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

About this update from Transportation And Logistics Systems, Inc.

[{"type":"text","content":"Company is in Final Stages of Restructuring as it Shifts to Growth through Acquisition Strategy JUPITER, FL / ACCESSWIRE / August 16, 2021 / Transportation and Logistics Systems, Inc. (OTC PINK:TLSS), ("TLSS", or the "Company"), a leading eCommerce fulfillment service provider, today announced that on August 13, 2021, the Company had timely filed its Quarterly Report on Form 10-Q, for the three and six months ended June 30, 2021.John Mercadante, Chairman and CEO of TLSS, commented, "We believe that we are in the final stages of our highly successful restructuring efforts that commenced in the first quarter of 2020. During the second quarter of 2021, we continued the shutdown of operations of the subsidiaries, Prime EFS, LLC ("Prime") and Shypdirect LLC ("Shypdirect"), while simultaneously achieving the first full quarter of positive results from our two acquisitions, Shyp FX, Inc. and Cougar Express, Inc. which were completed in Q1. Moreover, the Company is in ongoing discussions with potential sources of financing for its proposed acquisition of SalSon Logistics, while continuing to evaluate a number of other potential acquisition opportunities."Financial Results for the Three Months Ended June 30, 2021Revenue for the three months ended June 30, 2021 decreased $6,984,000, or 81.6%, to $1,575,000 as compared to $8,559,000 for same prior year period. Such decrease was due primarily to the termination of the Company's Prime subsidiary's former Amazon Delivery Service Provider ("Amazon DSP") business as of September 30, 2020 and cessation of Shypdirect's Amazon Relay Carrier ("Amazon Relay") business.The Company had a loss from operations of $1,719,000 for the three months ended June 30, 2021 as compared to a loss from operations of $1,961,000 for the comparable prior year period.The Company had net income of $3,683,000 for the three months ended June 30, 2021 due to: (i) the loss from operations of $1,719,000 and (ii) interest expense of $158,000, which were offset and exceeded by: (i) derivative income of $3,979,000; (ii) a gain from extinguishment of debt of $1,505,000 and (iii) other income of $76,000. This compared to a net loss of $67,655,000 for the comparable prior year period.The Company had a net income attributable to TLSS common shareholders of $3,527...

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