Notes Payable

3 Months Ended

Mar. 31, 2024

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 5.   NOTES PAYABLE

Our notes payable consisted of the following:

	March 31, 2024									December 31, 2023
	Third-party			Related-party			Total			Third-party			Related-party			Total
2022 12% Notes	$	13,167,796			332,204			13,500,000		$	13,167,796		$	332,204		$	13,500,000
Trees Transaction Notes		—			264,639			264,639			—			326,811			326,811
Green Tree Acquisition Notes		—			508,476			508,476			—			562,000			562,000
Green Man Acquisition Notes		1,427,500			—			1,427,500			1,555,000			—			1,555,000
Working Capital Note		500,000			—			500,000			500,000			—			500,000
Unamortized debt discount		(1,194,346	)		(22,891	)		(1,217,237	)		(1,312,427	)		(25,141	)		(1,337,568	)
Total debt		13,900,950			1,082,428			14,983,378			13,910,369			1,195,874			15,106,243
Less: Current portion		(725,428	)		(264,639	)		(990,067	)		(605,000	)		(487,382	)		(1,092,382	)
Long-term portion	$	13,175,522		$	817,789		$	13,993,311		$	13,305,369		$	708,492		$	14,013,861

Trees Transaction Notes

In January 2022, with the completion of the Trees MLK acquisition, we are obligated to pay the Seller cash equal to $384,873 in equal monthly installments over a period of 24 months. As of March 31, 2024 and 2023, the debt balance of this note was $264,639 and $224,508.96, respectively.

Green Man Acquisition Notes

In December 2022, with the completion of the Green Man Acquisition, we are obligated to pay the Seller cash equal to $1,500,000 in equal monthly installments over a period of 18 months. The payments begin in December 2023 and the payment is equal to $83,333 per month. The relative fair value of this obligation resulted in a debt discount of $275,154. We recorded amortization of debt discount expense from this obligation of $31,146 and $37,250 for the three months ended March 31, 2024 and 2023, respectively.

12% Notes – 2023 Modification

On December 15, 2023, the Company entered into Amended and Restated Senior Secured Convertible Notes with certain accredited investors to modify the original terms of the 12% Notes. We recorded amortization of debt discount expense from the 12% Notes of $89,184 and $76,699 for the years ended March 31, 2024 and 2023, respectively.