NOTES PAYABLE

12 Months Ended

Dec. 31, 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 December 31, 2022:

	Note Amount		Issuance Date	Balance
Henry Mahgerefteh	$	144,000	2/15/15		114,927
BNA & TRA Capital		106,112	3 loans		52,499
1800 Diagonal Lending		88,750	7/12/17		88,750
ClearThink Capital Partners.		1,405,000	4 loans		1,266,000
LGH Investments		850,000	2 loans		503,600
Jefferson Capital		330,000	12/1/22		213,000
SBA Loan		309,900	4/1/20		300,000
Dicer		64,678	7/20/20		91,563
Seaport loan		437,500	9/30/21		125,000
TCA Global fund		2,150,000	5/1/18		3,998,848
TCA Global fund 2		3,000,000	12/17/19		8,594,342
	$	8,797,190		$	15,348,528

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

In May 17, 2022, the Company entered into a financing arrangement with 1800 Diagonal Lending pursuant to which the Company borrowed a loan for a total principal of $88,750 secured by shares of the Company’s common stock. The current balance as of December 31, 2022 is $88,750.

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 $3,998,848 as of December 31, 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 16.50%. The outstanding balance of the notes for Seaport Meat is $8,594,342 as of December 31, 2022, 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, 2022, 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 is $62,500 every quarter for a period of two years. As of December 31, 2022, the balance is $125,000.

In the second quarter 2021 and in February 2022, The Company entered into three notes with Tysadco Partners now ClearThink Capital Partners in the total amount of $1,730,000. The note can be repaid in cash or converted common stock or a combination of both. Balance of the note is $1,266,000.

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, 2022, the balance of the notes is $503,600.

In December 2022, 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, 2022 the note has a balance of $213,000.

As of December 31, 2022, the Company had short-term notes payable of $469,176 and long-term notes payable of $14,879,353. The Company had purchase receivables of $4,870,463.