---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-040353"
form_type: "8-K"
ticker: "TLSS"
cik: "0001463208"
company_name: "Transportation & Logistics Systems, Inc."
filed_at: "2023-11-13T23:59:59+00:00"
generated_at: "2026-06-08T04:54:31.811921+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# TLSS subsidiaries amend Severance deal: note reduced $171,887, maturity extended to Feb 2025

## Summary
- Principal amount of purchase price promissory note reduced by $171,887 due to post-closing working capital adjustment.
- Maturity of promissory note extended from August 1, 2024 to February 1, 2025; payment schedule adjusted.
- Court approved settlement: TLSS pays $50,000 to assignee of former subsidiaries Prime EFS and Shypdirect, releasing all avoidance claims.
- Indemnification provided for former trustee of Severance 401(k) plan for actions taken on behalf of the company.

## SEC filing metadata
- accession: 0001493152-23-040353
- form_type: 8-K
- ticker: TLSS
- cik: 0001463208
- company_name: Transportation & Logistics Systems, Inc.
- filed_at: 2023-11-13T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1463208/000149315223040353/0001493152-23-040353-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1463208/000149315223040353/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-040353
- JSON: https://secwatch.observer/filing/0001493152-23-040353.json
- Plain text: https://secwatch.observer/filing/0001493152-23-040353.txt

## Key facts
- Material Agreements
  Transportation & Logistics Systems, Inc. amended Post-Closing Agreement with Kathryn Boyd, Clyde J. Severance and Robert H. Severance, Jr. valued at $171,887.00 (effective 2023-11-08).
  - Action: amendment
  - Agreement: asset purchase
  - Counterparty: Kathryn Boyd, Clyde J. Severance and Robert H. Severance, Jr.
  - Value: $171,887.00
  - Effective: 2023-11-08
  source text: The Post-Closing Agreement amended certain terms of the Stock Purchase Agreement, dated January 4, 2023 (the "SPA"), and provided for an accounting of certain post-closing obligations and accounts. Among other things, the Post-Closing Agreement provided for a reduction of $171,887.00 in the principal amount payable under the purchase price promissory note
  evidence_url: https://www.sec.gov/Archives/edgar/data/1463208/000149315223040353/0001493152-23-040353-index.htm

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