- Transportation & Logistics Systems, Inc. (TLSS) has entered into settlement agreements to convert outstanding liabilities into **Series J Senior Convertible Preferred Stock**.  **[1463208_0001493152-25-014291_ex10-1.htm:0]** **[1463208_0001493152-25-014291_form8-k.htm:1]** 
- As of **September 15, 2025**, TLSS settled **$50,273.97** in liabilities with one creditor by issuing **503 shares** of Series J Preferred Stock.  **[1463208_0001493152-25-014291_form8-k.htm:1]**  Other agreements, primarily from **May 30, 2025**, involve settling an additional **$2,546,519.70** in liabilities for **25,457 shares** of Series J Preferred Stock with various creditors.  **[1463208_0001493152-25-014291_ex10-1.htm:12]** 
- A key condition for these settlements, requiring at least **50%** of the outstanding Series E and Series G Convertible Preferred Stock to be exchanged for Series J Preferred Stock, **has been satisfied**.  **[1463208_0001493152-25-014291_form8-k.htm:1]** **[1463208_0001493152-25-014291_ex10-1.htm:1]** 
- The Series J Preferred Stock carries a **stated value of $100 per share**, a conversion price of **$0.001 per share** of common stock, a liquidation preference of **120%** of the stated value, and cumulative dividends accruing at **10% per annum**.  **[1463208_0001493152-25-014291_ex10-1.htm:10]** 
- TLSS has disclosed that it is **insolvent**, has **ceased all logistics and transportation operations**, and may be **unable to meet its existing financial obligations** or comply with ongoing reporting requirements, which could affect its listing status.  **[1463208_0001493152-25-014291_ex10-1.htm:5]** **[1463208_0001493152-25-014291_ex10-1.htm:7]**

Transportation & Logistics Systems (TLSS)