---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-084809"
form_type: "8-K"
ticker: null
cik: "0001698113"
company_name: "ID Auto, Inc."
filed_at: "2023-11-08T23:59:59+00:00"
generated_at: "2026-06-08T09:45:56.946615+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# PARTS iD enters $1M emergency bridge loan at 7.75%, secured by litigation proceeds, as potential DIP financing

## Summary
- $1M junior secured note issued to 2642186 Ontario Inc.; 7.75% interest, matures Nov 2, 2024.
- Note secured by junior interest in proceeds from two pending IP litigations; subordinated to Pravati Capital litigation funding.
- Loan described as emergency bridge to possible debtor-in-possession financing facility.
- Proceeds to be used for working capital and repayment of current indebtedness.

## SEC filing metadata
- accession: 0001213900-23-084809
- form_type: 8-K
- cik: 0001698113
- company_name: ID Auto, Inc.
- filed_at: 2023-11-08T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/0001213900-23-084809-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/ea187736-8k_partsid.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-084809
- JSON: https://secwatch.observer/filing/0001213900-23-084809.json
- Plain text: https://secwatch.observer/filing/0001213900-23-084809.txt

## Key facts
- Debt Financings
  ID Auto, Inc. incurred loan of $1,000,000 with 2642186 Ontario Inc. at 7.75% per annum maturing November 2, 2024.
  - Instrument: loan
  - Principal: $1,000,000
  - Counterparty: 2642186 Ontario Inc.
  - Rate: 7.75% per annum
  - Maturity: November 2, 2024
  - Event: incurrence
  source text: On November 2, 2023, PARTS iD, Inc., a Delaware corporation (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) whereby the Company agreed to issue and sell to 2642186 Ontario Inc. (“Ontario”), in a private placement, a junior secured promissory note in the aggregate principal amount of $1,000,000 (the “Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/0001213900-23-084809-index.htm
- Material Agreements
  ID Auto, Inc. entered into Note Purchase Agreement with 2642186 Ontario Inc. valued at $1,000,000 (effective 2023-11-02).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: 2642186 Ontario Inc.
  - Value: $1,000,000
  - Effective: 2023-11-02
  source text: On November 2, 2023, PARTS iD, Inc., a Delaware corporation (the “Company”) entered into a Note Purchase Agreement (the “Purchase Agreement”) whereby the Company agreed to issue and sell to 2642186 Ontario Inc. (“Ontario”), in a private placement, a junior secured promissory note in the aggregate principal amount of $1,000,000 (the “Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698113/000121390023084809/0001213900-23-084809-index.htm

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