secwatch.observer — SEC 8-K summary
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Issuer:     Transportation & Logistics Systems, Inc. (TLSS)
CIK:        0001463208
Form:       8-K
Filed at:   2023-02-06T23:59:59+00:00
Accession:  0001493152-23-003641
Event type: m_and_a
Sentiment:  positive
Materiality: 0.70
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/0001493152-23-003641-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1463208/000149315223003641/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-003641

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