A high-risk micro-cap company characterized by deep accumulated deficits, zero current operating revenue, and minimal liquid assets relative to its total liabilities.
Potential upside exists if the company successfully restructures its balance sheet or revitalizes discontinued operations to generate recurring revenue streams from a deeply undervalued stock price.
Investors should avoid this stock due to the imminent threat of bankruptcy given liabilities significantly outweigh assets, coupled with a history of massive cumulative losses and an absence of current marketable products or services.
Transportation & Logistics Systems, Inc. (TLSS) is a small-cap OTC-traded entity with negligible reported revenue and substantial liabilities exceeding assets, primarily driven by significant discontinued operations losses.
Recent financial performance shows continued deterioration with net profit declining to -$3.8M in 2024 from -$14.3M in 2023, driven entirely by discontinued operations rather than continuing business activities. Operating expenses of $1.9M persist despite zero revenue, highlighting a lack of sustainable core income generation. The cash flow from operations turned negative at -$386k while financing activities provided temporary liquidity through $345k in inflows.
The transportation and logistics systems industry typically involves heavy asset deployment in fleets, infrastructure, or technology solutions, yet this specific entity appears detached from standard operational metrics with no reported revenue.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $7.7M | $0 | $0 |
| Cost of Revenue | $5.2M | $0 | $0 |
| Gross Profit | $2.5M | $0 | $0 |
| Operating Expenses | $10.6M | $2.5M | $1.9M |
| Operating Income | $-8.0M | $-2.5M | $-1.9M |
| G&A | $1.8M | $353.4K | $129.5K |
| Stock-Based Comp | $1.4M | $428.1K | $111.9K |
| D&A | $1.1M | — | — |
| Depreciation | $198.4K | — | — |
| Amortization | $935.6K | — | $0 |
| Other OpEx | $8.8M | $2.1M | $1.7M |
| Non-Operating Income | $-38.2K | $-68.1K | $-232.7K |
| Interest Income | $31.2K | $992 | — |
| Pre-Tax Income | $-8.1M | $-2.5M | $-2.1M |
| Income Tax | $0 | $0 | $0 |
| Continuing Ops | $-8.1M | $-2.5M | $-2.1M |
| Discontinued Ops | $0 | $-11.7M | $-1.7M |
| Net Income | $-8.1M | $-14.3M | $-3.8M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-8.1M | $-14.3M | $-3.8M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $4.1M | $2.2M | $178.9K |
| Cash & Equivalents | $1.5M | — | $177.3K |
| Accounts Receivable | $2.1M | — | — |
| Prepaid Expenses | $613.0K | $84.4K | $1.3K |
| Other Current Assets | $0 | $2.1M | $419 |
| Long-Term Assets | $17.1M | $0 | $0 |
| PP&E (Net) | $1.6M | — | — |
| Goodwill | $2.1M | — | — |
| Operating Leases | $8.5M | — | — |
| Other LT Assets | $5.0M | — | — |
| Total Assets | $21.3M | $2.2M | $178.9K |
| Current Liabilities | $8.5M | $10.2M | $12.1M |
| Accounts Payable | $472.7K | $852.0K | $1.2M |
| Current Leases | $2.1M | — | — |
| Other Current Liab | $5.2M | $9.3M | $10.9M |
| Long-Term Liabilities | $7.2M | $0 | $0 |
| LT Operating Leases | $6.4M | — | — |
| Other LT Liab | $831.5K | — | — |
| Total Liabilities | $15.8M | $10.2M | $12.1M |
| Shareholders' Equity | $5.5M | $-8.0M | $-11.9M |
| Paid-In Capital | $129.4M | $129.9M | $128.7M |
| Retained Earnings | $-127.5M | $-142.3M | $-146.5M |
| Total L&E | $21.3M | $2.2M | $178.9K |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $-8.1M | $-14.3M | $-3.8M |
| Non-Cash Adjustments | $5.6M | $9.6M | $2.5M |
| Working Capital Changes | $-993.1K | $1.9M | $928.5K |
| Cash from Operations | $-3.4M | $-2.8M | $-386.7K |
| Capital Expenditures | $143.9K | $519.6K | — |
| Cash from Investing | $-1.4M | $-770.8K | $0 |
| Cash from Financing | $210.1K | $2.3M | $345.8K |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-4.6M | $-1.3M | $-40.9K |
| Beginning Cash | $6.1M | $1.5M | $218.2K |
| Ending Cash | $1.5M | $218.2K | $177.3K |
The company's financial structure suggests a lack of active core operations with zero reported revenue and cost of goods sold, indicating the business model may be reliant on discontinued segments or non-operational status given the massive losses attributed to discontinued operations in recent years.
Extreme solvency risk with current liabilities of $12.1M against only $178k in total assets; severe liquidity constraints with cash reserves insufficient to cover short-term obligations; persistent profitability issues evidenced by a retained earnings deficit of -$146.5M; and revenue uncertainty given zero current operating income.
None identified; the company currently lacks tangible competitive moats such as market share, proprietary technology, or strong brand recognition due to its operational scale and financial distress indicators.
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