based on weight, type of waste to be disposed of,
and fuel surcharges.
Cost
of revenues earned includes direct contract costs, such as disposal fees, driver wages and related employer taxes, truck and equipment
depreciation and maintenance expenses, and other costs such as customer property damages due to driver error.
Income
Taxes
The
Company is not a taxpaying entity for federal income tax purposes, and thus no federal income tax expense has been recorded in these
financial statements. Income from the Company is taxed to the Members in their respective tax returns. The Company accounts for tax positions
in accordance with the Recognition and Initial Measurement Sections of the Income Taxes Topic of Financial Accounting Standards Board
(FASB) Accounting Standards Codification.
With
few exceptions, the Company is subject to U.S. federal and state income tax examinations by tax authorities for the prior three years.
Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions as of March 31,
2024 and December 31, 2023.
Advertising
Advertising
costs are expensed as they are incurred. Advertising costs included in general and administrative expenses for the three-months ended
March 31, 2024 and 2023 were $1,847 and $1,721, respectively.
Recently
Adopted Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current generally accepted accounting principles with a methodology that reflects expected credit losses on instruments within its
scope, including trade receivables.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Recently
Adopted Accounting Standards – Continued
This
update is intended to provide financial statement users with more decision useful information about the expected credit losses. The Company
adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statements and
primarily resulted in new and enhanced disclosures only.
NOTE
2 – CONCENTRATION OF CREDIT RISK
The
Company maintains cash and cash equivalents balances at a financial institution located in Michigan. Accounts at this institution were
insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The Company’s cash balances at March 31, 2024 and December
31, 2023 were fully insured.
NOTE
3 – PROPERTY AND EQUIPMENT
Property
and equipment at March 31, 2024 and December 31, 2023 consisted of the following:
SCHEDULE OF
PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Software | |
$ | 3,743 | | |
$ | 3,743 | |
Computer and office equipment | |
| 23,142 | | |
| 23,142 | |
Furniture and fixtures | |
| 9,257 | | |
| 9,257 | |
Trucks and tractors | |
| 4,131,319 | | |
| 4,131,319 | |
Equipment | |
| 3,685,749 | | |
| 3,685,749 | |
Leasehold improvements | |
| 126,555 | | |
| 126,555 | |
| |
| | | |
| | |
Total undepreciated cost | |
| 7,979,765 | | |
| 7,979,765 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 2,661,437 | | |
| 2,445,579 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 5,318,328 | | |
$ | 5,534,186 | |
Depreciation
expense included in cost of revenues related to trucks and tractors and equipment for the three-months ended March 31, 2024 and 2023
amounted to $212,939 and $182,796, respectively. Depreciation expense included in general and administrative expenses for the three-months
ended March 31, 2024 and 2023 amounted to $2,920 and $2,179, respectively.
STANDARD WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
4 – LEASES
During
March 2022, the Company entered into a lease agreement for its Detroit operations which commenced in August 2022 through July 2027. There
is an exclusive right to purchase the premises through the original term of the lease at a fair value to be mutually agreed upon. The
Company is not reasonably certain it will exercise the option and therefore, the lease is classified as an operating lease. Monthly payments
required under this lease are approximately $9,000. The Company discounted the lease liability utilizing the incremental borrowing rate
at lease commencement which was 5.50%. The remaining term under this lease at March 31, 2024 is 3.33 years.
Also,
the Company leases a truck used for is operations under a five-year lease which commenced during May 2022 ending during May 2027, classified
as a finance lease. The lease calls for monthly payments of $3,304 bearing interest at 12.08% per annum. The lease includes a purchase
option upon maturity of which the Company intends to exercise. The remaining term under this lease at March 31, 2024 is 3.17 years.
The
Company also leases land for equipment storage on a month-to-month basis. These monthly leases are expensed to lease expense as incurred.
The
following table summarizes right of use assets at March 31, 2024 and December 31, 2023:
SCHEDULE OF RIGHT OF USE ASSETS
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
| | |
| | |
|
Assets | |
| | | |
| | | |
|
Operating lease | |
$ | 322,037 | | |
$ | 336,191 | | |
Right-of-use asset |
Finance lease | |
| 111,670 | | |
| 117,162 | | |
Property and equipment, net |
| |
| | | |
| | | |
|
Total leased assets | |
$ | 433,707 | | |
$ | 453,353 | | |
|
The
following table summarizes the maturities of the Company’s lease liabilities presented on the balance sheets as of March 31, 2024
for each of the twelve months ended March 31:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Year | |
Operating Lease | | |
Finance Lease | |
| |
| | |
| |
2025 | |
$ | 108,000 | | |
$ | 39,650 | |
2026 | |
| 108,000 | | |
| 39,650 | |
2027 | |
| 108,000 | | |
| 39,650 | |
2028 | |
| 45,000 | | |
| 3,271 | |
| |
| | | |
| | |
Total lease payments | |
| 369,000 | | |
| 122,221 | |
Less interest | |
| 33,296 | | |
| 18,315 | |
| |
| | | |
| | |
Total lease obligations | |
| 335,704 | | |
| 103,906 | |
| |
| | | |
| | |
Less current portion | |
| 91,828 | | |
| 28,650 | |
| |
| | | |
| | |
Long-term lease liabilities | |
$ | 243,876 | | |
$ | 75,256 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
4 – LEASES – Continued
The
following summarizes the composition of net lease cost during the three-months ended March 31, 2024 and 2023:
SCHEDULE COMPOSITION OF NET LEASE COST
| |
2024 | | |
2023 | |
| |
| | |
| |
Short-term lease costs | |
$ | 3,000 | | |
$ | 2,899 | |
Operating lease costs | |
| 17,333 | | |
| 26,000 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-to-use asset | |
| 5,492 | | |
| 5,492 | |
Interest on lease liability | |
| 3,272 | | |
| 4,024 | |
| |
| | | |
| | |
Total lease costs | |
$ | 29,097 | | |
$ | 38,415 | |
NOTE
5 – NOTES PAYABLE
Notes
payable at March 31, 2024 and December 31, 2023 can be summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Note payable to third-party individual, secured by underlying assets, due in equal monthly payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum. | |
$ | 516,777 | | |
$ | 525,381 | |
| |
| | | |
| | |
Note
payable to bank, secured by underlying asset, due in equal monthly payments of $2,576, beginning
January 2019 and due December 2023 in full, plus interest of 12.07% per annum. This note
as of March 31, 2024 is currently in default.
| |
| 2,550 | | |
| 7,574 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,315, beginning
March 2019 and due March 2024 in full, plus interest of 11.27% per annum. This note as of March 31, 2024 is currently in default. | |
| 9,048 | | |
| 15,616 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments
of $2,663, beginning May 2019 and due March 2024 in full, plus interest of 11.89% per annum. This note as of March 31, 2024 is
currently in default. | |
| 7,832 | | |
| 15,437 | |
| |
| | | |
| | |
Subtotal | |
$ | 536,207 | | |
$ | 564,008 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 536,207 | | |
$ | 564,008 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,503, beginning May 2019 and due April 2024 in full, plus interest of 10.59% per annum. | |
| 10,158 | | |
| 14,324 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,510, beginning June 2019 and due May 2024 in full, plus interest of 11.08% per annum. | |
| 20,393 | | |
| 30,176 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,639, beginning August 2019 and due July 2024 in full, plus interest of 12.56% per annum. | |
| 10,287 | | |
| 17,727 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,384, beginning February 2020 and due February 2025 in full, plus interest of 7.61% per annum. | |
| 35,851 | | |
| 45,204 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,619, beginning March 2020 and due March 2024 in full, plus interest of 8.73% per annum. | |
| 6,361 | | |
| 11,013 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,902, beginning June 2020 and due June 2026 in full, plus interest of 5.50% per annum. | |
| 48,198 | | |
| 53,195 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,016, beginning July 2020 and due July 2025 in full, plus interest of 12.51% per annum. | |
| 29,566 | | |
| 34,584 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,239, beginning July 2020 and due July 2025 in full, plus interest of 12.41% per annum. | |
| 32,868 | | |
| 38,451 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $979, beginning August 2020 and due August 2026 in full, plus interest of 5.50% per annum. | |
| 26,521 | | |
| 29,069 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,079, beginning November 2020 and due October 2025 in full, plus interest of 9.40% per annum. | |
| 34,777 | | |
| 40,113 | |
| |
| | | |
| | |
Subtotal | |
$ | 791,187 | | |
$ | 877,864 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 791,187 | | |
$ | 877,864 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,940, beginning
November 2020 and due October 2025 in full, plus interest of 9.42% per annum. | |
| 27,436 | | |
| 31,407 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,829, beginning December 2020 and due December 2025 in full, plus interest of 6.25% per annum. | |
| 56,135 | | |
| 63,666 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,162, beginning December 2020 and due September 2025 in full, plus interest of 8.88% per annum. | |
| 42,827 | | |
| 49,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,033, beginning March 2021 and due March 2026 in full, plus interest of 5.99% per annum. | |
| 45,865 | | |
| 51,222 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,855, beginning May 2021 and due May 2026 in full, plus interest of 6.95% per annum. | |
| 68,311 | | |
| 75,603 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,967, beginning August 2021 and due August 2028 in full, plus interest of 6.10% per annum. | |
| 137,502 | | |
| 144,271 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,275, beginning August 2021 and due August 2026 in full, plus interest of 6.92% per annum. | |
| 60,580 | | |
| 66,289 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,176, beginning September 2021 and due September 2026 in full, plus interest of 6.72% per annum. | |
| 87,472 | | |
| 95,440 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,225, beginning November 2021 and due November 2026 in full, plus interest of 6.73% per annum. | |
| 94,226 | | |
| 102,226 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,586, beginning December 2021 and due December 2026 in full, plus interest of 5.99% per annum. | |
| 108,868 | | |
| 117,906 | |
| |
| | | |
| | |
Subtotal | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
STANDARD WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | | |
| | |
Subtotal from previous page | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,134, beginning
February 2022 and due February 2026 in full, plus interest of 7.50% per annum. | |
| 66,938 | | |
| 74,982 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,000, beginning
March 2022 and due February 2029 in full, plus interest of 4.99% per annum. | |
| 158,516 | | |
| 165,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,063, beginning
April 2022 and due April 2029 in full, plus interest of 5.64% per annum. | |
| 164,399 | | |
| 171,205 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,381, beginning July 2022 and due July 2029 in full, plus interest of 6.29%
per annum. | |
| 183,441 | | |
| 190,626 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,427, beginning
July 2022 and due July 2026 in full, plus interest of 7.90% per annum. | |
| 87,372 | | |
| 95,816 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,071, beginning
July 2022 and due August 2027 in full, plus interest of 9.26% per annum. | |
| 107,578 | | |
| 114,199 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,446, beginning
November 2022 and due November 2027 in full, plus interest of 8.50% per annum. | |
| 55,562 | | |
| 58,676 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly
payments of $1,850, beginning March 2023 and due January 2029 in full, plus interest of 6.76% per annum. | |
| 92,646 | | |
| 96,587 | |
| |
| | | |
| | |
Subtotal | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
2024 | | |
2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $5,590, beginning
March 2023 and due March 2028 in full, plus interest of 7.35% per annum. | |
| 231,857 | | |
| 244,214 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,213, beginning
December 2023 and due December 2030 in full, plus interest of 8.47% per annum. | |
| 259,235 | | |
| 266,434 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments
of $4,269, beginning December 2023 and due December 2030 in full, plus interest of 8.90% per annum. | |
| 259,248 | | |
| 266,184 | |
| |
| | | |
| | |
Total notes payable | |
| 3,450,601 | | |
| 3,702,583 | |
| |
| | | |
| | |
Less: current portion of notes payable | |
| 942,738 | | |
| 982,060 | |
| |
| | | |
| | |
Notes payable - long-term portion | |
$ | 2,507,863 | | |
$ | 2,720,523 | |
Principal
payments on notes payable for the next five years as of March 31 and thereafter as follows:
SCHEDULE
OF PRINCIPAL PAYMENTS ON NOTES PAYABLE
| |
| | |
2025 | |
$ | 942,738 | |
2026 | |
| 815,446 | |
2027 | |
| 580,151 | |
2028 | |
| 701,595 | |
2029 | |
| 226,547 | |
Thereafter | |
| 184,124 | |
Total | |
$ | 3,450,601 | |
Total
interest expense included on the statements of income and changes in members’ equity for the three-months ended March 31, 2024
and 2023 amounted to $65,498 and $68,153, respectively.
NOTE
6 – RELATED PARTY TRANSACTIONS
During
the three-months ended March 31, 2024, the Company conducted business with an entity owned by a family member of one of the Company’s
members. The related party performs waste hauling services similar to the Company.
Further,
during the three-months ended March 31, 2024, the Company provided services to the related party due to the related party being at full
capacity and requiring additional equipment and hauling in order to service its customers of which the Company provided. No transactions
were conducted with this related party during and as of the three months-ended March 31, 2023.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
6 – RELATED PARTY TRANSACTIONS – Continued
The
following summarizes the Company’s related party transactions as of and for the three-months ended March 31, 2024 and 2023:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
2024 | | |
2023 | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Statements of Income: | |
| | | |
| | |
Revenues for services provided | |
$ | 73,464 | | |
$ | - | |
| |
| | | |
| | |
Assets: | |
| | | |
| | |
Accounts receivable | |
$ | 26,641 | | |
$ | - | |
NOTE
7 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events that occurred after the balance sheet date, up to the date that the financial statements were issued.
On
January 12, 2024, Titan Environmental Solutions Inc. through its wholly-owned subsidiary, Titan Trucking, LLC, entered into a Membership
Interest Purchase Agreement with Domonic Campo and Sharon Campo (the “Sellers”), and the Company. The Membership Interest
Purchase Agreement was amended on February 21, 2024, May 20, 2024 and on May 30, 2024. The transaction closed on May 31, 2024. Together
with the amendments, the Membership Interest Purchase Agreement is referred to herein as the “Standard
Purchase Agreement.” Pursuant to the terms of the Standard Purchase Agreement, Titan Trucking, LLC, purchased ownership of all
the outstanding membership interests of the Company. In exchange, Titan Environmental Solutions, Inc. issued the Sellers 612,000 shares
of the Company’s Series A Preferred Stock, issued to the Sellers debt instruments with a total principal value of $2,859,898, and
paid cash consideration of $4,652,500 (inclusive of a $652,500 closing deposit).
Exhibit
99.3
TITAN
ENVIRONMENTAL SOLUTIONS INC.
PRO
FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
AS
OF MARCH 31, 2024
(UNAUDITED)
On
January 12, 2024, Titan Environmental Solutions Inc. (the “Company”, “TESI”), through its wholly-owned
subsidiary, Titan Trucking, LLC, entered into a Membership Interest Purchase Agreement with Domonic Campo and Sharon Campo (the “Sellers”),
and Standard Waste Services, LLC (“Standard”). The Membership Interest Purchase Agreement was amended on February 21, 2024,
May 20, 2024 and on May 30, 2024. The transaction closed on May 31, 2024. Together with the amendments, the Membership Interest
Purchase Agreement is referred to herein as the “Standard Purchase Agreement.” Pursuant to the terms of the Standard Purchase
Agreement, the Company’s subsidiary, Titan Trucking, LLC, purchased ownership of all the outstanding membership interests
of Standard (the “Standard Acquisition”). In exchange, the Company issued the Sellers 612,000 shares of the Company’s
Series A Preferred Stock, issued to the Sellers debt instruments with a total principal value of $2,859,898, and paid cash consideration
of $4,652,500 (inclusive of a $652,500 closing deposit).
The
Company also signed a Guaranty Fee Agreement (the “Guaranty Agreement”) with Charles B Rizzo (“Rizzo”) whereby
Rizzo agreed to guarantee the Company’s payment of the debt instruments with a total principal value of $2,859,898 issued to the
Sellers and the payment of certain debts owed to the Sellers by the Company as a result of the Standard Purchase Agreement. In exchange,
the Company issued Rizzo’s designee 215,000 shares of the Company’s Series A Preferred Stock. Additionally, Dominic Campo
and Sharon Campo each signed a consulting agreement (the “Standard Consulting Agreements”) with the Company.
The
cash consideration paid to the Sellers for the Standard Acquisition was funded through the sale of Series B Preferred Stock and warrants
(the “Acquisition Financing”). The Company sold 422,200 shares of its Series B Preferred Stock and 42,220,000 warrants in
exchange for consideration of $4,222,000, net of $290,390 of placement and legal fees. Additionally, the Company funded the Standard
Acquisition by issuing a series of note payables (the “Closing Notes”) with an aggregate principal amount of $590,000, which
were subsequently exchanged for Series B Preferred Stock and Warrants.
The
Standard Acquisition was accounted for as a business combination acquisition with the Company as the accounting acquiror of Standard.
The Company, as the accounting acquirer, recorded the assets and liabilities of Standard at their fair values as of the acquisition date.
The unaudited pro forma condensed combined statements of operations of the Company for the year ended December 31, 2023 and for
the three months ended March 31, 2024 is based on the historical consolidated financial statements of the Company and the historical
financial statements of Standard.
The
transaction accounting adjustments consist of those necessary to account for the Standard Acquisition. The unaudited pro forma condensed
combined statement of financial position as of March 31, 2024, gives effect to the Standard Purchase Agreement, the Guaranty Agreement,
the Standard Consulting Agreements, the Acquisition Financing, and the Closing Notes as if the transactions had occurred on March 31,
2024, and includes all adjustments necessary to reflect the application of acquisition accounting for the Standard Acquisition. The unaudited
pro forma condensed combined statements of operations for the year ended December 31, 2023, and the three months ended March 31,
2024, give effect to the Standard Purchase Agreement, the Guaranty Agreement, the Standard Consulting Agreements, the Acquisition Financing,
and the Closing Notes as if they had occurred on January 1, 2023 and includes all adjustments necessary to reflect the application of
acquisition accounting for the Standard Acquisition.
The
unaudited pro forma condensed combined financial information does not give effect to any cost savings, operating synergies or
revenue synergies that may result from the Standard Acquisition or the costs to achieve any synergies.
The
unaudited pro forma condensed combined financial statements are presented for informational purposes only, in accordance with
Article 11 of Regulation S-X, and are not intended to represent or to be indicative of the income or financial position that the Company
would have reported had the Standard Acquisition been completed as of the dates set forth in the unaudited pro forma condensed combined
financial statements due to various factors. The unaudited pro forma condensed combined statement of financial position does
not purport to represent the future financial position of the Company and the unaudited pro forma condensed combined statements
of operations do not purport to represent the future results of operations of the Company.
The
unaudited pro forma condensed combined financial statements reflect management’s preliminary estimates of the fair value
of purchase consideration and the fair values of tangible and intangible assets acquired and liabilities assumed in the Standard Acquisition.
Since these unaudited pro forma condensed combined financial statements have been prepared based on preliminary estimates of the
fair value of warrants and fair values of assets acquired and liabilities assumed, the actual amounts to be reported in future filings
may differ materially from the amounts used in the pro forma condensed combined financial statements.
The
unaudited pro forma condensed combined financial information is presented to illustrate the estimated effects of the Standard
Acquisition, and should be read in conjunction with the following:
|
i. |
The
audited financial statements of Standard as of and for the years ended December 31, 2023 and 2022; |
|
ii. |
The
audited consolidated financial statements of the Company as of and for the years ended December 31, 2023 and 2022; as filed with
the Securities and Exchange Commission on April 15, 2024, included herein by reference. |
|
iii. |
The
unaudited financial statements of the Company as of March 31, 2024 and December 31, 2023 and for the three months ended
March 31, 2024 and 2023; as filed with the Securities and Exchange Commission on May 15, 2024, included herein by reference. |
|
iv. |
The unaudited financial statements of Standard as of
March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023. |
TITAN
ENVIRONMENTAL SOLUTIONS INC.
PRO
FORMA CONDENSED COMBINED BALANCE SHEET
MARCH
31, 2024
(UNAUDITED)
| |
AS OF MARCH 31, 2024 | |
| |
| | |
| | |
Transaction | | |
| |
| |
Historical | | |
Historical | | |
Accounting | | |
Pro Forma | |
| |
TESI | | |
Standard | | |
Adjustments | | |
Combined | |
ASSETS | |
| | | |
| | | |
| | | |
| | |
Current Assets: | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,427 | | |
$ | 9,545 | | |
$ | 3,931,610 | (A) | |
$ | 534,582 | |
| |
| - | | |
| | | |
| (4,000,000 | )(B) | |
| | |
| |
| | | |
| | | |
| 590,000 | (F) | |
| | |
Accounts receivable, net | |
| 934,880 | | |
| 1,284,899 | | |
| (6,514 | )(B) | |
| 2,213,265 | |
Prepaid expenses and other current assets | |
| 218,957 | | |
| - | | |
| - | | |
| 218,957 | |
Employee loans | |
| - | | |
| 1,500 | | |
| - | | |
| 1,500 | |
Inventory | |
| 219,919 | | |
| - | | |
| - | | |
| 219,919 | |
Total Current Assets | |
| 1,377,183 | | |
| 1,295,944 | | |
| 515,096 | | |
| 3,188,223 | |
Property and equipment, net | |
| 6,402,837 | | |
| 5,318,328 | | |
| | | |
| 11,721,165 | |
Other assets | |
| 668,168 | | |
| 12,900 | | |
| (652,500 | )(B) | |
| 28,568 | |
Goodwill and intangible assets, net | |
| 12,978,836 | | |
| 412,800 | | |
| (412,800 | )(B) | |
| 26,916,014 | |
| |
| | | |
| | | |
| 13,930,664 | (B) | |
| | |
| |
| | | |
| | | |
| 6,514 | (B) | |
| | |
Right-of-use asset | |
| 1,480,770 | | |
| 322,037 | | |
| (14,415 | )(B) | |
| 1,788,392 | |
TOTAL ASSETS | |
$ | 22,907,794 | | |
$ | 7,362,009 | | |
$ | 13,372,559 | | |
$ | 43,642,362 | |
| |
| | | |
| | | |
| | | |
| | |
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | | |
| | |
LIABILITIES | |
| | | |
| | | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 5,216,118 | | |
$ | 874,452 | | |
$ | - | | |
| 6,090,570 | |
Customer deposits | |
| 523,814 | | |
| - | | |
| - | | |
| 523,814 | |
Accrued payroll and related taxes | |
| 160,608 | | |
| 44,289 | | |
| - | | |
| 204,897 | |
Convertible notes payable | |
| 2,983,767 | | |
| - | | |
| - | | |
| 2,983,767 | |
Convertible notes payable - related parties | |
| 749,520 | | |
| - | | |
| - | | |
| 749,520 | |
Notes payable | |
| 3,558,582 | | |
| 942,738 | | |
| 500,000 | (B) | |
| 4,741,320 | |
| |
| | | |
| | | |
| (500,000 | )(C) | |
| | |
| |
| | | |
| | | |
| 240,000 | (F) | |
| | |
Notes payable - related parties | |
| 861,000 | | |
| - | | |
| 350,000 | (F) | |
| 1,211,000 | |
Operating lease liability, current | |
| 397,497 | | |
| 91,828 | | |
| (23,751 | )(B) | |
| 465,574 | |
Finance lease liability, current | |
| - | | |
| 28,650 | | |
| 4,755 | (B) | |
| 33,405 | |
Shares to be issued | |
| 50,000 | | |
| - | | |
| | | |
| 50,000 | |
Total Current Liabilities | |
| 14,500,906 | | |
| 1,981,957 | | |
| 571,004 | | |
| 17,053,867 | |
Notes payable, net of current portion | |
| 2,743,512 | | |
| 2,507,863 | | |
| 2,359,898 | (B) | |
| 5,101,273 | |
| |
| | | |
| | | |
| (2,510,000 | )(C) | |
| | |
Notes payable, net of current portion - related parties | |
| 537,470 | | |
| - | | |
| | | |
| 537,470 | |
Convertible notes payable, net of current portion | |
| 176,965 | | |
| - | | |
| | | |
| 176,965 | |
Convertible notes payable, net of current portion - related parties | |
| 59,023 | | |
| - | | |
| | | |
| 59,023 | |
Operating lease liability, net of current portion | |
| 1,199,536 | | |
| 243,876 | | |
| (4,331 | )(B) | |
| 1,439,081 | |
Finance lease liability, net of current portion | |
| - | | |
| 75,256 | | |
| (565 | )(B) | |
| 74,691 | |
Total Liabilities | |
| 19,217,412 | | |
| 4,808,952 | | |
| 416,006 | | |
| 24,442,370 | |
| |
| | | |
| | | |
| | | |
| | |
MEZZANINE EQUITY | |
| | | |
| | | |
| | | |
| | |
Titan: | |
| | | |
| | | |
| | | |
| | |
Preferred stock, series B | |
| - | | |
| - | | |
| 42 | (A) | |
| 5,488,642 | |
| |
| | | |
| | | |
| 5,488,600 | (A) | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | | |
| | |
Titan: | |
| | | |
| | | |
| | | |
| | |
Preferred stock, series A | |
| 63 | | |
| - | | |
| 61 | (B) | |
| 146 | |
| |
| | | |
| | | |
| 22 | (C) | |
| | |
Common stock | |
| 2,539 | | |
| - | | |
| | | |
| 2,539 | |
Additional paid-in capital | |
| 156,889,062 | | |
| - | | |
| 4,221,958 | (A) | |
| 166,909,947 | |
| |
| | | |
| - | | |
| 8,567,939 | (B) | |
| | |
| |
| | | |
| | | |
| 3,009,978 | (C) | |
| | |
| |
| | | |
| | | |
| (5,488,600 | )(A) | |
| | |
| |
| | | |
| | | |
| (290,390 | )(A) | |
| | |
Accumulated deficit | |
| (153,201,282 | ) | |
| - | | |
| | | |
| (153,201,282 | ) |
| |
| | | |
| | | |
| | | |
| | |
Members’ Equity | |
| - | | |
| 2,553,057 | | |
| (2,553,057 | )(G) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Stockholders’/Members’ Equity | |
| 3,690,382 | | |
| 2,553,057 | | |
| 12,956,553 | | |
| 19,199,992 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |
$ | 22,907,794 | | |
$ | 7,362,009 | | |
$ | 13,372,559 | | |
$ | 43,642,362 | |
TITAN
ENVIRONMENTAL SOLUTIONS INC.
PRO
FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
THREE
MONTHS ENDED MARCH 31, 2024
(UNAUDITED)
| |
| | |
| | |
Transaction | |
| |
| |
| |
Historical | | |
Historical | | |
Accounting | |
| |
Pro Forma | |
| |
TESI | | |
Standard | | |
Adjustments | |
| |
Combined | |
| |
| | |
| | |
| |
| |
| |
REVENUE | |
$ | 1,755,750 | | |
$ | 2,304,226 | | |
| | |
| |
| 4,059,976 | |
COST OF REVENUES | |
| 1,623,156 | | |
| 1,612,136 | | |
| | |
| |
| 3,235,292 | |
GROSS PROFIT | |
| 132,594 | | |
| 692,090 | | |
| - | |
| |
| 824,684 | |
| |
| | | |
| | | |
| | |
| |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| | |
| |
| | |
Salaries and salary related costs | |
| 487,031 | | |
| - | | |
| (19,526 | ) |
(E) | |
| 467,505 | |
Professional fees | |
| 873,439 | | |
| - | | |
| 31,250 | |
(D) | |
| 974,689 | |
| |
| | | |
| | | |
| 70,000 | |
(D) | |
| | |
Depreciation and amortization | |
| 192,867 | | |
| - | | |
| | |
| |
| 192,867 | |
General and administrative expenses | |
| 401,640 | | |
| 435,035 | | |
| | |
| |
| 836,675 | |
Total operating expenses | |
| 1,954,977 | | |
| 435,035 | | |
| 81,724 | |
| |
| 2,471,736 | |
| |
| | | |
| | | |
| | |
| |
| | |
OPERATING (LOSS) INCOME | |
| (1,822,383 | ) | |
| 257,055 | | |
| (81,724 | ) |
| |
| (1,647,052 | ) |
| |
| | | |
| | | |
| | |
| |
| | |
OTHER (EXPENSE) INCOME: | |
| | | |
| | | |
| | |
| |
| | |
Change in fair value of derivative liability | |
| 17,500 | | |
| - | | |
| | |
| |
| 17,500 | |
Interest expense, net of interest income | |
| (510,454 | ) | |
| (65,487 | ) | |
| (98,987 | ) |
(B) | |
| (1,185,182 | ) |
| |
| | | |
| | | |
| (510,254 | ) |
(C) | |
| | |
Other income (expense), net | |
| 56,393 | | |
| - | | |
| | |
| |
| 56,393 | |
Total other (expense) income, net | |
| (436,561 | ) | |
| (65,487 | ) | |
| (609,241 | ) |
| |
| (1,111,289 | ) |
| |
| | | |
| | | |
| | |
| |
| | |
Provision for income taxes | |
| | | |
| | | |
| | |
| |
| - | |
Net (loss) income | |
| (2,258,944 | ) | |
| 191,568 | | |
| (690,965 | ) |
| |
| (2,758,341 | ) |
| |
| | | |
| | | |
| | |
| |
| | |
Deemed dividend | |
| (862,289 | ) | |
| - | | |
| - | |
| |
| (862,289 | ) |
Net income (loss) available to common stockholders | |
| (3,121,233 | ) | |
| 191,568 | | |
| (690,965 | ) |
| |
| (3,620,630 | ) |
| |
| | | |
| | | |
| | |
| |
| | |
Net loss per share | |
| | | |
| | | |
| | |
| |
| | |
Basic and diluted | |
| (0.01 | ) | |
| N/A | | |
| | |
| |
| (0.02 | ) |
| |
| | | |
| | | |
| | |
| |
| | |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | |
| |
| | |
Basic and diluted | |
| 222,067,042 | | |
| N/A | | |
| | |
| |
| 222,067,042 | |
TITAN
ENVIRONMENTAL SOLUTIONS INC.
PRO
FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
YEAR
ENDED DECEMBER 31, 2023
(UNAUDITED)
| |
| | |
| | |
Transaction |
| | |
| |
| |
Historical | | |
Historical | | |
Accounting |
| | |
Pro Forma | |
| |
TESI | | |
Standard | | |
Adjustments |
| | |
Combined | |
| |
| | |
| | |
|
| | |
| |
REVENUE | |
$ | 7,624,584 | | |
$ | 9,643,074 | | |
| |
| | |
| 17,267,658 | |
COST OF REVENUES | |
| 6,503,135 | | |
| 6,552,612 | | |
| |
| | |
| 13,055,747 | |
GROSS PROFIT | |
| 1,121,449 | | |
| 3,090,462 | | |
| - |
| | |
| 4,211,911 | |
| |
| | | |
| | | |
| |
| | |
| | |
OPERATING EXPENSES | |
| | | |
| | | |
| |
| | |
| | |
Salaries and salary related costs | |
| 1,720,492 | | |
| | | |
| |
| | |
| 1,720,492 | |
Stock-based compensation | |
| 5,590,486 | | |
| | | |
| (73,639 |
) | (E) | |
| 5,516,847 | |
Professional fees | |
| 3,146,692 | | |
| | | |
| 125,000 |
| (D) | |
| 3,551,692 | |
| |
| | | |
| | | |
| 280,000 |
| (D) | |
| | |
Depreciation and amortization | |
| 505,434 | | |
| - | | |
| |
| | |
| 505,434 | |
General and administrative expenses | |
| 1,074,634 | | |
| 2,093,841 | | |
| |
| | |
| 3,168,475 | |
Goodwill impairment | |
| 20,364,001 | | |
| - | | |
| |
| | |
| 20,364,001 | |
Total operating expenses | |
| 32,401,739 | | |
| 2,093,841 | | |
| 331,361 |
| | |
| 34,826,941 | |
| |
| | | |
| | | |
| |
| | |
| | |
OPERATING (LOSS) INCOME | |
| (31,280,290 | ) | |
| 996,621 | | |
| (331,361 |
) | | |
| (30,615,030 | ) |
| |
| | | |
| | | |
| |
| | |
| | |
OTHER (EXPENSE) INCOME: | |
| | | |
| | | |
| |
| | |
| | |
Change in fair value of derivative liability | |
| 41,670 | | |
| | | |
| |
| | |
| 41,670 | |
Interest expense, net of interest income | |
| (1,380,122 | ) | |
| (266,604 | ) | |
| (324,486 |
) | (B) | |
| (3,320,450 | ) |
| |
| | | |
| | | |
| (8,476 |
) | (B) | |
| | |
| |
| | | |
| | | |
| (15,219 |
) | (F) | |
| | |
| |
| | | |
| | | |
| (1,325,542 |
) | (C) | |
| | |
Gain on forgiveness of note payable | |
| 91,803 | | |
| - | | |
| |
| | |
| 91,803 | |
Other income (expense), net | |
| 113,212 | | |
| - | | |
| |
| | |
| 113,212 | |
Loss on extinguishment of debt and issuance of common share rights | |
| (116,591,322 | ) | |
| - | | |
| |
| | |
| (116,591,322 | ) |
Gain on issuance of warrants | |
| | | |
| | | |
| |
| | |
| | |
Total other (expense) income, net | |
| (117,724,759 | ) | |
| (266,604 | ) | |
| (1,673,724 |
) | | |
| (119,665,087 | ) |
| |
| | | |
| | | |
| |
| | |
| | |
Provision for income taxes | |
| - | | |
| - | | |
| |
| | |
| - | |
Net (loss) income | |
| (149,005,049 | ) | |
| 730,017 | | |
| (2,005,085 |
) | | |
| (150,280,117 | ) |
| |
| | | |
| | | |
| |
| | |
| | |
Deemed dividend | |
| (1,075,000 | ) | |
| - | | |
| (4,307,589 |
)(A) | | |
| (5,382,589 | ) |
Net income (loss) available to common stockholders | |
| (150,080,049 | ) | |
| 730,017 | | |
| (6,312,674 |
) | | |
| (155,662,706 | ) |
| |
| | | |
| | | |
| |
| | |
| | |
Net loss per share | |
| | | |
| | | |
| |
| | |
| | |
Basic and diluted | |
| (0.88 | ) | |
| N/A | | |
| |
| | |
| (0.91 | ) |
| |
| | | |
| | | |
| |
| | |
| | |
Weighted-average common shares outstanding | |
| | | |
| | | |
| |
| | |
| | |
Basic and diluted | |
| 170,715,695 | | |
| N/A | | |
| |
| | |
| 170,715,695 | |
TITAN
ENVIRONMENTAL SOLUTIONS INC.NOTES TO PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
MARCH
31, 2024 AND DECEMBER 31, 2023
(UNAUDITED)
NOTE
1 — BASIS OF PRO FORMA PRESENTATION
The
accompanying unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation
S-X. The unaudited pro forma condensed combined financial information has been prepared to illustrate the effect of the Standard
Purchase Agreement, the Guaranty Agreement, the Standard Consulting Agreements, the Acquisition Financing, and the Closing Notes (the
“Acquisition Transactions”) and have been prepared for informational purposes only.
The
unaudited pro-forma condensed combined balance sheet as of March 31, 2024, assumes that the Acquisition Transactions occurred
on March 31, 2024. The unaudited pro forma condensed combined income statements for the three months ended March 31, 2024 and
for the year ended December 31, 2023 assume that the Acquisition Transactions occurred on January 1, 2023.
Management
has made significant estimates and assumptions in its determination of the transaction accounting adjustments. As the unaudited pro forma
condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may
differ materially from the information presented.
The
unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies,
tax savings, or cost savings that may be associated with the Titan Merger.
The
transaction accounting adjustments reflecting the completion of the Acquisition Transactions are based on currently available information
and assumptions and methodologies that management believes are reasonable under the circumstances. The unaudited transaction accounting
adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated.
Therefore, it is likely that the actual adjustments will differ from the transaction accounting adjustments, and it is possible the difference
may be material. Management believes that its assumptions and methodologies provide a reasonable basis for presenting all the significant
effects of the Acquisition Transactions based on information available to management at the current time and that the transaction accounting
adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined
financial information.
In
accordance with ASC 805 – Business Combinations, the Standard Acquisition was accounted for as a business combination with
Titan being deemed the accounting acquirer of Standard.
The
unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations
and financial position of the Company would have been had the acquisition taken place on the date indicated, nor are they indicative
of the future consolidated results of operations or financial position of the post-combination company. They should be read in conjunction
with the historical financial statements and notes thereto of the Company and Titan.
NOTE
2 —ACCOUNTING POLICIES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
The
unaudited pro forma condensed combined financial statements do not reflect any differences in accounting policies. The Company
has completed the review of Standard’s accounting policies and has concluded that differences between the accounting policies of
the two companies are not material.
NOTE
3 — TRANSACTION ACCOUNTING ADJUSTMENTS TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
The
transaction accounting adjustments included in the unaudited pro forma condensed combined balance sheet as of March 31, 2024 and
the unaudited condensed combined pro forma statements of operations for the three months ended March 31, 2024 and the year ended
December 31, 2023 are as follows:
The
pro forma condensed combined financial statements include the effects of the financing transaction entered into in order
to secure enough funds to close the acquisition of Standard. The Company recorded the issuance of 422,200 shares of redeemable
convertible Series B Preferred Stock and Warrants to purchase an aggregate of 42,220,000 shares of Common Stock for an aggregate
purchase price of $4,222,000, less $290,390 in offering costs for net proceeds of $3,931,610. Par value of the convertible Series
B Preferred Stock was recorded at $42. In addition to the $290,390 of offering costs the Company also issued 8,440,000 placement
agent warrants. The warrants were analyzed to be equity warrants and therefore classified within equity. The redeemable convertible
preferred series B shares and the warrants were allocated value based on the relative value of the financing, redeemable convertible
Series B was $1,568,895 and warrants were $2,653,105.
In connection with the issuance,
the Company entered into a Registration Rights Agreement whereby the Company agreed to file a registration statement registering the
resale of the shares of Common Stock issuable upon conversion of the Series B Preferred Stock and upon exercise of the Warrants within
20 calendar days of the earlier of (i) the date of the consummation of the listing of the Common Stock on any of the NYSE American, the
Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Cboe or their respective
successors and (ii) the six-month anniversary of the Registration Rights Agreement (the “Trigger Date”). The Company agreed
to use its best efforts to have the registration statement declared “effective” within 60 calendar days from the Trigger
Date.
The
Company determined the redeemable convertible Series B Preferred Stock is classified as temporary mezzanine equity because redemption
could be required at (1) a fixed or determinable date, (2) at the option of the holder, and (3) upon occurrence of a contingent event.
The redemption feature is initially recorded at fair value and will be accreted to redemption value. The Company valued the redemption
feature at fair value based on the present value of future cash flows using the following assumptions, (1) term of 1.17 years, (2) dividend
rate of 10%, (2) effective interest rate of 8.12%, (3) and redemption value of $5,488,600. Accretion
was recorded to reflect the fair value of the Convertible Series B Preferred Stock for the three months ending March 31, 2024 and year
ending December 31, 2023 for $0 and $4,307,589, respectively. Accretion was recorded as a debit to additional paid in capital and credit
to the Series B Preferred Stock.
| B. | Effect
of Standard Waste Services, LLC Business Combination (“Standard Acquisition”) |
In
accordance with ASC 805 – Business Combinations, the Standard Acquisition was accounted for as a business combination with
the Company being deemed the accounting acquirer of Standard. The Company, as the accounting acquirer, recorded the assets and liabilities
of Standard at their fair values as of the acquisition date.
The
Company was deemed to be the accounting acquirer based on the following facts and circumstances: (1) the Company’s owners
owned approximately 75% of the voting interests of the combined company immediately following the transaction; (2) the governing
body of the combined entity (the Board of Directors) is composed of the same individuals as the pre-combination company; (3) the
senior management of the Company did not change as a result of the Standard Acquisition. The Company paid a combined $4,652,500,
which was broken out as $4,000,000 in cash and $652,500 in a cash deposit. In addition, two note payables were issued in the amounts
of $2,359,898 and $500,000, respectively. As a result of the transaction there was $13,930,664 of goodwill recorded related to the
acquisition, $6,514 of goodwill was recorded due to adjustment of accounts receivable and $412,800 of goodwill was extinguished
which was previously on the acquiree’s books. Lastly, 612,000 shares of Series A Preferred Stock, with an estimate fair value
of $8,568,000 ($61 allocated par value and $8,567,939 allocated to additional paid in capital) was issued as consideration related
to the acquisition of Standard.
The
Company assumed an operating lease and finance lease, which were remeasured as of May 31, 2024. Related to the operating lease the
right-of-use asset was decreased by $14,415. The short term and long-term lease liability was decreased by $23,751 and $4,331,
respectively. The finance lease liability was adjusted by approximately $4,755 and $565 due to the remeasurement related to the
acquisition of Standard.
This
entry was made to record the accounts receivable balance at fair value. The company has evaluated the Standard accounts receivable and
allowance for doubtful accounts and determined that an estimated loss rate of 1% or $6,514 for all other receivables is appropriate.
This entry was made to record the accounts receivable balance at fair value.
Interest
expense related to notes payable of $98,987 and $324,486 was recorded for the three months ended March 31, 2024 and year ended December
31, 2023, respectively. Additional interest incurred was recorded for $8,476 as of the year ended December 31, 2023.
The
Company accounted for the Titan Merger as a business combination using acquisition accounting. The purchase consideration is as follows:
| |
March 31, 2024 | |
Cash | |
$ | 4,000,000 | |
Closing Deposit (Prepaid Cash) | |
| 652,500 | |
Long-Term Note Payable | |
| 2,359,898 | |
Promissory Note | |
| 500,000 | |
Series A Preferred Stock (612,000 shares) | |
| 8,568,000 | |
| |
| | |
Total purchase consideration | |
$ | 16,080,398 | |
The
Company recorded all of its tangible and intangible assets and its liabilities at their preliminary estimated fair values on the acquisition
date. The following represents the allocation of the estimated purchase consideration as if the transaction had occurred on March 31,
2024:
| |
March 31, 2024 | |
Assets acquired | |
| | |
Cash | |
| 9,545 | |
Accounts receivable, net | |
| 1,284,899 | |
Employee loans | |
| 1,500 | |
Property and equipment, net | |
| 5,318,328 | |
Security deposit | |
| 12,900 | |
Goodwill and intangible assets | |
| 13,930,664 | |
Right-of-use asset | |
| 307,622 | |
| |
| 20,865,458 | |
| |
| | |
Liabilities assumed: | |
| | |
Accounts payable | |
| 874,452 | |
Accrued expenses | |
| 44,289 | |
Current portion of operating lease liability | |
| 68,077 | |
Current portion of finance lease liability | |
| 33,405 | |
Current portion of notes payable | |
| 942,738 | |
Operating lease liability, net of current portion | |
| 239,545 | |
Finance lease liability, net of current portion | |
| 74,691 | |
Notes payable | |
| 2,507,863 | |
| |
| 4,785,060 | |
| |
| | |
Net fair value of assets acquired (liabilities assumed) | |
| 16,080,398 | |
| C. | Effect
of the Guaranty Agreement |
The
pro forma financial statements include the effects of the 215,000 shares of the Company’s Series A Preferred Stock related to a
Guarantee Fee Agreement pursuant to which certain outstanding indebtedness owed by the Company to the sellers of Standard is guaranteed.
Pursuant to the Guarantee Fee Agreement, Charles B. Rizzo shall personally guarantee the obligations of Standard and the Company. In
exchange for providing the guarantees, the Company agreed to provide compensation consisting of a deposit fee, a guarantee fee, and an
annual fee. The guarantee fee consists of 15,000,000 shares of common stock or the equivalent shares of Series A Preferred Stock, and
the deposit fee consists of 6,500,000 shares of common stock or the equivalent shares of Series Preferred Stock. The total value of the
215,000 shares of Series A Preferred Stock issued as of March 31, 2024 and January 1, 2023 was $3,010,000. Related to March 31,
2024 and December 31, 2023 the guaranteed fee was recorded as a debt issuance cost of $3,010,000. Amortization expense for the
three months ended March 31, 2024 and year ended December 31, 2023 was $510,254 and $1,325,542, respectively.
| D. | Standard
Consulting Agreements |
The
Company engaged the Sellers for consulting services in the period following the Standard Acquisition. Dominic Campo and Sharon Campo
each signed a consulting agreement (the “Standard Consulting Agreements”) with the Company.
The
first consulting agreement is effective as of May 20, 2024, and has a term of five years. Commencing on June 1, 2024, and in exchange
for consulting services provided, the consultant is to receive a monthly retainer of $23,333. In the event that the consultant meets
their demise during the term of the agreement, the retainer shall be reduced to $11,667 per month. The pro forma condensed combined
statement of operations for the year ended December 31, 2023 and the three months ended March 31, 2024 recognize consulting expenses
from the first consulting agreement of $280,000 and $70,000, respectively.
The
second consulting agreement is effective as of June 4, 2024, and has a term of five years. Commencing on June 4, 2024, and in exchange
for consulting services provided, the consultant is to receive a monthly retainer of $10,417 ($125,000 annually). The pro forma condensed
combined statement of operations for the year ended December 31, 2023 and the three months ended March 31, 2024 recognize consulting
expenses from the second consulting agreement of $125,000 and $31,250, respectively.
| E. | Effect
of the Standard Acquisition on Salaries and Salary Related Costs |
As
a result of the Standard Acquisition, Standard had a reduction in headcount that resulted in decreased salary and salary related expenses.
This effect is reflected in the pro forma condensed combined statement of operations for the year ended December 31, 2023 and
three months ended March 31, 2024 as $73,639 and $19,526, respectively.
The
Company partially funded the cash consideration for the Standard Acquisition by issuing a series of note payables (the “Closing
Notes”) with an aggregate principal amount of $590,000. Information related to these note payables is shown below.
| |
Effective Date | |
Maturity Date | |
Interest Rate | | |
Principal | |
Note Payables | |
| |
| |
| | | |
$ | | |
Lender A – Closing Note #1 | |
5/30/2024 | |
9/30/2024 | |
| 10 | % | |
| 50,000 | |
Lender A – Closing Note #2 | |
5/31/2024 | |
6/7/2024 | |
| 10 | % | |
| 100,000 | |
Lender A – Closing Note #3 | |
6/7/2024 | |
9/30/2024 | |
| 10 | % | |
| 90,000 | |
| |
| |
| |
| | | |
$ | 240,000 | |
| |
| |
| |
| | | |
| | |
Related Party Note Payables | |
| |
| |
| | | |
| | |
Lender B – Closing Note #4 | |
5/30/2024 | |
9/30/2024 | |
| 10 | % | |
$ | 200,000 | |
Lender C – Closing Note #5 | |
5/30/2024 | |
6/28/2024 | |
| 10 | % | |
| 50,000 | |
Lender D – Closing Note #6 | |
5/30/2024 | |
9/30/2024 | |
| 10 | % | |
| 100,000 | |
| |
| |
| |
| | | |
$ | 350,000 | |
The
pro forma statement of operations for the year ended December 31, 2023, recognizes interest expense from the Closing Notes of $15,219,
which assumes the repayments of the notes based on their contractual terms.
| G. | Elimination
of the Historical Members’ Equity Balance of Standard |
The
pro forma financial statements account for the Standard Acquisition as a business combination in accordance with ASC 805 - Business
Combinations, with the Company treated as the accounting acquirer and Standard treated as the accounting acquiree. As the accounting
acquiree, Standard’s legal capital of $2,553,057 was eliminated and the Company has acquired Standard’s assets
and assumed Standard’s liabilities. Therefore, the transaction adjustment eliminates the historical Members’ Equity
balance of Standard.
NOTE
3 — PRO FORMA NET LOSS PER SHARE
The
pro forma basic and diluted net loss per share amounts were calculated using the Company’s historical weighted average common shares
outstanding for the three months ended March 31, 2024 and the year ended December 31, 2023. The following table presents the computation
of pro forma basic and diluted net loss per share:
| |
March 31, | | |
December 31, | |
| |
2024 | | |
2023 | |
Numerator: | |
| | | |
| | |
Pro forma net loss | |
$ | (3,620,630 | ) | |
$ | (155,662,706 | ) |
Denominator: | |
| | | |
| | |
Weighted average common shares outstanding (basic and diluted) | |
| 222,067,042 | | |
| 170,715,695 | |
Pro forma basic and diluted net loss per share | |
$ | (0.02 | ) | |
$ | (0.91 | ) |
NOTE
4 — INCOME TAXES
The
pro forma condensed combined financial statements do not include an income tax provision as it is more likely than not that the
Company will not be able to utilize the loss carry forwards. Titan Environmental Solutions Inc. is subject to income taxation in the
U.S. federal tax jurisdiction and various state tax jurisdictions. The Company and its U.S. subsidiaries file a consolidated federal
income tax return and is taxed as a C-Corporation, whereby it is subject to federal and state income taxes.
v3.24.2.u1
Cover
|
3 Months Ended |
Mar. 31, 2024 |
Cover [Abstract] |
|
Document Type |
8-K/A
|
Amendment Flag |
true
|
Amendment Description |
On
June 4, 2024, Titan Environmental Solutions Inc. (the “Company”) filed a Current Report on Form 8-K (as amended by Form 8-K/A
filed on June 6, 2024, the “Original Form 8-K”) to report the consummation of its acquisition of Standard Waste Services,
LLC, a Michigan limited liability company (“Standard”). This Amendment No. 2 to the Original Form 8-K amends and supplements
Item 9.01 of the Original Form 8-K to provide the historical audited financial statements of Standard, the historical unaudited interim
financial statements of Standard and the unaudited pro form condensed combined financial information of the Company pursuant to
Items 9.01(a) and 9.01(b) of Form 8-K that were excluded from the Original Form 8-K in reliance on the instructions to such items. Except
as noted in this paragraph, no other information contained in the Original Form 8-K is amended or supplemented.
|
Document Period End Date |
Mar. 31, 2024
|
Entity File Number |
000-56148
|
Entity Registrant Name |
TITAN
ENVIRONMENTAL SOLUTIONS INC.
|
Entity Central Index Key |
0001514056
|
Entity Tax Identification Number |
30-0580318
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
300
E. Long Lake Road
|
Entity Address, Address Line Two |
Suite 100A
|
Entity Address, City or Town |
Bloomfield
Hills
|
Entity Address, State or Province |
MI
|
Entity Address, Postal Zip Code |
48304
|
City Area Code |
(248)
|
Local Phone Number |
775-7400
|
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|
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|
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v3.24.2.u1
Balance Sheets - Standard Waste Services L L C [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 9,545
|
$ 52,045
|
Accounts receivable |
1,284,899
|
1,236,867
|
Employee loans |
1,500
|
3,300
|
Total current assets |
1,295,944
|
1,292,212
|
Property and Equipment, Net |
5,318,328
|
5,534,186
|
Other Assets |
|
|
Security deposits |
12,900
|
12,900
|
Goodwill |
412,800
|
412,800
|
Operating lease right-of-use asset, net |
322,037
|
336,191
|
Total other assets |
747,737
|
761,891
|
Total assets |
7,362,009
|
7,588,289
|
Current Liabilities |
|
|
Accounts payable |
874,452
|
890,185
|
Accrued expenses |
44,289
|
39,031
|
Current portion of operating lease liability |
91,828
|
90,992
|
Current portion of finance lease liability |
28,650
|
27,802
|
Current portion of notes payable |
942,738
|
982,060
|
Total current liabilities |
1,981,957
|
2,030,070
|
Noncurrent Liabilities |
|
|
Operating lease liability, net of current portion |
243,876
|
259,533
|
Finance lease liability, net of current portion |
75,256
|
82,744
|
Notes payable, net of current portion |
2,507,863
|
2,720,523
|
Total noncurrent liabilities |
2,826,995
|
3,062,800
|
Total liabilities |
4,808,952
|
5,092,870
|
Members’ Equity |
2,553,057
|
2,495,419
|
Total liabilities and members’ equity |
$ 7,362,009
|
$ 7,588,289
|
X |
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v3.24.2.u1
Statements of Income - Standard Waste Services L L C [Member] - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
Revenues |
$ 2,304,226
|
$ 2,197,713
|
Cost of Revenues |
1,612,136
|
1,421,281
|
Gross Profit |
692,090
|
776,432
|
General and Administrative Expenses |
435,035
|
498,149
|
Income From Operations |
257,055
|
278,283
|
Other Income (Expense) |
|
|
Interest income |
11
|
9
|
Interest expense |
(65,498)
|
(68,153)
|
Net Other Expense |
(65,487)
|
(68,144)
|
Net Income |
191,568
|
210,139
|
Members' Equity |
2,495,419
|
2,247,530
|
Member distributions |
(133,930)
|
(51,830)
|
Members' Equity |
$ 2,553,057
|
$ 2,405,839
|
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v3.24.2.u1
Statements of Cash Flows - Standard Waste Services L L C [Member] - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash Flows From Operating Activities |
|
|
Net income |
$ 191,568
|
$ 210,139
|
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: |
|
|
Depreciation |
215,859
|
184,975
|
(Increase) decrease in operating assets: |
|
|
Accounts receivable |
(48,032)
|
(124,617)
|
Employee loans |
1,800
|
(1,500)
|
Operating lease right-of-use asset |
14,154
|
17,492
|
Increase (decrease) in operating liabilities: |
|
|
Accounts payable |
(15,733)
|
33,806
|
Accrued expenses |
5,258
|
14,540
|
Operating lease liability |
(14,821)
|
(21,093)
|
Net Cash Provided by Operating Activities |
350,053
|
313,742
|
Cash Flows From Investing Activities |
|
|
Purchases of property and equipment |
|
(43,500)
|
Net Cash Used in Investing Activities |
|
(43,500)
|
Cash Flows From Financing Activities |
|
|
Principal payments on finance lease liability |
(6,640)
|
(5,888)
|
Principal payments on notes payable |
(251,983)
|
(224,376)
|
Member distributions |
(133,930)
|
(51,830)
|
Net Cash Used in Financing Activities |
(392,553)
|
(282,094)
|
Net Decrease in Cash and Cash Equivalents |
(42,500)
|
(11,852)
|
Cash and Cash Equivalents - Beginning |
52,045
|
137,389
|
Cash and Cash Equivalents - Ending |
9,545
|
125,537
|
Supplementary Cash Flow Information: |
|
|
Cash paid for interest |
65,498
|
68,153
|
Non-cash financing of property and equipment acquisitions |
|
$ 390,431
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This
summary of significant accounting policies of Standard Waste Services, LLC (a Michigan Limited Liability Company) is presented to assist
in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s
management, which is responsible for their integrity and objectivity. The accounting policies conform to accounting principles generally
accepted in the United States of America (U.S. GAAP) and the regulations of the United States Securities and Exchange Commission
and have been consistently applied in the preparation of the financial statements.
Nature
of Operations
Standard
Waste Services, LLC (the “Company”) is located in Detroit, Michigan. The Company provides waste management services primarily
to commercial and industrial customers. The Company’s customers are primarily located in Southeast Michigan.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires the use of estimates that affect certain reported amounts
and disclosures. These estimates and assumptions are based on management’s knowledge and experience. Accordingly, actual
results could differ from these estimates.
Cash
and Cash Equivalents
Cash
and cash equivalents are defined as cash on hand and demand deposits in banks plus short-term investments that are readily convertible
to cash as well as investments with original maturities of three months or less.
Account
Receivable
Accounts
receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying
value of the Company’s receivables, net of allowance for credit losses, represents their estimated net realizable value.
The
allowance for credit losses is based on management’s assessment of collectability of assets pooled together with similar risk characteristics.
The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical
location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that
specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance
is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been
unsuccessful in collecting the amount due. For the three-months ended March 31, 2024 and 2023, the Company had no allowance for credit
losses established as management’s assessment of collectability of its accounts receivables did not identify any receivables as
uncollectable.
The
carrying value of accounts receivable as of March 31, 2024 and December 31, 2023 was $1,284,899 and $1,236,867,
respectively. The carrying value of accounts receivable as of March 31, 2023 and December 31, 2022 was $1,126,378 and $1,001,761,
respectively.
STANDARD WASTE SERVICES, LLC
(A Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Property
and Equipment
Property
and equipment are carried at cost. Maintenance, repairs and renewals which neither materially add to the value of the property nor appreciably
prolong its life are charged to expense as incurred. Depreciation of equipment is provided on the straight-line method at the following
rates:
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
Software | |
| 3 years | |
Computer and office equipment | |
| 10 years | |
Furniture and fixtures | |
| 10 years | |
Trucks and tractors | |
| 7 years | |
Equipment | |
| 7 - 15 years | |
Leasehold improvements | |
| 15 years | |
Management
regularly reviews property and equipment for possible impairment. The review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of March 31, 2024 and December 31, 2023.
Goodwill
Goodwill
is carried at the amount paid for a company’s assets in excess of the sum of their fair values. The Company periodically tests
these assets for impairment on an annual basis or more frequently if an event occurs or circumstances change that would more likely than
not reduce the fair value of the assets below their carrying amounts.
The
Company may elect to perform a qualitative assessment that considers economic, industry, and Company-specific factors for all or selected
assets of which goodwill has been assigned at purchase. If, after completing the assessment, it is determined that it is more likely
than not that the fair value of the assessed asset(s) is less than its carrying value, the Company proceeds to a quantitative test. The
Company may also elect to perform a quantitative test for any or all of its assets with goodwill assigned at purchase.
Quantitative
testing requires a comparison of the fair value of each asset with assigned goodwill to its carrying value. The Company uses the discounted
cash flow method to estimate the fair value of the asset(s) with assigned goodwill. The discounted cash flow method incorporates various
assumptions, the most significant being projected sales growth rates, operating margins and cash flows, the terminal growth rate, and
the weighted average cost of capital. If the carrying value of the assets(s) with assigned goodwill exceeds its fair value, the shortfall
up to the carrying value of the goodwill represents the amount of goodwill impairment.
During
the three-months ended March 31, 2024 and 2023, the Company did not record any impairment and there were no changes in the carrying value
of goodwill, respectively.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Right
of Use Assets and Lease Liabilities
The
determination of whether an arrangement is a lease is made at the lease’s inception. Under ASC 842, a contract is (or contains)
a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control
is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and
the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are
changed.
ROU
assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s
obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. The Company uses the implicit rate when it is readily determinable. Since the
Company’s leases do not provide an implicit rate, to determine the present value of lease payments, management uses the Company’s
incremental borrowing rate based on the information available at lease commencement. Operating lease ROU assets also include any lease
payments made and excludes any lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease
term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company
will exercise the option.
The
Company has elected to apply the short-term lease exception to all leases with a term of one year or less. Several of the Company’s
leases as of March 31, 2024 and December 31, 2023 are for periods of less than 12 months, or on a month-to-month basis; therefore,
lease assets and liabilities described above are not recorded on the balance sheets.
The
Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component
for its operating and finance leases.
Revenue
and Cost Recognition
The
Company recognizes revenue when performance obligations are satisfied in accordance with ASC 606, Revenue from Contracts with Customers.
The Company’s performance obligations are satisfied at the point in time once waste is disposed of at a landfill or transfer station.
The Company then invoices its customers based upon pre-negotiated rates and billed to the customer once the performance obligations have
been met. Invoices for services are normally due upon receipt. There are no significant financing agreements customers in relation to
revenues generated and collected.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Revenue
and Cost Recognition – Continued
The
Company’s single-day contracts are invoiced by the Company at the time of the order and payment is required prior to delivery of
the equipment used for hauling the waste. Based on the type of waste the customer needs disposed or hauled from the location, contract
prices are negotiated in advance. If the customer requires more time than the agreed-upon contract stipulates, the Company invoices the
customer on a daily basis until the customer no longer requires waste hauling by the Company.
The
Company also provides waste hauling services to commercial customers which normally includes hauling away the waste and leaving equipment
at the location for further use and future hauling and disposal. Invoices for these contracts are billed upon pickup and disposal of
the waste at a landfill or transfer station. Invoices normally include disposal fees based on weight, type of waste to be disposed of,
and fuel surcharges.
Cost
of revenues earned includes direct contract costs, such as disposal fees, driver wages and related employer taxes, truck and equipment
depreciation and maintenance expenses, and other costs such as customer property damages due to driver error.
Income
Taxes
The
Company is not a taxpaying entity for federal income tax purposes, and thus no federal income tax expense has been recorded in these
financial statements. Income from the Company is taxed to the Members in their respective tax returns. The Company accounts for tax positions
in accordance with the Recognition and Initial Measurement Sections of the Income Taxes Topic of Financial Accounting Standards Board
(FASB) Accounting Standards Codification.
With
few exceptions, the Company is subject to U.S. federal and state income tax examinations by tax authorities for the prior three years.
Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions as of March 31,
2024 and December 31, 2023.
Advertising
Advertising
costs are expensed as they are incurred. Advertising costs included in general and administrative expenses for the three-months ended
March 31, 2024 and 2023 were $1,847 and $1,721, respectively.
Recently
Adopted Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current generally accepted accounting principles with a methodology that reflects expected credit losses on instruments within its
scope, including trade receivables.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Recently
Adopted Accounting Standards – Continued
This
update is intended to provide financial statement users with more decision useful information about the expected credit losses. The Company
adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statements and
primarily resulted in new and enhanced disclosures only.
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2.u1
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
PROPERTY AND EQUIPMENT |
NOTE
3 – PROPERTY AND EQUIPMENT
Property
and equipment at March 31, 2024 and December 31, 2023 consisted of the following:
SCHEDULE OF
PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Software | |
$ | 3,743 | | |
$ | 3,743 | |
Computer and office equipment | |
| 23,142 | | |
| 23,142 | |
Furniture and fixtures | |
| 9,257 | | |
| 9,257 | |
Trucks and tractors | |
| 4,131,319 | | |
| 4,131,319 | |
Equipment | |
| 3,685,749 | | |
| 3,685,749 | |
Leasehold improvements | |
| 126,555 | | |
| 126,555 | |
| |
| | | |
| | |
Total undepreciated cost | |
| 7,979,765 | | |
| 7,979,765 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 2,661,437 | | |
| 2,445,579 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 5,318,328 | | |
$ | 5,534,186 | |
Depreciation
expense included in cost of revenues related to trucks and tractors and equipment for the three-months ended March 31, 2024 and 2023
amounted to $212,939 and $182,796, respectively. Depreciation expense included in general and administrative expenses for the three-months
ended March 31, 2024 and 2023 amounted to $2,920 and $2,179, respectively.
STANDARD WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31,
2023
|
X |
- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
LEASES
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
LEASES |
NOTE
4 – LEASES
During
March 2022, the Company entered into a lease agreement for its Detroit operations which commenced in August 2022 through July 2027. There
is an exclusive right to purchase the premises through the original term of the lease at a fair value to be mutually agreed upon. The
Company is not reasonably certain it will exercise the option and therefore, the lease is classified as an operating lease. Monthly payments
required under this lease are approximately $9,000. The Company discounted the lease liability utilizing the incremental borrowing rate
at lease commencement which was 5.50%. The remaining term under this lease at March 31, 2024 is 3.33 years.
Also,
the Company leases a truck used for is operations under a five-year lease which commenced during May 2022 ending during May 2027, classified
as a finance lease. The lease calls for monthly payments of $3,304 bearing interest at 12.08% per annum. The lease includes a purchase
option upon maturity of which the Company intends to exercise. The remaining term under this lease at March 31, 2024 is 3.17 years.
The
Company also leases land for equipment storage on a month-to-month basis. These monthly leases are expensed to lease expense as incurred.
The
following table summarizes right of use assets at March 31, 2024 and December 31, 2023:
SCHEDULE OF RIGHT OF USE ASSETS
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
| | |
| | |
|
Assets | |
| | | |
| | | |
|
Operating lease | |
$ | 322,037 | | |
$ | 336,191 | | |
Right-of-use asset |
Finance lease | |
| 111,670 | | |
| 117,162 | | |
Property and equipment, net |
| |
| | | |
| | | |
|
Total leased assets | |
$ | 433,707 | | |
$ | 453,353 | | |
|
The
following table summarizes the maturities of the Company’s lease liabilities presented on the balance sheets as of March 31, 2024
for each of the twelve months ended March 31:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Year | |
Operating Lease | | |
Finance Lease | |
| |
| | |
| |
2025 | |
$ | 108,000 | | |
$ | 39,650 | |
2026 | |
| 108,000 | | |
| 39,650 | |
2027 | |
| 108,000 | | |
| 39,650 | |
2028 | |
| 45,000 | | |
| 3,271 | |
| |
| | | |
| | |
Total lease payments | |
| 369,000 | | |
| 122,221 | |
Less interest | |
| 33,296 | | |
| 18,315 | |
| |
| | | |
| | |
Total lease obligations | |
| 335,704 | | |
| 103,906 | |
| |
| | | |
| | |
Less current portion | |
| 91,828 | | |
| 28,650 | |
| |
| | | |
| | |
Long-term lease liabilities | |
$ | 243,876 | | |
$ | 75,256 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
4 – LEASES – Continued
The
following summarizes the composition of net lease cost during the three-months ended March 31, 2024 and 2023:
SCHEDULE COMPOSITION OF NET LEASE COST
| |
2024 | | |
2023 | |
| |
| | |
| |
Short-term lease costs | |
$ | 3,000 | | |
$ | 2,899 | |
Operating lease costs | |
| 17,333 | | |
| 26,000 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-to-use asset | |
| 5,492 | | |
| 5,492 | |
Interest on lease liability | |
| 3,272 | | |
| 4,024 | |
| |
| | | |
| | |
Total lease costs | |
$ | 29,097 | | |
$ | 38,415 | |
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2.u1
NOTES PAYABLE
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
NOTES PAYABLE |
NOTE
5 – NOTES PAYABLE
Notes
payable at March 31, 2024 and December 31, 2023 can be summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Note payable to third-party individual, secured by underlying assets, due in equal monthly payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum. | |
$ | 516,777 | | |
$ | 525,381 | |
| |
| | | |
| | |
Note
payable to bank, secured by underlying asset, due in equal monthly payments of $2,576, beginning
January 2019 and due December 2023 in full, plus interest of 12.07% per annum. This note
as of March 31, 2024 is currently in default.
| |
| 2,550 | | |
| 7,574 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,315, beginning
March 2019 and due March 2024 in full, plus interest of 11.27% per annum. This note as of March 31, 2024 is currently in default. | |
| 9,048 | | |
| 15,616 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments
of $2,663, beginning May 2019 and due March 2024 in full, plus interest of 11.89% per annum. This note as of March 31, 2024 is
currently in default. | |
| 7,832 | | |
| 15,437 | |
| |
| | | |
| | |
Subtotal | |
$ | 536,207 | | |
$ | 564,008 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 536,207 | | |
$ | 564,008 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,503, beginning May 2019 and due April 2024 in full, plus interest of 10.59% per annum. | |
| 10,158 | | |
| 14,324 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,510, beginning June 2019 and due May 2024 in full, plus interest of 11.08% per annum. | |
| 20,393 | | |
| 30,176 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,639, beginning August 2019 and due July 2024 in full, plus interest of 12.56% per annum. | |
| 10,287 | | |
| 17,727 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,384, beginning February 2020 and due February 2025 in full, plus interest of 7.61% per annum. | |
| 35,851 | | |
| 45,204 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,619, beginning March 2020 and due March 2024 in full, plus interest of 8.73% per annum. | |
| 6,361 | | |
| 11,013 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,902, beginning June 2020 and due June 2026 in full, plus interest of 5.50% per annum. | |
| 48,198 | | |
| 53,195 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,016, beginning July 2020 and due July 2025 in full, plus interest of 12.51% per annum. | |
| 29,566 | | |
| 34,584 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,239, beginning July 2020 and due July 2025 in full, plus interest of 12.41% per annum. | |
| 32,868 | | |
| 38,451 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $979, beginning August 2020 and due August 2026 in full, plus interest of 5.50% per annum. | |
| 26,521 | | |
| 29,069 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,079, beginning November 2020 and due October 2025 in full, plus interest of 9.40% per annum. | |
| 34,777 | | |
| 40,113 | |
| |
| | | |
| | |
Subtotal | |
$ | 791,187 | | |
$ | 877,864 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 791,187 | | |
$ | 877,864 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,940, beginning
November 2020 and due October 2025 in full, plus interest of 9.42% per annum. | |
| 27,436 | | |
| 31,407 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,829, beginning December 2020 and due December 2025 in full, plus interest of 6.25% per annum. | |
| 56,135 | | |
| 63,666 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,162, beginning December 2020 and due September 2025 in full, plus interest of 8.88% per annum. | |
| 42,827 | | |
| 49,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,033, beginning March 2021 and due March 2026 in full, plus interest of 5.99% per annum. | |
| 45,865 | | |
| 51,222 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,855, beginning May 2021 and due May 2026 in full, plus interest of 6.95% per annum. | |
| 68,311 | | |
| 75,603 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,967, beginning August 2021 and due August 2028 in full, plus interest of 6.10% per annum. | |
| 137,502 | | |
| 144,271 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,275, beginning August 2021 and due August 2026 in full, plus interest of 6.92% per annum. | |
| 60,580 | | |
| 66,289 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,176, beginning September 2021 and due September 2026 in full, plus interest of 6.72% per annum. | |
| 87,472 | | |
| 95,440 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,225, beginning November 2021 and due November 2026 in full, plus interest of 6.73% per annum. | |
| 94,226 | | |
| 102,226 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,586, beginning December 2021 and due December 2026 in full, plus interest of 5.99% per annum. | |
| 108,868 | | |
| 117,906 | |
| |
| | | |
| | |
Subtotal | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
STANDARD WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | | |
| | |
Subtotal from previous page | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,134, beginning
February 2022 and due February 2026 in full, plus interest of 7.50% per annum. | |
| 66,938 | | |
| 74,982 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,000, beginning
March 2022 and due February 2029 in full, plus interest of 4.99% per annum. | |
| 158,516 | | |
| 165,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,063, beginning
April 2022 and due April 2029 in full, plus interest of 5.64% per annum. | |
| 164,399 | | |
| 171,205 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,381, beginning July 2022 and due July 2029 in full, plus interest of 6.29%
per annum. | |
| 183,441 | | |
| 190,626 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,427, beginning
July 2022 and due July 2026 in full, plus interest of 7.90% per annum. | |
| 87,372 | | |
| 95,816 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,071, beginning
July 2022 and due August 2027 in full, plus interest of 9.26% per annum. | |
| 107,578 | | |
| 114,199 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,446, beginning
November 2022 and due November 2027 in full, plus interest of 8.50% per annum. | |
| 55,562 | | |
| 58,676 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly
payments of $1,850, beginning March 2023 and due January 2029 in full, plus interest of 6.76% per annum. | |
| 92,646 | | |
| 96,587 | |
| |
| | | |
| | |
Subtotal | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
2024 | | |
2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $5,590, beginning
March 2023 and due March 2028 in full, plus interest of 7.35% per annum. | |
| 231,857 | | |
| 244,214 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,213, beginning
December 2023 and due December 2030 in full, plus interest of 8.47% per annum. | |
| 259,235 | | |
| 266,434 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments
of $4,269, beginning December 2023 and due December 2030 in full, plus interest of 8.90% per annum. | |
| 259,248 | | |
| 266,184 | |
| |
| | | |
| | |
Total notes payable | |
| 3,450,601 | | |
| 3,702,583 | |
| |
| | | |
| | |
Less: current portion of notes payable | |
| 942,738 | | |
| 982,060 | |
| |
| | | |
| | |
Notes payable - long-term portion | |
$ | 2,507,863 | | |
$ | 2,720,523 | |
Principal
payments on notes payable for the next five years as of March 31 and thereafter as follows:
SCHEDULE
OF PRINCIPAL PAYMENTS ON NOTES PAYABLE
| |
| | |
2025 | |
$ | 942,738 | |
2026 | |
| 815,446 | |
2027 | |
| 580,151 | |
2028 | |
| 701,595 | |
2029 | |
| 226,547 | |
Thereafter | |
| 184,124 | |
Total | |
$ | 3,450,601 | |
Total
interest expense included on the statements of income and changes in members’ equity for the three-months ended March 31, 2024
and 2023 amounted to $65,498 and $68,153, respectively.
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
RELATED PARTY TRANSACTIONS |
NOTE
6 – RELATED PARTY TRANSACTIONS
During
the three-months ended March 31, 2024, the Company conducted business with an entity owned by a family member of one of the Company’s
members. The related party performs waste hauling services similar to the Company.
Further,
during the three-months ended March 31, 2024, the Company provided services to the related party due to the related party being at full
capacity and requiring additional equipment and hauling in order to service its customers of which the Company provided. No transactions
were conducted with this related party during and as of the three months-ended March 31, 2023.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
6 – RELATED PARTY TRANSACTIONS – Continued
The
following summarizes the Company’s related party transactions as of and for the three-months ended March 31, 2024 and 2023:
SCHEDULE
OF RELATED PARTY TRANSACTIONS
| |
2024 | | |
2023 | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Statements of Income: | |
| | | |
| | |
Revenues for services provided | |
$ | 73,464 | | |
$ | - | |
| |
| | | |
| | |
Assets: | |
| | | |
| | |
Accounts receivable | |
$ | 26,641 | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SUBSEQUENT EVENTS |
NOTE
7 – SUBSEQUENT EVENTS
Management
has evaluated subsequent events that occurred after the balance sheet date, up to the date that the financial statements were issued.
On
January 12, 2024, Titan Environmental Solutions Inc. through its wholly-owned subsidiary, Titan Trucking, LLC, entered into a Membership
Interest Purchase Agreement with Domonic Campo and Sharon Campo (the “Sellers”), and the Company. The Membership Interest
Purchase Agreement was amended on February 21, 2024, May 20, 2024 and on May 30, 2024. The transaction closed on May 31, 2024. Together
with the amendments, the Membership Interest Purchase Agreement is referred to herein as the “Standard
Purchase Agreement.” Pursuant to the terms of the Standard Purchase Agreement, Titan Trucking, LLC, purchased ownership of all
the outstanding membership interests of the Company. In exchange, Titan Environmental Solutions, Inc. issued the Sellers 612,000 shares
of the Company’s Series A Preferred Stock, issued to the Sellers debt instruments with a total principal value of $2,859,898, and
paid cash consideration of $4,652,500 (inclusive of a $652,500 closing deposit).
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) - Standard Waste Services L L C [Member]
|
3 Months Ended |
Mar. 31, 2024 |
Restructuring Cost and Reserve [Line Items] |
|
Nature of Operations |
Nature
of Operations
Standard
Waste Services, LLC (the “Company”) is located in Detroit, Michigan. The Company provides waste management services primarily
to commercial and industrial customers. The Company’s customers are primarily located in Southeast Michigan.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires the use of estimates that affect certain reported amounts
and disclosures. These estimates and assumptions are based on management’s knowledge and experience. Accordingly, actual
results could differ from these estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents are defined as cash on hand and demand deposits in banks plus short-term investments that are readily convertible
to cash as well as investments with original maturities of three months or less.
|
Account Receivable |
Account
Receivable
Accounts
receivable are recorded when billed or accrued and represent claims against third parties that will be settled in cash. The carrying
value of the Company’s receivables, net of allowance for credit losses, represents their estimated net realizable value.
The
allowance for credit losses is based on management’s assessment of collectability of assets pooled together with similar risk characteristics.
The Company estimates its allowance for credit losses based on historical collection trends, the age of outstanding receivables, geographical
location of the customer, existing economic conditions and reasonable forecasts. If events or changes in circumstances indicate that
specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance
is adjusted accordingly. Past-due receivable balances are written off when the Company’s internal collection efforts have been
unsuccessful in collecting the amount due. For the three-months ended March 31, 2024 and 2023, the Company had no allowance for credit
losses established as management’s assessment of collectability of its accounts receivables did not identify any receivables as
uncollectable.
The
carrying value of accounts receivable as of March 31, 2024 and December 31, 2023 was $1,284,899 and $1,236,867,
respectively. The carrying value of accounts receivable as of March 31, 2023 and December 31, 2022 was $1,126,378 and $1,001,761,
respectively.
STANDARD WASTE SERVICES, LLC
(A Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
|
Property and Equipment |
Property
and Equipment
Property
and equipment are carried at cost. Maintenance, repairs and renewals which neither materially add to the value of the property nor appreciably
prolong its life are charged to expense as incurred. Depreciation of equipment is provided on the straight-line method at the following
rates:
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE
Software | |
| 3 years | |
Computer and office equipment | |
| 10 years | |
Furniture and fixtures | |
| 10 years | |
Trucks and tractors | |
| 7 years | |
Equipment | |
| 7 - 15 years | |
Leasehold improvements | |
| 15 years | |
Management
regularly reviews property and equipment for possible impairment. The review occurs annually or more frequently if events or changes
in circumstances indicate the carrying amount of the asset may not be recoverable. Based on management’s assessment, there were
no indicators of impairment of the Company’s property and equipment as of March 31, 2024 and December 31, 2023.
|
Goodwill |
Goodwill
Goodwill
is carried at the amount paid for a company’s assets in excess of the sum of their fair values. The Company periodically tests
these assets for impairment on an annual basis or more frequently if an event occurs or circumstances change that would more likely than
not reduce the fair value of the assets below their carrying amounts.
The
Company may elect to perform a qualitative assessment that considers economic, industry, and Company-specific factors for all or selected
assets of which goodwill has been assigned at purchase. If, after completing the assessment, it is determined that it is more likely
than not that the fair value of the assessed asset(s) is less than its carrying value, the Company proceeds to a quantitative test. The
Company may also elect to perform a quantitative test for any or all of its assets with goodwill assigned at purchase.
Quantitative
testing requires a comparison of the fair value of each asset with assigned goodwill to its carrying value. The Company uses the discounted
cash flow method to estimate the fair value of the asset(s) with assigned goodwill. The discounted cash flow method incorporates various
assumptions, the most significant being projected sales growth rates, operating margins and cash flows, the terminal growth rate, and
the weighted average cost of capital. If the carrying value of the assets(s) with assigned goodwill exceeds its fair value, the shortfall
up to the carrying value of the goodwill represents the amount of goodwill impairment.
During
the three-months ended March 31, 2024 and 2023, the Company did not record any impairment and there were no changes in the carrying value
of goodwill, respectively.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
|
Right of Use Assets and Lease Liabilities |
Right
of Use Assets and Lease Liabilities
The
determination of whether an arrangement is a lease is made at the lease’s inception. Under ASC 842, a contract is (or contains)
a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control
is defined under the standard as having both the right to obtain substantially all of the economic benefits from use of the asset and
the right to direct the use of the asset. Management only reassesses its determination if the terms and conditions of the contract are
changed.
ROU
assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s
obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. The Company uses the implicit rate when it is readily determinable. Since the
Company’s leases do not provide an implicit rate, to determine the present value of lease payments, management uses the Company’s
incremental borrowing rate based on the information available at lease commencement. Operating lease ROU assets also include any lease
payments made and excludes any lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease
term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company
will exercise the option.
The
Company has elected to apply the short-term lease exception to all leases with a term of one year or less. Several of the Company’s
leases as of March 31, 2024 and December 31, 2023 are for periods of less than 12 months, or on a month-to-month basis; therefore,
lease assets and liabilities described above are not recorded on the balance sheets.
The
Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component
for its operating and finance leases.
|
Revenue and Cost Recognition |
Revenue
and Cost Recognition
The
Company recognizes revenue when performance obligations are satisfied in accordance with ASC 606, Revenue from Contracts with Customers.
The Company’s performance obligations are satisfied at the point in time once waste is disposed of at a landfill or transfer station.
The Company then invoices its customers based upon pre-negotiated rates and billed to the customer once the performance obligations have
been met. Invoices for services are normally due upon receipt. There are no significant financing agreements customers in relation to
revenues generated and collected.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Revenue
and Cost Recognition – Continued
The
Company’s single-day contracts are invoiced by the Company at the time of the order and payment is required prior to delivery of
the equipment used for hauling the waste. Based on the type of waste the customer needs disposed or hauled from the location, contract
prices are negotiated in advance. If the customer requires more time than the agreed-upon contract stipulates, the Company invoices the
customer on a daily basis until the customer no longer requires waste hauling by the Company.
The
Company also provides waste hauling services to commercial customers which normally includes hauling away the waste and leaving equipment
at the location for further use and future hauling and disposal. Invoices for these contracts are billed upon pickup and disposal of
the waste at a landfill or transfer station. Invoices normally include disposal fees based on weight, type of waste to be disposed of,
and fuel surcharges.
Cost
of revenues earned includes direct contract costs, such as disposal fees, driver wages and related employer taxes, truck and equipment
depreciation and maintenance expenses, and other costs such as customer property damages due to driver error.
|
Income Taxes |
Income
Taxes
The
Company is not a taxpaying entity for federal income tax purposes, and thus no federal income tax expense has been recorded in these
financial statements. Income from the Company is taxed to the Members in their respective tax returns. The Company accounts for tax positions
in accordance with the Recognition and Initial Measurement Sections of the Income Taxes Topic of Financial Accounting Standards Board
(FASB) Accounting Standards Codification.
With
few exceptions, the Company is subject to U.S. federal and state income tax examinations by tax authorities for the prior three years.
Management has reviewed the Company’s tax positions and determined there were no uncertain tax positions as of March 31,
2024 and December 31, 2023.
|
Advertising |
Advertising
Advertising
costs are expensed as they are incurred. Advertising costs included in general and administrative expenses for the three-months ended
March 31, 2024 and 2023 were $1,847 and $1,721, respectively.
|
Recently Adopted Accounting Standards |
Recently
Adopted Accounting Standards
In
June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” This amendment replaces the incurred methodology
in current generally accepted accounting principles with a methodology that reflects expected credit losses on instruments within its
scope, including trade receivables.
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued
Recently
Adopted Accounting Standards – Continued
This
update is intended to provide financial statement users with more decision useful information about the expected credit losses. The Company
adopted the standard effective January 1, 2023. The impact of the adoption was not considered material to the financial statements and
primarily resulted in new and enhanced disclosures only.
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v3.24.2.u1
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Standard Waste Services L L C [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment at March 31, 2024 and December 31, 2023 consisted of the following:
SCHEDULE OF
PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Software | |
$ | 3,743 | | |
$ | 3,743 | |
Computer and office equipment | |
| 23,142 | | |
| 23,142 | |
Furniture and fixtures | |
| 9,257 | | |
| 9,257 | |
Trucks and tractors | |
| 4,131,319 | | |
| 4,131,319 | |
Equipment | |
| 3,685,749 | | |
| 3,685,749 | |
Leasehold improvements | |
| 126,555 | | |
| 126,555 | |
| |
| | | |
| | |
Total undepreciated cost | |
| 7,979,765 | | |
| 7,979,765 | |
| |
| | | |
| | |
Less: Accumulated depreciation | |
| 2,661,437 | | |
| 2,445,579 | |
| |
| | | |
| | |
Property and equipment, net | |
$ | 5,318,328 | | |
$ | 5,534,186 | |
|
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v3.24.2.u1
LEASES (Tables) - Standard Waste Services L L C [Member]
|
3 Months Ended |
Mar. 31, 2024 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF RIGHT OF USE ASSETS |
The
following table summarizes right of use assets at March 31, 2024 and December 31, 2023:
SCHEDULE OF RIGHT OF USE ASSETS
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
March
31, 2024 | | |
December
31, 2023 | | |
Location Recorded on Balance Sheet |
| |
| | |
| | |
|
Assets | |
| | | |
| | | |
|
Operating lease | |
$ | 322,037 | | |
$ | 336,191 | | |
Right-of-use asset |
Finance lease | |
| 111,670 | | |
| 117,162 | | |
Property and equipment, net |
| |
| | | |
| | | |
|
Total leased assets | |
$ | 433,707 | | |
$ | 453,353 | | |
|
|
SCHEDULE OF MATURITIES OF LEASE LIABILITIES |
The
following table summarizes the maturities of the Company’s lease liabilities presented on the balance sheets as of March 31, 2024
for each of the twelve months ended March 31:
SCHEDULE OF MATURITIES OF LEASE LIABILITIES
Year | |
Operating Lease | | |
Finance Lease | |
| |
| | |
| |
2025 | |
$ | 108,000 | | |
$ | 39,650 | |
2026 | |
| 108,000 | | |
| 39,650 | |
2027 | |
| 108,000 | | |
| 39,650 | |
2028 | |
| 45,000 | | |
| 3,271 | |
| |
| | | |
| | |
Total lease payments | |
| 369,000 | | |
| 122,221 | |
Less interest | |
| 33,296 | | |
| 18,315 | |
| |
| | | |
| | |
Total lease obligations | |
| 335,704 | | |
| 103,906 | |
| |
| | | |
| | |
Less current portion | |
| 91,828 | | |
| 28,650 | |
| |
| | | |
| | |
Long-term lease liabilities | |
$ | 243,876 | | |
$ | 75,256 | |
|
SCHEDULE COMPOSITION OF NET LEASE COST |
The
following summarizes the composition of net lease cost during the three-months ended March 31, 2024 and 2023:
SCHEDULE COMPOSITION OF NET LEASE COST
| |
2024 | | |
2023 | |
| |
| | |
| |
Short-term lease costs | |
$ | 3,000 | | |
$ | 2,899 | |
Operating lease costs | |
| 17,333 | | |
| 26,000 | |
Finance lease costs | |
| | | |
| | |
Amortization of right-to-use asset | |
| 5,492 | | |
| 5,492 | |
Interest on lease liability | |
| 3,272 | | |
| 4,024 | |
| |
| | | |
| | |
Total lease costs | |
$ | 29,097 | | |
$ | 38,415 | |
|
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v3.24.2.u1
NOTES PAYABLE (Tables) - Standard Waste Services L L C [Member]
|
3 Months Ended |
Mar. 31, 2024 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF NOTES PAYABLE |
Notes
payable at March 31, 2024 and December 31, 2023 can be summarized as follows:
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Note payable to third-party individual, secured by underlying assets, due in equal monthly payments of $6,500, beginning November 2017 and due December 2027 in full, plus interest of 5.00% per annum. | |
$ | 516,777 | | |
$ | 525,381 | |
| |
| | | |
| | |
Note
payable to bank, secured by underlying asset, due in equal monthly payments of $2,576, beginning
January 2019 and due December 2023 in full, plus interest of 12.07% per annum. This note
as of March 31, 2024 is currently in default.
| |
| 2,550 | | |
| 7,574 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,315, beginning
March 2019 and due March 2024 in full, plus interest of 11.27% per annum. This note as of March 31, 2024 is currently in default. | |
| 9,048 | | |
| 15,616 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments
of $2,663, beginning May 2019 and due March 2024 in full, plus interest of 11.89% per annum. This note as of March 31, 2024 is
currently in default. | |
| 7,832 | | |
| 15,437 | |
| |
| | | |
| | |
Subtotal | |
$ | 536,207 | | |
$ | 564,008 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS
OF MARCH 31, 2024 AND DECEMBER 31, 2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 536,207 | | |
$ | 564,008 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,503, beginning May 2019 and due April 2024 in full, plus interest of 10.59% per annum. | |
| 10,158 | | |
| 14,324 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,510, beginning June 2019 and due May 2024 in full, plus interest of 11.08% per annum. | |
| 20,393 | | |
| 30,176 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,639, beginning August 2019 and due July 2024 in full, plus interest of 12.56% per annum. | |
| 10,287 | | |
| 17,727 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,384, beginning February 2020 and due February 2025 in full, plus interest of 7.61% per annum. | |
| 35,851 | | |
| 45,204 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,619, beginning March 2020 and due March 2024 in full, plus interest of 8.73% per annum. | |
| 6,361 | | |
| 11,013 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,902, beginning June 2020 and due June 2026 in full, plus interest of 5.50% per annum. | |
| 48,198 | | |
| 53,195 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,016, beginning July 2020 and due July 2025 in full, plus interest of 12.51% per annum. | |
| 29,566 | | |
| 34,584 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,239, beginning July 2020 and due July 2025 in full, plus interest of 12.41% per annum. | |
| 32,868 | | |
| 38,451 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $979, beginning August 2020 and due August 2026 in full, plus interest of 5.50% per annum. | |
| 26,521 | | |
| 29,069 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,079, beginning November 2020 and due October 2025 in full, plus interest of 9.40% per annum. | |
| 34,777 | | |
| 40,113 | |
| |
| | | |
| | |
Subtotal | |
$ | 791,187 | | |
$ | 877,864 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 791,187 | | |
$ | 877,864 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,940, beginning
November 2020 and due October 2025 in full, plus interest of 9.42% per annum. | |
| 27,436 | | |
| 31,407 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,829, beginning December 2020 and due December 2025 in full, plus interest of 6.25% per annum. | |
| 56,135 | | |
| 63,666 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,162, beginning December 2020 and due September 2025 in full, plus interest of 8.88% per annum. | |
| 42,827 | | |
| 49,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $2,033, beginning March 2021 and due March 2026 in full, plus interest of 5.99% per annum. | |
| 45,865 | | |
| 51,222 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,855, beginning May 2021 and due May 2026 in full, plus interest of 6.95% per annum. | |
| 68,311 | | |
| 75,603 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,967, beginning August 2021 and due August 2028 in full, plus interest of 6.10% per annum. | |
| 137,502 | | |
| 144,271 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $2,275, beginning August 2021 and due August 2026 in full, plus interest of 6.92% per annum. | |
| 60,580 | | |
| 66,289 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,176, beginning September 2021 and due September 2026 in full, plus interest of 6.72% per annum. | |
| 87,472 | | |
| 95,440 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,225, beginning November 2021 and due November 2026 in full, plus interest of 6.73% per annum. | |
| 94,226 | | |
| 102,226 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,586, beginning December 2021 and due December 2026 in full, plus interest of 5.99% per annum. | |
| 108,868 | | |
| 117,906 | |
| |
| | | |
| | |
Subtotal | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
STANDARD WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
March
31, 2024 | | |
December
31, 2023 | |
| |
| | | |
| | |
Subtotal from previous page | |
$ | 1,520,409 | | |
$ | 1,675,322 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,134, beginning
February 2022 and due February 2026 in full, plus interest of 7.50% per annum. | |
| 66,938 | | |
| 74,982 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,000, beginning
March 2022 and due February 2029 in full, plus interest of 4.99% per annum. | |
| 158,516 | | |
| 165,428 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,063, beginning
April 2022 and due April 2029 in full, plus interest of 5.64% per annum. | |
| 164,399 | | |
| 171,205 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,381, beginning July 2022 and due July 2029 in full, plus interest of 6.29%
per annum. | |
| 183,441 | | |
| 190,626 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,427, beginning
July 2022 and due July 2026 in full, plus interest of 7.90% per annum. | |
| 87,372 | | |
| 95,816 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $3,674, beginning
July 2022 and due August 2027 in full, plus interest of 4.91% per annum. | |
| 131,700 | | |
| 141,455 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $3,071, beginning
July 2022 and due August 2027 in full, plus interest of 9.26% per annum. | |
| 107,578 | | |
| 114,199 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $1,446, beginning
November 2022 and due November 2027 in full, plus interest of 8.50% per annum. | |
| 55,562 | | |
| 58,676 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly
payments of $1,850, beginning March 2023 and due January 2029 in full, plus interest of 6.76% per annum. | |
| 92,646 | | |
| 96,587 | |
| |
| | | |
| | |
Subtotal | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
STANDARD
WASTE SERVICES, LLC
(A
Limited Liability Company)
NOTES
TO FINANCIAL STATEMENTS - Continued
AS OF MARCH 31, 2024 AND DECEMBER 31,
2023
NOTE
5 – NOTES PAYABLE – Continued
| |
2024 | | |
2023 | |
| |
| | |
| |
Subtotal from previous page | |
$ | 2,700,261 | | |
$ | 2,925,751 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying assets, due in equal monthly payments of $5,590, beginning
March 2023 and due March 2028 in full, plus interest of 7.35% per annum. | |
| 231,857 | | |
| 244,214 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments of $4,213, beginning
December 2023 and due December 2030 in full, plus interest of 8.47% per annum. | |
| 259,235 | | |
| 266,434 | |
| |
| | | |
| | |
Note payable to bank, secured by underlying asset, due in equal monthly payments
of $4,269, beginning December 2023 and due December 2030 in full, plus interest of 8.90% per annum. | |
| 259,248 | | |
| 266,184 | |
| |
| | | |
| | |
Total notes payable | |
| 3,450,601 | | |
| 3,702,583 | |
| |
| | | |
| | |
Less: current portion of notes payable | |
| 942,738 | | |
| 982,060 | |
| |
| | | |
| | |
Notes payable - long-term portion | |
$ | 2,507,863 | | |
$ | 2,720,523 | |
|
SCHEDULE OF PRINCIPAL PAYMENTS ON NOTES PAYABLE |
Principal
payments on notes payable for the next five years as of March 31 and thereafter as follows:
SCHEDULE
OF PRINCIPAL PAYMENTS ON NOTES PAYABLE
| |
| | |
2025 | |
$ | 942,738 | |
2026 | |
| 815,446 | |
2027 | |
| 580,151 | |
2028 | |
| 701,595 | |
2029 | |
| 226,547 | |
Thereafter | |
| 184,124 | |
Total | |
$ | 3,450,601 | |
|
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v3.24.2.u1
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details) - Standard Waste Services L L C [Member]
|
Mar. 31, 2024 |
Software [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, useful life |
3 years
|
Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, useful life |
10 years
|
Furniture and Fixtures [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property and equipment, useful life |
10 years
|
Trucks And Tractors [Member] |
|
Property, Plant and Equipment [Line Items] |
|
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7 years
|
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|
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|
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|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - Standard Waste Services L L C [Member] - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Allowance for credit losses |
$ 0
|
$ 0
|
|
|
Accounts receivable |
1,284,899
|
1,126,378
|
$ 1,236,867
|
$ 1,001,761
|
Advertising Expense |
$ 1,847
|
$ 1,721
|
|
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
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v3.24.2.u1
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - Standard Waste Services L L C [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
$ 7,979,765
|
$ 7,979,765
|
Less: Accumulated depreciation |
2,661,437
|
2,445,579
|
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5,318,328
|
5,534,186
|
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|
|
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|
|
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3,743
|
3,743
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
23,142
|
23,142
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
9,257
|
9,257
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
4,131,319
|
4,131,319
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
3,685,749
|
3,685,749
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total undepreciated cost |
$ 126,555
|
$ 126,555
|
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v3.24.2.u1
SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - Standard Waste Services L L C [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
Operating lease, Year 1 |
$ 108,000
|
|
Finance lease, Year 1 |
39,650
|
|
Operating lease, Year 2 |
108,000
|
|
Finance lease, Year 2 |
39,650
|
|
Operating lease, Year 3 |
108,000
|
|
Finance lease, Year 3 |
39,650
|
|
Operating lease, Year 4 |
45,000
|
|
Finance lease, Year 4 |
3,271
|
|
Operating lease, Total lease payments |
369,000
|
|
Operating lease, Total lease payments |
122,221
|
|
Operating lease, interest |
33,296
|
|
Finance lease, interest |
18,315
|
|
Operating lease, Total lease obligations |
335,704
|
|
Finance lease, Total lease obligations |
103,906
|
|
Operating lease, Current portion |
91,828
|
$ 90,992
|
Finance lease, Current portion |
28,650
|
27,802
|
Operating lease, Long-term lease liabilities |
243,876
|
259,533
|
Finance lease, Long-term lease liabilities |
$ 75,256
|
$ 82,744
|
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v3.24.2.u1
SCHEDULE COMPOSITION OF NET LEASE COST (Details) - Standard Waste Services L L C [Member] - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
Short-term lease costs |
$ 3,000
|
$ 2,899
|
Operating lease costs |
17,333
|
26,000
|
Amortization of right-to-use asset |
5,492
|
5,492
|
Interest on lease liability |
3,272
|
4,024
|
Total lease costs |
$ 29,097
|
$ 38,415
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v3.24.2.u1
SCHEDULE OF NOTES PAYABLE (Details) - Standard Waste Services L L C [Member] - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Total notes payable |
$ 3,450,601
|
$ 3,702,583
|
Less: current portion of notes payable |
942,738
|
982,060
|
Notes payable - long-term portion |
2,507,863
|
2,720,523
|
Note Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
516,777
|
525,381
|
Note Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
2,550
|
7,574
|
Note Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
9,048
|
15,616
|
Note Payable Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
7,832
|
15,437
|
Note Payable One To Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
536,207
|
564,008
|
Note Payable Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
10,158
|
14,324
|
Note Payable Six [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
20,393
|
30,176
|
Note Payable Seven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
10,287
|
17,727
|
Note Payable Eight [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
35,851
|
45,204
|
Note Payable Nine [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
6,361
|
11,013
|
Note Payable Ten [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
48,198
|
53,195
|
Note Payable Eleven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
29,566
|
34,584
|
Note Payable Twelve [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
32,868
|
38,451
|
Note Payable Thirteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
26,521
|
29,069
|
Note Payable Fourteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
34,777
|
40,113
|
Note Payable One To Fourteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
791,187
|
877,864
|
Note Payable Fifteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
27,436
|
31,407
|
Note Payable Sixteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
56,135
|
63,666
|
Note Payable Seventeen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
42,827
|
49,428
|
Note Payable Eighteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
45,865
|
51,222
|
Note Payable Eighteen One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
68,311
|
75,603
|
Note Payable Ninteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
137,502
|
144,271
|
Note Payable Twenty [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
60,580
|
66,289
|
Note Payable Twenty One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
87,472
|
95,440
|
Note Payable Twenty Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
94,226
|
102,226
|
Note Payable Twenty Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
108,868
|
117,906
|
Note Payable Fifteen To Twenty Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
1,520,409
|
1,675,322
|
Note Payable Fifteen To Twenty Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
1,520,409
|
1,675,322
|
Note Payable Sixteen 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
66,938
|
74,982
|
Note Payable Thirty Seven 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
158,516
|
165,428
|
Note Payable Seventeen 1 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
164,399
|
171,205
|
Note Payable Thirty Seven 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
183,441
|
190,626
|
Note Payable Thirty Seven 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
87,372
|
95,816
|
Note Payable Thirty Seven 4 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
131,700
|
141,455
|
Note Payable Thirty Seven 5 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
131,700
|
141,455
|
Note Payable Thirty Seven 6 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
107,578
|
114,199
|
Note Payable Thirty Seven 8 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
55,562
|
58,676
|
Note Payable Thirty Seven 9 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
92,646
|
96,587
|
Note Payable Thirty Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
2,700,261
|
2,925,751
|
Note Payable Thirty Six [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
2,700,261
|
2,925,751
|
Note Payable Thirty Seven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
231,857
|
244,214
|
Note Payable Thirty Eight [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
259,235
|
266,434
|
Note Payable Thirty Nine [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total notes payable |
$ 259,248
|
$ 266,184
|
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v3.24.2.u1
SCHEDULE OF NOTES PAYABLE (Details) (Paranthetical) - Standard Waste Services L L C [Member] - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Note Payable One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 6,500
|
|
Note payable, maturity date description |
beginning November 2017 and due December 2027 in full
|
|
Note payable, interest rate percentage |
5.00%
|
|
Note Payable Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,576
|
|
Note payable, maturity date description |
beginning
January 2019 and due December 2023 in full
|
|
Note payable, interest rate percentage |
12.07%
|
|
Note Payable Three [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,315
|
|
Note payable, maturity date description |
beginning
March 2019 and due March 2024 in full
|
|
Note payable, interest rate percentage |
11.27%
|
|
Note Payable Four [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,663
|
|
Note payable, maturity date description |
beginning May 2019 and due March 2024 in full
|
|
Note payable, interest rate percentage |
11.89%
|
|
Note Payable Five [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 1,503
|
|
Note payable, maturity date description |
beginning May 2019 and due April 2024 in full
|
|
Note payable, interest rate percentage |
10.59%
|
|
Note Payable Six [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 3,510
|
|
Note payable, maturity date description |
beginning June 2019 and due May 2024 in full
|
|
Note payable, interest rate percentage |
11.08%
|
|
Note Payable Seven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,639
|
|
Note payable, maturity date description |
beginning August 2019 and due July 2024 in full
|
|
Note payable, interest rate percentage |
12.56%
|
|
Note Payable Eight [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 3,384
|
|
Note payable, maturity date description |
beginning February 2020 and due February 2025 in full
|
|
Note payable, interest rate percentage |
7.61%
|
|
Note Payable Nine [Member] |
|
|
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|
|
Note payable, monthly payments |
$ 1,619
|
|
Note payable, maturity date description |
beginning March 2020 and due March 2024 in full
|
|
Note payable, interest rate percentage |
8.73%
|
|
Note Payable Ten [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 1,902
|
|
Note payable, maturity date description |
beginning June 2020 and due June 2026 in full
|
|
Note payable, interest rate percentage |
5.50%
|
|
Note Payable Eleven [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,016
|
|
Note payable, maturity date description |
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|
|
Note payable, interest rate percentage |
12.51%
|
|
Note Payable Twelve [Member] |
|
|
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|
|
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$ 2,239
|
|
Note payable, maturity date description |
beginning July 2020 and due July 2025 in full
|
|
Note payable, interest rate percentage |
12.41%
|
|
Note Payable Thirteen [Member] |
|
|
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|
|
Note payable, monthly payments |
$ 979
|
|
Note payable, maturity date description |
beginning August 2020 and due August 2026 in full
|
|
Note payable, interest rate percentage |
5.50%
|
|
Note Payable Fourteen [Member] |
|
|
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|
|
Note payable, monthly payments |
$ 2,079
|
|
Note payable, maturity date description |
beginning November 2020 and due October 2025 in full
|
|
Note payable, interest rate percentage |
9.40%
|
|
Note Payable Fifteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 1,940
|
|
Note payable, maturity date description |
beginning
November 2020 and due October 2025 in full
|
|
Note payable, interest rate percentage |
9.42%
|
|
Note Payable Sixteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,829
|
|
Note payable, maturity date description |
beginning December 2020 and due December 2025 in full
|
|
Note payable, interest rate percentage |
6.25%
|
|
Note Payable Seventeen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 3,162
|
|
Note payable, maturity date description |
beginning December 2020 and due September 2025 in full
|
|
Note payable, interest rate percentage |
8.88%
|
|
Note Payable Eighteen [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,033
|
|
Note payable, maturity date description |
beginning March 2021 and due March 2026 in full
|
|
Note payable, interest rate percentage |
5.99%
|
|
Note Payable Eighteen One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,855
|
|
Note payable, maturity date description |
beginning May 2021 and due May 2026 in full
|
|
Note payable, interest rate percentage |
6.95%
|
|
Note Payable Ninteen [Member] |
|
|
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|
|
Note payable, monthly payments |
$ 2,967
|
|
Note payable, maturity date description |
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|
|
Note payable, interest rate percentage |
6.10%
|
|
Note Payable Twenty [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 2,275
|
|
Note payable, maturity date description |
beginning August 2021 and due August 2026 in full
|
|
Note payable, interest rate percentage |
6.92%
|
|
Note Payable Twenty One [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 3,176
|
|
Note payable, maturity date description |
beginning September 2021 and due September 2026 in full
|
|
Note payable, interest rate percentage |
6.72%
|
|
Note Payable Twenty Two [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Note payable, monthly payments |
$ 3,225
|
|
Note payable, maturity date description |
beginning November 2021 and due November 2026 in full
|
|
Note payable, interest rate percentage |
6.73%
|
|
Note Payable Twenty Three [Member] |
|
|
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|
|
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$ 3,586
|
|
Note payable, maturity date description |
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|
|
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5.99%
|
|
Note Payable Thirty Seven [Member] |
|
|
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|
|
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$ 5,590
|
$ 5,590
|
Note payable, maturity date description |
beginning
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|
beginning
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|
Note payable, interest rate percentage |
735.00%
|
735.00%
|
Note Payable Thirty Eight [Member] |
|
|
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|
|
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$ 4,213
|
$ 4,213
|
Note payable, maturity date description |
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|
beginning
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|
Note payable, interest rate percentage |
847.00%
|
847.00%
|
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|
|
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|
|
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$ 4,269
|
$ 4,269
|
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beginning December 2023 and due December 2030 in full
|
beginning December 2023 and due December 2030 in full
|
Note payable, interest rate percentage |
890.00%
|
890.00%
|
X |
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