XML 157 R40.htm IDEA: XBRL DOCUMENT

Financing Arrangements (Tables)

3 Months Ended

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