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Loans and Notes Payable
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Loans and Notes Payable

Note 6. Loans and Notes Payable

 

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

 

Third party debt:

 

               
    September 30,
2024		     December 31,
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. (a)     173,167       974,594  
RSF, LLC     500,000       500,000  
Keke Mingo     -       913,240  
Justin Ellis (b)     322,000       -  
Cedarview Opportunities Master Fund LP     1,772,879       -  
Total notes payable   $ 3,592,341     $ 3,334,004  
                 
Loans and notes payable, current   $ 3,236,529     $ 2,477,970  
Loans and notes payable, long term   $ 355,812     $ 856,034  

 

Related party debt:

 

               
    September 30,
2024		     December 31,
2023		  
Jorgan Development, LLC   $ 18,763,296       20,841,052  
Ballengee Holdings, LLC (c)     1,264,150       -  
Tyler Nelson     1,115,849       -  
Triple T Trading Company LLC     395,036       375,124  
Total notes payable- related parties   $ 21,538,331     $ 21,216,176  
                 
Loans and notes payable, current- related parties   $ 21,538,331     $ 15,626,168  
Loans and notes payable, long term- related parties   $ -     $ 5,590,008  

 

       
2024   $ 17,313,784  
2025     7,519,146  
2026     35,552  
2027     17,232  
2028     17,232  
Thereafter     227,726  
Total   $ 25,130,672  

 

 
(a) On September 9, 2024, Al Dali International for Gen. Trading & Cont. Co. (DIC) submitted a Notice of Exercise directly to our transfer agent to exercise its non-qualified stock option to purchase 1,000,000 shares of our common stock at an exercise price of $1.179 per share, which was originally issued as security to secure repayment of the note payable. We are currently analyzing the exercise of the stock option and related issuance of the shares to ensure they complied with the terms of our agreement with DIC. If we determine the issuance is in line with our agreement with DIC, then the remaining portion of note payable is anticipated to be paid out of operations of the RPC per the terms of the note agreement as previously disclosed.
(b) On July 8, 2024, we received a loan from a non-affiliated individual lender in the principal amount $350,000, and in connection therewith, the Company agreed to issue 15,982 ($35,000) restricted shares of the Company’s common stock. As of September 30, 2024, these shares have not been issued and are accrued for in accounts payable until issued. The loan bears interest at the rate of 10% per annum. The loan originally matured on December 31, 2024 and was amended on July 19, 2024 to mature on September 30, 2025. The note allows the holder to convert the outstanding principal and interest due under the note into shares of our common stock at price equal to 90% of the average closing price of our common stock for the previous five (5) trading days prior to the conversion date, with a floor conversion price of $1.00 per share. The lender may not convert amounts owed under the 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 from the lender.
(c)

As previously disclosed, on May 23, 2024, we issued a promissory note to Ballengee Holdings, LLC, in the principal amount of up to $1,500,000, for which loan advances of $804,150 have been made to the Company.

 

Additionally, on July 5, 2024, the Company received a loan from Ballengee Holdings, LLC, in the principal amount of $500,000, and in connection therewith, we agreed to issue 21,552 ($50,000) restricted shares of the Company’s common stock, which is currently accrued in related party accounts payable in stock until the shares are issued. The loan bears interest at the rate of 10% per annum. The loan originally matured on December 31, 2024 and was amended on July 19, 2024 to mature on September 30, 2025. The note allows the holder to convert the outstanding principal and interest due under the note into shares of our common stock at price equal to 90% of the average closing price of our common stock for the previous five (5) trading days prior to the conversion date, with a floor conversion price of $1.00 per share. The lender may not convert amounts owed under the 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 from the lender.