Transportation and Logistics Systems Inc (OTCMKTS:TLSS) Stock Moves Up 16% in a Week
Logistics service provider Transportation and Logistics Systems Inc (OTCMKTS:TLSS) has managed to grow at a reasonable rate in recent times and yesterday, the company was in the news after it made a key announcement.
Market Stats
On Tuesday, TLSS stock closed higher by 0.76% to $0.020 with more than 32.10 million shares, compared to its average volume of 31.37 million shares. The stock has moved within a range of $0.0176 – 0.0224 after opening trading at $0.020.
Earnings Review
The company announced on Tuesday that it had submitted its quarterly report on Form 10 Q back on November 15, 2021 for the quarter as well as the nine month period ending on September 30, 2021. As it happens, the Transportation and Logistics Systems stock has also managed to make a strong move in the past week and delivered gais of as much as 16% amidst strong interest.
In the quarter that ended on September 30, 2021 the company managed to generate revenues of $1,207,000 but that reflected a significant drop of as much as 80.9% from the prior year period revenues of $6,310,000.
Such a massive drop in revenues was primarily due to the loss of the Amazon DSP business. On the other hand, Transportation and Logistics Systems also suffered from a loss of $1,895,000 from operations in the third quarter. That was higher than the loss from operations of $1,172,000 for Transportation and Logistics Systems in the prior year period.
Key Quote
John Mercadante, Chairman and CEO of TLSS, commented, “The Company continues to make significant progress in shedding debt and positioning the Company for growth. When the restructuring plan commenced in Q1 2020, the Company had reported approximately $32,000,000 in total liabilities on its March 31, 2020 Quarterly Report on Form 10-Q. At September 30, 2021, total liabilities were approximately $2.4 million, which included approximately $1.6 million in debt and accrued interest.”
Traders Corner
TLSS stock is trading below the 200-Day and 50-Day Moving averages of $0.0238 and $0.0202 respectively. However, the stock is trading above the 200-Day moving average of $0.0180. The stock is down 5% in the past month.
