Convertible Promissory Notes and Notes Payable (Tables)

9 Months Ended

Mar. 31, 2024

Convertible Promissory Notes and Notes Payable

Schedule of convertible promissory notes and notes payable

	Maturity	March 31,			June 30,
	Date	2024			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	$	1,650,000		$	2,150,000
Less current portion of notes payable			-			1,254,167
Notes payable, net of current portion		$	1,650,000		$	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, 2024		2,538,500			5,750,000
Total		$	11,788,500		$	15,000,000
Acquisition notes payable			8,288,500			5,750,000
Discount on acquisition notes payable, current			(239,938	)		(93,380	)
Acquisition notes payable, current			8,048,562			5,656,620
			3,500,000			9,250,000
Discount on acquisition notes payable, long-term			(507,607	)		(1,644,915	)
Acquisition notes payable, net of current and discount		$	2,929,393		$	7,605,085
Notes Payable:
Mortgage Loan, 10-year term note, 4.8% interest, collateralized by land and warehouse building	September 26, 2032	$	2,660,679		$	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		3,729,096			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		1,000,290			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			8,715,063			9,095,893
Notes payable, current			5,473,136			1,326,214
Discount on notes payable, current			-			(24,193	)
Notes payable, current net of discount		$	5,473,136		$	1,302,021
Notes payable, long-term			3,160,450			7,769,679
Discount on notes payable, long-term			(16,123	)		(23,522	)
Notes payable, long-term, net		$	3,144,327		$	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. November of 2023 extended to 2.5 year term note	December 28, 2026	$	1,500,000		$	1,500,000
Discount on related party note payable, current			-			(70,644	)
Notes payable, current, net of discount		$	-		$	1,429,356
Discount on related party note payable, long term			(20,185	)		-
Notes payable, long term net		$	1,479,815		$	-
Total convertible notes payable, acquisition notes payable, notes payable and related party note payable		$	22,725,233		$	25,889,239

Schedule of future payments on notes payable

2024	$	6,399,920
2025		11,946,259
2026		3,766,391
2027		279,649
2028		293,565
2029		307,961
Thereafter		578,341
	$	23,572,086
Convertible notes, original discount and related fees and costs		(846,853	)
	$	22,725,233