Transportation & Logistics Systems, Inc. Q1 2024 10-Q Filing

TL;DR

**TLSS files Q1 2024 10-Q. Formerly Petroterra Corp.**

AI Summary

Transportation & Logistics Systems, Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as PETROTERRA CORP. and LORAN CONNECTION CORP, is incorporated in Nevada and operates in the transportation services sector. The filing was made on January 14, 2025, and covers the first quarter of 2024.

Why It Matters

This filing provides investors with an update on the financial performance and operational status of Transportation & Logistics Systems, Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• Q1 2024 — Reporting Period (The first quarter of the fiscal year 2024.)
• 20240331 — Period End Date (The end date for the financial reporting period.)
• 20250114 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Transportation & Logistics Systems, Inc. (company) — Filer of the 10-Q
• PETROTERRA CORP. (company) — Former name of the filer
• LORAN CONNECTION CORP (company) — Former name of the filer
• 0001463208 (company) — Central Index Key for the filer
• 20240331 (date) — End of the reporting period
• 20250114 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1435KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-25-002135.txt ( ) — 7492KB
• tlss-20240331.xsd (EX-101.SCH) — 53KB
• tlss-20240331_cal.xml (EX-101.CAL) — 58KB
• tlss-20240331_def.xml (EX-101.DEF) — 295KB
• tlss-20240331_lab.xml (EX-101.LAB) — 477KB
• tlss-20240331_pre.xml (EX-101.PRE) — 380KB
• form10-q_htm.xml (XML) — 1102KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 2 3 4

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 3 4 Item 4.

Controls and Procedures

Controls and Procedures 3 4

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 3 5 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40 SIGNATURE 41 -i- For purposes of this Quarterly Report on Form 10-Q (this "Quarterly 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 through the date of deconsolidation, 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 three months ended March 31, 2024 and 2023 are included as part of discontinued operations on the consolidated financial statements. Forward-Looking made in this Quar

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View this 10-Q filing on SEC EDGAR