DEBT AND DEBT - RELATED PARTIES (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
Debt Disclosure [Abstract] |
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SCHEDULE OF DEBT AND DEBT - RELATED PARTIES |
The
following is a summary of the Company’s debt outstanding as of March 31, 2023, and December 31, 2022:
SCHEDULE
OF DEBT AND DEBT - RELATED PARTIES
| |
March
31, 2023 | | |
December 31, 2022 | |
Senior Secured Promissory Notes | |
$ | 975,000 | | |
$ | 1,025,000 | |
Senior Secured Promissory Notes - Related Parties | |
| 750,000 | | |
| 750,000 | |
Fixed-Rate Mortgage Loans | |
| 30,315,774 | | |
| 30,568,677 | |
Variable-Rate Mortgage Loans | |
| 4,828,637 | | |
| 4,879,462 | |
Other Debt, Subordinated Secured | |
| 1,242,006 | | |
| 741,000 | |
Other Debt, Subordinated Secured - Related Parties | |
| 150,000 | | |
| 150,000 | |
Other Debt, Subordinated Secured - Seller Financing | |
| 46,106 | | |
| 56,051 | |
Financed Insurance Premiums | |
| 621,274 | | |
| 235,125 | |
Debt and Debt – Related Parties, Gross | |
| 38,928,797 | | |
| 38,405,315 | |
Unamortized Discount and Debt Issuance Costs | |
| (716,598 | ) | |
| (810,997 | ) |
| |
| | | |
| | |
Debt and Debt – Related Parties, Net of Discount | |
$ | 38,212,199 | | |
$ | 37,594,318 | |
| |
| | | |
| | |
As presented in the Consolidated Balance Sheets: | |
| | | |
| | |
| |
| | | |
| | |
Current Maturities of Long-Term Debt, Net | |
$ | 3,933,555 | | |
$ | 2,296,830 | |
Short term debt – Related Parties, Net | |
| 900,000 | | |
| 900,000 | |
Long-Term Debt, Net | |
| 33,378,644 | | |
| 34,397,488 | |
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SCHEDULE OF MORTGAGE LOAN DEBT |
SCHEDULE OF MORTGAGE LOAN DEBT
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| | |
| | |
Total Principal Outstanding as of | |
State | |
Number of Properties | | |
Total Face Amount | | |
March 31,
2023 | | |
December 31,
2022 | |
Arkansas(1) | |
| 1 | | |
$ | 5,000,000 | | |
$ | 3,868,180 | | |
$ | 3,910,767 | |
Georgia | |
| 5 | | |
$ | 17,765,992 | | |
$ | 13,166,889 | | |
$ | 16,019,874 | |
Ohio | |
| 1 | | |
$ | 3,000,000 | | |
$ | 5,334,687 | | |
$ | 2,649,400 | |
Oklahoma | |
| 6 | | |
$ | 13,181,325 | | |
$ | 12,774,655 | | |
$ | 12,868,098 | |
| |
| 13 | | |
$ | 38,947,317 | | |
$ | 35,144,411 | | |
$ | 35,448,139 | |
(1) |
The
mortgage loan collateralized by this property is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount
of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. Guarantors under the
mortgage loan include Christopher Brogdon. Mr. Brogdon has assumed operations of the facility and is making payments of principal
and interest on the loan on our behalf in lieu of paying rent on the facility to us. During the three months ended March 31, 2023,
the Company recognized other income of $42,587 for repayments on the loan. |
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SCHEDULE OF OTHER DEBT |
SCHEDULE
OF OTHER DEBT
| |
| | |
Total Principal Outstanding as of | | |
| |
|
Property | |
Face Amount | | |
March 31,
2023 | | |
December 31,2022 | | |
Stated Interest Rate | |
Maturity Date |
Goodwill Nursing Home | |
$ | 2,030,000 | | |
$ | 741,000 | | |
$ | 741,000 | | |
13% Fixed | |
1-Apr-24 |
Goodwill Nursing Home | |
| 501,006 | | |
| 501,006 | | |
| - | | |
6.75% Fixed | |
5-July-23 |
Goodwill Nursing Home – Related Party | |
| 150,000 | | |
| 150,000 | | |
| 150,000 | | |
13% Fixed | |
30-Nov-25 |
Higher Call Nursing Center
(1) | |
| 150,000 | | |
| 46,106 | | |
| 56,051 | | |
8% Fixed | |
1-Apr-24 |
| |
$ | 2,831,006 | | |
$ | 1,438,112 | | |
$ | 947,051 | | |
| |
|
(1) |
In
connection with the acquisition of Higher Call, the Company executed a promissory note in favor of the Seller, Higher Call Nursing
Center, Inc., in the principal amount of $150,000 which accrues interest at the rate of 8% per annum and is payable in equal monthly
installments, principal and interest. This note is secured by a corporate guaranty of Global. |
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SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS |
SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS
| |
| | |
Total Principal Outstanding as of | | |
| |
|
Series | |
Face Amount | | |
March 31, 2023 | | |
December 31, 2022 | | |
Stated Interest Rate | |
Maturity Date |
10% Senior Secured Promissory Notes | |
$ | 1,255,000 | | |
$ | 975,000 | | |
$ | 1,025,000 | | |
10% Fixed | |
30-Jun-23 |
10% Senior Secured Promissory Notes – Related Party | |
$ | 750,000 | | |
| 750,000 | | |
| 750,000 | | |
10% Fixed | |
30-Jun-23 |
| |
$ | 2,005,000 | | |
$ | 1,725,000 | | |
$ | 1,775,000 | | |
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