Transportation and Logistics Systems enters $75K unsecured note at 10% interest, 6-month maturity

Transportation & Logistics Systems, Inc.

$75,000 promissory note issued to C/M Capital Master Fund, LP; 10% simple interest, due in 6 months.
Proceeds to fund 2024 audit, 2025 Q1 review, SEC filings, tax compliance, and litigation costs.
Note is unsecured, non-convertible; events of default include payment failure and bankruptcy.
Note is subordinate to $1.55M senior notes (Giordano, Mercadante, others) and in parity with $450K prior notes.
Simultaneous letter agreement restricts use of proceeds and requires lender approval for disbursement.

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