Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Transportation and Logistics Systems, Inc. (OTC PINK: TLSS) ("TLSS" or the
"Company"), a publicly-traded holding company in which its wholly-owned
operating subsidiaries, Cougar Express, Inc., Freight Connections, Inc., JFK
Cartage, Inc., and Severance Trucking Co., together provide a full suite of
logistics and transportation services, announced that, on April 14, 2023, its
Board of Directors approved a credit facility (the "Credit Facility") under
which the Company would obtain unsecured senior debt financing of up to
$1,000,000. The terms of the Credit Facility provide for interest at 12% per
annum. The maturity date of the financing will be December 31, 2023, provided,
however, that loans are prepayable by the Company at any time without premium or
penalty. Each loan under the Credit Facility will be made on promissory notes,
substantially in the form of Exhibit 10.1 hereto.
The Company received initial loans under the Credit Facility, in the following
amounts: (a) $500,000 from John Mercadante on April 17, 2023; Mr. Mercadante is
a Director of the Company; and (b) $100,000 from Sebastian Giordano on April 21,
2023; Mr. Giordano is the Company's Chief Executive Officer, President, and
Chairman of the Board of Directors.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Form of Promissory Notes
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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