NOTES PAYABLE

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

NOTES PAYABLE

9. NOTES PAYABLE

The following table presents a summary of the Company’s promissory notes issued to unrelated third parties as of December 31, 2021:

	Note Amount		Issuance Date		Balance
A. Rodriguez	$	86,821		3/14/13	$	86,821
A. Rodriguez		15,000		7/22/13		15,000
A. Rodriguez		10,000		2/21/14		10,000
Henry Mahgerefteh		144,000		2/15/15		129,595
TRA Capital		106,112		3 loans		125,247
BNA Inv		223,499		6 loans		53,753
Brian Berg		30,000		2/1/12		25,000
Classic Bev		73,473		5/1/17		269,740
TysAdco Partners		1,405,000		3 loans		1,281,000
LGH Investments		850,000		2 loans		748,000
PowerUp		257,000		2 loans		181,210
Jefferson Capital		330,000		12/2021		330,000
SBA Loan		309,900		4/1/20		159,900
Dicer		64,678		7/20/20		141,424
Seaport Loan		437,500		9/30/21		375,000
TCA Global fund		2,150,000		5/1/18		3,413,862
TCA Global fund 2		3,000,000		12/17/19		7,296,001
	$	10,002,633			$	14,641,553

The following description represent unrelated notes payable transactions pre-reverse merger between Snöbar and the Company that were assumed by the Company as a condition to the Share Exchange Agreement:

In February 2012, MGD entered into an unsecured promissory note with a certain unrelated party, now a shareholder of the Company for a principal balance of $30,000 at in interest rate of 8% per year and maturity date of August 1, 2014. The note’s maturity date has been extended to December 31, 2025 and the interest rate under the extinguished as part of the extension. The note had an outstanding balance of $25,000 as of December 31, 2021.

On March 14, 2013, Snöbar Holdings entered into an unsecured promissory note with a certain unrelated third party, now a shareholder of the Company. The note had a principal balance of $86,821 with an interest rate of 5% and had a maturity date of March 14, 2014. The note’s maturity date has subsequently been extended to February 1, 2025. The balance of the note is $86,821 as of December 31, 2021.

On July 22, 2013, Snöbar Holdings entered into an unsecured promissory note with a certain unrelated third party. The note had a principal balance of $15,000 with an original interest rate of 5%. Maturity date has been extended to December 31, 2018, and interest rate has been reduced to 2%, and lender agreed to make all interest retroactive and deferred. The balance of the note was $15,000 as of December 31, 2021.

The following description represents unrelated note payable transactions post-merger between Snöbar and the Company:

In March 16, 2021 and March 26, 2021, the Company entered into a financing arrangement with Power Up Lending pursuant to which the Company borrowed a two loans both with total principal of $128,500 secured by shares of the Company’s common stock. The notes were subject to a 6 month hold before any stock was issued. The current balance as of December 31, 2021 is $181,210.

Over the past year Classic Beverage has periodically issued loans to the Company. The Company has agreed to pay interest 10% per year and has agreed on penalty fees if late on payments. The note is due on demand. The current balance is $269,740, including capitalized interests and penalty fees.

On May 1, 2018, Pacific Ventures Group entered into a secured promissory note with TCA Global Master Fund. The note was secured by interests in tangible and intangible property of Pacific Ventures Group. The effective interest rate on the note is 16.50%. The outstanding balance of the notes with TCA Global Fund for San Diego Farmers Outlet is $3,413,862 as of December 31, 2021, which includes capitalized interests.

On December 17, 2019 Pacific Ventures Group entered into a secured promissory note with TCA Special Situations Credit Strategies ICAV. The note was secured by interests in tangible and intangible property of Pacific Ventures Group. The effective interest rate is 16.50%. The outstanding balance of the notes for Seaport Meat is $7,296,001 as of December 31, 2021, which includes capitalized interests.

On July 20,2020, Seaport Group Enterprises LLC entered into a note in the amount of $64,678.00 for a new piece of machinery in order to upgrade the processing line. The note is payable monthly in installment payments of $1500.00. As of December 31, 2021, the note is current.

In August, 2021, The Company entered into a settlement agreement on the Seller Carryback note with PNC Inc in the amount of $700,000. The payment schedule calls for $200,000 payment that was made in July and $61,500 every quarter for a period of two years. As of December 31, 2021, the note is current.

In the second quarter 2021, The Company entered into three notes with Tysadco Partners in the total amount of $1,405,000. The note can be repaid in cash or converted common stock or a combination of both. Balance of the note is $1,281,000.

In May of 2021, The Company entered into two notes with LGH Financial in the total amount of $850,000. The note can be repaid in cash or converted common stock or a combination of both. As of December 31, 2021, the balance of the notes is $748,000.

In December 2021, the company entered into a convertible promissory note with Jefferson Street Capital in the amount of $330,000 and can be repaid in cash or converted into common stock. As of December 31, 2021 the note was current.

As of December 31, 2021, the Company had short-term notes payable of $1,514,942 and long-term notes payable of $13,594,008. The Company had purchase receivables of $1,703,625.