2023 Q1 Form 10-K Financial Statement

#000149315223010251 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $65.04K $1.580K $1.582K
YoY Change -81.28% -99.74% -99.94%
Cost Of Revenue $37.22K $54.21K $54.21K
YoY Change -90.0% -89.95% -97.54%
Gross Profit $27.82K -$52.63K -$52.63K
YoY Change -212.51% -182.22% -110.35%
Gross Profit Margin 42.78% -3331.01% -3326.61%
Selling, General & Admin $315.2K $1.307M $1.307M
YoY Change -17.71% -5.89% -75.72%
% of Gross Profit 1132.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $409.8K $22.87K $33.24K
YoY Change 1545.07% -3.58% -57.5%
% of Gross Profit 1472.79%
Operating Expenses $725.0K $1.340M $1.340M
YoY Change 77.71% -5.12% -75.46%
Operating Profit -$697.2K -$1.393M -$1.393M
YoY Change 61.12% 3.29% -71.88%
Interest Expense -$111.2M -$2.762M -$2.762M
YoY Change 23044.15% 245.04% 14.92%
% of Operating Profit
Other Income/Expense, Net -$111.2M $0.00 -$1.009M
YoY Change 23849.13% -100.0% -192.61%
Pretax Income -$111.9M -$2.402M -$2.402M
YoY Change 12152.78% 105.88% -62.26%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$111.9M -$9.172M -$9.172M
YoY Change 12094.28% 684.28% 42.22%
Net Earnings / Revenue -171992.96% -580478.48% -579744.37%
Basic Earnings Per Share -$3.38 -$2.08
Diluted Earnings Per Share -$3.38 -$2.07 -$2.07
COMMON SHARES
Basic Shares Outstanding 39.94M shares 4.489M shares 4.411M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.6K $1.310K $1.310K
YoY Change 27.02% -97.67% -97.67%
Cash & Equivalents $139.6K $1.312K
Short-Term Investments
Other Short-Term Assets $11.03K $45.43K $65.15K
YoY Change -94.66% -69.77% -56.64%
Inventory $359.8K
Prepaid Expenses
Receivables $65.87K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $576.3K $66.46K $66.46K
YoY Change -45.51% -93.22% -93.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.156K
YoY Change -99.7%
Goodwill $7.293M
YoY Change
Intangibles $10.45M $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $17.74M $0.00
YoY Change 127.92% -100.0%
TOTAL ASSETS
Total Short-Term Assets $576.3K $66.46K $66.46K
Total Long-Term Assets $17.74M $0.00
Total Assets $18.32M $66.46K $66.46K
YoY Change 107.17% -99.22% -99.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $932.4K $226.2K $226.2K
YoY Change -58.23% -89.46% -89.46%
Accrued Expenses $118.8K $24.22K $24.22K
YoY Change -72.11% -94.3% -94.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $3.607M $751.9K $1.216M
YoY Change -33.73% 243.37% -74.49%
Total Short-Term Liabilities $117.5M $1.683M $1.683M
YoY Change 946.89% -84.46% -84.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $117.5M $1.683M $1.683M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $117.5M $1.683M $1.683M
YoY Change 911.97% -84.66% -84.66%
SHAREHOLDERS EQUITY
Retained Earnings -$129.4M -$17.52M
YoY Change 95.7%
Common Stock $3.394K $1.810K
YoY Change 334.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$99.15M -$1.616M -$1.616M
YoY Change
Total Liabilities & Shareholders Equity $18.32M $66.46K $66.46K
YoY Change 107.17% -99.22% -99.22%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$111.9M -$9.172M -$9.172M
YoY Change 12094.28% 684.28% 42.22%
Depreciation, Depletion And Amortization $409.8K $22.87K $33.24K
YoY Change 1545.07% -3.58% -57.5%
Cash From Operating Activities -$192.4K -$416.8K -$1.465M
YoY Change -51.82% -70.76% -53.69%
INVESTING ACTIVITIES
Capital Expenditures $320.00 $33.26K
YoY Change -111.15% -652.44%
Acquisitions $150.0K
YoY Change
Other Investing Activities -$150.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$150.0K -$320.00 -$33.26K
YoY Change 486.62% -89.04% -258.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $96.91K
YoY Change -54.76%
Cash From Financing Activities $480.7K 250.9K $1.329M
YoY Change 0.93% -76.85% -59.16%
NET CHANGE
Cash From Operating Activities -$192.4K -416.8K -$1.465M
Cash From Investing Activities -$150.0K -320.0 -$33.26K
Cash From Financing Activities $480.7K 250.9K $1.329M
Net Change In Cash $138.3K -166.3K -$169.2K
YoY Change 169.3% -51.73% -250.91%
FREE CASH FLOW
Cash From Operating Activities -$192.4K -$416.8K -$1.465M
Capital Expenditures $320.00 $33.26K
Free Cash Flow -$192.4K -$417.2K -$1.498M
YoY Change -48.52% -70.68% -52.54%

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RentExpense
2134 usd
CY2021 TRIQ Rent Expense
RentExpense
2184 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
33240 usd
CY2021 us-gaap Depreciation Depletion And Amortization
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124966 usd
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1089675 usd
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1752678 usd
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CY2022 TRIQ Stock Issued During Period Value Warrant Exercises
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CY2022 us-gaap Stock Issued During Period Value Acquisitions
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CY2022 TRIQ Stock Issued During Period Value Conversion Of Convertible Securities One
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11853 usd
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1241 usd
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StockIssuedDuringPeriodValueDeconsolidationOfSubsidiaries
576421 usd
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CY2021 us-gaap Provision For Doubtful Accounts
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238422 usd
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ForgivenessOfDebt
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109418 usd
CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
78208 usd
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CY2021 TRIQ Lease Cost Net Of Repayment
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3091 usd
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5233 usd
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CY2022 us-gaap Share Based Compensation
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ShareBasedCompensation
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ChangeInFairValueOfDerivativeLiabilityAndDerivativeExpense
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CY2021 TRIQ Change In Fair Value Of Derivative Liability And Derivative Expense
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DerivativeGainOnDerivative
1089675 usd
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703402 usd
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629759 usd
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7 usd
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146 usd
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3250 usd
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528965 usd
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-43412 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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62091 usd
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022 us-gaap Increase Decrease In Accrued Taxes Payable
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3285772 usd
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-1464960 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3163103 usd
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CashAcquiredFromAcquisition
42844 usd
CY2021 TRIQ Cash Received In Acquisition
CashReceivedInAcquisition
5945 usd
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PaymentsToAcquireBusinessesGross
21825 usd
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PaymentsToAcquirePropertyPlantAndEquipment
33257 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6023 usd
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NetCashProvidedByUsedInInvestingActivities
-33257 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
20941 usd
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ProceedsFromRepaymentsOfBankOverdrafts
49973 usd
CY2021 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
30539 usd
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494500 usd
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300016 usd
CY2021 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1715000 usd
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70089 usd
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
515615 usd
CY2022 TRIQ Proceeds From Long Term Related Party
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612352 usd
CY2021 TRIQ Proceeds From Long Term Related Party
ProceedsFromLongTermRelatedParty
2986125 usd
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221943 usd
CY2021 TRIQ Repayments Of Long Term Related Party
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1292397 usd
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ProceedsFromIssuanceOfLongTermDebt
755607 usd
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ProceedsFromIssuanceOfLongTermDebt
50331 usd
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96913 usd
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214242 usd
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1329003 usd
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NetCashProvidedByUsedInFinancingActivities
3254286 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
112124 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
170528 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
58404 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1312 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
170528 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1312 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10895 usd
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159633 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1312 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
170528 usd
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54327 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
132166 usd
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11051 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
89750 usd
CY2022 TRIQ Right Of Use Asset For Lease Liability
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331154 usd
CY2022 TRIQ Conversion Of Debt And Extinguishment Of Derivative Liabilities Upon Conversion Of Debt
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7532576 usd
CY2021 us-gaap Stock Issued1
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427568 usd
CY2022 us-gaap Nature Of Operations
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<p id="xdx_805_eus-gaap--NatureOfOperations_zEQoiaIu3Nvg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82F_zP1CiEVHjq6a">ORGANIZATION AND NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TraQiQ, Inc. (along with its wholly owned subsidiaries, referred to herein as the “Company”) was incorporated in the State of California on September 9, 2009 as Thunderclap Entertainment, Inc. On July 14, 2017, Thunderclap Entertainment, Inc. changed its name to TraQiQ, Inc. On July 19, 2017, the Company entered into a Share Exchange Agreement (“Share Exchange”) with the stockholders of OmniM2M, Inc. (“OmniM2M”) and TraQiQ Solutions, Inc. dba Ci2i Services, Inc. (formerly Ci2i Services, Inc. – amended November 6, 2019) (“Ci2i”) whereby the stockholders of Omni and Ci2i exchanged all of their respective shares, representing <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20170719__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OmniMTwoMAndCiTwoMember_zTvPqSEshCKb" title="Ownership interest percentage">100</span>% ownership in OmniM2M and Ci2i in exchange for <span id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_c20170718__20170719__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__dei--LegalEntityAxis__custom--OmniMTwoMAndCiTwoMember_zkzG8dMXmzx" title="Exchange shares of common stock">1,500,000</span> shares of the Company’s common stock, respectively. The OmniM2M Shareholders and the Ci2i Shareholders have each been issued their respective <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20170718__20170719__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__dei--LegalEntityAxis__custom--OmniMTwoMAndCiTwoMember__us-gaap--StatementEquityComponentsAxis__custom--ProRataBasisMember_zh0rK0yq6Yfb" title="Number shares issued during period">1,500,000</span> shares on a pro rata basis based on their respective holdings in OmniM2M and Ci2i in the Share Exchange Agreement. The Share Exchange was accounted for as a reverse merger whereas Ci2i is considered the accounting acquirer and TraQiQ,Inc. is considered the accounting acquiree. For accounting purposes, the acquisition of Omni is recorded at historical cost in accordance with Accounting Standard Codification (“ASC”) 805-50-25-2 as this is considered an acquisition of entities under common control as the management of the Company and Omni control the activities of the respective companies. Prior to the merger with Ci2i and acquisition of Omni, the Company was considered a shell company under Rule 12b-2 of the Exchange Act. On December 1, 2017, The Company entered into a Share Purchase Agreement (the “Share Exchange Agreement”) with Ajay Sikka (“Sikka”), the sole shareholder of Transport IQ, Inc. whereby Sikka agreed to sell all of the shares in TransportIQ, Inc. (“TransportIQ”) in exchange for $<span id="xdx_908_ecustom--ExchangeOfCancellationDebt_pp0p0_c20171129__20171201__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--TitleOfIndividualAxis__custom--AjaySikkaMember__dei--LegalEntityAxis__custom--TransportIQIncMember_zFYG40qDFSUa" title="Exchange of cancellation debt">18,109</span>, in the form of cancellation of all of the debt of TransportIQ that is owed to the Company. The transaction became effective upon the execution of the Share Exchange Agreement by Sikka and the Company; and Transport IQ, Inc, is now a wholly-owned subsidiary of the Company. Because TransportIQ was commonly controlled and owned, the transaction was recorded at the historical carrying value of TransportIQ’s assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Financial Industry Regulatory Authority on March 18, 2022, approved a <span id="xdx_905_eus-gaap--StockholdersEquityReverseStockSplit_c20220318__20220318_zPwpWs0e77U6" title="Reverse stock split">reverse 1 for 8 stock split</span> of the Company’s common shares. The reverse split was effective on March 21, 2022. The common shares and common share equivalents as well as the per-share amounts have been retroactively restated in accordance with ASC 855-10-25 and the loss per share figures have been retroactively restated in accordance with ASC 260-10-55-12.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview of the Company</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With operations concentrated in India, Southeast Asia and Latin America, the Company helps businesses in emerging markets leverage the “gig” or task economy by providing both technology solutions and a network of workers required to fulfill those tasks. The Company provides software as a service that enables clients to build and manage a network of contract task workers. This platform can also be used by business clients to manage their employees who are performing services, such as PC repair or food delivery. In addition, with the recent acquisition of Mimo Technologies Private Limited (“Mimo”), Mimo operates a network of over 14,000 task workers in India who make deliveries, collect payments, do background verifications, and fulfill tasks across the supply chain, as needed by business clients to deliver their products and services to their respective markets and customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TraQSuite is a cloud based software platform with a revenue model based on initial and transaction-based licensing fees as well as consulting fees. Licensees pay an initial per-module fee that varies depending on the number of modules that are licensed. This fee is typically $<span id="xdx_909_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20220101__20221231__srt--ProductOrServiceAxis__us-gaap--LicenseAndServiceMember_zZvZeXQvrHtb" title="Target revenue">10,000</span> per module. Customers are also billed on a per-user or per-transaction basis every month. User fees range from a $<span id="xdx_904_ecustom--AdministratorCustomerUserFees_pp0p0_c20220101__20221231_zxGz2isffwQ" title="Administartor customer user fees">75</span> per month fee for the administrator to $<span id="xdx_90D_ecustom--CustomerUserFees_pp0p0_c20220101__20221231_z0F7QnFSW0ob" title="Customer user fees">5</span> per month for regular users. Transaction fees averages about $<span id="xdx_90E_eus-gaap--BusinessAcquisitionSharePrice_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_z9nUFPENsM0g" title="Transaction fees average per shares">1</span> per transaction, with discounts for higher volumes. Most customers also pay initial consulting fees upfront for integration of TraQSuite with their legacy software and training of their employees in the use of TraQSuite.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s TraQSuite software platform powers the last mile distribution network, allowing business users to target customers, facilitate and validate transactions, track and manage task workers, manage funds and run a distribution network. Key features of the TraQSuite software include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Last Mile delivery</i>:</b> TraQSuite’s Last-Mile software module enables a business to manage thousands of task workers across multiple geographies to deliver products and services to the users. The software platform, operating through mobile apps, allows for data sharing, delivery validation, geo-tagging and know-your-customer (KYC) requirements and can even measure customer satisfaction.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transact</i>: </b>TraQSuite enables task workers to facilitate transactions by meeting the end customers. They can collect payments via credit cards, smart-phone swipes, SMS messages or cash. Both banked and unbanked users can buy products and services and pay with their mobile devices.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Target</i>: </b>TraQSuite enables customer transactions to be rewarded with loyalty credits, tokens or points that can be redeemed by the customer for free products, discounts and benefits. The software analyzes these transactions and purchase behaviors by using leading AI models and can deliver real time, automated and targeted offers and recommendations for additional purchases and customer retention.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Mimo delivery and task service in India runs on the TraQSuite platform and performs deliveries and fulfills tasks for some of the largest businesses in India. Mimo provides delivery and pickup services for the banking and insurance industry, performing verifications, field investigations for loan requests, business verification, employment verification, collection of documents and customer data and assistance in filling out forms for banks. Mimo works with microfinance institutions to collect cash, such as loan payments, convert cash to digital forms such as debit cards, and conduct data collection and surveys. For consumer goods companies, Mimo does promotional marketing, last mile (hyper-local) delivery, merchant onboarding or activation, store audits, and route optimization for delivery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s strategy is to grow the business through a combination of organic growth and strategic investments that bring new functionality and revenue streams to the Company. The plan is to enhance the functionality of our existing products, increase sales in the Indian market and entry into new emerging markets. The Company has a presence in India, Southeast Asia and Latin America, and recently added new customers in Australia, New Zealand and parts of Africa.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TraQiQ Solutions, Inc.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ci2i is a services company founded in 1998 that develops and deploys intelligent technologies and products in order to meet the demand for sustainable, integrated solutions. Ci2i’s primary focus has been in the analytics and intelligence segments. The Company is investing significantly in building products in the area of supply chain and last mile delivery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ci2i’s cloud solutions and analytics services comprise software development, program management, project management, and business analytics services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TraQiQ Solutions Private Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 16, 2019, the Company entered into a Share Exchange Agreement with Mann-India Technologies Private Ltd., an Indian Corporation (“Mann”). On January 2, 2020, Mann changed its name to TraQiQ Solutions Private Limited (“TRAQ Pvt Ltd”). Pursuant to the Share Exchange Agreement with Mann, the Company acquired <span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zLxLgitghZ04" title="Business acquisition, percentage of voting interests acquired">100</span>% of the shares of Mann and assumed certain net liabilities in exchange for warrants exercisable over a <span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dxL_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zYC0pgT44q89" title="Warrants and rights outstanding term::XDX::P5Y"><span style="-sec-ix-hidden: xdx2ixbrl0989">five</span></span>-years to purchase <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zdR2KV2771ya" title="Warrants to purchase common stock">166,159</span> shares of common stock of the Company valued at $<span id="xdx_906_ecustom--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRightValue_iI_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zEK4uJyedK0f" title="Warrants to purchase common stock">268</span>. The warrants will be exercisable as follows: (i) <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember__srt--StatementScenarioAxis__custom--ImmediatelyUponClosingMember_zyXg82FCdlQk" title="Warrants to purchase common stock">12,596</span> warrants immediately; (ii) <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember__srt--StatementScenarioAxis__custom--OneYearAfterTheDateOfClosingMember_zb3I6HS8M8Yl" title="Warrants to purchase common stock">107,494</span> warrants exercisable one-year after the date of closing, which was extended to March 31, 2021; and (iii) <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember__srt--StatementScenarioAxis__custom--TwoYearsAfterTheDateOfClosingMember_ze3R96a20fBd" title="Warrants to purchase common stock">46,069</span> warrants exercisable two-years after the date of closing. This transaction is being recorded as a business combination under ASC 805. There were <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zGwwV8CShb7i" title="Warrants to purchase common stock">56,400</span> of these warrants exercised during 2021 and <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20211231__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zK9OUCEDk5Gh" title="Warrants outstanding">57,368</span> warrants remain outstanding as of December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants that are exercisable in one-year and two-years are conditioned upon TRAQ Pvt Ltd. achieving certain revenue figures and pre-tax profit percentages. TRAQ Pvt Ltd. must achieve target revenue of $<span id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20190512__20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zJcuwR3O2TL3" title="Target revenue">1.1</span> million (US$) and pre-tax profit of <span id="xdx_908_ecustom--PretaxProfitPercentage_pid_dp_c20190512__20190516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zndO5Or9qgT3" title="Pre-tax profit percentage">25</span>% (US$). Should TRAQ Pvt Ltd. be unable to achieve these criteria, the warrants will be reduced proportionately. A total of <span id="xdx_907_ecustom--NumberOfWarrantsCancelled_c20210510__20210516__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember_zoMCURtb3oNg" title="Number of warrants cancelled">52,391</span> of these warrants were cancelled effective May 16, 2021 as a result of these criteria not being achieved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mann-India Private limited was renamed to TraQiQ Solutions Private Limited shortly after acquisition by TraQiQ Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRAQ Pvt Ltd. was established in May 2000 and is headquartered in New Delhi, India. TRAQ Pvt Ltd. is a leading software development company which, with the advent of technology, has evolved as a mature and fast-growing company committed to provide reliable and cost-effective software solutions across industries all over the world.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRAQ Pvt Ltd. has its own experienced team of software developers dedicated towards developing various kinds of customized software.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TraQ Pvt Ltd. has been doing business around the world for over 15 years, with particular emphasis on Latin America and India. The customer list includes large enterprise Finance and Insurance companies across Latin America. The company’s product portfolio has evolved rapidly and now includes enterprise ready solutions for payment processing, mobile wallets, micro lending solutions and digital transformation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2022, the Company entered into an Assignment of Stock (the “TSP Agreement”) with TraQiQ Solutions Private Ltd. (“TSP”) and LR, pursuant to which the Company sold, assigned and transferred to LR and LR purchased from the Company, all of the equity interests in TSP in exchange for nominal consideration of $<span id="xdx_906_eus-gaap--MinorityInterest_iI_pid_c20221230__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TraqiqSolutionsPrivateLimitedMember_zK57vNcFWbpk" title="Equity interest">1.00</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rohuma, LLC</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 22, 2021, the Company entered into a Share Exchange Agreement with Rohuma, LLC, a Delaware limited liability company (“Rohuma”) and its members, whereby the Rohuma members agreed to exchange all of their respective membership interests in Rohuma in exchange for <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember_z4BfUIRQK3xb" title="Number of exchange shares of common stock">536,528</span> shares of common stock, of which the first tranche of shares were issued on March 1, 2021 totaling <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20210225__20210301__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zQKjRuDEmENh" title="Number of exchange shares of common stock">320,285</span> shares, with the remaining value reflected as contingent consideration until the shares vest at which time they will be issued. The transaction was valued at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueConversionOfUnits_pp0p0_c20210225__20210301__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zGQbfrf7bfsb" title="Number of exchange shares of common stock, amount">3,433,776</span> ($<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20210301__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zC4q9Psez84e" title="Shares issued, price per share">6.40</span> per share). The Company is making final determination on the revenue targets to ascertain that the second tranche of shares should be issued. Rohuma has an Indian affiliate that is owned <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20210122__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RohumaLLCMember_zTAm6GmtA969" title="Ownership interest percentage">99</span>% by Rohuma and <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_c20210122__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--OwnershipAxis__custom--RohumaLLCMember_zAlkB5byz91c" title="Remaining percentage">1</span>% by its founding member. Rohuma controls this entity and the <span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_c20210122__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--RangeAxis__srt--MaximumMember_zfV8aSAHMZ39" title="Remaining percentage">1</span>% ownership by the member is now less than <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20210122__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--RangeAxis__srt--MaximumMember_zhNi6yxh4d4d" title="Ownership percentage">1</span>% upon acquisition by the Company. This amount is reflected as a non-controlling interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rohuma dba Kringle.ai is a California based software solutions company that enables digital and mobile commerce by providing enterprise class applications that cover loyalty and rewards products, payments, online ordering, distribution logistics for retail and more. Kringle analyzes customers’ omni-channel behaviors and transactions. Using AI for digital commerce, Kringle is able to deliver real time, automated 1:1 recommendations and personalized content across all customer touch points.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2022, the Company entered into an Assignment of Units (the “Rohuma Agreement”, and, together with the MTP Agreement and the TSP Agreement, the “Disposition Agreements”) with Rohuma LLC (“Rohuma”) and Happy Kompany LLC (“Happy”) pursuant to which the Company sold, assigned and transferred to Happy, and Happy purchased from the Company, all of the equity interests in Rohuma in exchange for nominal consideration of $<span id="xdx_90B_eus-gaap--MinorityInterest_iI_pid_c20221230__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember_zxKLHnAH4cs9" title="Equity interest">1.00</span>. Pursuant to the Rohuma Agreement, the Company assumed the liabilities of Rohuma with respect to two loans with Paypal/Loanbuilder in an aggregate principal amount of $<span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20221230__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--RohumaLLCMember_zXwS7RQWyPOb" title="Principal amount">155,053</span> plus any accumulated interest and fees.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mimo Technologies Private Limited</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 17, 2021, the Company entered into a Share Exchange Agreement with Mimo Technologies Private Ltd., and Indian corporation (“Mimo”) and its shareholders, whereby the Mimo shareholders agreed to exchange all of their respective shares in Mimo in exchange for warrants to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zl3dObrX2YO9" title="Warrants to purchase common stock">170,942</span> shares of the Company’s common stock. Of these warrants, <span id="xdx_904_ecustom--ClassOfWarrantOrRightNumberOfSecuritiesEarnedByEachWarrantOrRight_iI_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zTkW2djFqj6i" title="Number of warrants earned">102,565</span> were earned at the date of acquisition, with the remaining <span id="xdx_904_ecustom--RemainingWarrantsExpectedToBeEarned_iI_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zbkE5DOmKHw8" title="Remaining warrants expected to be earned">68,377</span> expected to be earned over the next two years from grant based on revenue goals for Mimo. The warrants have a term of three years and an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zTGjV90HcW3l" title="Warrants exercise price">0.008</span> and value in the amount of $<span id="xdx_909_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zX5vn2ojMZYg" title="Amount of warrants outstanding">1,640,447</span>, of which $<span id="xdx_905_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--AdditionalPaidInCapitalMember_zUrNsh0F7AO" title="Amount of warrants outstanding">984,268</span> is reflected in additional paid in capital, with the remaining $<span id="xdx_901_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--StatementScenarioAxis__custom--ContingentConsiderationMember_zlYetvCzYUu6" title="Amount of warrants outstanding">656,179</span> reflected as contingent consideration. The Company is making final determination on the revenue targets to ascertain that the second tranche of warrants should be vested. In addition to the issuance of the warrants, TRAQ Pvt Ltd, wrote off $<span id="xdx_900_ecustom--AmountWrittenOffInAgreement_pp0p0_c20210215__20210217__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--MIMOTechnologiesPVTLtdMember_zg7RmcqR02P" title="Amount written-off in agreement">258,736</span> in amounts due from a note receivable, $<span id="xdx_900_ecustom--AccountsReceivableWrittenOff_pp0p0_c20210215__20210217__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--MIMOTechnologiesPVTLtdMember_zp4O3yoGGWm9" title="Accounts receivable written off">123,778</span> in accounts receivable and $<span id="xdx_908_ecustom--DebentureWrittenOff_pp0p0_c20210215__20210217__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--MIMOTechnologiesPVTLtdMember_zMNCzdHMnEs2" title="Debenture written off">40,354</span> in a debenture from Mimo. In addition, a cash payment was made to one of the minority shareholders of Mimo in the amount of $<span id="xdx_90C_ecustom--CashPaymentToMinorityShareholders_pp0p0_c20210215__20210217__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--MIMOTechnologiesPVTLtdMember_zXVLoVqazLS" title="Cash payment to minority shareholders">22,338</span>. The Company acquired over <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20210217__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MIMOTechnologiesPVTLtdMember_zAtm6r4E7yPk" title="Ownership interest percentage">99</span>% of Mimo with the remaining percentage of less than <span id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20210217__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_za9gqnpWuT73" title="Remaining percentage">1</span>% reflected as a non-controlling interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TraQiQ operates the Mimo delivery and task service in India. This service runs on the TraQSuite platform. Mimo has 14,000+ independent contractors across India performing deliveries and fulfilling tasks for the largest corporations in the country. Our team at Mimo uses a sophisticated technology platform and a smartphone app to get their tasks completed. This is coupled with a verification and billing system that allows customers of all sizes to leverage this distribution infrastructure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mimo offers a broad set of services. These offerings can be classified into three broad categories:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Data collection and client verification (surveys, verification, on-boarding),</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash management &amp; handling services, and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and demand generation (order fulfilment, demand generation, delivery services for e-commerce companies)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mimo assists the delivery and pickup segment of the banking and insurance industry by performing verifications, field investigations for loan requests, business verifications and employment verification, and also collects documents, assists in filling forms for banks, and completes data collection from customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mimo works with microfinance institutions to collect cash, such as loan payments, convert cash to digital means like debit cards, and conduct data collection and surveys.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For consumer goods companies, Mimo does promotional marketing, Last mile (hyper-local) delivery, merchant onboarding or activation, store audits, and route optimization for delivery. Mimo provides efficient end-to-end transshipment logistics. The framework manages and optimizes last-mile delivery &amp; e-commerce logistics across the entire distribution chain with transparency and seamless integration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mimo is currently in the planning stages to provide food, alcohol &amp; medicine deliveries as well.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the COVID-19 pandemic, Mimo leveraged video as a platform for verification and document delivery. Now, the task workers include people who are in the field on bikes and trucks, people on a video screen, as well as people on the phone.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are also data digitization tasks being done by Mimo task workers across the country. In a country like India where there are over 20 languages and multiple dialects, the task workers convert paper documents into electronic form in the same language or translate them into another language.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mimo provides delivery and task worker solutions across India. Mimo works with Banking, Financial, Logistics and Distribution companies, to take their products and services to semi-urban and rural India. Mimo trains the agents in each Product or Service through an online and classroom training platform. The company powers the gig economy task workers throughout the country and provides a very valuable source of employment for young people who may or may not have a high school diploma.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2022, the Company entered into an Assignment of Stock (the “MTP Agreement”) with Mimo Technologies Private Ltd. (“MTP”) and Lathika Regunathan (“LR”), pursuant to which the Company sold, assigned and transferred to LR, and LR purchased from the Company, all of the Company’s equity interests in MTP in exchange for nominal consideration of $<span id="xdx_90C_eus-gaap--MinorityInterest_iI_pp0p0_c20221230__srt--OwnershipAxis__custom--MIMOTechnologiesPVTLtdMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zYauU1fqc803" title="Equity interest">1.00</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
reverse 1 for 8 stock split
CY2022 TRIQ Administrator Customer User Fees
AdministratorCustomerUserFees
75 usd
CY2022 TRIQ Customer User Fees
CustomerUserFees
5 usd
CY2022 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
5804121 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1312 usd
CY2022Q4 us-gaap Deposits
Deposits
56329 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
45434 usd
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
45434 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zlQCQy8f4aj3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zKkiwzKjKOq6">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. These estimates include, but are not limited to, management’s estimate of provisions required for non-collectible accounts receivable, depreciative lives of our assets, determination of technological feasibility, and valuation allowances of our deferred tax assets. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_840_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z9YZAGWiGpYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zlANLOlDgTUi">Reclassification</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts have been reclassified to conform with current period presentation with no effect on the Company’s net loss, total assets, liabilities equity or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
114199 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
193535 usd
CY2022 us-gaap Payments For Software
PaymentsForSoftware
152027 usd
CY2022Q4 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
0 usd
CY2022 TRIQ Administrator Customer User Fees
AdministratorCustomerUserFees
75 usd
CY2022 TRIQ Customer User Fees
CustomerUserFees
5 usd
CY2022 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_84D_eus-gaap--DerivativesReportingOfDerivativeActivity_zeAwun1wA9Sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zJRuN5sAtGx1">Derivative Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivatives are recorded on the consolidated balance sheet at fair value. The conversion features of the convertible instruments are embedded derivatives and are separately valued and accounted for on the consolidated balance sheet with changes in fair value recognized during the period of change as a separate component of other income/expense. Fair values for exchange-traded securities and derivatives are based on quoted market prices. Valuations derived from various models are subject to ongoing internal and external verification and review. Model used incorporate market-sourced inputs such as interest rates and stock price volatilities. Selection of these inputs involves management’s judgment and may impact net income (loss).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With the issuance of the July 2017 FASB ASU 2017-11, <i>“Earnings Per Share (Topic 260) Distinguishing Liabilities from Equity (Topic 480) Derivatives and Hedging (Topic 815),”</i> which addresses the complexity of accounting for certain financial instruments with down round features, the Company has chosen the early adopt retroactively the amendments in Part I of the standard whereby fair value derivative liabilities previously recognized were derecognized in the current and comparative periods. Under the amendments included in this update, the Company is no longer required to record changes in fair value during the period of change as a separate component of other income (expense) in the consolidated Statements of Operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, “<i>Debt—Debt with Conversion and Other Options</i>”), including related EPS guidance (in Topic 260).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Codification, to a scope exception. Those amendments do not have an accounting effect.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under current GAAP, an equity-linked financial instrument with a down round feature that otherwise is not required to be classified as a liability under the guidance in Topic 480 is evaluated under the guidance in Topic 815, “<i>Derivatives and Hedging</i>,” to determine whether it meets the definition of a derivative. If it meets that definition, the instrument (or embedded feature) is evaluated to determine whether it is indexed to an entity’s own stock as part of the analysis of whether it qualifies for a scope exception from derivative accounting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, for warrants and conversion options embedded in financial instruments that are deemed to have a debt host (assuming the underlying shares are readily convertible to cash or the contract provides for net settlement such that the embedded conversion option meets the definition of a derivative), the existence of a down round feature results in an instrument not being considered indexed to an entity’s own stock. This results in a reporting entity being required to classify the freestanding financial instrument or the bifurcated conversion option as a liability, which the entity must measure at fair value initially and at each subsequent reporting date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amendments in this Update revise the guidance for instruments with down round features in Subtopic 815-40, “<i>Derivatives and Hedging—Contracts in Entity’s Own Equity</i>,” which is considered in determining whether an equity-linked financial instrument qualifies for a scope exception from derivative accounting. An entity still is required to determine whether instruments would be classified in equity under the guidance in Subtopic 815-40 in determining whether they qualify for that scope exception. If they do qualify, freestanding instruments with down round features are no longer classified as liabilities and embedded conversion options with down round features are no longer bifurcated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For entities that present EPS in accordance with Topic 260, and when the down round feature is included in an equity-classified freestanding financial instrument, the value of the effect of the down round feature is treated as a dividend when it is triggered and as a numerator adjustment in the basic EPS calculation. This reflects the occurrence of an economic transfer of value to the holder of the instrument, while alleviating the complexity and income statement volatility associated with fair value measurement on an ongoing basis. Convertible instruments are unaffected by the Topic 260 amendments in this Update.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Those amendments in Part I of this Update are a cost savings relative to current GAAP. This is because, assuming the required criteria for equity classification in Subtopic 815-40 are met, an entity that issued such an instrument no longer measures the instrument at fair value at each reporting period (in the case of warrants) or separately accounts for a bifurcated derivative (in the case of convertible instruments) on the basis of the existence of a down round feature. For convertible instruments with embedded conversion options that have down round features, applying specialized guidance such as the model for contingent beneficial conversion features rather than bifurcating an embedded derivative also reduces cost and complexity. Under that specialized guidance, the issuer recognizes the intrinsic value of the feature only when the feature becomes beneficial instead of bifurcating the conversion option and measuring it at fair value each reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amendments in Part II of this Update replace the indefinite deferral of certain guidance in Topic 480 with a scope exception. This has the benefit of improving the readability of the Codification and reducing the complexity associated with navigating the guidance in Topic 480.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in Part 1 of this Update should be applied in either of the following ways:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retrospectively to outstanding financial instruments with a down round feature by means of a cumulative-effect adjustment to the statement of financial position as of the beginning of the first fiscal year and interim period(s) in which the pending content that links to this paragraph is effective; or</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retrospectively to outstanding financial instruments with a down round feature for each prior reporting period presented in accordance with the guidance on accounting changes in paragraphs 250-10-45-5 through 45-10.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
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CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
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CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
400000 usd
CY2021Q4 us-gaap Cash
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CY2022Q4 us-gaap Due From Banks
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1312 usd
CY2021Q4 us-gaap Due From Banks
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CY2021Q4 TRIQ Bank Balances Discontinued Operations
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CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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1312 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
170528 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
611381 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
34165 usd
CY2022 us-gaap Depreciation
Depreciation
20615 usd
CY2021 us-gaap Depreciation
Depreciation
13366 usd
CY2021Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
448800 usd
CY2021Q4 TRIQ Finite Lived Intellectual Property Gross
FiniteLivedIntellectualPropertyGross
508669 usd
CY2021Q4 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
218799 usd
CY2021Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
219397 usd
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FiniteLivedIntangibleAssetsNet
1206966 usd
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
31602 usd
CY2021Q4 us-gaap Goodwill
Goodwill
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CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
5863058 usd
CY2022Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
400000 usd
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3800561 usd
CY2021Q4 TRIQ Debt Related Parties Discontinued Operations Current
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CY2022 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
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CY2021 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
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CY2022 us-gaap Proceeds From Related Party Debt
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1747704 usd
CY2022Q4 TRIQ Long Term Debt Discount
LongTermDebtDiscount
13930 usd
CY2022Q4 us-gaap Long Term Debt
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751886 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
255024 usd
CY2022Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
148134 usd
CY2021Q4 TRIQ Long Term Debt Discontinued Operations Current
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70838 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
36052 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
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75000 usd
CY2022 us-gaap Line Of Credit Facility Collateral Fees Amount
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CY2022Q4 us-gaap Loans Payable
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409225 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
67312 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
8058 usd
CY2022Q4 TRIQ Unpaid Principal Interest
UnpaidPrincipalInterest
5786474 usd
CY2022 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
3000 shares
CY2022Q4 TRIQ Unpaid Principal Interest
UnpaidPrincipalInterest
5786474 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
394219 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
394219 shares
CY2022Q4 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
50004 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
168750 shares
CY2022Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
393703 usd
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
48803 shares
CY2022Q2 TRIQ Fractional Adjustment Of Warrants Shares
FractionalAdjustmentOfWarrantsShares
1370 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
179506 shares
CY2022Q2 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
143 usd
CY2022Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Company did not issue any shares; however 1,370 shares were added as a fractional adjustment when the reverse stock split occurred.
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
50730 shares
CY2021Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
21250 shares
CY2021Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1750 usd
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4375 shares
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
38500 usd
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
71250 shares
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
456000 usd
CY2021Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
43438 usd
CY2021Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
50000 shares
CY2021Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
436385 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0200 pure
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
44554 shares
CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
143 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12500 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
134952 shares
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
124138 shares
CY2021 TRIQ Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Additional Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestAdditionalExercisableNumber
292040 shares
CY2021 TRIQ Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue
331103 usd
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
394065 shares
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
394065 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
97185 shares
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
107555 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
412447 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
491250 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0416
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
491250 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0416
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
394065 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
97185 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.01
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
491250 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.0416
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2533975 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y9M21D
CY2022Q1 TRIQ Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
331154 usd
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
331154 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
592909 usd
CY2020 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
333571 usd
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
349428 usd
CY2022Q4 TRIQ Unamortized Operating Lease Right Of Use Asset
UnamortizedOperatingLeaseRightOfUseAsset
112076 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
122901 usd
CY2022 us-gaap Payments For Rent
PaymentsForRent
40794 usd
CY2021 us-gaap Payments For Rent
PaymentsForRent
44810 usd
CY2022 TRIQ Rent From Continuing Operations
RentFromContinuingOperations
2134 usd
CY2021 TRIQ Rent From Continuing Operations
RentFromContinuingOperations
2184 usd
CY2022 TRIQ Rent From Discontinuing Operations
RentFromDiscontinuingOperations
46944 usd
CY2021 TRIQ Rent From Discontinuing Operations
RentFromDiscontinuingOperations
38610 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
216593 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1152620 usd
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1152620 usd
CY2022 TRIQ Issuances Of Warrantsconversion Option Derivative Liabilities
IssuancesOfWarrantsconversionOptionDerivativeLiabilities
209866 usd
CY2022 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet
-1748682 usd
CY2022 TRIQ Derivative Gain Loss On Derivative
DerivativeGainLossOnDerivative
602789 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
216593 usd
CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_809_eus-gaap--LossContingencyDisclosures_zdPZaZdosKyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>nOTE 17: <span id="xdx_824_z8GBF9eC2Wjj">CONTINGENCY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2018, the Company charged an independent truck driver approximately $<span id="xdx_902_eus-gaap--LossContingencyEstimateOfPossibleLoss_iI_c20181231_zczS7kM78vk5" title="Loss contingency pursuant to agreement with driver">190,000</span> pursuant to its agreement with the driver, which entitled the Company to fees equal to $<span id="xdx_909_eus-gaap--LossContingencyAccrualProvision_c20180101__20181231_pp0p0" title="Loss contingency, eligibility of company fees, per day">800</span> per day for the driver’s failure to return a trailer owned by the Company with the period prescribed by the agreement. The Company has not recognized this as income due to uncertainty of payment and will record as other income during the period in which amounts are collected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2018Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
190000 usd
CY2018 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
800 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0368 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0750 pure
CY2022 TRIQ Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential Temporary
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferentialTemporary
-0.0400 pure
CY2021 TRIQ Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential Temporary
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferentialTemporary
0.0892 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0223 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0524 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-11.09 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-32.18 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
15504989 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1132227 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
116111 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
116111 usd

Files In Submission

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triq-20221231_cal.xml Edgar Link unprocessable
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