2023 Q1 Form 10-K Financial Statement

#000149315223010371 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $5.595M $3.380M $7.744M
YoY Change 344.28% 176.65% 40.93%
Cost Of Revenue $3.626M $1.996M $5.217M
YoY Change 273.47% 102.46% -3.54%
Gross Profit $1.969M $1.384M $2.528M
YoY Change 582.74% 486.62% 2805.0%
Gross Profit Margin 35.18% 40.95% 32.64%
Selling, General & Admin $3.363M $3.235M $8.076M
YoY Change 64.61% 138.27% 59.53%
% of Gross Profit 170.82% 233.72% 319.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $375.9K $601.5K $1.134M
YoY Change 96.67% 222.07% 65.4%
% of Gross Profit 19.1% 43.46% 44.87%
Operating Expenses $3.475M $3.310M $10.57M
YoY Change 66.36% 136.47% 100.16%
Operating Profit -$1.507M -$1.926M -$8.038M
YoY Change -16.32% 65.48% 54.83%
Interest Expense $139.2K -$69.82K -$94.21K
YoY Change -1869.31% 5.33% -103.29%
% of Operating Profit
Other Income/Expense, Net -$139.0K -$38.20K
YoY Change -99.1%
Pretax Income -$1.646M -$4.286M -$8.076M
YoY Change -19.21% 203.16% -229.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.646M -$4.386M -$8.076M
YoY Change -19.21% 210.25% -229.12%
Net Earnings / Revenue -29.42% -129.78% -104.28%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 3.665B shares 3.637B shares 3.360B shares
Diluted Shares Outstanding 3.360B shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $472.7K $1.471M $1.471M
YoY Change -92.2% -75.76% -75.76%
Cash & Equivalents $472.7K $1.471M
Short-Term Investments
Other Short-Term Assets $433.1K $613.0K $613.0K
YoY Change 105.78% 210.65% 210.65%
Inventory
Prepaid Expenses
Receivables $3.362M $28.33K $2.059M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.268M $4.143M $4.143M
YoY Change -36.64% -38.59% -38.59%
LONG-TERM ASSETS
Property, Plant & Equipment $2.888M $1.607M $10.06M
YoY Change 443.94% 178.45% 1643.61%
Goodwill $2.106M $2.106M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $454.8K $377.1K $377.1K
YoY Change 1051.49% 1031.1% 1031.1%
Total Long-Term Assets $22.34M $17.15M $17.15M
YoY Change 758.33% 515.12% 515.11%
TOTAL ASSETS
Total Short-Term Assets $4.268M $4.143M $4.143M
Total Long-Term Assets $22.34M $17.15M $17.15M
Total Assets $26.61M $21.29M $21.29M
YoY Change 184.95% 123.31% 123.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.521M $472.7K $472.7K
YoY Change 389.19% 51.13% 51.13%
Accrued Expenses $910.9K $837.2K $3.121M
YoY Change 26.46% 293.08% 660.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.036M $4.953M $4.953M
YoY Change 1886112.5% 1649.34% 1649.34%
Total Short-Term Liabilities $12.02M $8.547M $8.547M
YoY Change 1064.88% 749.48% 749.47%
LONG-TERM LIABILITIES
Long-Term Debt $1.483M $831.5K $831.5K
YoY Change 6573.35% 6573.35%
Other Long-Term Liabilities $9.219M $6.414M $6.414M
YoY Change
Total Long-Term Liabilities $10.70M $7.245M $7.245M
YoY Change 58072.91% 58049.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.02M $8.547M $8.547M
Total Long-Term Liabilities $10.70M $7.245M $7.245M
Total Liabilities $22.72M $15.79M $15.79M
YoY Change 2102.41% 1450.43% 1450.43%
SHAREHOLDERS EQUITY
Retained Earnings -$129.3M -$127.5M
YoY Change 7.14%
Common Stock $3.702M $3.637M
YoY Change 24.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.891M $5.500M $5.500M
YoY Change
Total Liabilities & Shareholders Equity $26.61M $21.29M $21.29M
YoY Change 184.95% 123.31% 123.31%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.646M -$4.386M -$8.076M
YoY Change -19.21% 210.25% -229.12%
Depreciation, Depletion And Amortization $375.9K $601.5K $1.134M
YoY Change 96.67% 222.07% 65.4%
Cash From Operating Activities -$704.3K -$582.7K -$3.422M
YoY Change -13.04% -52.33% -16.24%
INVESTING ACTIVITIES
Capital Expenditures $207.0K $25.33K $143.9K
YoY Change -145.1% -356.27%
Acquisitions
YoY Change
Other Investing Activities -$225.3K -$196.8K -$1.241M
YoY Change -41.47%
Cash From Investing Activities -$432.3K -$222.1K -$1.385M
YoY Change 295.41% -36.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $138.4K -165.1K $210.1K
YoY Change -82.81% -103.53% -98.21%
NET CHANGE
Cash From Operating Activities -$704.3K -582.7K -$3.422M
Cash From Investing Activities -$432.3K -222.1K -$1.385M
Cash From Financing Activities $138.4K -165.1K $210.1K
Net Change In Cash -$998.2K -969.9K -$4.597M
YoY Change -128.53% -183.76%
FREE CASH FLOW
Cash From Operating Activities -$704.3K -$582.7K -$3.422M
Capital Expenditures $207.0K $25.33K $143.9K
Free Cash Flow -$911.2K -$608.0K -$3.566M
YoY Change 12.52% -47.86% -11.5%

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LaborAndRelatedExpense
3742676 usd
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LaborAndRelatedExpense
1403311 usd
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1327172 usd
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ProfessionalFees
2160081 usd
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1398401 usd
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1806686 usd
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GeneralAndAdministrativeExpense
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CY2022 TLSS Contingency Loss
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200000 usd
CY2021 TLSS Contingency Loss
ContingencyLoss
30000 usd
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2090567 usd
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31166 usd
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InterestExpenseExcludesInterestExpenseRelatedParty
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InterestExpenseRelatedParty
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1564941 usd
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GainOnDebtExtinguishmentRelatedParty
148651 usd
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293975 usd
CY2021 TLSS Gain On Deconsolidation Of Subsidiary
GainOnDeconsolidationOfSubsidiary
12363449 usd
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LitigationSettlementIncomeExpense
237961 usd
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CY2021 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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-8076066 usd
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6254790 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
6254790 usd
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PreferredStockDividendsAndOtherAdjustments
417546 usd
CY2021 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2650217 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8493612 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3604573 usd
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021 us-gaap Earnings Per Share Basic
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EarningsPerShareDiluted
-0.00
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EarningsPerShareDiluted
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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SaleOfStockConsiderationReceivedOnTransaction
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CY2021 TLSS Sale Of Stock Consideration Received On Transaction One
SaleOfStockConsiderationReceivedOnTransactionOne
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CY2021 TLSS Common Shares Issued For Cashless Warrant Exercise
CommonSharesIssuedForCashlessWarrantExercise
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CY2021 TLSS Deemed Dividend Related To Price Protection And And Beneficial Conversion Features
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CommonSharesIssuedForCashlessWarrantExercise
245714 usd
CY2022 us-gaap Stock Issued During Period Value Issued For Services
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1136570 usd
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StockIssuedDuringPeriodValueSalesOfSeriesGPreferredShareUnits
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StockIssuedDuringPeriodValueCommonStockIssuedForConversionOfSeriesEPreferredShares
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CY2022 TLSS Stock Issued During Period Value Common Stock Issued For Conversion Of Series G Preferred Shares
StockIssuedDuringPeriodValueCommonStockIssuedForConversionOfSeriesGPreferredShares
39317 usd
CY2022 TLSS Series H Preferred And Common Stock Issued In Connection With Acquisition
SeriesHPreferredAndCommonStockIssuedInConnectionWithAcquisition
2965646 usd
CY2022 TLSS Stock Issued During Period Value Cancellation Of Series B Preferred In Connection With Settlement
StockIssuedDuringPeriodValueCancellationOfSeriesBPreferredInConnectionWithSettlement
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CY2022 us-gaap Dividends
Dividends
417546 usd
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NetIncomeLoss
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StockholdersEquity
5500062 usd
CY2022Q4 us-gaap Stockholders Equity
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5500062 usd
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NetIncomeLoss
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CY2021 us-gaap Net Income Loss
NetIncomeLoss
6254790 usd
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DepreciationDepletionAndAmortization
1134037 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
685644 usd
CY2021 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
83548 usd
CY2022 us-gaap Share Based Compensation
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1386570 usd
CY2022 TLSS Stockbased Professional Fees
StockbasedProfessionalFees
10000 usd
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OperatingLeaseImpairmentLoss
2090567 usd
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GainLossOnSaleOfBusiness
296689 usd
CY2021 us-gaap Deconsolidation Gain Or Loss Amount
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12448899 usd
CY2021 TLSS Repayment Of Note Payable Related Party
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500000 usd
CY2021 TLSS Payments Of Related Party Debt
PaymentsOfRelatedPartyDebt
-55041 usd
CY2021 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
3284306 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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1564941 usd
CY2021 TLSS Noncash Gain On Extinguishment Of Debt Related Party
NoncashGainOnExtinguishmentOfDebtRelatedParty
148651 usd
CY2022 TLSS Noncash Portion Of Gain On Settlement
NoncashPortionOfGainOnSettlement
700 usd
CY2021 TLSS Loss On Lease Abandonment
LossOnLeaseAbandonment
1223628 usd
CY2021 TLSS Warrant Exercise Inducement Expense
WarrantExerciseInducementExpense
-4431853 usd
CY2022 TLSS Rent Expense
RentExpense
37953 usd
CY2021 TLSS Rent Expense
RentExpense
1680 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
162400 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-11201 usd
CY2021 TLSS Other Noncash Gain
OtherNoncashGain
11806 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-450715 usd
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IncreaseDecreaseInAccountsReceivable
-166486 usd
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-110606 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-253608 usd
CY2022 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
20185 usd
CY2021 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
94000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-218364 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
393641 usd
CY2022 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
-130590 usd
CY2021 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
-209082 usd
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-102983 usd
CY2021 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
4321 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3422359 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4085687 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
143948 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
56174 usd
CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3451 usd
CY2022 TLSS Payment From Note Receivables
PaymentFromNoteReceivables
255000 usd
CY2022 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
196527 usd
CY2021 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
10031 usd
CY2022 TLSS Payments To Acquire Businesses Cash Used For Acquisitions
PaymentsToAcquireBusinessesCashUsedForAcquisitions
1930712 usd
CY2021 TLSS Payments To Acquire Businesses Cash Used For Acquisitions
PaymentsToAcquireBusinessesCashUsedForAcquisitions
2133146 usd
CY2022 TLSS Proceeds From Sale Of Subsidiary
ProceedsFromSaleOfSubsidiary
748500 usd
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NetCashProvidedByUsedInInvestingActivities
-1384633 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2175838 usd
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ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
3590500 usd
CY2022 TLSS Net Proceeds From Sale Of Series G Preferred Share Units
NetProceedsFromSaleOfSeriesGPreferredShareUnits
855000 usd
CY2021 TLSS Net Proceeds From Sale Of Series G Preferred Share Units
NetProceedsFromSaleOfSeriesGPreferredShareUnits
5479560 usd
CY2022 TLSS Payment Of Liquidated Damges On Series E Preferred Shares
PaymentOfLiquidatedDamgesOnSeriesEPreferredShares
24000 usd
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
245714 usd
CY2021 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4226383 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
108395 usd
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
975002 usd
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
991468 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
210107 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11749934 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4596885 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5488409 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6067692 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
579283 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1470807 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6067692 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
125382 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
445383 usd
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ConversionOfDebtAndAccruedInterestForCommonStock
543457 usd
CY2021 TLSS Reclassification Of Due To Related Parties To Accrued Expenses
ReclassificationOfDueToRelatedPartiesToAccruedExpenses
94000 usd
CY2021 TLSS Deemed Dividends Related To Price Protection
DeemedDividendsRelatedToPriceProtection
2509345 usd
CY2021 TLSS Noncash Decrease In Property And Equipment And Notes Payable Net
NoncashDecreaseInPropertyAndEquipmentAndNotesPayableNet
31241 usd
CY2022 TLSS Noncash Conversion Of Series E Preferred Stock To Common Stock
NoncashConversionOfSeriesEPreferredStockToCommonStock
31 usd
CY2021 TLSS Noncash Conversion Of Series E Preferred Stock To Common Stock
NoncashConversionOfSeriesEPreferredStockToCommonStock
396 usd
CY2022 TLSS Conversion Of Series G Preferred Stock And Accrued Dividends To Common Stock
ConversionOfSeriesGPreferredStockAndAccruedDividendsToCommonStock
39317 usd
CY2022 TLSS Noncash Accrual Of Preferred Stock Dividends
NoncashAccrualOfPreferredStockDividends
417546 usd
CY2021 TLSS Noncash Accrual Of Preferred Stock Dividends
NoncashAccrualOfPreferredStockDividends
140872 usd
CY2022 TLSS Issuance Of Common Stock For Future Services
IssuanceOfCommonStockForFutureServices
5000 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1
2190707 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1
265175 usd
CY2022 TLSS Noncash Or Part Noncash Acquisition Prepaid Expenses Acquired1
NoncashOrPartNoncashAcquisitionPrepaidExpensesAcquired1
271305 usd
CY2021 TLSS Noncash Or Part Noncash Acquisition Prepaid Expenses Acquired1
NoncashOrPartNoncashAcquisitionPrepaidExpensesAcquired1
7534 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
1341813 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
257416 usd
CY2022 TLSS Noncash Or Part Noncash Acquisition Right Of Use Assets Acquired1
NoncashOrPartNoncashAcquisitionRightOfUseAssetsAcquired1
9084594 usd
CY2021 TLSS Noncash Or Part Noncash Acquisition Right Of Use Assets Acquired1
NoncashOrPartNoncashAcquisitionRightOfUseAssetsAcquired1
44388 usd
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NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
622240 usd
CY2022 TLSS Noncash Or Part Noncash Acquisition Security Deposits Acquired1
NoncashOrPartNoncashAcquisitionSecurityDepositsAcquired1
363952 usd
CY2021 TLSS Noncash Or Part Noncash Acquisition Security Deposits Acquired1
NoncashOrPartNoncashAcquisitionSecurityDepositsAcquired1
33340 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
13252371 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
1230093 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
433461 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
132155 usd
CY2022 TLSS Noncash Or Part Noncash Acquisition Accrued Expenses Assumed1
NoncashOrPartNoncashAcquisitionAccruedExpensesAssumed1
190798 usd
CY2021 TLSS Noncash Or Part Noncash Acquisition Accrued Expenses Assumed1
NoncashOrPartNoncashAcquisitionAccruedExpensesAssumed1
86194 usd
CY2022 TLSS Non Cash Insurance Payable
NonCashInsurancePayable
169812 usd
CY2022 TLSS Non Cash Accrued Compensation And Related Benefits
NonCashAccruedCompensationAndRelatedBenefits
69122 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
6355588 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
1491458 usd
CY2022 TLSS Noncash Or Part Noncash Acquisition Lease Liabilities Assumed1
NoncashOrPartNoncashAcquisitionLeaseLiabilitiesAssumed1
9084594 usd
CY2021 TLSS Noncash Or Part Noncash Acquisition Lease Liabilities Assumed1
NoncashOrPartNoncashAcquisitionLeaseLiabilitiesAssumed1
44388 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
16303375 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
1754195 usd
CY2022 TLSS Fair Value Of Shares For Acquisitions
FairValueOfSharesForAcquisitions
2965646 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
6016650 usd
CY2021 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
524102 usd
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_804_eus-gaap--NatureOfOperations_zCoWmC5YpkWb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span style="text-decoration: underline"><span id="xdx_824_zB3UBE6J24R4">ORGANIZATION AND BUSINESS OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transportation and Logistics Systems, Inc. (“TLSS” or the “Company”) is a holding company incorporated under the laws of the State of Nevada, on July 25, 2008. Its active wholly-owned operating subsidiaries, Cougar Express, Inc., Freight Connections, Inc., JFK Cartage, Inc. and Severance Trucking Co., Inc. (acquired in 2023, along with Severance Warehousing, Inc. and McGrath Leasing, Inc., together Severance Trucking, Inc.), together provide a full suite of logistics and transportation services, specializing in ecommerce fulfillment, last mile deliveries, two-person home delivery, mid-mile, and long-haul services. Such entities operate several warehouse locations located in New York, New Jersey, Connecticut and Massachusetts. Inactive subsidiaries include: TLSS Acquisition, Inc. (“TLSSA”), Shyp CX, Inc. (“Shyp CX”), Shyp FX, Inc. (“Shyp FX”), TLSS-FC, Inc. (“TLSS-FC”) and TLSS-STI, Inc. (“TLSS-STI”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 18, 2018, the Company completed the acquisition of <span id="xdx_909_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20180618__us-gaap--BusinessAcquisitionAxis__custom--PrimeEFSLLCMember_z4u9iatLnYf1" title="Membership interest percentage">100</span>% of the issued and outstanding membership interests of Prime EFS, LLC, a New Jersey limited liability company (“Prime EFS”), from its members pursuant to the terms and conditions of a Stock Purchase Agreement. Prime EFS was a New Jersey based transportation company that generated substantially all of its revenues from Amazon Logistics, Inc. (“Amazon”) until it ceased operations on September 30, 2020 due to Amazon’s non-renewal of its Delivery Service Partner (DSP) Agreement with Prime EFS, as described below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 24, 2018, the Company formed Shypdirect LLC (“Shypdirect”), a company organized under the laws of New Jersey. Since its inception, Shypdirect generated substantially all of its revenues from Amazon, Inc. As described below, Amazon elected to terminate its Amazon Relay Carrier Terms of Service with Shypdirect. Accordingly, in June 2021, Shypdirect ceased its tractor trailer and box truck delivery services to Amazon, and in July 2021, Shypdirect ceased all operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 19, 2020, Amazon notified Prime EFS in writing (the “Prime EFS Termination Notice”), that Amazon would not renew its Delivery Service Partner (DSP) Agreement with Prime EFS when that agreement (the “In-Force Agreement”) expired on September 30, 2020 and such In-Force Agreement, in fact, expired on September 30, 2020. Additionally, on July 17, 2020, Amazon notified Shypdirect that Amazon had elected to terminate the Amazon Relay Carrier Terms of Service (the “Program Agreement”) between Amazon and Shypdirect effective as of November 14, 2020 (the “Shypdirect Termination Notice”). On August 3, 2020, Amazon offered to withdraw the Shypdirect Termination Notice and extend the term of the Program Agreement to and including May 14, 2021, conditioned on Prime EFS executing, for nominal consideration, a separation agreement with Amazon under which Prime EFS agrees to cooperate in an orderly transition of its Amazon last-mile delivery business to other service providers, Prime EFS released any and all claims it may have against Amazon, and Prime EFS covenanted not to sue Amazon (the “Aug. 3 Proposal”). On August 4, 2020, the Company, Prime EFS and Shypdirect accepted the Aug. 3 Proposal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022, two customers accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zDM3oSk49ewk" title="Concentration risk, percentage">22.8</span>% of the Company’s total net revenues. Approximately <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ShypdirectsmidmileandlonghaulbusinessMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zEFc4mjuELp9" title="Concentration risk, percentage">28.5</span>% of the Company’s revenue of $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20210101__20211231_zjjEUUNX8cOc" title="Revenue from contract with customer, excluding assessed tax">5,495,146</span> for the year ended December 31, 2021 was attributable to Shypdirect’s now terminated mid-mile and long-haul business with Amazon. The termination of Shypdirect’s Amazon mid-mile and long-haul business, which was effective on or about May 14, 2021, had a material adverse impact on operations of Shypdirect. This impact caused Shypdirect to become insolvent and to cease operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since exiting the Amazon business, the Company has pursued an initial growth by acquisitions strategy as set forth below and as such, continues to pursue potential acquisition opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 13, 2020, the Company formed a wholly owned subsidiary, Shyp FX, Inc., a company incorporated under the laws of the State of New Jersey (“Shyp FX”). On January 15, 2021, through Shyp FX, the Company executed an asset purchase agreement (“APA”) and closed a transaction to acquire substantially all of the assets and certain liabilities of Double D Trucking, Inc., a northern New Jersey-based logistics provider specializing in servicing Federal Express over the past 25 years (“DDTI”), including last-mile delivery services using vans and box trucks (See Note 3). On April 28, 2022, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement” with an unrelated third party. Pursuant to the Asset Purchase Agreement, Shyp FX sold substantially all its asset and specific liabilities. The Asset Purchase Agreement closed in June 2022 (See Note 3).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 16, 2020, the Company formed a wholly owned subsidiary, TLSSA, a company incorporated under the laws of the State of Delaware. On March 24, 2021, TLSS acquired all of the issued and outstanding shares of capital stock of Cougar Express, Inc., a New York-based full-service logistics provider specializing in pickup, warehousing, and delivery services in the tri-state area (“Cougar Express”). Cougar Express was a family-owned full-service transportation business that has been in operation for more than 30 years providing one-to-four person deliveries and offering white glove services. It utilizes its own fleet of trucks, warehouse/driver/office personnel and on-call subcontractors from its convenient and secure New York JFK airport area location, allowing it to pick-up and deliver throughout the New York tri-state area. Cougar Express serves a diverse base of commercial accounts, which are freight forwarders that work with some of the most notable retail businesses in the country (See Note 3).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 21, 2021, the Company formed a wholly owned subsidiary, Shyp CX, a company incorporated under the laws of the State of New York. Shyp CX does not engage in any revenue-generating operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 4, 2022, the Company’s wholly-owned subsidiary, Cougar Express, closed on its acquisition of all outstanding stock of JFK Cartage, Inc., a New York-based full-service logistics provider specializing in pickup, warehousing and delivery services in the tri-state area (“JFK Cartage”). Joan Ton, the sole shareholder of JFK Cartage, from whom the shares were acquired, is an unrelated party. The effective date of the acquisition was <span id="xdx_90B_eus-gaap--BusinessAcquisitionEffectiveDateOfAcquisition1_dd_c20220803__20220804__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_zZMKCGvHxe8d" title="Business acquisition effective date">July 31, 2022</span>. With annual revenues of $<span id="xdx_904_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized_pn5n6_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_zOZMeiCmZCzb" title="Annual revenues">3.6</span> million in 2021 and approximately $<span id="xdx_901_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized_pn5n6_c20220101__20220630__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_z8KH0nXI6nu2" title="Annual revenues">2.0</span> million for the first six months of 2022, JFK Cartage operates from a <span id="xdx_901_eus-gaap--AreaOfLand_iI_usqft_c20220804__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_zvc4KtUwQbq6" title="Square foot">30,000</span> square foot warehouse with ten drive-in doors and is strategically located approximately six miles from JFK International Airport. JFK Cartage has been in business since 2008 and has been providing warehousing, cross-dock services, pickup and deliveries, and general trucking, handling airfreight, trade show freight, expedited and hotshot demand work, LTL/cartage as well as FTL, reverse logistics, white glove and residential delivery services to a broad base of over 95 commercial accounts and residential customers. JFK Cartage operates a wide-ranging fleet of specialty vehicles, from its Sprinter vans to full 53-ft. tractor trailers. JFK Cartage, with its assets, fleet and warehouse is believed to be one of the largest leading cartage agents serving the New York Tri-State area (See Note 3).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective September 16, 2022, the Company’s newly formed wholly-owned subsidiary, TLSS-FC, closed on an acquisition of all outstanding stock of Freight Connections, Inc., a New Jersey-based company offering an array of transportation, warehousing, consolidating, distribution, and local cartage services throughout the New York tri-state area (“Freight Connections”). Joseph Corbisiero, the sole shareholder of Freight Connections, from whom the shares were acquired. Freight Connections was founded in 2016 and is a privately held transportation and logistics carrier headquartered in Ridgefield Park, New Jersey. Freight Connections currently operates with 30 power units and 50 trailers, including dry vans, pups, flatbeds, step decks, and double drop trailers out of three buildings in the area with <span id="xdx_90F_eus-gaap--AreaOfLand_iI_usqft_c20220916__us-gaap--BusinessAcquisitionAxis__custom--FreightConnectionsMember_zribqo9j1X8h" title="Square foot">200,000</span> square feet of warehouse and cross dock space, strategically located within one mile of each other. Freight Connections offers customers an array of services including truckload, LTL, and consolidating of cartage, construction-trade, air, and rail freight, as well as warehousing and distribution services (See Note 3).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">T<span style="font-size: 10pt">RANSPORTATION AND LOGISTICS SYSTEMS, INC. AND SUBSIDIARIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECEMBER 31, 2022 and 2021</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 19, 2021, the Company’s former subsidiaries, Prime EFS and Shypdirect, executed Deeds of Assignment for the Benefit of Creditors in the State of New Jersey pursuant to N.J.S.A. §2A:19-1, et seq. (the “ABC Statute”), assigning all of the Prime EFS and Shypdirect assets to Terri Jane Freedman as Assignee for the Benefit of Creditors (the “Assignee”) and filing for dissolution. An “Assignment for the Benefit of Creditors,” “general assignment” or “ABC” in New Jersey is a state-law, voluntary, judicially-supervised corporate liquidation and unwinding similar to the Chapter 7 bankruptcy process found in the United States Bankruptcy Code. In the subject ABC, the debtor companies, Prime EFS and Shypdirect, together referred to as the “Assignors”, executed Deeds of Assignment, assigning all their assets to the Assignee chosen by the Company, who acts as a fiduciary similar to a Chapter 7 trustee in bankruptcy. On September 7, 2021, the ABC’s were filed with the Bergen County Clerk in Bergen County, New Jersey and filed with the Bergen County Surrogate Court, initiating judicial proceedings. The Assignee has been charged with liquidating the assets for the benefit of the Prime EFS and Shypdirect creditors pursuant to the provisions of the ABC Statute. As a result of Prime EFS and Shypdirect’s filing of the executed Deeds of Assignment for the Benefit of Creditors on September 7, 2021, the Assignee assumed all authority to manage Prime EFS or Shypdirect. Additionally, Prime EFS and Shypdirect no longer conduct any business and are not permitted by the Assignee and ABC Statute to conduct any business. For these reasons, effective September 7, 2021, the Company relinquished control of Prime EFS and Shypdirect. Further, on October 13, 2021, Prime EFS and Shypdirect filed for dissolution with the Secretary of State of New Jersey. Therefore, the Company deconsolidated Prime EFS and Shypdirect effective with the filing of executed Deeds of Assignment for the Benefit of Creditors in September 2021 (See Note 10). The Company has been advised that the Assignee anticipates that she will be able to conclude her work, make final distributions to creditors, and close out the estates of Prime EFS and Shypdirect on or before June 30, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s results of operations for the year ended December 31, 2021 include the results of Prime EFS and Shypdirect prior to the September 7, 2021, the filing of the executed Deeds of Assignment for the Benefit of Creditors with the State of New Jersey.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the context otherwise requires, TLSS and its wholly owned subsidiaries, TLSSA, TLSS-FC, Cougar Express, Shyp FX, Shyp CX, JFK Cartage, and Freight Connections, and its deconsolidated former subsidiaries, Prime EFS and Shypdirect, whose results of operations for the year ended December 31, 2021 are included in the results of the Company prior to the September 7, 2021 filing of the executed Deeds of Assignment for the Benefit of Creditors with the State of New Jersey, are hereafter referred to as the “Company”. References herein to a “Company liability” may be to a liability which is owed solely by a subsidiary and not by TLSS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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5495146 usd
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OperatingIncomeLoss
-8037864 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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-4085687 usd
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RetainedEarningsAccumulatedDeficit
-127510099 usd
CY2022Q4 TLSS Working Capital
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-4403460 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1143000 usd
CY2022 us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_znBrfGbIssQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z5HYGUrQLt11">Use of estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements, in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates included in the accompanying consolidated financial statements and footnotes include the valuation of accounts receivable, the useful life of property and equipment, the valuation of intangible assets, the valuation of assets acquired and liabilities assumed, the valuation of right of use assets and related liabilities, assumptions used in assessing impairment of long-lived assets, estimates of current and deferred income taxes and deferred tax valuation allowances, the fair value of non-cash equity transactions, the valuation of derivative liabilities, the valuation of beneficial conversion features, and the value of claims against the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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4181187 usd
CY2021 TLSS Gains Losses On Extinguishment Of Debt Related To Repayment Of Debt
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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-3284306 usd
CY2022 us-gaap Operating Lease Impairment Loss
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2090567 usd
CY2022 us-gaap Derivatives Reporting Of Derivative Activity
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<p id="xdx_848_eus-gaap--DerivativesReportingOfDerivativeActivity_zCH5eIauHwP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zBByJTuHerNj">Derivative financial instruments</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had certain financial instruments that are embedded derivatives associated with capital raises. The Company evaluated all of its financial instruments to determine if those contracts or any potential embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815-10-05-4, Derivatives and Hedging and 815-40, Contracts in Entity’s Own Equity. This accounting treatment requires that the carrying amount of any embedded derivatives be recorded at fair value at issuance and marked-to-market at each balance sheet date. In the event that the fair value is recorded as a liability, as is the case with the Company, the change in the fair value during the period is recorded as either other income or expense. Upon conversion, exercise or repayment, the respective derivative liability is marked to fair value at the conversion, repayment, or exercise date and then the related fair value amount is reclassified to other income or expense as part of gain or loss on extinguishment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2017, FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features. These amendments simplify the accounting for certain financial instruments with down-round features. The amendments require companies to disregard the down-round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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-8076066 usd
CY2021 us-gaap Net Income Loss
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6254790 usd
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417546 usd
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2341907998 shares
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021 TLSS Add Preferred Series E And G Dividends
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47831 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets
44388 usd
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622240 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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-8493612 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6254790 usd
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3359982502 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2341907998 shares
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
701720958 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3359982502 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3728170026 shares
CY2022 us-gaap Earnings Per Share Diluted
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-0.00
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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30622278 shares
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196527 usd
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
1341813 usd
CY2022Q4 TLSS Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Right Of Use Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets
9084594 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt
1113982 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
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CY2022Q4 us-gaap Long Term Debt
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P3Y3M29D
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P2Y3M29D
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80000 shares
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P1Y3M29D
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200000 usd
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200000 usd
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250000 usd
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250000 usd
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240822 usd
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461628 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022 TLSS Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rates
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-0.2100 pure
CY2021 TLSS Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rates
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0.2100 pure
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0.0650 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.118 pure
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0.6249 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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0.0000 pure
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0.0000 pure
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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13269533 usd
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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13269533 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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12004635 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
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50759000 usd
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CY2017 us-gaap Operating Loss Carryforwards Limitations On Use
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The 2017 estimated loss carry forward of $120,600 expires on December 31, 2037. Subsequent to 2017, all estimated loss carry forwards may be carried forward indefinitely subject to annual usage limitations.
CY2017Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
120600 usd

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