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Financing Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2024
Financing Arrangements |
Schedule of debt |
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
Unsecured loan from unrelated party at 6.0% fixed interest due June 30, 2024 |  | $ | 2,000,000 |  |  | $ | 2,000,000 |
Secured convertible notes payable at 4.0% per annum, due various dates through June 2027 |  |  | 15,250,000 |  |  |  | 16,250,000 |
EB-5 loans – see details below |  |  | 15,000,000 |  |  |  | 17,000,000 |
Notes payable from SMX Property, a related party, at 8% per annum, due October 10, 2024 |  |  | 1,358,658 |  |  |  | 1,358,658 |
Total |  |  | 33,608,658 |  |  |  | 36,608,658 |
Less: debt discount and debt issuance costs |  |  | (306,783 | ) |  |  | (300,232 | )
Current portion |  |  | (19,938,658 | ) |  |  | (22,038,658 | )
Noncurrent portion |  | $ | 13,363,217 |  |  | $ | 14,269,768 |
Schedule of related party debt |
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | (Unaudited) |  |  |  |
$45.0 million loan from Clean Energy Funding, LP |  | $ | 6,000,000 |  |  | $ | 7,000,000 |
$13.0 million loan from Clean Energy Funding II, LP |  |  | 9,000,000 |  |  |  | 10,000,000 |
Total |  |  | 15,000,000 |  |  |  | 17,000,000 |
Less: current portion |  |  | (8,000,000 | ) |  |  | (10,000,000 | )
Noncurrent portion |  | $ | 7,000,000 |  |  | $ | 7,000,000 |
Schedule of principal maturities for the financing arrangements |
For the year ending December 31, |  | Bank and Other Unsecured Loans |  |  | EB-5 Loans – Related Party |  |  | Notes Payable – Related Party |  |  | Convertible Notes |  |  | Total |
2024 (remainder of) |  | $ | 2,000,000 |  |  | $ | 8,000,000 |  |  | $ | 1,358,658 |  |  | $ | 5,580,000 |  |  | $ | 16,938,658 |
2025 |  |  | - |  |  |  | 3,000,000 |  |  |  | - |  |  |  | 5,390,000 |  |  |  | 8,390,000 |
2026 |  |  | - |  |  |  | 4,000,000 |  |  |  | - |  |  |  | 2,390,000 |  |  |  | 6,390,000 |
2027 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 990,000 |  |  |  | 990,000 |
2028 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 500,000 |  |  |  | 500,000 |
Thereafter |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 400,000 |  |  |  | 400,000 |
Total |  | $ | 2,000,000 |  |  | $ | 15,000,000 |  |  | $ | 1,358,658 |  |  | $ | 15,250,000 |  |  | $ | 33,608,658 |

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