TLSS settles $378K liabilities with Series J preferred shares; insolvent with ceased operations

Transportation & Logistics Systems, Inc.

Settled $378,491.25 in liabilities by issuing 3,785 shares of Series J Senior Convertible Preferred Stock.
Condition that >=50% of Series E and Series G Preferred be exchanged for Series J has been satisfied.
Company confirms it is insolvent, has ceased all logistics/transportation operations, and cannot meet financial obligations.
May be unable to maintain listing on a Trading Market or comply with SEC reporting without additional funding.

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