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.

item 1.01item 3.02item 9.01

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