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Loans and Notes Payable

3 Months Ended

Mar. 31, 2023

Note 10. Loans and Notes Payable

Loans and notes payable and their maturities consist of the following:

Schedule of loans and notes payable
	March 31,		December 31,
	2023		2022
Various promissory notes and convertible notes	$	50,960	$	50,960
Novus Capital Group LLC Note (a)		171,554		171,554
Triple T Notes (b)		351,626		342,830
National Buick GMC		16,006		16,006
Blue Ridge Bank		410,200		410,200
Small Business Administration		299,900		299,900
Jorgan Development, LLC		27,609,978		27,977,704
Various variable interest promissory notes (c)		2,595,000		1,325,000
Total Notes Payable	$	31,505,224	$	30,594,154

Loans and notes payable, current	$	894,000	$	885,204
Loans and notes payable, current attributed to variable interest entity		2,595,000		1,325,000
Loans and notes payable, long term	$	28,016,224	$	28,383,950

	March 31, 2023		December 31, 2022
Various variable interest promissory notes (c)- related parties	$	1,244,500	$	899,500
Loans and notes payable, current attributed to variable interest entity- related parties		944,500		599,500
Loans and notes payable, long term- related parties	$	300,000	$	300,000


2023	$	4,433,500
2024		13,581,928
2025		13,348,654
2026		33,640
2027		17,232
Thereafter		1,334,770
Total	$	32,749,724

(a)

In 2017, the Company acquired assets, including patents, in the amount of $4,931,380 in which the Company also agreed to assume the encumbering debt on asset in the amount of $334,775. The debt currently accrues interest at 10% per annum. In November 2021, the lender agreed to extend the maturity of the note to April 1, 2022. On April 1, 2022, the lender agreed to extend the maturity of the note to April 1, 2023 with an initial payment of $52,448 and approximate monthly payment of $29,432 thereafter until the note is fully paid. As of the date of this report, we are currently renegotiating the terms of this debt.

(b)

The balance of this note is due to a related party, a company owned by the 51% owner of Vivakor Middle East LLC. The loan was granted to Vivakor Middle East LLC by the majority owner for operational use. On March 10, 2021, the Company entered into a master revolving note with Triple T Trading Company LLC to set forth the relationship of the parties to retain the previous terms of the note payable to Triple T Trading Company LLC, to include a note maturity of March 10, 2023, and maximum lending amount of 1,481,482 QAR or approximately $400,000, valued at an exchange rate of approximately $0.27 per QAR. In March 2023 the parties agreed to extend the maturity date of the loan to March 10, 2024.

(c)

The balance of these various promissory notes are related to the special purchase vehicle, Viva Wealth Fund I, LLC (VWFI) of which the balance primarily related to an offering up to $25,000,000 in convertible notes in a private offering, which was closed on March 31, 2023. During the three months ended March 31, 2023, an additional $1,980,000 has been raised in relation this offering, and $710,000 of this debt has been converted into units of the LLC. VWFI has also entered into various master revolving notes outside of the offering: and additional $345,000, was raised from a related party as of March 31, 2023, which accrues 6% interest per annum, has a maturity date of October 11, 2023, where no payments are made prior to the maturity date unless at the option of the fund.