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Transportation and Logistics Systems Inc (TLSS0.00%). has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing reports that the company has ceased all operations as of mid-February 2024, following the bankruptcy filings of its subsidiaries, TLSS-FC, Inc., Freight Connections, and Cougar Express, under Chapter 7 of the United States Bankruptcy Code.
The company reported a net loss of $2,064,920 for the three months ended March 31, 2024, compared to a net loss of $1,645,916 for the same period in 2023.
Operating expenses for the quarter decreased to $829,597 from $1,084,243 in the prior year, primarily due to a reduction in legal and professional fees.
The company has a working capital deficit of $9,992,239 as of March 31, 2024, and continues to face significant financial challenges, including the need to restructure its debts and obligations.
The filing details various legal proceedings involving the company, including a shareholder derivative action and several lawsuits related to its subsidiaries' operations.
Transportation and Logistics Systems Inc. is seeking additional financing to meet its reporting obligations and explore potential new business opportunities.
The company acknowledges the substantial doubt about its ability to continue as a going concern and is actively seeking to raise capital through debt and/or equity financings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Transportation and Logistics Systems Inc quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.