Auto Parts 4Less converts $1.2M debt and payables into stock, lifting equity

Auto Parts 4Less Group, Inc.

Issued 64.59M shares to Sergio & Cheryl Salzano Family Trust to cancel $645,900 debt.
Issued 55.0M shares to North Industrial Machine LLC to cancel $549,978 debt.
Total conversion of $1,195,506 in debt and accounts payable; all shares have a two-year lockup.
Expects to report gains on cancellation of indebtedness of ~$645,900 and ~$549,978 in Q1 10-Q.
CEO cites strengthened balance sheet and aligned creditor long-term interests.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Auto Parts 4Less Group, Inc. entered into NIM Agreement with North Industrial Machine, LLC valued at 54,997,800 shares of common stock for cancellation of $549,978 of indebtedness (effective 2024-03-07).

Action: entry
Agreement: equity purchase
Counterparty: North Industrial Machine, LLC
Value: 54,997,800 shares of common stock for cancellation of $549,978 of indebtedness
Effective: 2024-03-07

Exact text from the filing

On March 7, 2024, the Company entered into an Exchange Agreement (the “NIM Agreement”) with North Industrial Machine, LLC (“NIM”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Auto Parts 4Less Group, Inc. entered into Salzano Agreement with Sergio and Cheryl Salzano Family Trust valued at 64,590,000 shares of common stock for cancellation of $645,900 of indebtedness (effective 2024-03-06).

Action: entry
Agreement: equity purchase
Counterparty: Sergio and Cheryl Salzano Family Trust
Value: 64,590,000 shares of common stock for cancellation of $645,900 of indebtedness
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, Auto Parts 4 Less Group, Inc., a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Salzano Agreement”) with Sergio and Cheryl Salzano Family Trust (“Salzano”).

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Source: SEC EDGAR

accession 0001161697-24-000121

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