Transportation and Logistics Systems Inc. (OTCMKTS: TLSS) is down 10% in a week. The logistics service provider has issued a quarterly stakeholder update from its CEO and Chairman, Sebastian Giordano. The CEO said that the company’s financial position has significantly improved.
On Wednesday, TLSS stock slid 1.28% to $0.0077 with 12 million shares, compared to its average volume of 11.54 million shares. The stock moved within a range of $0.0076 – 0.0080 after opening trade at $0.0079.
TLSS Chairman Issues Shareholder Update
This is demonstrated by the fact that between December 2020 and December 2021, liabilities were reduced by 95% to $1 million from$20 million, and shareholder equity increased from a deficit of $16M to equity of $8.5M. Also, the company managed to turn a working capital deficit of $16.6 million into positive working capital of around $5.7 million, which has contributed to resolving most of the company’s concerns.
Giordano added that in Q1 2022, the company took measures to rectify its internal control procedural issues through the new CFO’s efforts. The company created a proper company governance structure with the addition of two independent board members and the establishment of crucial board committees. So in the coming weeks, investors should keep an eye on TLSS.
TLSS stock is trading below the 20-Day and 50-Day Moving averages of $0.0093 and $0.0110 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0153.