secwatch.observer — SEC 8-K summary
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Issuer:     ID Auto, Inc. (—)
CIK:        0001698113
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0001013762-23-006984
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698113/000101376223006984/0001013762-23-006984-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698113/000101376223006984/ea187097-8k_partsid.htm
  HTML page:      https://secwatch.observer/filing/0001013762-23-006984

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