Tue, Feb 25, 9:08 PM (54 days ago)
TLSS (Transportation and Logistics Systems, Inc., OTC: PINK/OTC Expert Market) reported discontinued logistics operations as of mid-February 2024 following Chapter 7 filings by Cougar Express and TLSS-FC (Freight Connections). For the three months ended September 30, 2024, operating expenses declined to $411K (down 45% vs. 2023) while net loss was $609K, with a nine‐month net loss of $3.25M compared to $6.79M in 2023. Significant cost reductions stemmed from lower compensation, legal/professional fees, and general administrative expenses; however, increased interest expense on related party debt and defaults on unsecured notes strain liquidity. The report also discloses unresolved litigation matters and material internal control weaknesses. Combined with ongoing insolvency and a working capital deficit of $11.24M as of September 30, 2024, management expressed substantial doubt about the company’s ability to continue as a going concern without securing additional financing or restructuring its obligations.