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Transportation and Logistics Systems, Inc. (OTC PINK: TLSS) on November 1, 2023, executed a promissory note for a loan of $500,000 from John Mercadante. Mr. Mercadante is a Director of the Company. The funds had been advanced previously. The terms of the note provide for interest at 12% per annum. The maturity date of the note is June 30, 2024, provided, however, that loan is prepayable by the Company at any time without premium or penalty.
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