---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-22-026317"
form_type: "8-K"
ticker: "TLSS"
cik: "0001463208"
company_name: "Transportation & Logistics Systems, Inc."
filed_at: "2022-09-20T23:59:59+00:00"
generated_at: "2026-06-23T08:29:47.697134+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TLSS completes acquisition of Freight Connections for ~$9.9M

## Summary
- Total consideration ~$9.9M: $1,501,291 cash, $4,544,671 secured note, $341,605 debt assumption, plus $3,513,571 in TLSS stock.
- Freight Connections had 2021 revenue of $8.0M and $4.7M in first half 2022; operates 30 power units and 50 trailers.
- Joseph Corbisiero, sole shareholder and seller, signed a 3-year employment agreement to continue as CEO of Freight Connections.
- The promissory note accrues interest at 5% then 10% after March 2023, due in a balloon payment on Dec 31, 2023.
- TLSS issued shares of common stock (up to 4.99% of outstanding) and Series H Convertible Preferred for the stock portion.

## SEC filing metadata
- accession: 0001493152-22-026317
- form_type: 8-K
- ticker: TLSS
- cik: 0001463208
- company_name: Transportation & Logistics Systems, Inc.
- filed_at: 2022-09-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1463208/000149315222026317/0001493152-22-026317-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1463208/000149315222026317/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-22-026317
- JSON: https://secwatch.observer/filing/0001493152-22-026317.json
- Plain text: https://secwatch.observer/filing/0001493152-22-026317.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.