It's already above in the DD box. It's also in their SEC filings, Amazon represents 99% of their business. If folks aren't willing to even take the time to read the DD that's been provided, not sure what else can be done.
Dear Valued Shareholders,
For Transportation and Logistics Systems, Inc. (the “Company” or “TLSS”), 2019 was a year of both encouraging developments and several challenges.
Revenue more than doubled during the year, reaching $32.0 million, compared to revenue of $18.1 million in 2018. These gains reflected the Company’s expansion into four new states and a large increase in volume from our primary customer, Amazon.
While the recent coronavirus pandemic has affected the country in dramatic ways, the Company’s delivery operations on behalf of Amazon and our other customers remain active. Shipping has been classified as an “essential business” and consumers have been increasing their online purchases due to sequestering, leading to growing demand for our services. In fact, Amazon has provided additional financial support to implement an hourly pay rate hike for our van drivers and raised our allowance for leased vans.
The transportation and logistics sector is an integral and growing part of the U.S. economy that has experienced significant growth since the country had emerged from recession. Over the ten years between 2008 and 2017, the industry has grown 12.7% and added 416,316 jobs. This growth outpaced the 5% job growth of the U.S. as a whole over the same time period. With the growing e-commerce sector driving the growth of the logistics market, the U.S. e-commerce industry is expected to register exponential growth going forward and account for 7% of all U.S. retail sales by 2023. Lasting changes to the economy from the effects of the pandemic may accelerate this growth.
Our expansion in the second half of 2019 reflected our expectation for a very busy holiday season, based upon our relationship and discussions with Amazon. As such, the Company increased its number of vehicles, drivers, and independent contract drivers in anticipation of an increase in business during the holiday shopping season. In addition, the Company opened several new locations in the States of Georgia, Florida, Ohio and Tennessee, during the months of October through December 2019, adding to our existing locations in New Jersey, New York and Pennsylvania. This expansion contributed to the $10.0 million of revenue generated during the final quarter of 2019, which was nearly one-third of total revenue for the year.
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