Transportation and Logistics Systems, Inc. Announces Financial Results for the Three and Nine Months Ended September 30, 2021

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Significant Debt Reduction and Improved LiquidityHighlight Continuing Progress in Financial ConditionJUPITER, FL / ACCESSWIRE / November 16, 2021 / Transportation and Logistics Systems, Inc. (OTCQB:TLSS), ("TLSS", or the "Company"), a growing logistics service provider, today announced that on November 15, 2021, the Company had timely filed its Quarterly Report on Form 10-Q, for the three and nine months ended September 30, 2021.John Mercadante, Chairman and CEO of TLSS, commented, "The Company continues to make significant progress in shedding debt and positioning the Company for growth. When the restructuring plan commenced in Q1 2020, the Company had reported approximately $32,000,000 in total liabilities on its March 31, 2020 Quarterly Report on Form 10-Q. At September 30, 2021, total liabilities were approximately $2.4 million, which included approximately $1.6 million in debt and accrued interest. In addition to the restructuring measures taken since last year, the decrease in total liabilities during the third quarter 2021 were due, in large part, to the deconsolidation of its former subsidiaries, Prime and Shypdirect, related to the recent filing of Deeds of Assignment for the Benefit of Creditors and the loss of control of these subsidiaries. Moreover, during and after the second quarter, the Company strengthened its balance sheet by raising approximately $3,900,000 from the exercise of warrants, a portion of which was used, subsequent to September 30, 2021, to further reduce debt and accrued interest by approximately $840,000. Meanwhile, the Company continues to evaluate a number of potential acquisition opportunities."Financial Results for the Three Months Ended September 30, 2021Revenue for the three months ended September 30, 2021, decreased $5,102,000, or 80.9%, to $1,207,000 as compared to $6,310,000 for same prior year period. Such decrease was due primarily to the cessation of the Company's Amazon DSP business amidst its notification in July 2020 of the termination of such Amazon DSP agreement as of September 30, 2020.The Company had a loss from operations of $1,895,000 for the three months ended September 30, 2021, as compared to a loss from operations of $1,172,000 for the same prior year period. Such increase was due primarily to a loss on lease abandonment of $608,000.The Compan...

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