secwatch.observer — SEC 8-K summary
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Issuer:     Transportation & Logistics Systems, Inc. (TLSS)
CIK:        0001463208
Form:       8-K
Filed at:   2025-03-28T23:59:59+00:00
Accession:  0001641172-25-001177
Event type: debt
Sentiment:  neutral
Materiality: 0.25
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1463208/000164117225001177/0001641172-25-001177-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1463208/000164117225001177/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-001177

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