Transportation & Logistics Systems, Inc. 8-K

What Happened

• On April 24, 2026, Transportation & Logistics Systems, Inc. announced it entered into and received funding under an unsecured, non‑convertible promissory note for $100,000 from C/M Capital Master Fund, LP. The Note carries interest at 10% per annum and matures six months after issuance. The company and the lender also executed a contemporaneous letter agreement describing intended use of proceeds.

Key Details

• Principal: $100,000 funded on April 24, 2026.
• Interest & term: 10% per year, due at maturity (six months after issuance).
• Use of proceeds: SEC/OTC filings, tax and compliance remediation, transfer agent costs, and routine litigation fees.
• Payment & default terms: prepayment permitted with three business days’ notice; lender can demand repayment on default after five business days’ notice and may impose a 5.0% per month default penalty (in addition to the 10% rate) if not paid within 30 days after demand.

Why It Matters

• This 8‑K reports a new short‑term debt obligation that increases the company’s near‑term financial liabilities by $100,000 and will generate interest expense at a relatively high rate.
• The loan is unsecured and non‑convertible, so it does not dilute shareholders but does create a repayment obligation that could pressure cash flow given the six‑month maturity and steep default penalties.
• The stated use of funds (regulatory filings and compliance/tax matters) indicates the company is allocating capital toward restoring or maintaining compliance and market access, which is material to investors monitoring the company’s regulatory standing.