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.

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