Transportation and Logistics Systems Enters $50K Note and Corrects Unauthorized Reverse Stock Split

Transportation & Logistics Systems, Inc.

Entered into $50,000 unsecured non-convertible promissory note with Cavalry Fund I LP at 10% interest, due in six months.
Filed Certificate of Correction with Nevada Secretary of State to withdraw unauthorized December 2023 reverse stock split.
Note proceeds allocated to completing 2023 audit, SEC/OTC filings, tax compliance, and routine litigation fees.
The note is junior to existing notes totaling $1,547,837.96 and in parity with $250,000 in prior notes.
Similar notes were previously entered on August 12, 2024 and October 9, 2024 with the same lender.

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