{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-013367","form_type":"8-K","ticker":"TLSS","cik":"0001463208","company_name":"Transportation & Logistics Systems, Inc.","filed_at":"2023-04-24T23:59:59+00:00","discovered_at":"2026-05-14T18:03:38.937753+00:00","generated_at":"2026-06-16T18:46:27.032991+00:00","sec_items":["2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"TLSS Board approves $1M Credit Facility; insider loans of $600K drawn","bullets":["Board approved unsecured Credit Facility up to $1,000,000; 12% annual interest, maturity Dec 31, 2023.","Initial loans: $500,000 from Director John Mercadante (Apr 17) and $100,000 from CEO Sebastian Giordano (Apr 21).","Loans are prepayable without premium; proceeds for general corporate purposes (implied).","Credit Facility is senior unsecured debt; further loans on pari passu basis through May 31, 2023."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-013367","json":"https://secwatch.observer/filing/0001493152-23-013367.json","markdown":"https://secwatch.observer/filing/0001493152-23-013367.md","text":"https://secwatch.observer/filing/0001493152-23-013367.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/0001493152-23-013367-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-16T18:46:27.032991+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":"2b87d37c3cd51fe9e1f52042e2888aa3176493c2","claim":"Transportation & Logistics Systems, Inc. incurred credit facility of $100,000 with Sebastian Giordano at 12% per annum maturing December 31, 2023.","evidence_excerpt":"and (b) $100,000 from Sebastian Giordano on April 21, 2023; Mr. Giordano is the Company’s Chief Executive Officer, President, and Chairman of the Board of Directors.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/0001493152-23-013367-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$100,000"},{"label":"Counterparty","value":"Sebastian Giordano"},{"label":"Rate","value":"12% per annum"},{"label":"Maturity","value":"December 31, 2023"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"a1ac77f595e30d2042f78eca2918e80cafceeb21","claim":"Transportation & Logistics Systems, Inc. incurred credit facility of $500,000 with John Mercadante at 12% per annum maturing December 31, 2023.","evidence_excerpt":"The Company received initial loans under the Credit Facility, in the following amounts: ( a) $500,000 from John Mercadante on April 17, 2023","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/0001493152-23-013367-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$500,000"},{"label":"Counterparty","value":"John Mercadante"},{"label":"Rate","value":"12% per annum"},{"label":"Maturity","value":"December 31, 2023"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}