Company Summary - Transportation and Logistics Systems, Inc. (TLSS)

Business Focus and Operations

• TLSS is a Nevada-incorporated, publicly-traded holding company specializing in transportation and logistics services.
• Historically provided asset-based logistics and transportation services, including:
  • Ecommerce fulfillment
  • Last mile delivery
  • Two-person home delivery
  • Mid-mile trucking
  • Long-haul transportation
• Operated multiple warehouse locations in New York, New Jersey, Connecticut, and Massachusetts.

Corporate History & Changes

• Formed in 2008 originally as PetroTerra Corp. (oil and gas exploration), shifted to transportation & logistics in 2017.
• Made multiple acquisitions:
  • January 2021: Cougar Express, a New York-based logistics company specializing in pickup, warehousing, and delivery.
  • November 2020: Acquired Double D Trucking (via Shyp FX), servicing Federal Express for last-mile delivery.
  • August 2022: Acquired JFK Cartage, a logistics provider in New York.
  • September 2022: Acquired Freight Connections in New Jersey, providing transportation, warehousing, consolidating, and distribution services.
  • January 2023: Acquired Severance Trucking, Severance Warehousing, and McGrath (LTL trucking in New England).

Business Discontinuation and Bankruptcy

• Ceased all operations in February 2024:
  • All subsidiaries related to logistics and transportation, including Freight Connections, Cougar Express, JFK Cartage, Severance entities, TLSS-FC, TLSS-CE, Shyp FX, Shyp CX, etc.
  • Filed voluntary bankruptcy under Chapter 7 for TLSS-FC, Freight Connections (December 2023), Cougar Express (February 2024), and TJX Cartage (February 2024).
  • All remaining operations and subsidiaries have been deconsolidated or fully impaired.
• As of the date of the report:
  • The company is insolvent, with no ongoing revenue-generating operations.
  • Has no employees besides one executive officer as of the report date.
  • Primary offices located in Jupiter, Florida.

Financial Summary

• No current revenue as all operations have ceased and are classified as discontinued.
• Net loss for the year ended December 31, 2024: $3,824,470 (from continuing and discontinued operations).
• Loss attributable to common stockholders for 2024: $4,134,738.
• Total assets as of December 31, 2024: $178,936.
• Total liabilities as of December 31, 2024: $12,070,953.
• Working capital deficit at year-end 2024: $11,892,017.
• Cash balance as of April 11, 2025: $96,602.

Market & Stock Data

• Shares outstanding as of April 11, 2025: 5,889,437,474 shares of common stock.
• Traded on OTC Pink and OTC Expert Market; resumed trading on OTC Pink in February 2025.
• Previous stock prices:
  • December 31, 2024: traded between $0.0000 and $0.0009.
  • December 31, 2023: traded between $0.0005 and $0.0076.
• No dividends paid or anticipated.

Business Outlook

• The company is actively seeking to restructure debts and obligations.
• Evaluating new business opportunities or mergers, but no current revenue-generating operations.
• Continues efforts to complete filings and secure additional financing to support future operations, though no guarantees of success.

Summary

TLSS was a logistics and transportation holding company that owned multiple subsidiaries providing last-mile, mid-mile, and long-haul logistics services with established operations and numerous acquisitions. However, after ceasing all operations in early 2024 and filing several bankruptcy petitions for subsidiaries, the company is now insolvent, with no ongoing operational business, minimal assets, and significant liabilities. It remains in a restructuring phase with no current revenue and limited cash resources.