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Loans and Notes Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Loans and Notes Payable

Note 9. Loans and Notes Payable

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

Third party debt:

Schedule of loans and notes payable
		June 30,				December 31,
		2024				2023
Various promissory notes and convertible notes		$	50,960			$	50,960
Novus Capital Group LLC Note			-				171,554
National Buick GMC			13,556				13,556
Blue Ridge Bank			410,200				410,200
Small Business Administration			349,579				299,900
Al Dali International for Gen. Trading & Cont. Co.			1,088,159				974,594
RSF, LLC			500,000				500,000
Keke Mingo (a)			-				913,240
Cedarview Opportunities Master Fund LP			2,427,422				-
Total notes payable		$	4,839,876			$	3,334,004

Loans and notes payable, current		$	3,960,231			$	2,477,970
Loans and notes payable, long term		$	879,645			$	856,034

Related party debt:


		June 30,				December 31,
		2024				2023
Jorgan Development, LLC		$	20,140,574			$	20,841,052
Ballengee Holdings, LLC (b)			635,150				-
Tyler Nelson (c)			1,167,750				-
Triple T Trading Company LLC			387,354				375,124
Total notes payable- related parties		$	22,330,828			$	21,216,176

Loans and notes payable, current- related parties		$	16,740,820			$	15,626,168
Loans and notes payable, long term- related parties		$	5,590,008			$	5,590,008


2024		$	19,737,489
2025			7,089,709
2026			37,007
2027			17,232
2028			17,232
Thereafter			272,035
Total		$	27,170,704

	(a)	On April 8, 2024, we executed an amended and restated convertible promissory note for the original promissory note (the “Amended Note”). The convertible promissory note replaces an original promissory note between the Company and the holder dated December 5, 2023 (the “Original Note”), but maintains the same interest rate and maturity date of the Original Note, and the obligation to issue 100,000 shares of the Company’s restricted stock remains in effect. Pursuant to the terms of the Amended Note the holder can convert the outstanding principal and interest due under the Amended Note into shares of our common stock at price equal to 90% of the average closing price of the Company’s common stock for the previous three (3) trading days prior to the conversion date, with a floor conversion price of $0.75 per share. The holder may not convert amounts owed under the Amended Note if such conversion would cause him to own more than 4.99% of our common stock after giving effect to the issuance, which limitation may be raised to 9.99% upon no less than 61 days notice to us regarding his desire to increase the conversion limitation percentage. In May 2024, the lender converted all outstanding amounts ($1,048,493) into 903,095 shares of common stock at approximately $1.161 per share.
	(b)	As previously disclosed, on May 14, 2024, we issued a promissory note (the “Note”), to James Ballengee, in the principal amount of up to $1,500,000, for which loan advances will be made to the Company as requested. The Company will use the proceeds of the Note for general working capital purposes and to repay certain indebtedness. The intent of the Note is to be short term in nature and be repaid in 30 days. Any amounts that are not repaid in 30 days will bear interest thereafter at a rate of 11% per annum. Each advance matures after six months from the date the Company receives the funds. On May 23, 2024, we issued a promissory note to Ballengee Holdings, LLC, of which our Chief Executive Officer is the beneficial owner, which replaced and rescinded the above referenced note with James Ballengee effective back to May 14, 2024, under the same terms such that all obligations under the notes are the responsibility of Ballengee Holdings, LLC and the prior note with James Ballengee is no longer enforceable.
	(c)	On June 13, 2024, the Company owed our Chief Financial Officer $1,167,750 in accrued salary and bonuses, plus interest (together, the “Accrued Compensation”), for serving as the Company’s Chief Financial, and executed a Settlement Agreement, where the Company and the CFO agreed the Accrued Compensation would be paid under of a straight promissory note in the principal amount of the Accrued Compensation (the “Note”). Under the terms of the Note, the amounts due will accrue interest at 8% per annum and will be paid by paying 5% of any money received by the Company from closed future financings or acquisition/merger/sale transactions until the Note has been paid in full. In the event the Note has not been paid in full by December 31, 2024, the Note will mature and any amounts due thereunder will be due and payable in full on such date.