Transportation and Logistics Systems Inc (TLSS)

[Tdl9586]

So you know this pretty much sums it up….

“Going Concern”

“As reflected in the accompanying unaudited consolidated financial statements, the Company had a net loss of (-$4,124,707) and (-$2,746,197) for the six months ended June 30, 2023 and 2022, respectively. The net cash used in operations was $1,331,374 and $1,818,604 for the six months ended June 30, 2023 and 2022, respectively. Additionally, the Company had an accumulated deficit and working capital deficit of (-$132,045,192) and (-$9,555,112), respectively, on June 30, 2023. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of preferred shares, from the issuance of promissory notes and convertible promissory notes, and from the exercise of warrants, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations.”