TLSS settles $50k debt with Series J Preferred; discloses insolvency and cessation of operations

Transportation & Logistics Systems, Inc.

Settled $50,273.97 in liabilities by issuing 503 shares of Series J Preferred Stock to a note holder.
Settlement conditioned on exchange of ≥50% of Series E and G Preferred for Series J; condition satisfied.
Company states it has ceased all logistics and transportation operations and is unable to meet financial obligations.
Company may fail to maintain listing or comply with SEC reporting without additional funding.
Preferred shares and underlying common issued unregistered under Section 3(a)(9) exemption.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Transportation & Logistics Systems, Inc. issued 503 shares of preferred stock for $50,273.970 in Outstanding Liabilities.

Security: preferred stock
Shares: 503 shares
Consideration: $50,273.970 in Outstanding Liabilities

Exact text from the filing

the Creditor agreed to settle an aggregate of $50,273.970 in Outstanding Liabilities, which includes accrued and unpaid interest, in exchange for the issuance of 503 shares of the Company’s Series J Senior Convertible Preferred Stock

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Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-014291

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