---
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"
generated_at: "2026-06-16T18:46:27.032991+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# TLSS Board approves $1M Credit Facility; insider loans of $600K drawn

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-013367
- JSON: https://secwatch.observer/filing/0001493152-23-013367.json
- Plain text: https://secwatch.observer/filing/0001493152-23-013367.txt

## Key facts
- Debt Financings
  Transportation & Logistics Systems, Inc. incurred credit facility of $100,000 with Sebastian Giordano at 12% per annum maturing December 31, 2023.
  - Instrument: credit facility
  - Principal: $100,000
  - Counterparty: Sebastian Giordano
  - Rate: 12% per annum
  - Maturity: December 31, 2023
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/0001493152-23-013367-index.htm
- Debt Financings
  Transportation & Logistics Systems, Inc. incurred credit facility of $500,000 with John Mercadante at 12% per annum maturing December 31, 2023.
  - Instrument: credit facility
  - Principal: $500,000
  - Counterparty: John Mercadante
  - Rate: 12% per annum
  - Maturity: December 31, 2023
  - Event: incurrence
  source text: The Company received initial loans under the Credit Facility, in the following amounts: ( a) $500,000 from John Mercadante on April 17, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1463208/000149315223013367/0001493152-23-013367-index.htm

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