2023 Q4 Form 10-Q Financial Statement

#000149315223041121 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $4.948M
YoY Change 190.89%
Cost Of Revenue $3.770M
YoY Change 204.83%
Gross Profit $1.178M
YoY Change 153.78%
Gross Profit Margin 23.81%
Selling, General & Admin $3.098M
YoY Change 114.03%
% of Gross Profit 262.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $407.3K
YoY Change 162.7%
% of Gross Profit 34.57%
Operating Expenses $7.275M
YoY Change 391.38%
Operating Profit -$2.327M
YoY Change 128.99%
Interest Expense -$340.7K
YoY Change 2227.05%
% of Operating Profit
Other Income/Expense, Net -$340.8K
YoY Change 1139.23%
Pretax Income -$2.668M
YoY Change 155.61%
Income Tax
% Of Pretax Income
Net Earnings -$2.668M
YoY Change 155.61%
Net Earnings / Revenue -53.92%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 4.481B shares 4.264B shares
Diluted Shares Outstanding 4.281B shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.64K
YoY Change -95.96%
Cash & Equivalents $218.2K $98.64K
Short-Term Investments
Other Short-Term Assets $500.0K
YoY Change -24.48%
Inventory
Prepaid Expenses
Receivables $2.037M
Other Receivables $0.00
Total Short-Term Assets $2.160M $2.636M
YoY Change -47.87% -54.97%
LONG-TERM ASSETS
Property, Plant & Equipment $3.097M
YoY Change 73.85%
Goodwill $2.106M
YoY Change -71.63%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $473.3K
YoY Change 33.25%
Total Long-Term Assets $20.39M
YoY Change 1.84%
TOTAL ASSETS
Total Short-Term Assets $2.160M $2.636M
Total Long-Term Assets $20.39M
Total Assets $2.160M $23.03M
YoY Change -89.86% -11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $852.0K $2.651M
YoY Change 80.24% 384.61%
Accrued Expenses $1.083M
YoY Change 113.76%
Deferred Revenue
YoY Change
Short-Term Debt $5.145M
YoY Change
Long-Term Debt Due $1.579M
YoY Change 205.44%
Total Short-Term Liabilities $10.16M $14.32M
YoY Change 18.84% 259.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.725M
YoY Change -68.25%
Other Long-Term Liabilities $7.505M
YoY Change 11.25%
Total Long-Term Liabilities $9.230M
YoY Change -24.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.16M $14.32M
Total Long-Term Liabilities $9.230M
Total Liabilities $10.16M $23.55M
YoY Change -35.68% 45.73%
SHAREHOLDERS EQUITY
Retained Earnings -$142.3M -$134.8M
YoY Change 11.63% 9.46%
Common Stock $4.481M $4.481M
YoY Change 23.22% 23.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.997M -$518.8K
YoY Change
Total Liabilities & Shareholders Equity $2.160M $23.03M
YoY Change -89.86% -11.02%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.668M
YoY Change 155.61%
Depreciation, Depletion And Amortization $407.3K
YoY Change 162.7%
Cash From Operating Activities -$796.4K
YoY Change -22.0%
INVESTING ACTIVITIES
Capital Expenditures $368.5K
YoY Change -410.64%
Acquisitions
YoY Change
Other Investing Activities -$25.78K
YoY Change -98.56%
Cash From Investing Activities -$394.3K
YoY Change -79.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 545.4K
YoY Change -234.37%
NET CHANGE
Cash From Operating Activities -796.4K
Cash From Investing Activities -394.3K
Cash From Financing Activities 545.4K
Net Change In Cash -645.3K
YoY Change -80.67%
FREE CASH FLOW
Cash From Operating Activities -$796.4K
Capital Expenditures $368.5K
Free Cash Flow -$1.165M
YoY Change 29.08%

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CashAcquiredFromAcquisition
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TLSS Conversion Of Series G Preferred Stock And Accrued Dividends To Common Stock
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us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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TLSS Noncash Or Part Noncash Acquisition Prepaid Expenses Acquired1
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NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
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TLSS Noncash Or Part Noncash Acquisition Right Of Use Assets Acquired1
NoncashOrPartNoncashAcquisitionRightOfUseAssetsAcquired1
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TLSS Noncash Or Part Noncash Acquisition Right Of Use Assets Acquired1
NoncashOrPartNoncashAcquisitionRightOfUseAssetsAcquired1
8825892 usd
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TLSS Noncash Or Part Noncash Acquisition Security Deposits Acquired1
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TLSS Intangible Assets
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TLSS Intangible Assets
IntangibleAssets
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NoncashOrPartNoncashAcquisitionPayablesAssumed1
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NoncashOrPartNoncashAcquisitionPayablesAssumed1
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TLSS Noncash Or Part Noncash Acquisition Accrued Expenses Assumed1
NoncashOrPartNoncashAcquisitionAccruedExpensesAssumed1
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TLSS Noncash Or Part Noncash Acquisition Accrued Expenses Assumed1
NoncashOrPartNoncashAcquisitionAccruedExpensesAssumed1
190798 usd
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InsurancePayable
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6355588 usd
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NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
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TLSS Fair Value Of Shares For Acquisitions
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us-gaap Nature Of Operations
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<p id="xdx_80D_eus-gaap--NatureOfOperations_zoL9ItDtbW7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span style="text-decoration: underline"><span id="xdx_82A_zn5IzhlsFFHc">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"> </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 Trailer Leasing, Inc., and hereafter referred to as “Severance Trucking”, 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”), TLSS Operations Holding Company, Inc. (“TLSS Operations Holding”), and TLSS-CE, Inc. (“TLSS-CE”).</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_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20180618__us-gaap--BusinessAcquisitionAxis__custom--PrimeEFSLLCMember_zweISfUGmkjh" 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 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 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. (See Note 10).</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 a 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. 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.</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.</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_zRLypKKi54wj" title="Business acquisition effective date">July 31, 2022</span>. With annual revenues of $<span id="xdx_902_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized_pn5n6_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_zNqZL4SC4Al5" title="Annual revenues">3.6</span> million in 2021 and approximately $<span id="xdx_900_eus-gaap--BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized_pn5n6_c20220101__20220630__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_z12AdvTM1Hq6" title="Annual revenues">2.0</span> million for the first six months of 2022, JFK Cartage operates from a <span id="xdx_906_eus-gaap--AreaOfLand_iI_usqft_c20220804__us-gaap--BusinessAcquisitionAxis__custom--JFKCartageMember_z27ElLLjbcPd" 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"><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSPORTATION AND LOGISTICS SYSTEMS, INC. AND SUBSIDIARIES<br/> NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS<br/> SEPTEMBER 30, 2023<br/> (Unaudited)</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">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_90C_eus-gaap--AreaOfLand_iI_usqft_c20220916__us-gaap--BusinessAcquisitionAxis__custom--FreightConnectionsMember_zVxaSFnLA2Eh" 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective February 3, 2023, the Company’s newly formed wholly-owned subsidiary, TLSS-STI, closed on an acquisition of all outstanding stock of Severance Trucking, which together, offer LTL trucking services throughout New England, with an effective date as of the close of business on January 31, 2023. The sellers of the stock of each entity were Kathryn Boyd, Clyde Severance, and Robert Severance, all individuals (the “Sellers”). None of the Sellers are affiliated with the Company or its affiliates. Severance Trucking is a privately-owned full-service transportation carrier and logistics business that has been in operation for over 100 years specializing in LTL trucking that provides next day service to major cities in New England and New York, with cartage and interline agreements with respected carriers that ensure reliable deliveries anywhere in the United States and Canada. Severance Trucking currently operates with over 60 power units and trailers and has two locations, comprised of approximately <span id="xdx_90E_eus-gaap--AreaOfLand_iI_usqft_c20230203__us-gaap--BusinessAcquisitionAxis__custom--SeveranceTruckingMember_zCAQuUqPchSf" title="Square foot">18,000</span> square feet of warehouse and cross dock space, <span id="xdx_90A_eus-gaap--AreaOfLand_iI_usqft_c20230203__us-gaap--BusinessAcquisitionAxis__custom--TLSSSTIMember_zgPX8YPk7VQ3" title="Area of land">9,000</span> square feet of office and <span id="xdx_90B_eus-gaap--AreaOfLand_iI_usqft_c20230203__us-gaap--BusinessAcquisitionAxis__custom--DracutMember_z8ryreVeCfs" title="Area of land">5,750</span> square feet of repair facilities located in Dracut, Massachusetts and approximately <span id="xdx_90F_eus-gaap--AreaOfLand_iI_usqft_c20230203_z8RZQvCZyoni" title="Area of land">16,000</span> square feet of warehouse space in North Haven, Connecticut (See Note 3).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 31, 2023, the Company formed TLSS Operations Holding and TLSS-CE, companies organized under the laws of Delaware.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><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, Freight Connections, TLSS-STI, Severance Trucking, TLSS Operations Holding and TLSS-CE 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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us-gaap Net Income Loss
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us-gaap Use Of Estimates
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<p id="xdx_840_eus-gaap--UseOfEstimates_zEucgWpCGDXg" 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_zbVyL0dxizI7">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 unaudited 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 in a business combination, 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, 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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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<p id="xdx_84D_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zkY3meiXCY7g" 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_864_zZIpDE5j6pu">Reclassification</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">Certain reclassifications have been made in the consolidated financial statements to conform to the current period presentation. Such reclassifications had no impact on the Company’ previously reported consolidated financial position or results of operations. Specifically, on the consolidated balance sheets, a note payable was reclassified from notes payable to the notes payable – related parties, and on the consolidated statements of operations, certain interest expense was reclassified from interest expense to interest expense – related parties. Additionally, on the consolidated statements of operations, depreciation and amortization expenses have been reclassified from general and administrative expenses and are shown separately as part of operating expenses, and the line item, gross profit, has been eliminated.</span></p>
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us-gaap Depreciation
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us-gaap Gain Loss Related To Litigation Settlement
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200000 usd
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us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
200000 usd
CY2022 us-gaap Loss Contingency Accrual Payments
LossContingencyAccrualPayments
200000 usd
CY2022Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
250000 usd
CY2022 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
227811 usd
CY2023Q3 TLSS Retention Amount
RetentionAmount
250000 usd
us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
750000 usd
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
52328 usd
CY2023Q3 TLSS Accrued Reserve
AccruedReserve
52328 usd
CY2023Q4 TLSS Debt Instrument Default Charges By Plaintiff
DebtInstrumentDefaultChargesByPlaintiff
18% per annum plus late charges of 5% each delinquent payment, plus costs of collection
CY2023Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P60M
us-gaap Operating Lease Expense
OperatingLeaseExpense
3308317 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
430011 usd
CY2023Q3 TLSS Office Lease Right Of Use Asset
OfficeLeaseRightOfUseAsset
13500093 usd
CY2022Q4 TLSS Office Lease Right Of Use Asset
OfficeLeaseRightOfUseAsset
9084594 usd
CY2023Q3 TLSS Accumulated Amortization Into Rent Expense
AccumulatedAmortizationIntoRentExpense
3009694 usd
CY2022Q4 TLSS Accumulated Amortization Into Rent Expense
AccumulatedAmortizationIntoRentExpense
627511 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10490399 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8457083 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10770921 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8495036 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3265828 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2081099 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7505093 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6413937 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4054375 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3396170 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3017824 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1655699 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
295262 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
40493 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12459823 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1688902 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10770921 usd

Files In Submission

Name View Source Status
tlss-20230930_cal.xml Edgar Link unprocessable
0001493152-23-041121-index-headers.html Edgar Link pending
0001493152-23-041121-index.html Edgar Link pending
0001493152-23-041121.txt Edgar Link pending
0001493152-23-041121-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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report.css Edgar Link pending
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tlss-20230930.xsd Edgar Link pending
tlss-20230930_def.xml Edgar Link unprocessable
tlss-20230930_lab.xml Edgar Link unprocessable
tlss-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed