XML 58 R40.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Loans and Notes Payable (Details 1) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
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
Jorgan Development LLC [Member]    
Debt Instrument [Line Items]    
Total Notes Payable- related parties 20,140,574 20,841,052
Ballengee Holdings L L C [Member]    
Debt Instrument [Line Items]    
Total Notes Payable- related parties [1] 635,150
Tyler Nelson [Member]    
Debt Instrument [Line Items]    
Total Notes Payable- related parties [2] 1,167,750
Triple T Trading Company L L C [Member]    
Debt Instrument [Line Items]    
Total Notes Payable- related parties $ 387,354 $ 375,124
[1] 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note to Ballengee Holdings, LLC, of which our Chief Executive Officer is the beneficial owner, which replaced and rescinded the above referenced note with James Ballengee effective back to May 14, 2024, under the same terms such that all obligations under the notes are the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.
[2] 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.