Loan & DebtJul 21, 2026, 04:51 PM
Transportation & Logistics Systems Amends $50K Promissory Note
AI Summary
Transportation & Logistics Systems, Inc. (TLSS) entered into an amended and restated $50,000 unsecured non-convertible promissory note with C/M Capital Master Fund, LP. The note carries a 10% annual interest rate and its maturity date has been extended to September 30, 2026. The proceeds are earmarked for essential company operations, including SEC and OTC filings, tax and compliance activities, transfer agent costs, and routine litigation matters. This agreement also confirms the note's parity with other existing financial obligations.
Key Highlights
- Amended and restated $50,000 unsecured non-convertible promissory note.
- Maturity date extended to September 30, 2026.
- Annual interest rate set at 10% per annum.
- Proceeds for SEC filings, tax compliance, transfer agent costs, and litigation.
- Note is in parity with other outstanding notes, including a $100,000 note.
- Default penalty of 5.0% per month in excess of the interest rate.
Price Impact
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