Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Transportation & Logistics Systems, Inc. incurred loan of $50,000 with C/M Capital Master Fund, LP at 10% per annum maturing six months.
- Instrument
- loan
- Principal
- $50,000
- Counterparty
- C/M Capital Master Fund, LP
- Rate
- 10% per annum
- Maturity
- six months
- Event
- incurrence
Exact text from the filing
On May 1, 2025, Transportation and Logistics Systems, Inc. (the “ Company ”, “ we ”, “ us ” or “ our ”) entered into an unsecured non-convertible promissory note (the “ Note ”) in the principal amount of $50,000, with interest at the rate of 10% per annum accruing and due at maturity in six months, with C/M Capital Master Fund, LP (the “ Lender ”) for the primary purpose of funding a portion of the costs related to: (i) prepare and file the Company’s Certificate of Designation of Preferences, Rights, and Limitations of Series J Senior Convertible Preferred Stock (the “ Certificate of Designation ”); (ii) preparation and submission of any requisite filings with the Securities and Exchange Commission and the OTC Expert Market; (iii) such tax-related and other activities as may be necessary or legally required from time to time to restore the Company to good standing with requisite taxing authorities; and (iv) fees for routine litigation matters in the ordinary course of business.
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Transportation & Logistics Systems, Inc. amended loan of same as November 2024 Note ($50,000) with the 2024 Lender at 10% per annum (unchanged) maturing extended from May 22, 2025 to August 12, 2025.
- Instrument
- loan
- Principal
- same as November 2024 Note ($50,000)
- Counterparty
- the 2024 Lender
- Rate
- 10% per annum (unchanged)
- Maturity
- extended from May 22, 2025 to August 12, 2025
- Event
- amendment
Exact text from the filing
On May 5, 2025, we entered into an amendment agreement with the 2024 Lender (the “ Amendment Agreement ”) pursuant to which the maturity date of the November 2024 Note for the outstanding principal and interest was extended from May 22, 2025 to August 12, 2025.
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Executive change
SEC 8-K Item 5.02
confidence 0.95
Sebastian Giordano resigned as Chief Executive Officer and Chief Financial Officer at Transportation & Logistics Systems, Inc..
- Action
- resigned
- Role
- Chief Executive Officer and Chief Financial Officer
Exact text from the filing
On May 5, 2025, the Company received a termination notice from Mr. Giordano (the “ New Termination Notice ”) for the nonpayment of compensation and other benefits due under such Executive Employment Agreement. The Company is unable to cure such default, and agreed to extend the termination date of the Executive Employment Agreement to August 31, 2025 (the “ New Termination Date ”).
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Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.95
Transportation & Logistics Systems, Inc.: Filed Certificate of Designation for Series J Senior Convertible Preferred Stock with the Nevada Secretary of State, designating 1,000,000 shares of preferred stock with specific rights and preferences (effective 2025-05-05).
- Change
- charter amendment
- Effective
- 2025-05-05
Exact text from the filing
On May 5, 2025, we filed with the Secretary of State of the State of Nevada (the “ Nevada Secretary of State ”) the Certificate of Designation to designate 1,000,000 shares of the Company’s authorized and unissued preferred stock as Series J Senior Convertible Preferred Stock, $0.0001 par value per share (the “ Preferred Stock ”).
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