secwatch.observer — SEC 8-K summary
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Issuer:     Transportation & Logistics Systems, Inc. (TLSS)
CIK:        0001463208
Form:       8-K
Filed at:   2022-08-04T23:59:59+00:00
Accession:  0001493152-22-021310
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.01
LLM model:  deepseek-v4-flash:cloud@v2

TLSS subsidiary Cougar Express closes acquisition of JFK Cartage for $1.7M
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- Total consideration $1.7M: $401,552 cash, $696,935 note (25% AR collections weekly, then 3 annual installments at 5%).
- Assumed $503,065 SBA loan and $98,448 in accrued liabilities from seller.
- JFK Cartage had $3.6M revenue in 2021, $2.0M in H1 2022; operates 30,000 sq ft warehouse near JFK Airport.
- Provides warehousing, delivery, trucking services to 95+ accounts in NY tri-state area.
- Effective date July 31, 2022; seller Joan Ton is unrelated third party.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1463208/000149315222021310/0001493152-22-021310-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1463208/000149315222021310/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-021310

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer