XML 46 R36.htm IDEA: XBRL DOCUMENT v3.23.3
Loans and Notes Payable (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total Notes Payable $ 2,397,087 $ 2,273,620
Loans and notes payable, current 529,366 542,374
Loans and notes payable, current attributed to variable interest entity 1,325,000
Loans and notes payable, long term 1,867,721 406,246
Various Promissory Notes And Convertible Notes [Member]    
Debt Instrument [Line Items]    
Total Notes Payable 50,960 50,960
Novus Capital Group LLC Note [Member]    
Debt Instrument [Line Items]    
Total Notes Payable [1] 171,554 171,554
National Buick GMC [Member]    
Debt Instrument [Line Items]    
Total Notes Payable 15,786 16,006
Blue Ridge Bank [Member]    
Debt Instrument [Line Items]    
Total Notes Payable 410,200 410,200
Small Business Administration [Member]    
Debt Instrument [Line Items]    
Total Notes Payable 299,900 299,900
Al Dali International For Gen Trading And Cont Co [Member]    
Debt Instrument [Line Items]    
Total Notes Payable [2] 948,687
RSF, LLC [Member]    
Debt Instrument [Line Items]    
Total Notes Payable [3] 500,000
Various variable interest promissory notes [Member]    
Debt Instrument [Line Items]    
Total Notes Payable [4] $ 1,325,000
[1] 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 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.
[2] On June 20, 2023, we issued a 15% secured promissory note due to Al Dali International for Gen. Trading & Cont. Co., a company organized under the laws of Kuwait (“DIC”), in the principal amount of up to $1,950,000. As security to secure repayment of the Note, we issued DIC an option to purchase 1,000,000 shares of our common stock at an exercise price of $1.179 per share, which was recorded as a debt discount in the amount of $467,509, which is amortized to interest expense over the term of the agreement using the effective interest method. We also granted DIC a security interest in our Trial Remediation Processing Center (“RPC”) that is currently on-site at the DIC facility in Kuwait. We will repay the amounts due under the note from the operations of the RPC. In order to repay the amounts due under the note, DIC will deduct $12 per ton of material we process from the amounts due to us until all amounts due under the note have been repaid.
[3] On July 25, 2023, RSF, LLC loaned the Company $500,000 under the terms of a 10% Convertible Promissory Note. Under the terms of the note, interest accrues at 10% per annum, and matures two years from the date of issuance. The note is convertible into shares of our common stock at $2.50 per share, unless such conversion would cause the investor to own more than 4.9% of our outstanding common stock.
[4] 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 nine months ended September 30, 2023, an additional $1,980,000 has been raised in relation this offering, and $3,305,000 of this debt has been converted into units of the LLC. VWFI has also entered into various master revolving notes outside of the offering: an additional $765,000, was raised from a related party as of September 30, 2023, which accrues 6% interest per annum, has a maturity date of October 11, 2024, where no payments are made prior to the maturity date unless at the option of the fund. For the nine months ended September 30, 2023, we made a cash payment of $12,655 on the principal of the revolving note.