---
schema_version: "secwatch.filing_event.v1"
accession: "0001013762-23-006984"
form_type: "8-K"
ticker: null
cik: "0001698113"
company_name: "ID Auto, Inc."
filed_at: "2023-10-26T23:59:59+00:00"
generated_at: "2026-06-09T08:38:58.498177+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# PARTS iD issues $1M subordinated note to CIO at 7.75%; emergency loan to bridge to DIP

## Summary
- $1M unsecured promissory note issued to CIO Sanjiv Gomes on Oct 20, 2023 at 7.75% interest, maturing Oct 20, 2024.
- Note subordinated to Lind Global Fund II LP debt and Pravati Capital litigation funding; intended as emergency bridge to possible DIP financing.
- Proceeds used for working capital and repayment of current indebtedness.
- Transaction approved by disinterested directors and Audit Committee; exempt from registration under Section 4(a)(2).

## SEC filing metadata
- accession: 0001013762-23-006984
- form_type: 8-K
- cik: 0001698113
- company_name: ID Auto, Inc.
- filed_at: 2023-10-26T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698113/000101376223006984/0001013762-23-006984-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698113/000101376223006984/ea187097-8k_partsid.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001013762-23-006984
- JSON: https://secwatch.observer/filing/0001013762-23-006984.json
- Plain text: https://secwatch.observer/filing/0001013762-23-006984.txt

## Key facts
- Debt Financings
  ID Auto, Inc. incurred loan of $1,000,000 with Sanjiv Gomes at 7.75% per annum, compounded semi-annually maturing October 20, 2024.
  - Instrument: loan
  - Principal: $1,000,000
  - Counterparty: Sanjiv Gomes
  - Rate: 7.75% per annum, compounded semi-annually
  - Maturity: October 20, 2024
  - Event: incurrence
  source text: the Company agreed to issue and sell to Sanjiv Gomes, the Company’s Chief Information Officer, in a private placement, an unsecured promissory note in the aggregate principal amount of $1,000,000 (the “Unsecured Note”). The Unsecured Note bears interest at the rate of 7.75% per annum, compounded semi-annually, and matures on October 20, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698113/000101376223006984/0001013762-23-006984-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.