XML 45 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Notes Receivable | 12 Months Ended
--- | ---
Dec. 31, 2022
Receivables [Abstract] |
Notes Receivable | 4. Notes Receivable Note 1 On October 15, 2020, APB entered into a loan agreement with (“Note 1”) with Borrower 1. Note 1, not to exceed the principal sum of $200,000, has an interest rate of 12%, and matures on October 15, 2022. The outstanding principal and interest as of December 31, 2022, and December 31, 2021, approximated $0 and $39,000, respectively and is classified as a Current portion of notes receivable on the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021. Note 2 On February 8, 2021, the Company entered into a convertible promissory note (“Note 2”) with Borrower 2, a company registered in Gibraltar. The Company loaned the principal sum of $800,000, with principal and interest at a rate of 4%, due in one year from date of issuance. Borrower 2 repaid the principal and interest in full in April 2022. The outstanding principal and interest as of December 31, 2021, approximated $829,000 and is classified as a Current portion of notes receivable on the Consolidated Balance Sheets at December 31, 2021. Note 3 On February 21, 2021, Impact BioMedical, Inc. a subsidiary of the Company, entered into a promissory note (“Note 3”) with an individual. The Company loaned the principal sum of $206,000, with interest at a rate of 6.5%, and maturity date of August 19, 2022. This note was amended to extend the maturity date to February 19, 2024. Monthly payments are due on the twenty-first day of each month and continuing each month thereafter until February 19, 2024, at which time all accrued interest and the entire remaining principal shall be due and payable in full. This note is secured by certain real property situated in Collier County, Florida. The outstanding principal and interest as of December 31, 2022, and December 31, 2021, approximated $206,000 and $197,000 respectively, with $16,000 classified in Current portion of notes receivable and $190,000 and 197,000 respectively, classified as Notes receivable on the accompanying consolidated balance sheets. Note 4 On May 14, 2021, DSS Pure Air, Inc. a subsidiary of the Company entered a convertible promissory note (“Note 4”) with Borrower 4, a company registered in the state of Texas. Note 4 has an aggregate principal balance up to $5,000,000, to be funded at request of Borrower 4. Note 4, which incurs interest at a rate of 6.65% due quarterly, has a maturity date of May 1, 2023. Note 4 contains an optional conversion clause that allows the Company to convert all, or a portion of all, into new issued member units of Borrower 4 with the maximum principal amount equal to 18% of the total equity position of Borrower 4 at conversion. The outstanding principal and interest as of December 31, 2022 and December 31, 2021, approximated $5,420,000 and $5,081,000, respectively, which is included in current notes receivable on the accompanying consolidated balance sheet. Note 5 On September 23, 2021, APB entered into refunding bond anticipatory note (“Note 5”) with Borrower 5, which operates as a conservation and reclamation district pursuant to Chapter 3891, Texas Special District Local Laws Code; Chapter 375, Texas Local Government Code; and Chapter 49, Texas Water Code. The District Note was in the sum of $3,500,000 and incurs interest at a rate of 5.59% per annum. Principal and interest are due in full on September 22, 2022, and later amended to extend the maturity date to September 22, 2023. This note may be redeemed prior to maturity with 10 days written notice to APB at a price equal to principal plus interest accrued on the redemption date. The outstanding principal and interest of $3,701,000 and $3,540,000 of Note 5 is included in current portion of notes receivable on the consolidated balance sheet at December 31, 2022 and December 31, 2021, respectively. Note 6 On October 25, 2021, APB entered into loan agreement (“Note 6”) with Borrower 6, a company registered in the state of Utah. Note 6 has an initial aggregate principal balance up to $1,000,000, to be funded at request of Borrower 6, with an option to increase the maximum principal borrowing to $3,000,000. Note 6, which incurs interest at a rate of 8.0% with principal and interest due at the maturity date of October 25, 2022. This note contains an optional conversion feature allowing APB to convert the outstanding principal to a 10% membership interest. APB, as holder of Note 6, has the right to elect one member to the Board of Managers. The outstanding principal and interest of approximately $896,000 and $784,000 of the note is included in current portion of notes receivable on the consolidated balance sheet at December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022, this note is in default. The Company has placed reserve of $896,000 against this note as of December 31, 2022, which is accounted for in the current portion of notes receivable. Note 7 On May 14, 2021, APB extended the credit (“Note 7”) to an individual (“Borrower 7”) in the form of two promissory notes for $250,000 and $10,000 respectively, bearing interest at 12.5%, with a maturity date of May 15, 2023. This promissory note is secured by a deed of trust on a tract of land, which is approximately 315 acres, and located in Coke County, Texas. The outstanding principal and interest of approximately $252,000 and $9,000 are included in current portion of Notes receivable on the consolidated balance sheet at December 31, 2022 and $260,000 and $9,500 are included in Note receivable at December 31, 2021. Note 8 On October 27, 2021, HWH World, Inc., a subsidiary of the Company entered a revolving loan commitment (“Note 8”) with Borrower 8, a company registered in Taiwan. Note 8 has a principal balance of $52,000 and incurred no interest through the maturity date of December 31, 2021. The outstanding principal at December 31, 2022 and December 31, 2021 is $63,000 and $52,000, respectively, and is included in the current portion of notes receivable. This note was amended in April 2022 to borrow up to $102,000 and extend the maturity date through April 2023 bearing interest rate of 18%. Note 9 On December 28, 2021, APB entered into promissory note (“Note 9”) with Borrower 9, a company registered in the state of California. Note 9 has an principal balance of $700,000. Note 9, which incurs interest at a rate of 12.0% with principal and interest due at the maturity date of December 28, 2022. On December 29, 2022, the maturity date of this note was extended to May 31, 2023. The outstanding principal and interest of $701,000 and $700,000 of Note 9 is included in current portion of notes receivable on the consolidated balance sheet at December 31, 2022 and December 31, 2021, respectively. Note 10 On January 24, 2022, APB and Borrower 10 entered into a promissory note (“Note 10”) in the principal sum of $100,000 with interest of 6%, due annually, and maturing in January 2024. The outstanding principal and interest at December 31, 2022 approximates $106,000, and is included in Notes receivable on the accompanying consolidate balance sheet. Note 11 On March 2, 2022, APB and Borrower 11, a corporation organized under the laws of the Republic of Korea entered into a promissory note (“Note 11”). Under the terms of Note 11, APB at its discretion, may lend up to the principal sum of $892,500 with an interest rate of 8%, and matures in March 2024, with interest payable quarterly. The outstanding principal and interest at December 31, 2022 is $874,000, net of $25,000 of unamortized origination fees, of which $446,250 is included in current notes receivable on the accompanying consolidated balance sheet. Note 12 On May 9, 2022, DSS PureAir and Borrower 12 entered into a promissory note (“Note 12”) in the principal sum of $210,000 with interest of 10%, is due in three quarterly installments beginning on August 9, 2022, with the first two payment consisting of interest only. All unpaid principal and interest are due on February 9, 2023. The outstanding principal and interest at December 31, 2022 approximates $213,000, and is included in current portions of notes receivable on the accompanying consolidate balance sheet. Note 13 On August 29, 2022, DSS Financial Management Inc and Borrower 13 entered into a promissory note (“Note 13”) in the principal sum of $100,000 with interest of 8%, is due in three quarterly installments beginning on September 14, 2022. All unpaid principal and interest is due on August 29, 2025. The outstanding principal and interest at December 31, 2022 approximates $100,000, and is included in Notes receivable on the accompanying consolidate balance sheet. Note 14 On July 26, 2022, APB and Borrower 14 entered into a promissory note (“Note 14”) in the principal sum of $1,000,000 with interest of 8%. All unpaid principal and interest due on July 26, 2024. The outstanding principal and interest at December 31, 2022 approximates $924,000, net of $66,000 of unamortized origination fees and is included in Notes receivable on the accompanying consolidate balance sheet.

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2196816 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration