Titan Environmental Solutions Inc. Files 2023 Annual Report

TL;DR

<b>Titan Environmental Solutions Inc. (TESI) has filed its 2023 10-K report, detailing its financial performance and corporate history.</b>

AI Summary

Titan Environmental Solutions Inc. (TESI) filed a Annual Report (10-K) with the SEC on April 15, 2024. Titan Environmental Solutions Inc. (TESI) filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as TRAQIQ, INC. and Thunderclap Entertainment, Inc. TESI is incorporated in Nevada. The company's business address is 14205 SE 36th St., Suite 100, Bellevue, WA 98006. The filing includes detailed financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Titan Environmental Solutions Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TESI's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The inclusion of historical financial data from 2021 and 2022 allows for trend analysis and comparison, offering deeper insights into the company's growth trajectory and financial stability.

Risk Assessment

Risk Level: low — Titan Environmental Solutions Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures, indicating a low level of immediate risk from the filing itself.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand TESI's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-15 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary reporting year)
• 2022 — Fiscal Year (Comparative reporting year)
• 2021 — Fiscal Year (Comparative reporting year)

Key Players & Entities

• Titan Environmental Solutions Inc. (company) — Filer name
• TESI (company) — Ticker symbol
• TRAQIQ, INC. (company) — Former company name
• Thunderclap Entertainment, Inc. (company) — Former company name
• Bellevue, WA (location) — Business address city and state
• 1934 Act (regulation) — SEC Act referenced

FAQ

Industry Context

Titan Environmental Solutions Inc. operates within the computer programming services industry, as indicated by its SIC code 7371.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, which governs the reporting requirements for public companies in the United States.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for FY2023.
2. Review the company's history, including name changes, to understand its evolution.
3. Examine any disclosed risk factors to assess potential business challenges.

Key Dates

• 2024-04-15: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — (g) of the Act: Common Stock, par value $0.0001 per share Indicate by check mark if t
• $73.7 billion — e Industry Overview With an estimated $73.7 billion market share for 2023, the waste collec

Filing Documents

• form10-k.htm (10-K) — 3411KB
• ex4-1.htm (EX-4.1) — 49KB
• ex4-5.htm (EX-4.5) — 173KB
• ex10-11.htm (EX-10.11) — 312KB
• ex10-12.htm (EX-10.12) — 164KB
• ex21-1.htm (EX-21.1) — 4KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-014667.txt (&nbsp;) — 17031KB
• tesi-20231231.xsd (EX-101.SCH) — 93KB
• tesi-20231231_cal.xml (EX-101.CAL) — 111KB
• tesi-20231231_def.xml (EX-101.DEF) — 478KB
• tesi-20231231_lab.xml (EX-101.LAB) — 722KB
• tesi-20231231_pre.xml (EX-101.PRE) — 631KB
• form10-k_htm.xml (XML) — 3234KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 9 Item 1B Unresolved Staff Comments 24 Item 1C Cybersecurity 24 Item 2

Properties

Properties 24 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4 Mine Safety Disclosures 25 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6 [Reserved] 27 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A

Controls and Procedures

Controls and Procedures 39 Item 9B Other Information 39 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III Item 10 Directors, Executive Officers and Corporate Governance 40 Item 11

Executive Compensation

Executive Compensation 45 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 50 Item 13 Certain Relationships and Related Transactions, and Director Independence 54 Item 14 Principal Accounting Fees and Services 56 PART IV Item 15 Exhibits and Financial Statement Schedules 57 Item 16 Form 10–K Summary 57

SIGNATURES

SIGNATURES 58 EXHIBIT INDEX LIST XBRL DOCUMENTS As used in this Annual Report on Form 10-K, the terms "we", "us", "our" and the "Company" mean Titan Environmental Solutions Inc. and its wholly owned subsidiaries, taken as a whole (unless the context indicates a different meaning). i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. The forward-looking of Financial Condition and Results of Operations" and "Business," but are also contained elsewhere in this report. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future, although not all forward-looking statements contain these words. These statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. These

forward-looking statements include, but are not limited to, statements about

forward-looking statements include, but are not limited to, statements about: our prospects, including our future business, revenues, expenses, net income, earnings per share, gross margins, profitability, cash flows, cash position, liquidity, financial condition and results of operations, our targeted growth rate, our goals for future revenues and earnings, and our expectations about realizing the revenues in our backlog and in our sales pipeline; our ability to successfully pursue strategic acquisitions and integrate acquired businesses; our ability to hire additional personnel and to manage the growth of our business; our ability to continue as a going concern; environmental and other regulations, including developments related to emerging contaminants, gas emissions, renewable energy and environmental, social and governance ("ESG") performance and disclosure; significant environmental, safety or other incidents resulting in liabilities or brand damage; failure to obtain and maintain necessary permits due to land scarcity, public opposition or otherwise; diminishing landfill capacity, resulting in increased costs and the need for disposal alternatives; failure to attract, hire and retain key team members and a high quality workforce; increases in labor costs due to union organizing activities or changes in wage and labor related regulations; disruption and costs resulting from extreme weather and destructive climate events; public health risk, increased costs and disruption due to a future resurgence of pandemic conditions and restrictions; macroeconomic conditions, geopolitical conflict and market disruption resulting in labor, supply chain and transportation constraints, inflationary cost pressures and fluctuations in commodity prices, fuel and other energy costs; increased competition; pricing actions; ii impacts from international trade restrictions; competitive disposal alternatives, diversion of waste from landfills and d

Business

Business Overview We are an integrated provider of non-hazardous solid waste and recycling collection, transportation, transfer and disposal services. We also provide technology-enabled solutions for food waste processing, including onsite digesters for food waste, together with cloud-based software tracking and analytics solutions. We currently have the majority of our operations in Michigan but are looking to expand our presence across the Midwest, Northeast and Southeast regions of the United States. Our principal operating subsidiary, Titan Trucking, LLC ("Titan Trucking"), which is based in Troy, Michigan, is a non-hazardous solid waste management company providing waste and recycling collection and transportation services for industrial generators, commercial contractors and transfer station operators located in Michigan. Titan Trucking began non-hazardous waste collection operations in May 2017 and completed the asset acquisitions of Century Waste, Inc and WTI Global Waste and Recycling Services, Inc. in June 2022 and December 2022, respectively. Through these companies, we currently operate a fleet of 23 vehicles. All of Titan Trucking's revenue for the years ended December 31, 2023 and 2022 was derived from the provision of roll-off, rubber wheel and long-haul tractor trailer services to its customers. In January 2023, Recoup Technologies, Inc. ("Recoup Technologies") was formed to serve as our food waste digester operating company and acquired technologies and equipment for on-site biological processing of food waste, as well as proprietary real-time data analytics tools to reduce food waste generation. These proprietary solutions can enable businesses, including restaurants, hotels and other hospitality venues, cruise ships and educational facilities of all sizes to lower disposal costs while having a positive impact on the environment. We believe our food processing solutions can reduce the carbon footprint associated with waste transportation, r

View Full Filing

View this 10-K filing on SEC EDGAR