secwatch.observer — SEC 8-K summary
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Issuer:     Transportation & Logistics Systems, Inc. (TLSS)
CIK:        0001463208
Form:       8-K
Filed at:   2022-09-20T23:59:59+00:00
Accession:  0001493152-22-026317
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TLSS completes acquisition of Freight Connections for ~$9.9M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1463208/000149315222026317/0001493152-22-026317-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1463208/000149315222026317/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-026317

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