TLSS enters $100K promissory notes with 10% interest to fund audit and SEC filing compliance

Transportation & Logistics Systems, Inc.

Aggregate $100,000 unsecured non-convertible notes; 10% annual interest; 6-month maturity.
Proceeds used for 2023 audit, 2024 quarterly reviews, SEC/OTC filings, tax good standing, routine litigation.
Lenders: Mercer Street Global Opportunity Fund and Cavalry Fund I LP; notes are junior to certain existing notes.
Default penalty of 5% per month on outstanding amount after 30-day cure period.

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