Proficient Auto Logistics Inc
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
PAL$3.02+10.6%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) (Successor) and December 31, 2023 (Predecessor)
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
| Successor | Predecessor | |
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $36,292,813 | $4,273 |
| Accounts receivable, net | 40,060,701 | 19,799,044 |
| Net investment in leases, current portion | 18,160 | 32,374 |
| Maintenance supplies | 1,415,093 | 822,855 |
| Assets held for sale | 348,587 | — |
| Prepaid expenses and other current assets | 5,950,765 | 2,769,005 |
| Total current assets | 84,086,119 | 23,427,551 |
| Property and equipment, net | 113,988,246 | 17,998,750 |
| Operating lease right-of-use assets | 14,038,130 | 4,457 |
| Net investment in leases, less current portion | — | 2,681 |
| Deposits | 4,821,387 | 1,033,642 |
| Goodwill | 127,428,122 | — |
| Intangible assets, net | 113,823,555 | — |
| Other long-term assets | 462,150 | 527,952 |
| Total assets | $458,647,709 | $42,995,033 |
| Liabilities, mezzanine equity, and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $11,372,052 | $2,539,198 |
| Book overdraft | — | 891,410 |
| Accrued liabilities | 21,751,346 | 7,803,359 |
| Income tax payable | 2,020,927 | 1,174,959 |
| Line of credit | 2,911,720 | — |
| Finance lease liabilities, current portion | 83,982 | 1,306,024 |
| Operating lease liabilities, current portion | 1,406,004 | 4,456 |
| Earn-out liability | 3,095,114 | — |
| Long-term debt, current portion | 19,195,045 | 1,599,699 |
| Total current liabilities | 61,836,190 | 15,319,105 |
| Long-term liabilities: | ||
| Line of credit | — | 3,450,129 |
| Finance lease liabilities, less current portions | 54,274 | 273,096 |
| Operating lease liabilities, less current portions | 12,651,854 | — |
| Long-term debt, less current portion | 33,189,156 | 5,035,478 |
| Deferred tax liability, net | 32,318,888 | 2,283,833 |
| Other long-term liabilities | 370,499 | — |
| Total liabilities | 140,420,861 | 26,361,641 |
| Commitments and contingencies (Note 16) | ||
| Mezzanine equity: | ||
| Series A convertible, redeemable, preferred stock, $0.01 par value; 10,000,000 shares authorized; 0 and 3,066,923 shares issued and outstanding as of June 30, 2024 and December 31, 2023 respectively | — | 8,880,672 |
| Stockholders’ equity: | ||
| Common stock, $0.01 par value; 50,000,000 shares authorized; 25,960,435 and 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023 respectively | 259,604 | — |
| Common stock, $0.01 par value; 10,000,000 shares authorized; 392,825 shares issued and outstanding | — | 3,928 |
| Additional paid in capital | 322,401,846 | — |
| (Accumulated deficit) retained earnings | (4,434,602) | 7,748,792 |
| Total stockholders’ equity | 318,226,848 | 7,752,720 |
| Total liabilities, mezzanine equity and stockholders’ equity | $458,647,709 | $42,995,033 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| Successor · Predecessor | ||||||
|---|---|---|---|---|---|---|
| Six months ended June 30, 2024 | Three months ended June 30, 2024 | Period from January 1, 2024 to May 12, 2024 | Period from April 1, 2024 to May 12, 2024 | Six months ended June 30, 2023 | Three months ended June 30, 2023 | |
| Operating revenue | ||||||
| Revenue, before fuel surcharge | $51,810,745 | $51,810,745 | $38,947,787 | $12,593,099 | $61,883,162 | $30,700,513 |
| Fuel surcharge and other reimbursements | 3,594,663 | 3,594,663 | 2,073,087 | 726,628 | 5,324,539 | 2,255,941 |
| Other Revenue | 150,667 | 150,667 | — | — | — | — |
| Lease Revenue | 352,522 | 352,522 | 196,814 | 71,369 | 38,006 | 36,122 |
| Total operating revenue | 55,908,597 | 55,908,597 | 41,217,688 | 13,391,096 | 67,245,707 | 32,992,576 |
| Operating Expenses | ||||||
| Salaries, wages and benefits | 9,668,005 | 9,668,005 | 27,373,183 | 22,885,820 | 11,348,877 | 5,642,719 |
| Stock-based compensation | 6,675,636 | 6,675,636 | — | — | — | — |
| Fuel and fuel taxes | 3,487,063 | 3,487,063 | 1,119,549 | 356,627 | 2,759,328 | 1,263,707 |
| Purchased transportation | 28,118,434 | 28,118,434 | 25,995,763 | 8,509,385 | 39,143,261 | 19,319,553 |
| Truck expenses | 2,399,674 | 2,399,674 | 1,638,919 | 524,098 | 4,457,080 | 2,518,015 |
| Depreciation and amortization | 4,497,031 | 4,497,031 | 934,988 | 295,651 | 1,215,374 | 624,718 |
| Loss (Gain) on sale of equipment | 2,308 | 2,308 | (235,081) | — | (55,976) | (39,758) |
| Insurance premiums and claims | 1,752,946 | 1,752,946 | 904,043 | 312,426 | 1,697,042 | 812,082 |
| General, selling, and other operating expenses | 2,225,711 | 1,915,833 | 3,889,599 | 2,936,264 | 1,830,827 | 931,641 |
| Total Operating Expenses | 58,826,808 | 58,516,930 | 61,620,963 | 35,820,271 | 62,395,813 | 31,072,677 |
| Operating (loss) income | (2,918,211) | (2,608,333) | (20,403,275) | (22,429,175) | 4,849,894 | 1,919,899 |
| Other income and expense | ||||||
| Interest expense | (639,795) | (639,795) | (717,431) | (265,041) | (568,892) | (306,948) |
| Other income, net | 167,069 | 167,069 | 2,078 | 2,078 | — | — |
| Total other expense | (472,726) | (472,726) | (715,353) | (262,963) | (568,892) | (306,948) |
| (Loss) Income before income taxes | (3,390,937) | (3,081,059) | (21,118,628) | (22,692,138) | 4,281,002 | 1,612,951 |
| Income tax expense (benefit) | 470,836 | 470,836 | (4,615,398) | (5,004,276) | 1,038,309 | 331,879 |
| Net (loss) income | $(3,861,773) | $(3,551,895) | $(16,503,230) | $(17,687,862) | $3,242,693 | $1,281,072 |
| Loss Per Share | ||||||
| Basic & Diluted | $(0.43) | $(0.24) | ||||
| Weighted Average Shares | ||||||
| Basic & Diluted | 8,965,933 | 14,992,736 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(unaudited)
Predecessor
| Common stock · Retained · Total | ||||
|---|---|---|---|---|
| Shares | Amount | earnings | Equity | |
| Balance, December 31, 2022 | 392,825 | 3,928 | $1,540,202 | $1,544,130 |
| Accrued and unpaid dividends on Series A preferred stock | — | — | (255,119) | (255,119) |
| Net income | — | — | 1,961,621 | 1,961,621 |
| Balance, March 31, 2023 | 392,825 | 3,928 | $3,246,704 | $3,250,632 |
| Accrued and unpaid dividends on Series A preferred stock | — | — | (263,042) | (263,042) |
| Net income | — | — | 1,281,072 | 1,281,072 |
| Balance, June 30, 2023 | 392,825 | 3,928 | $4,264,734 | $4,268,662 |
| Balance, December 31, 2023 | 392,825 | 3,928 | $7,748,792 | $7,752,720 |
| Accrued and unpaid dividends on Series A preferred stock | — | — | (177,752) | (177,752) |
| Net income | — | — | 1,184,632 | 1,184,632 |
| Balance, March 31, 2024 | 392,825 | 3,928 | $8,755,672 | $8,759,600 |
| Accrued and unpaid dividends on Series A preferred stock | — | — | (82,774) | (82,774) |
| Net loss | — | — | (17,687,862) | (17,687,862) |
| Balance, May 12, 2024 | 392,825 | 3,928 | $(9,014,964) | $(9,011,036) |
Successor
| Common Stock · Additional Paid in · Accumulated · Total | |||||
|---|---|---|---|---|---|
| Shares | Amount | Capital | Deficit | Equity | |
| Balance, December 31, 2023 | 2,939,130 | 29,391 | $932,609 | $(572,829) | $389,171 |
| Issuance of shares | — | — | — | — | — |
| Net loss | — | — | — | (309,878) | (309,878) |
| Balance, March 31, 2024 | 2,939,130 | 29,391 | $932,609 | $(882,707) | $79,293 |
| Issuance of shares through IPO | 15,768,333 | 157,683 | 212,134,166 | — | 212,291,849 |
| Issuance of shares for business combinations | 6,848,795 | 68,488 | 102,663,477 | — | 102,731,965 |
| Stock-based compensation | 404,177 | 4,042 | 6,671,594 | — | 6,675,636 |
| Net loss | — | — | — | (3,551,895) | (3,551,895) |
| Balance, June 30, 2024 | 25,960,435 | 259,604 | $322,401,846 | $(4,434,602) | $318,226,848 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Successor · Predecessor | |||
|---|---|---|---|
| Six months ended June 30, 2024 | Period from January 1, 2024 to May 12, 2024 | Six Months ended June 30, 2023 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(3,861,773) | $(16,503,230) | $3,242,693 |
| Adjustments to reconcile net (loss) income to net cash flows provided by operating activities: | |||
| Stock-based compensation | 6,675,636 | — | — |
| Provision for credit losses | 21,182 | 53,000 | 165,000 |
| Depreciation and amortization expense | 4,497,031 | 934,988 | 1,215,374 |
| Loss (gain) on sale of equipment | 2,308 | (235,081) | (55,976) |
| Sales-type lease revenue | — | — | (25,000) |
| Interest income | (104) | (273) | (1,410) |
| Amortization of debt issuance costs | 7,952 | 4,795 | 6,558 |
| Deferred income tax expense (benefit) | — | (4,999,571) | 168,134 |
| Operating lease expense | 130,631 | 25,404 | 20,034 |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (3,157,415) | 7,637,836 | (981,370) |
| Net investment in leases | 33,146 | 11,515 | 70,077 |
| Maintenance supplies | (34,343) | 57,745 | 59,262 |
| Prepaid expenses and other assets | 246,662 | 917,266 | 655,688 |
| Deposits | (80,601) | (12,269) | 88,056 |
| Accounts payable | (1,416,595) | (159,661) | 124,361 |
| Book overdraft | — | (891,410) | (561,116) |
| Accrued liabilities | (21,572) | 21,849,507 | (177,296) |
| Income tax payable | 1,433,336 | (666,068) | (324,154) |
| Operating lease liabilities | (110,902) | (27,951) | (20,429) |
| Net cash flows provided by operating activities | 4,364,579 | 7,996,542 | 3,668,486 |
| Cash flows from investing activities: | |||
| Proceeds from sale of equipment | 764,579 | 252,441 | 155,068 |
| Purchases of property and equipment | (6,123,369) | (303,534) | (326,227) |
| Business combinations, net of cash acquired | (172,388,748) | — | — |
| Net cash flows used in investing activities | (177,747,538) | (51,093) | (171,159) |
| Cash flows from financing activities: | |||
| Proceeds from line of credit | — | 13,265,526 | 65,237,764 |
| Repayments of line of credit | — | (16,715,655) | (67,389,559) |
| Repayments of long-term debt | (977,436) | (719,572) | (738,346) |
| Repayment of SBA Loan | (2,083,833) | — | — |
| Repayments of finance lease obligations | (13,041) | (1,427,821) | (608,288) |
| Common stock issued at IPO | 212,291,849 | — | — |
| Net cash flows provided by (used in) financing activities | 209,217,539 | (5,597,522) | (3,498,429) |
| Net change in cash | 35,834,580 | 2,347,927 | (1,102) |
| Cash and cash equivalents, beginning of period | 458,233 | 4,273 | 3,624 |
| Cash and cash equivalents, end of period | $36,292,813 | $2,352,200 | $2,522 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $523,549 | $786,925 | $560,477 |
| Cash paid for taxes | $78,700 | $1,187,338 | $1,195,715 |
| Noncash investing and financing activity: | |||
| Right of use assets obtained in exchange for lease liability | $— | $328,489 | $— |
| Equipment financed through long-term debt | $— | $— | $3,807,706 |
| Accrued and unpaid dividends | $— | $260,526 | $518,161 |
| Earn-out liability | $3,095,114 | $— | $— |
| Issuance of shares for business combinations | $102,731,965 | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.