Transportation & Logistics Systems, Inc. 8-K

What Happened
Transportation & Logistics Systems, Inc. announced it entered into an amended and restated unsecured, non‑convertible promissory note for $50,000 with C/M Capital Master Fund, LP on July 16, 2026. The Note carries a 10% per annum interest rate and matures on September 30, 2026, and it amends and restates a $50,000 note originally issued on August 25, 2025. The company also executed an amended and restated letter agreement on July 17, 2026 confirming intended use of proceeds and parity with another outstanding note from the same lender.

Key Details

• Principal: $50,000; Interest: 10% per annum; Maturity: September 30, 2026.
• Permits prepayment in whole or in part with three (3) business days’ written notice, without penalty.
• Permitted uses of proceeds: SEC/OTC filing preparation, tax/compliance work to restore good standing, transfer agent costs, and routine litigation fees.
• Default terms: lender can demand full repayment on five (5) business days’ notice after an event of default; if unpaid 30 days after demand, an additional default penalty of 5.0% per month (in excess of the 10% interest) may apply and the lender may pursue collection actions.

Why It Matters
This 8-K records a near-term borrowing that creates a direct financial obligation for the company. Although the amount ($50K) is modest, it carries a short maturity and aggressive default remedies that could increase costs if the company cannot repay or refinance by September 30, 2026. The stated use—funding regulatory filings and compliance work—signals the company is addressing SEC/OTC and tax/compliance matters, which could be important for maintaining listing and regulatory standing. Investors should note the loan’s parity with other indebtedness to the same lender (not subordinated) and the potential need for additional financing if obligations come due.