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NOTES PAYABLE, RELATED PARTY | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes Payable Related Party |
NOTES PAYABLE, RELATED PARTY | 22. NOTES PAYABLE, RELATED PARTY Notes payable, related party at December 31, 2023 and December 31, 2022, were comprised of the following:
Schedule of notes payable, related party |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate |  | Due date |  | December 31, 2023 |  |  | December 31, 2022 |
Notes from officers - AAI |  | 18% |  | February 1, 2024* |  | $ | 98,000 |  |  | $ | - |
Notes from officers - TurnOnGreen |  | 14% |  | Past due |  |  | 51,000 |  |  |  | 25,000 |
Notes from board member - ROI |  | 18% |  | January 19, 2024* |  |  | 90,000 |  |  |  | - |
Ault & Company advances |  | No interest |  | Upon demand |  |  | 1,909,000 |  |  |  | - |
Advances from officers - AAI |  | No interest |  | Upon demand |  |  | - |  |  |  | 300,000 |
Advances from officers - TurnOnGreen |  | No interest |  | Upon demand |  |  | - |  |  |  | 14,000 |
Advances from officers - GIGA |  | 8% |  | Upon demand |  |  | 52,000 |  |  |  | - |
Other related party advances |  | No interest |  | Upon demand |  |  | 175,000 |  |  |  | 13,000 |
Total notes payable |  |  |  |  |  | $ | 2,375,000 |  |  | $ | 352,000 |
Ault & Company Loan Agreement On June 8, 2023, the Company entered into a loan agreement with Ault & Company as lender. The loan agreement provides for an unsecured, non-revolving credit facility in an aggregate principal amount of up to $10 million. All loans under the loan agreement are due within five business days after request by Ault & Company. Ault & Company is not obligated to make any further advances under the loan agreement after December 8, 2023. Advances under the loan agreement bear interest at the rate of 9.5% per annum and may be repaid at any time without penalty or premium. As of December 31, 2023, $4.6 million has been advanced under the loan agreement and was exchanged for a senior secured convertible promissory note with Ault & Company (see Note 24). In August 2023, Ault & Company assumed $11.6 million of secured promissory notes previously issued by the Company for which the Company has issued term notes to Ault & Company in the same amount. One term note has a principal amount of $1.1 million and bears interest at 12% and the second term note has a principal amount of $10.5 million and bears interest at 10%. These assumed loans were exchanged for a senior secured convertible promissory note with Ault & Company (see Note 24). Summary of interest expense, related party, recorded within interest expense on the condensed consolidated statement of operations:
Schedule of interest expense, related party |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Interest expense, related party |  | $ | 664,000 |  |  | $ | - |

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