Transportation and Logistics Systems, Inc. Announces Financial Results for the First Quarter Ended March 31, 2022

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Company Anticipates Progress on M&A Front During Second QuarterJUPITER, FL / ACCESSWIRE / May 13, 2022 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS", or the "Company"), a logistics service provider, announced that today, May 13, 2022, the Company filed its Form 10-Q, Quarterly Report for the first quarter ended March 31, 2022.Sebastian Giordano, Chairman and CEO of TLSS, commented, "While Q1 showed a loss of $2.1 million, of which $1.2 million related to non-cash adjustments and a one-time litigation settlement accrual, these results were absolutely in line with management's budgeted expectations for the period. With roughly $6 million in cash and no debt, we are very encouraged by how the Company is positioned right now, as we are poised to accelerate the Company's growth trajectory and path to profitability, that we believe, will start to become evident as Q2 unfolds."Financial Results for the First Quarter Ended March 31, 2022Revenue for the three months ended March 31, 2022 decreased $233,000, or 15.6%, to $1,259,000, as compared to $1,492,000, for the same period last year. This decrease was primarily the result of decreases in revenue attributable to the Company's former subsidiary Shypdirect's mid-mile and long-haul business with Amazon of $1,155,000 and from other customers of $37,000, as Shypdirect was no longer in operations during the same period this year. These decreases were partially offset by revenue increases of $37,000 from Shyp FX and $923,000 from Cougar Express, which were businesses the Company acquired in January 2021 and March 2021, respectively, and which were both in operations the entire first quarter of 2022.The Company generated a net loss attributable to common shareholders for the three months ended March 31, 2022 of $2,146,000, as compared to a net loss attributable to common shareholders of $3,099,000 for the same period last year. This quarter's results comprised: (i) a loss from operations of $1,801,000, including $836,000 in non-cash stock-based compensation; (ii) one-time settlement expense of $229,000; (iii) non-cash deemed dividends related to dividends accrued on Series E and Series G preferred stock of $109,000; and (iv) interest expense of $7,800.About Transportation and Logistics Systems, Inc.TLSS, through its wholly owned operating...

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