{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-003641","form_type":"8-K","ticker":"TLSS","cik":"0001463208","company_name":"Transportation & Logistics Systems, Inc.","filed_at":"2023-02-06T23:59:59+00:00","discovered_at":"2026-05-14T18:03:45.093231+00:00","generated_at":"2026-06-20T00:00:09.649489+00:00","sec_items":["2.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"TLSS completes acquisition of Severance (LTL trucking) for $2.25M","bullets":["Total purchase price of $2,250,000 plus $10,747 closing expenses; paid $365,613 cash, assumed $152,748 vehicle debt, and issued $1,572,939 secured note at 12% interest.","Note payable in three equal installments on Aug 1, 2023; Feb 1, 2024; and Aug 1, 2024, secured by Severance assets and TLSS corporate guarantee.","Severance had 2022 annual revenues over $13.0M, operates 120+ power units and trailers, with warehouse/office/repair facilities in Massachusetts and Connecticut.","Acquisition via newly-formed subsidiary TLSS-STI, Inc.; sellers Kathryn Boyd, Clyde Severance, Robert Severance are unaffiliated with TLSS.","One seller entered a consulting/non-compete agreement for 3 months to 1 year post-closing."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-003641","json":"https://secwatch.observer/filing/0001493152-23-003641.json","markdown":"https://secwatch.observer/filing/0001493152-23-003641.md","text":"https://secwatch.observer/filing/0001493152-23-003641.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/0001493152-23-003641-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-20T00:00:09.649489+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"d366e6f769a2068884e29ac1f721f58756232b8d","claim":"Transportation & Logistics Systems, Inc. completed an acquisition involving Kathryn Boyd, Clyde Severance, and Robert Severance for $2,250,000 (closed 2023-02-03).","evidence_excerpt":"feet of repair facilities located in Dracut, Massachusetts and approximately 16,000 square feet of warehouse space in North Haven, Connecticut. The total purchase price was $2,250,000, plus closing expenses of $10,747. TLSS-STI: (i) paid $365,613 in cash at closing; (ii) assumed and paid off $152,748 in vehicle debt; and (iii) entered into a $1,572,939 secured","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/0001493152-23-003641-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"acquisition"},{"label":"Counterparty","value":"Kathryn Boyd, Clyde Severance, and Robert Severance"},{"label":"Consideration","value":"$2,250,000"},{"label":"Closing","value":"2023-02-03"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}