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TLSS acquires 80% of Patriot Glass Solutions for $4.75M in Series J preferred stock
Deal consideration is $4.75M, payable as 47,500 shares of TLSS Series J Senior Convertible Preferred at $100/share stated value.
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TLSS settles $1.4M CEO pay with preferred stock; retention bonuses up to $500k
CEO Giordano settles $1,400,711.62 in outstanding liabilities for 10,007 shares of Series J convertible preferred stock.
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TLSS settles $378K liabilities with Series J preferred shares; insolvent with ceased operations
Settled $378,491.25 in liabilities by issuing 3,785 shares of Series J Senior Convertible Preferred Stock.
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TLSS settles $50k debt with Series J Preferred; discloses insolvency and cessation of operations
Settled $50,273.97 in liabilities by issuing 503 shares of Series J Preferred Stock to a note holder.
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TLSS exchanges 25M-share warrants for 22 preferred shares; settles $506k in liabilities with equity
Warrant holder exchanged warrants for up to 25M common shares for 22 shares of Series J Senior Convertible Preferred Stock.
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TLSS exchanges 112,500 Series G shares plus $258,864 dividends for 13,857 Series J shares; cancels 20M warrants
Exchanged 112,500 Series G shares (27.68% of Series G) and $258,864 accrued dividends for 13,857 Series J shares.
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Transportation & Logistics exchanges most preferred stock and settles $583K liabilities for new Series J preferred
Exchanged 21,418 Series E shares (100% outstanding) and 274,000 Series G shares (59%) for 37,840 Series J preferred shares.
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TLSS settles $2.5M debt with 25,465 Series J preferred shares; operations ceased
Settlement agreements dated May 30, 2025 exchange $2,546,519.70 in liabilities for 25,465 shares of Series J Senior Convertible Preferred Stock.
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TLSS extends CEO departure to Aug 31, issues $50k note, creates Series J Preferred
CEO Sebastian Giordano's termination notice extended to Aug 31, 2025; company unable to cure nonpayment of compensation.
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TLSS extends $150K notes maturity to Aug 2025; default on $64.5K note triggers 17% rate
Extended maturity of $150K August 2024 Notes to Aug 12, 2025; interest remains 10%.
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Transportation and Logistics Systems Enters $50K Note and Corrects Unauthorized Reverse Stock Split
Entered into $50,000 unsecured non-convertible promissory note with Cavalry Fund I LP at 10% interest, due in six months.
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TLSS borrows $150k at 10% to fund audit; CEO termination standstill extended to Nov 15
Company issued $150k in promissory notes to Mercer Street and Cavalry Fund at 10% interest, due in 6 months.
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TLSS lays off CFO and Secretary due to cessation of operations and insolvency
CFO Marc Weiss and Secretary Tasrin Ahmed terminated Feb 29, 2024 due to cessation of all operations and insolvency.
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TLSS operating subsidiaries cease all operations as of Feb 16, 2024; no revenue operations remain
Cougar Express and JFK Cartage (Cougar) and Severance entities ceased operations on Feb 16, 2024 due to loss of vehicle insurance and landlord repossession.
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TLSS appoints new CFO and Secretary; implements 1-for-6250 reverse stock split
Marc Weiss appointed CFO and Treasurer effective January 2, 2024; combined annual base comp $175,000.
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TLSS subsidiaries TLSS-FC and Freight Connections file Chapter 7 bankruptcy
On Dec 1, 2023, subsidiaries TLSS-FC Inc. and Freight Connections Inc. filed voluntary Chapter 7 petitions in NJ Bankruptcy Court.
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TLSS files Series I Preferred Stock to enable 50B authorized share increase for strategic partnerships
Filed Certificate of Designation for Series I Preferred Stock with Nevada, effective July 14, 2023.
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TLSS raises $503k via warrant exercise at $0.002; anti-dilution cuts conversion prices
Received $503,270 from exercise of 251.6M warrants at $0.002 per share (reduced from $0.01).
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TLSS files Freight Connections audited financials; 2021 revenue $8.92M, net income $1.03M
Freight Connections revenue $8.92M in 2021, up 40% from $6.36M in 2020.
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TLSS completes acquisition of Severance (LTL trucking) for $2.25M
Total purchase price of $2,250,000 plus $10,747 closing expenses; paid $365,613 cash, assumed $152,748 vehicle debt, and issued $1,572,939 secured note at 12% interest.
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TLSS subsidiary agrees to acquire Severance Trucking for $2.25M cash
Purchase price of $2.25M cash, subject to adjustment for assumed debt and working capital.
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TLSS completes acquisition of Freight Connections for ~$9.9M
Total consideration ~$9.9M: $1,501,291 cash, $4,544,671 secured note, $341,605 debt assumption, plus $3,513,571 in TLSS stock.
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Transportation and Logistics Systems appoints Justin Frey as COO, $470k package
Justin Frey appointed COO effective September 12, 2022.
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TLSS downgraded from OTCQB to OTC Pink after failing minimum bid price requirement
OTC Markets Group notified TLSS of transfer to OTC Pink effective before market open on or after Aug 22, 2022.
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TLSS faces OTCQB delisting risk; closes JFK Cartage, advancing Freight Connections deal
Stock below $0.01; OTCQB extension denied; may return to Pink Sheets on Aug 21, 2022.
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TLSS subsidiary Cougar Express agrees to acquire JFK Cartage for ~$1.7M
Total purchase price approx. $1,700,000; payable as $500,000 cash, $700,000 secured note, $500,000 SBA loan assumption.
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TLSS to acquire Freight Connections for ~$7M in cash, note, and stock
Purchase price ~$7M (5x trailing EBITDA) paid as $4M cash, $500K secured note (4yr, 5%), and balance in TLSS stock.
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TLSS receives OTCQB delisting notice for bid price <$0.01; 90-day cure until Aug 21, 2022
OTC Markets notified TLSS that bid price closed below $0.01 for 30+ consecutive days, violating OTCQB standard.