NOTES PAYABLE

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

NOTES PAYABLE

8. NOTES PAYABLE

The following table presents a summary of the Company’s promissory notes issued to unrelated third parties as of June 30, 2023:

	Note Amount		Issuance Date	Balance
Henry Mahgerefteh	$	144,000	2/15/15	$	111,180
Mr. Advance		132,434	6/1/23		132,434
1800 Diagonal Lending			7/12/17		181,799
Clear Think Capital		1,405,000	3 loans		1,227,600
LGH Investments		850,000	2 loans		454,800
Jefferson Capital		330,000	12/1/22		182,000
SBA Loan		309,900	4/1/20		300,000
Dicer		64,678	7/20/20		64,707
TCA Global fund		2,150,000	5/1/18		4,337,398
TCA Global fund 2		3,000,000	12/17/19		9,321,955
	$	9,186,624		$	16,387,884

Purchase Receivables

	Amount		Issuance Date	Balance
Cap Call	$	1,000,000	3 loans-2020	$	1,417,713
NewCo Capital Group		506,000	March 2023		287,300
Lends Park Corp		3,119,163	6/30/22		2,444,210
	$	4,625,163		$	4,149,223

On Feb 23, 2023, the Company entered into a financing arrangement with 1800 Diagonal Lending pursuant to which the Company borrowed a total principal of $258,449. As of June 30, 2023 the balance of the note is $181,799 .

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 $4,337,398 as of June 30, 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 $9,321,955 as of June 30, 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 June 30, 2023, 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.

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.

In March of 2023, Seaport Group Enterprises LLC entered into a revenue-based factoring agreement with NewCo and received an aggregate of $400,000 NewCo in exchange for $552,000 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 30 weeks.

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 $1,227,600. As of June 30, 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 $454,800. The note can be repaid in cash or converted common stock or a combination of both. As of June 30, 2023, the note is current.

In December of 2022, the Company entered into a note agreement with Jefferson Street Capital in the amount of $330,000. The note can be repaid or convertible into common stock or a combination of both. As of June 30, 2023 the balance of the note is $182,000 and the note is current.

As of June 30, 2023, the Company had short-term notes payable of $595,912 and long-term notes payable of $15,791,972. The Company had purchase receivables of $4,149,223.