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v3.25.2

Loans and Notes Payable | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Loans and Notes Payable | Note 5. 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, 2025 |  |  | December 31, 2024 |
Various promissory notes and convertible notes |  | $ | 50,960 |  |  | $ | 50,960 |
Various promissory notes for vehicle financing |  |  | 306,815 |  |  |  | 445,917 |
Blue Ridge Bank |  |  | 410,200 |  |  |  | 410,200 |
Small Business Administration |  |  | 2,326,359 |  |  |  | 2,389,022 |
Al Dali International for Gen. Trading & Cont. Co. |  |  | 221,838 |  |  |  | 189,391 |
RSF, LLC |  |  | 500,000 |  |  |  | 500,000 |
Justin Ellis |  |  | - |  |  |  | 350,000 |
Cedarview Opportunities Master Fund LP |  |  | 2,356,985 |  |  |  | 2,886,307 |
Business First Bank |  |  | 8,938,737 |  |  |  | 10,842,312 |
Note payable to Pilot OFS Holdings, LLC |  |  | 16,619,526 |  |  |  | 16,619,526 |
Maxus Capital Group, LLC |  |  | 9,294,908 |  |  |  | 10,513,507 |
Curve Capital, LLC |  |  | 747,274 |  |  |  | 2,103,954 |
Clear Think Capital (b) |  |  | 4,021,556 |  |  |  | - |
Agile Capital Funding, LLC |  |  | 1,639,035 |  |  |  | 1,636,855 |
Short term note (c) |  |  | 575,000 |  |  |  | - |
JJ Astor (a) |  |  | 4,222,256 |  |  |  | - |
Total notes payable |  | $ | 52,231,449 |  |  | $ | 48,937,951 |
Loans and notes payable, current |  | $ | 48,530,043 |  |  | $ | 42,423,941 |
Loans and notes payable, long term |  | $ | 3,701,406 |  |  | $ | 6,514,010 |
Related party debt:
Schedule of loans and notes payable related parties |  |  |  |  |  |  |  |
|  | June 30, 2025 |  |  | December 31, 2024 |
Jorgan Development, LLC |  | $ | 17,658,421 |  |  |  | 18,109,503 |
Ballengee Holdings, LLC |  |  | 1,328,805 |  |  |  | 1,391,650 |
James Ballengee |  |  | 492,500 |  |  |  |  |
Tyler Nelson |  |  | 792,868 |  |  |  | 1,020,872 |
Triple T Trading Company LLC |  |  | 476,352 |  |  |  | 404,121 |
Waskom, LLC |  |  | 1,079,287 |  |  |  | 884,018 |
Total notes payable- related parties |  | $ | 21,828,233 |  |  | $ | 21,810,164 |
Loans and notes payable, current- related parties |  | $ | 21,828,233 |  |  | $ | 22,108,339 |
Loans and notes payable, long term- related parties |  | $ | - |  |  | $ | - |
Schedule of maturities of loans and notes payable |  |  |  |
Remaining 2025 |  | $ | 68,116,986 |
2026 |  |  | 5,632,581 |
2027 |  |  | 25,788 |
2028 |  |  | 25,788 |
2029 |  |  | 25,788 |
beyond |  |  | 232,751 |
Total |  | $ | 74,059,682 |
| (a) | On March 17, 2025, the Company issued a junior secured convertible promissory note due to J.J. Astor & Co. (the “Lender”), in the principal amount of $6,625,000, in connection with a Loan and Security Agreement entered into by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, net of closing fees totaling $1,625,000. The note is payable to the Lender over forty-two equal weekly installments of $157,739, which may be paid in cash or, at the option of the Company once an applicable resale registration statement covering the conversion shares is declared effective by the SEC, in free trading shares of its common stock issued at a twenty percent (20%) discount to the lower of either the previous day’s closing price or the average of the four lowest volume-weighted average prices during the prior twenty (20) trading days. The note does not bear interest unless an event of default shall occur and is continuing. The Company agreed to issue the Lender 250,000 shares of its common stock as additional consideration for the loan with a value of $235,000 which has been recorded as a debt discount.
| (b) | The Company entered multiple twelve-month convertible promissory notes in the second quarter 2025 for a total principal amount of $5,911,765, in connection with a Loan and Security Agreement entered into by and between the Company, its subsidiaries, and the Lender. The Company received $5,025,000, net of closing fees totaling $416,500. The notes mature twelve months from the date of issuance, have a 15% original issuance discount, have a one-time ten percent interest charge applied at the issuance date. In addition, the Company agreed to issue the holders 753,750 shares of common stock as additional consideration for the notes with a value of $595,963 which has been recorded as a debt discount.
| (c) | The Company obtained a short-term loan of $475,000 in June 2025. The loan originally matured in June 2025 but it was extended to July 2025. The annual interest rate was eighteen percent per annum.

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