Form 8-K - Current report
14 2월 2025 - 6:43AM
Edgar (US Regulatory)
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0001463208
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2025-02-13
2025-02-13
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 13, 2025 (February 7, 2025)
Transportation
and Logistics Systems, Inc.
(Exact
Name of Registrant as Specified in Charter)
Nevada |
|
001-34970 |
|
26-3106763 |
(State
or other Jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
No.) |
5500
Military Trail, Suite 22-357
Jupiter,
Florida 33458
(Address
of Principal Executive Offices) (Zip Code)
(833)
764-1443
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act: None
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry into a Material Definitive Agreement.
As
previously disclosed, on August 12, 2024, Transportation and Logistics Systems, Inc. (the “Company”,
“we”, “us” or “our”) issued two (2) promissory notes (the “August
2024 Notes”) to certain investors (the “2024 Lenders”) in an aggregate principal amount of $150,000, with
an interest rate of 10% per annum and that mature six (6) months from the date of issuance.
On
February 10, 2025, we entered into an Amendment Agreement with the 2024 Lenders pursuant to which the maturity date of the August 2024
Notes for the outstanding principal and interest was extended from February 12, 2025, to August 12, 2025. All other terms and conditions
of the August 2024 Notes remain unchanged.
The
foregoing does not purport to be a complete description of the Amendment Agreement, and such description is qualified in its entirety
by reference to the full text of such document, which is attached as Exhibit 10.1 to this Current Report on Form 8-K (this “Form
8-K”) and is incorporated by reference herein.
Item
2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
As
previously disclosed, on February 6, 2024, the Company issued an unsecured promissory note to John Mercadante (“Mr. Mercadante”),
a Director of the Company, in the principal amount of $64,534 (the “Mercadante Note”). The Mercadante Note has a maturity
date of one year from the date of issuance and accrues interest at a rate per annum of 12%.
On
February 7, 2025, the Company received a default notice (the “Default Notice”) for the failure to pay outstanding
principal and interest due on the Mercadante Note on the maturity date of February 6, 2025. As a result of such default, the interest
rate of the Mercadante Note was increased to 17% per annum effective as of February 7, 2025.
Item
9.01 Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
February 13, 2025
|
Transportation
and Logistics Systems, Inc. |
|
|
|
|
By: |
/s/
Sebastian Giordano |
|
|
Sebastian
Giordano |
|
|
Chief
Executive Officer, Chief Financial Officer and Treasurer |
Exhibit
10.1
TRANSPORTATION
AND LOGISTICS SYSTEMS,INC.
5500
Military Trail – Suite 22-357
Jupiter,
Florida 33458
[Date
of Amendment Agreement]
Dear
Noteholder:
Reference
is hereby made to that certain Promissory Note (the “Note”) of Transportation and Logistics Systems, Inc. (the “Company”)
in the aggregate principal amount of $[Original Principal Amount], issued on [Original Issue Date] and due to [Investor] on [Original
Maturity Date].
This
letter agreement is to confirm that we agree to amend the due date for the outstanding principal and interest of the Note to be due and
paid in full either on [New Maturity Date]. Except as set forth herein, all of the terms and provisions of the Notes shall remain in
full force and effect.
|
Very
truly yours, |
|
|
|
Transportation
and Logistics Systems, Inc. |
|
|
|
By: |
|
|
Name: |
Sebastian
Giordano |
|
Title: |
Chief
Executive Officer |
[INVESTOR]
SCHEDULE
TO EXHIBIT 10.1
The
following table describes the Amendment to Promissory Notes between Transportation and Logistics Systems, Inc. (“TLSS”) and
the investors listed below, the forms of which are substantially identical in all material respects to the representative Amendment to
Promissory Note filed herewith, except as set forth below, and are dated as of the respective dates listed below. The other Amendment
to Promissory Notes are omitted pursuant to Instruction 2 to Item 601 of Regulation S-K.
Name
of Investor | |
Original
Principal Amount | |
Original
Issue Date | |
Date
of Amendment Agreement | |
Original
Maturity Date | |
New
Maturity Date |
Mercer Street Global Opportunity
Fund | |
$ | 75,000 | | |
| 8/12/24 | | |
| 2/7/2025 | | |
| 2/12/25 | | |
| 8/12/2025 | |
Cavalry Fund I LP | |
$ | 75,000 | | |
| 8/12/24 | | |
| 2/7/2025 | | |
| 2/12/25 | | |
| 8/12/2025 | |
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