Transportation & Logistics Systems, Inc. Files 2023 10-K

TL;DR

TLSS filed its 2023 10-K. Check financials and risks.

AI Summary

Transportation & Logistics Systems, Inc. filed its 2023 10-K on December 6, 2024, reporting on its fiscal year ending December 31, 2023. The company, formerly known as PETROTERRA CORP. and LORAN CONNECTION CORP, is incorporated in Nevada and operates in the transportation services sector. Its principal executive offices are located in Jupiter, Florida.

Why It Matters

This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the 2023 fiscal year, crucial for investors and stakeholders to assess its current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing of a 10-K is a standard regulatory requirement, but the specific financial health and operational details within the report will determine the actual risk level for investors.

Key Players & Entities

• Transportation & Logistics Systems, Inc. (company) — Filer of the 10-K
• PETROTERRA CORP. (company) — Former company name
• LORAN CONNECTION CORP (company) — Former company name
• NV (state) — State of incorporation
• Jupiter, FL (location) — Business and mailing address
• 2023-12-31 (date) — Fiscal year end
• 2024-12-06 (date) — Filing date

FAQ

Key Financial Figures

• $400,000 — oss on deconsolidation of approximately $400,000. On January 27, 2023, the Company for

Filing Documents

• form10-k.htm (10-K) — 2098KB
• ex4-3.htm (EX-4.3) — 100KB
• ex4-11.htm (EX-4.11) — 9KB
• ex10-11.htm (EX-10.11) — 45KB
• ex10-15.htm (EX-10.15) — 37KB
• ex21.htm (EX-21) — 9KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• fin_001.jpg (GRAPHIC) — 43KB
• 0001493152-24-048930.txt ( ) — 10780KB
• tlss-20231231.xsd (EX-101.SCH) — 71KB
• tlss-20231231_cal.xml (EX-101.CAL) — 77KB
• tlss-20231231_def.xml (EX-101.DEF) — 406KB
• tlss-20231231_lab.xml (EX-101.LAB) — 664KB
• tlss-20231231_pre.xml (EX-101.PRE) — 531KB
• form10-k_htm.xml (XML) — 1470KB

Description of Business

Item 1. Description of Business 1

Risk Factors

Item 1A. Risk Factors 3

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 8

Cybersecurity

Item 1C. Cybersecurity 8

Properties

Item 2. Properties 8

Legal Proceedings

Item 3. Legal Proceedings 9

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 12 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12

Reserved

Item 6. Reserved 13

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 18

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 18

Financial Statements pages

Financial Statements pages F-1 - F-34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 20

Controls and Procedures

Item 9A. Controls and Procedures 20

Other Information

Item 9B. Other Information 21

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 21 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 21

Executive Compensation

Item 11. Executive Compensation 24

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 26

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 27

Exhibits Financial Statement Schedules

Item 15. Exhibits Financial Statement Schedules 28

Form 10-K Summary

Item 16. Form 10-K Summary 29

Signatures

Signatures 30 i For purposes of this Annual Report on Form 10-K (this "Annual Report"), unless otherwise indicated or the context otherwise requires, all references herein to "Transportation and Logistics Systems, Inc.", the "Company", "we", "us", "TLSS" and "our", refer to Transportation and Logistics Systems, Inc., a Nevada corporation, and its wholly-owned subsidiaries: TLSS Acquisition, Inc. ("TLSSA"), TLSS Operations Holding Company, Inc. ("TLSS Ops"), Shyp FX, Inc. ("Shyp FX"), Shyp CX, Inc. ("Shyp CX"); those entities wholly-owned by TLSS Ops, TLSS-CE, Inc. ("TLSS-CE") and TLSS-STI, Inc. ("TLSS-STI"); Cougar Express, Inc. ("Cougar Express"), a wholly-owned subsidiary of TLSS-CE and JFK Cartage Co., Inc. (JFK Cartage"), a wholly-owned subsidiary of Cougar Express; Severance Trucking Co., Inc. ("Severance Trucking"), a wholly-owned subsidiary of TLSS-STI and Severance Warehousing, Inc. ("Severance Warehousing") and McGrath Trailer Leasing, Inc. ("McGrath"), both wholly-owned subsidiaries of Severance Trucking, (Severance Trucking, Severance Warehousing, and McGrath collectively, "Severance"); and, the deconsolidated former subsidiaries, TLSS-FC, Inc. ("TLSS-FC") and Freight Connections, Inc. ("Freight Connections"). Hereinafter, TLSSA, TLSS Ops, Shyp Fx, Shyp CX, TLSS-CE, TLSS-STI, TLSS-FC, Cougar Express, JFK Cartage, Severance and Freight Connections, are hereinafter, the "Subsidiaries". Other than the Company, the results of operations and all accounts of the Subsidiaries for the years ended December 31, 2023 and 2022 are included as part of discontinued operations on the consolidated financial statements. Forward-Looking made in this Annual Report that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidanc

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View this 10-K filing on SEC EDGAR