NOTES PAYABLE

9 Months Ended

Sep. 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 September 30, 2023:

	Note Amount		Issuance Date		Balance
Henry Mahgerefteh	$	144,000		2/15/15	$	110,834
Mr. Advance		132,434		6/1/23		22,557
1800 Diagonal Lending				7/12/17		104,250
Clear Think Capital		1,405,000		3 loans		1,227,600
LGH Investments		850,000		2 loans		443,600
Jefferson Capital		330,000		12/1/22		182,000
SBA Loan		309,900		4/1/20		299,194
EIN Cap Inc		48,045		7/2023		48,045
Dicer		64,678		7/20/20		54,277
TCA Global fund		2,150,000		5/1/18		4,520,229
TCA Global fund 2		3,000,000		12/17/19		9,715,045
	$	8,797,169			$	16,727,700

Purchase Receivables

	Amount		Issuance Date	Balance
Cap Call	$	1,000,000	3 loans-2020	$	1,334,013
NewCo Capital Group		506,000	March 2023		206,600
Lends Park Corp		3,119,163	6/30/22		2,218,710
	$	4,625,163		$	3,759,323

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 September 30, 2023 the balance of the note is $104,250.

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 $4,520,299 as of September 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 $9,715,045 as of September 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 September 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 September 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 September of 2023, Seaport Group Enterprises LLC entered into a settlement agreement on an original revenue-based factoring agreement with NewCo in the amount of $271,895. NewCo amended their original agreement and lowered payments in exchange for 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 1 year.

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 September 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 $443,600. The note can be repaid in cash or converted common stock or a combination of both. As of September 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 September 30, 2023, the balance of the note is $182,000 and the note is current.

As of September 30, 2023, the Company had short-term notes payable of $408,140 and long-term notes payable of $16,308,060. The Company had purchase receivables of $3,759,323.