TLSS extends $150K notes maturity to Aug 2025; default on $64.5K note triggers 17% rate

Transportation & Logistics Systems, Inc.

Extended maturity of $150K August 2024 Notes to Aug 12, 2025; interest remains 10%.
Default on $64,534 Mercadante Note due Feb 6, 2025; interest rate increased to 17% effective Feb 7.
Noteholders: Mercer Street Global Opportunity Fund ($75K) and Cavalry Fund I LP ($75K).
Default notice received from director John Mercadante for unpaid principal and interest.

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