---
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"
generated_at: "2026-06-20T00:00:09.649489+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# TLSS completes acquisition of Severance (LTL trucking) for $2.25M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-003641
- JSON: https://secwatch.observer/filing/0001493152-23-003641.json
- Plain text: https://secwatch.observer/filing/0001493152-23-003641.txt

## Key facts
- M&A Transactions
  Transportation & Logistics Systems, Inc. completed an acquisition involving Kathryn Boyd, Clyde Severance, and Robert Severance for $2,250,000 (closed 2023-02-03).
  - Action: acquisition
  - Counterparty: Kathryn Boyd, Clyde Severance, and Robert Severance
  - Consideration: $2,250,000
  - Closing: 2023-02-03
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/0001493152-23-003641-index.htm

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