Unique Logistics International Inc (UNQL)

[LJ-Bodhi]

Since I said I would pop in to help with analysis of major events, that is what I have done. Folks were so excited about a PR firm and a new COO, so I weighed in. Also, those EOD average trades are back. So here goes.

I mentioned it is odd that Mickey Diaz has no internet presence in connection with Geodis. Never said she is fake. It is just odd in today's heavy internet social media environment. If it doesn't seem odd to others, so be it. Just one person's perspective. And my reference to her lack of a LinkedIn presence meant a public account which anyone can search. Sorry for any confusion there. Yes, she has a private account limited to LinkedIn users. I just find it odd, that's all. Like a new PR company not putting her picture with a press release. It would have been nice to see a glowing business profile and list of accomplishments. Just more professional, but that's just my opinion. Hopefully they get her a picture on the company website profile soon. Would look more professional for "a billion dollar company."

Geodis is a huge French company that does eat up small companies like UNQL. They are 26th in the US based on their North American division alone. Here are the top 100 US logistics companies as of 2021 year end. Notice the "billion dollar" UNQL didn't make the list. Lots of competition out there:

https://www.ttnews.com/logistics/companies/geodis/2022

I also noted the similarity in timing for the CFO hiring last year and the COO hiring this year. Last year, Trillium converted 35m shares on April 12. Eli Kay was hired as CFO on April 22. This year, Trillium converted 32m shares on April 5 and Mickey Diaz was hired as COO on April 26. Maybe just a strange coincidence, but anyone who has been here for awhile knows how brutal the stock price drop was last year after that first Trillium conversion.

And I cannot be the only one who finds it odd that CFO Kay still cannot get the UNQL accounting controls and public reporting in order a year after taking the job. The lack of internal controls was clearly admitted by him and Ray in the annual report last year. They state in clear terms their accounting reports are unreliable. Anyone can read the report, it's no secret. They make the same admission/disclosure in every subsequent quarterly report also. There are actual reasons for the low stock price when these real factors are considered and not ignored as bashing. They are words from the company executives themselves.

Why can't Eli Kay develop sufficient internal controls or make accurate public filings? The Security Details on OTC Markets are incorrect directly because of the inaccurate OTCQB Certification he prepared and signed. The public float is always equal to the unrestricted shares. He reported two different numbers so that is what we are stuck with. A competent CFO would get this right and correct it. Also, the chart itself clearly states to separately list common shares from options. The prior OTCQB Certification did so properly last year. But Kay didn't do it right and he won't fix it. No one on that list of 5% beneficial owners has common shares except Ray and his 322m. There are no restricted shares owned by anyone in the world except Ray and his 322m common shares. Everything else is unrestricted and should correctly be counted as the public float. The CFO cannot get these simple details right and that is a problem IMO. Anyone is free to see it differently.

Despite what is often touted, this is not a new company finding its way. Look at the company logo. Established in 1983. The US operations have been going for over a decade, some almost 20 years. So many red flags get casually dismissed for no good reason. Trillium has now converted 140 million shares. They loaned $2 million (well, $3m but $1m of it was a regular promissory loan that is still due 9/22.) At an average of 5 cents, they make $7 million. That is INSANE! Drop it to a 2.5 cent average. $3.5 million on a $2 million convertible loan is still INSANE. And Trillium isn't even close to being done converting and selling. They still OWN 187 Series D preferred shares and each one is convertible to 6.2 million common shares. If this stock stays at 2 cents, those shares are worth $23.2 million. I hope folks understand why this won't stay at 2 cents and can see which direction it is actually headed. 3a Capital hasn't even started selling their 63m common shares or converted any of their 195 Series C preferred shares....yet...that we know of. Those big block trades are happening again though. Plan accordingly.