NOTES PAYABLE

3 Months Ended

Mar. 31, 2023

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 March 31, 2023:

	Note Amount		Issuance Date	Balance
Henry Mahgerefteh	$	144,000	2/15/15	$	110,081
BNA & TRA Capital		106,112	3 loans		6,499
1800 Diagonal Lending			7/12/17		347,249
TysAdco Partners		1,405,000	3 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		80,497
Seaport loan		437,500	9/30/21		62,500
TCA Global fund		2,150,000	5/1/18		4,163,755
TCA Global fund 2		3,000,000	12/17/19		8,948,760
	$	9,054,190		$	16,001,941

Purchase Receivables

	Amount		Issuance Date	Balance
Cap Call	$	1,000,000	3 loans-2020	$	1,615,713
NewCo Capital Group		506,000	March 2023		506,000
Lends Park Corp		3,119,163	6/30/22		2,713,210
	$	4,625,163		$	4,834,923

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 March 31, 2023, the note is current.

In May 17 2022, the Company entered into a financing arrangement with 1800 Diagonal Lending pursuant to which the Company borrowed a total principal $88,750 secured by shares of the Company’s common stock. On Feb 23, 2023, the Company entered into a financing arrangement with 1800 Diagonal Lending pursuant to which the Company borrowed a total principal ofd $258,449 secured by shares of the Company’s common stock. As of March 31, 2023, both notes are current.

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 $4,163,755 as of March 31, 2023, 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 $8,948,760 as of March 31, 2023, 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 March 31, 2023, 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 March 31, 2023, the note balance is $0.

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 ClearThink Capital 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 March 31, 2023, 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 March 31, 2023, the note is current.

As of March 31, 2023, the Company had short-term notes payable of $676,829 and long-term notes payable of $15,325,111. The Company had purchase receivables of $4,834,923.