NOTES PAYABLE

9 Months Ended

Sep. 30, 2022

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 September 30, 2022:

	Note Amount		Issuance Date	Balance
Henry Mahgerefteh	$	144,000	2/15/15	$	117,524
BNA & TRA Capital		106,112	3 loans		75,499
1800 Diagonal Lending			7/12/17		256,250
TysAdco Partners		1,405,000	3 loans		1,266,000
LGH Investments		850,000	2 loans		518,720
Jefferson Capital		330,000	12/1/22		213,000
SBA Loan		309,900	4/1/20		159,900
Dicer		64,678	7/20/20		104,497
Seaport loan		437,500	9/30/21		187,500
TCA Global fund		2,150,000	5/1/18		3,837,047
TCA Global fund 2		3,000,000	12/17/19		8,246,598
	$	9,492,933		$	14,982,534

Purchase Receivables

	Amount		Issuance Date		Balance
Cap Call	$	1,000,000		3 loans - 2020	$	642,400
Lends Park Corp		3,119,163		6/30/22		3,223,013
	$				$	3,875,413

Between May 17, 2022 to July 6, 2022, the Company converted the Unrelated third party noteholders to Restricted Common Shares.

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

Effective September 25, 2020, the Company entered into a settlement agreement with BNA/TRA. The settlement is in the amount of $400,000, on the 1^st of every month $11,500 payment to be made until balance is paid in full. As of September 30, 2022 the note is current.

In March 2021, the Company entered into a financing arrangement with 1800 Diagonal Lending pursuant to which the Company borrowed a total principal of $256,250 secured by shares of the Company’s common stock. The notes are subject to a 6 month hold before any stock is issued. The current balance as of September 30, 2022, is $256,250.

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%. The outstanding balance of the notes with TCA Global Fund for San Diego Farmers Outlet is $3,837,047 as of September 30, 2022 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%. The outstanding balance of the notes for Seaport Meat is $8,246,598 as of September 30, 2022, which includes capitalized interests.

On July 20, 2020, Seaport Group Enterprises LLC entered a note in the amount of $150,000.00 for a new piece of machinery in order to upgrade the processing line. The note is payable monthly in installment payments of $2,500.00. As of September 30, 2022, the note is current.

On December 8, 2019, The Company entered into a settlement agreement on the Seller Carryback note with PNC Inc. in the amount of $700,000. The payment schedule consists of a $62,500 payment every quarter for a period of two years. As of September 30, 2022, the note is current.

In September 2020, Seaport Group Enterprises LLC entered into a revenue-based factoring agreement with Cap Call and received an aggregate of $1,000,000 CAP Call in exchange for $1,300,000.00 of future receipts relating to monies collected from customers or other third-party payors. Under the terms of the agreement, the Company is required to make weekly payments for 40 weeks. Payments are current.

In June of 2022, Seaport Group Enterprises LLC entered into a revenue-based factoring agreement with Lendspark Capital and received an aggregate of $2,637,600.00 Lendspark in exchange for 3,250,000.00 of future receipts to monies collected from customers or other third-party payors. Under the terms of the agreement, the Company is required to make daily payments for 46 weeks. Payments are current.

In the first and second quarter 2021, the Company entered into a note agreement with Tysadco Partners with a total amount of $1,405,000. In the first quarter of 2021, the Company entered into a note agreement of $325,000. The notes can be repaid in cash or converted common stock or a combination of both. Balance of all the notes is $1,266,000. As of September 30, 2022, the notes are current.

In the second quarter of 2021, the Company entered into note agreements with LGH Financial in the total amount of $518,720. The note can be repaid in cash or converted common stock or a combination of both. As of September 30, 2022, the note is current.

As of September 30, 2022, the Company had short-term notes payable of $662,273 and long-term notes payable of $14,320,261. The Company had purchase receivables of $3,875,413.