Transportation & Logistics Systems, Inc. (TLSS): debt financing — Transportation and Logistics Systems issues $100K promissory note at 10% to fund audit and SEC filings

Transportation & Logistics Systems, Inc.

Principal $100,000, 10% simple interest, 6-month maturity, non-convertible; entered into on March 10, 2025.
Proceeds restricted to 2024 audit, 2025 Q1 review, SEC/OTC filings, tax compliance, and ordinary course litigation fees.
Note is junior to ~$1.55M in senior notes (Giordano, Mercadante, others) and pari passu with $350K in parity notes (Cavalry Fund, Mercer Street).
Default triggers 5% monthly penalty on outstanding after 30-day cure; Lender may accelerate upon uncured default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Transportation & Logistics Systems, Inc. incurred loan of $100,000 with C/M Capital Master Fund, LP at 10% per annum maturing six months.

Instrument: loan
Principal: $100,000
Counterparty: C/M Capital Master Fund, LP
Rate: 10% per annum
Maturity: six months
Event: incurrence

Exact text from the filing

On March 10, 2025, Transportation and Logistics Systems, Inc. (the “ Company ”, “ we ”, “ us ” or “ our ”) entered into an unsecured non-convertible promissory note (the “ Note ”) in the principal amount of $100,000, with interest at the rate of 10% per annum accruing and due at maturity in six months, with C/M Capital Master Fund, LP (the “ Lender ”) for the primary purpose of funding a portion of the costs related to: (i) the completion of the Company’s 2024 annual financial statements and audit by the Company’s independent auditor and 2025 first quarter financial statements and independent auditor review; (ii) preparation and submission of any requisite filings with the Securities and Exchange Commission and the OTC Expert Market; (iii) such tax-related and other activities as may be necessary or legally required from time to time to restore the Company to good standing with requisite taxing authorities; and (iv) fees for routine litigation matters in the ordinary course of business

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-010039

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