Convertible Promissory Notes and Notes Payable (Table)

3 Months Ended

Sep. 30, 2023

Convertible Promissory Notes and Notes Payable

Schedule Convertible Promissory Notes and Notes Payable

	Maturity	September 30,			June 30,
	Date	2023			2023
Convertible Notes:
Promissory Note, 21- month term note, 18.11% interest payable with common stock and subordinate to the Convertible Notes	June 1, 2026	$	2,150,000		$	2,150,000
Less current portion of notes payable			-			1,254,167
Notes payable, net of current portion		$	2,150,000		$	895,833
Acquisition Notes:
Convertible Notes, 36-month term notes, 0% cash interest, collateralized with all the assets of the Company	October 31, 2025		3,500,000			3,500,000
Subordinated Promissory Notes, 24-month term notes, 4% cash interest, collateralized with all the assets of the Company	October 31, 2024		5,750,000			5,750,000
Subordinated Promissory Notes, 12-month term notes, 4% cash interest, collateralized with all the assets of the Company	October 31, 2023		5,750,000			5,750,000
Total		$	15,000,000		$	15,000,000
Discount on acquisition notes payable, current			(93,380	)		(93,380	)
Acquisition notes payable, current			5,750,000			5,750,000
Acquisition notes payable, current net		$	5,656,620		$	5,656,620
Discount on acquisition notes payable, long-term			(1,281,503	)		(1,644,915	)
Acquisition notes payable, long-term			9,250,000			9,250,000
Acquisition notes payable, long-term net		$	7,968,497		$	7,605,085
Notes Payable:
Mortgage Loan, 10-year term note, 4.8% interest, collateralized by land and warehouse building	September 26, 2032	$	2,781,193		$	2,841,566
Promissory Note, 21-month term note, 10% cash interest and subordinate to the Convertible Notes	November 22, 2024		560,000			560,000
SBA note payable, 30-year term note, 6% interest rate and collateralized with all assets of the Company	October 6, 2021		3,728,970			3,910,767
Inventory consignment note, 60 monthly payments, with first payment due June 30, 2022, 3.5% interest rate and no security interest in the assets of the business	June 30, 2027		1,015,819			1,099,592
GF Note, 6 annual payments, with first payment due December 31, 2022, 3.5% interest rate and no security interest in the assets of the business	November 7, 2026		683,968			683,968
Total notes payable			8,769,950			9,095,893
Discount on notes payable, current			(15,620	)		(24,191	)
Notes payable, current			4,270,977			2,580,379
Notes payable, current net		$	4,255,357		$	2,556,188
Discount on notes payable, long-term			(23,522	)		(23,522	)
Notes payable, long-term			4,498,973			7,769,679
Notes payable, long-term, net		$	4,475,451		$	7,746,157
Related Notes Payable:
Marshall Loan, 2-year term note, 8.5% cash interest, 3.5% PIK interest and subordinate to the Convertible Notes	June 28, 2024		1,500,000			1,500,000
Discount on related party note payable, long term			(55,507	)		(70,644	)
Notes payable, long term			1,500,000			1,500,000
Notes payable, long term net		$	1,444,493		$	1,429,356
Total convertible notes payable, acquisition notes payable, notes payable and related party note payable		$	25,950,418		$	25,889,239

Schedule Future payments on notes payable

	Notes Payable			Convertible Notes		Acquisition Notes Payable			Related Party Note Payable			Total
2024	$	4,270,977		$		$	5,750,000		$			$	10,020,977
2025		734,529					5,750,000						6,484,529
2026		1,306,040			2,150,000		3,500,000			1,500,000			8,456,040
2027		627,277											627,277
2028		313,045											313,045
Thereafter		1,518,082											1,518,082
	$	8,769,950		$	2,150,000	$	15,000,000			1,500,000		$	27,419,950
Note original discount		(39,142	)		-		(1,374,883	)		(55,507	)		(1,469,532	)
	$	8,730,808		$	2,150,000	$	13,625,117		$	1,444,493		$	25,950,418