Transportation and Logistics Systems, Inc. (TLSS) reported a net income of $33,833 for the fiscal year ending December 31, 2025, a significant turnaround from a net loss of $3,824,470 in 2024. The improvement was primarily attributed to a gain on debt extinguishment amounting to $1,988,931, which offset operating expenses of $1,407,876, down from $1,873,250 in the previous year. Despite this positive shift, the company continues to face challenges, including an accumulated deficit of $147,165,109 and a working capital deficit of $7,934,095 as of December 31, 2025.
The company has undergone substantial operational changes, ceasing all logistics and transportation services in February 2024, which led to the deconsolidation of several subsidiaries, including Cougar Express, JFK Cartage, and Severance Trucking. The filing indicates that these subsidiaries have not filed for bankruptcy, but they have ceased operations due to a lack of working capital. TLSS is currently exploring restructuring options and potential new business opportunities, although there is no assurance of success in these endeavors.
In terms of operational metrics, TLSS reported no revenue for both 2025 and 2024, reflecting the cessation of its business activities. The company’s employee count has drastically reduced to just one individual, the CEO, as all other staff were laid off following the discontinuation of operations. The company is actively seeking additional financing to support its ongoing obligations and to facilitate the preparation of future financial reports.
Looking ahead, TLSS's management has expressed uncertainty regarding its ability to continue as a going concern, emphasizing the need for additional capital to fund operations and meet financial obligations. The company is currently classified as a "shell company," which imposes significant restrictions on its ability to raise capital and attract investors. The outlook remains cautious, with management acknowledging the risks associated with its restructuring efforts and the potential for further operational challenges.
About Transportation & Logistics Systems, Inc.
Transportation and Logistics Systems, Inc. is a holding company specializing in asset-based logistics and transportation services, including ecommerce fulfillment, last mile, home delivery, and long-haul freight. It operates through subsidiaries in the U.S. that provide warehousing, pickup, and delivery in the tri-state area. The company has ceased operations, filed for bankruptcy, and is exploring restructuring or new business opportunities.
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