TLSS borrows $150k at 10% to fund audit; CEO termination standstill extended to Nov 15

Transportation & Logistics Systems, Inc.

Company issued $150k in promissory notes to Mercer Street and Cavalry Fund at 10% interest, due in 6 months.
Proceeds to fund 2023 audit, 2024 quarterly reviews, and delinquent SEC filings (10-K 2023, Q1 and Q2 2024).
CEO Sebastian Giordano's employment termination due to nonpayment; standstill extended to Nov 15, 2024.
Unpaid compensation acknowledged at $328k as of Aug 15, plus potential $400k severance.
Existing senior notes total $1.55M, including $1M from John Mercadante.

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