secwatch.observer — SEC 8-K summary
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Issuer:     Auto Parts 4Less Group, Inc. (—)
CIK:        0001438901
Form:       8-K
Filed at:   2024-03-11T23:59:59+00:00
Accession:  0001161697-24-000121
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1438901/000116169724000121/0001161697-24-000121-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1438901/000116169724000121/form_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001161697-24-000121

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