| Schedule of debt |
|
|
(in thousands) |
|
|
|
June 30,
2023
|
|
|
December 31,
2022
|
|
Promissory note dated May 4, 2020, issued to Harvest Small Business Finance, LLC, an unaffiliated third party. Loan was part of the Paycheck Protection Program ("PPP Loan") offered by the U.S. Small Business Administration. The interest rate on the note was 1.0%. The note required interest and principal payments seven months from July 2020. The note matures in February 2025. |
|
$ |
14 |
|
|
$ |
14 |
|
Convertible promissory note dated January 25, 2021, issued to accredited investors, which matured July 22, 2022 and bears interest at a rate of 8.0% per annum. The conversion price is $0.175 per share. |
|
|
3,253 |
|
|
|
3,450 |
|
Promissory note dated July 27, 2021, issued to Arthur Chan which matures July 26, 2024, and bears interest at a rate of 8.0% per annum. |
|
|
2,500 |
|
|
|
2,500 |
|
Unsecured promissory note dated December 28, 2022 due to a related party. The interest rate on the note is 1.0% and matures on December 28, 2027. |
|
|
94 |
|
|
|
154 |
|
Promissory note dated October 1, 2021, issued to Sterling Harlan as part of the SilverStreak Solutions acquisition. The interest rate on the note was 10.0%. The note matures in March 2028. |
|
|
308 |
|
|
|
2,000 |
|
Promissory note dated October 1, 2021, issued to Sterling Harlan as part of the SilverStreak Solutions acquisition. The interest rate on the note was 10.0%. The note matures in March 2028. |
|
|
1,230 |
|
|
|
2,500 |
|
Secured promissory notes dated March 6, 2023 issued to People's California, LLC, which matures in March 2028 and bears interest at a rate of 10.0% per annum on the first $3.00 million due in December 2023, and 5.0% per annum on the remaining balance through September 2023 and 10.0% per annum thereafter. Payment of the remaining balance is due in March 2028. |
|
|
22,200 |
|
|
|
21,569 |
|
Promissory note dated May 1, 2019, assumed by the Company on July 1, 2021 in connection with the purchase of real property, from a related party. The note matures on May 15, 2039 and bears interest at a rate of 9.9% per year. |
|
|
2,876 |
|
|
|
2,882 |
|
Notes Payable - Promissory Notes |
|
$ |
32,475 |
|
|
$ |
35,069 |
|
Vehicle Loans |
|
|
57 |
|
|
|
76 |
|
Less: Short-Term Debt |
|
|
(25,879 |
) |
|
|
(29,662 |
) |
Less: Debt Discount, Net |
|
|
(11 |
) |
|
|
(669 |
) |
Net Long-Term Debt |
|
$ |
6,642 |
|
|
$ |
4,814 |
|
|
Year Ending December 31, |
|
(in thousands) |
|
2023 |
|
$ |
29,662 |
|
2024 |
|
|
2,505 |
|
2025 |
|
|
5 |
|
2026 |
|
|
5 |
|
2027 |
|
|
159 |
|
Thereafter |
|
|
2,809 |
|
|
|
|
|
|
Total Future Principal Repayments |
|
$ |
35,145 |
|
|
| Scheduled of maturities of debt |
|
|
|
(in thousands) |
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
Promissory note dated January 18, 2018, issued for the purchase of real property. The promissory note was collateralized by the land and building purchased and matured January 18, 2022. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter. |
|
|
— |
|
|
$ |
6,500 |
|
Promissory note dated May 4, 2020, issued to Harvest Small Business Finance, LLC, an unaffiliated third party. Loan was part of the Paycheck Protection Program ("PPP Loan") offered by the U.S. Small Business Administration. The interest rate on the note was 1.0%. The note required interest and principal payments seven months from July 2020. The note matured on May 4, 2022. |
|
|
14 |
|
|
|
562 |
|
Unsecured promissory note dated January 22, 2021, issued to Michael Nahass (a related party), which matured January 25, 2022, and bore interest at a rate of 3.0% per annum. |
|
|
— |
|
|
|
1,050 |
|
Convertible promissory note dated January 25, 2021, issued to accredited investors, which matured July 22, 2022 and bears interest at a rate of 3.0% per annum. The conversion price is $0.175 per share. |
|
|
3,450 |
|
|
|
3,500 |
|
Promissory note dated July 27, 2021, issued to Arthur Chan, which matures July 26, 2024, and bears interest at a rate of 8.0% per annum. |
|
|
2,500 |
|
|
|
2,500 |
|
Senior Secured Promissory Note dated November 22, 2021 issued to Dominion Capital LLC, which matured on February 22, 2022 and bore interest at a rate of 12.0% per annum. |
|
|
— |
|
|
|
2,500 |
|
Unsecured promissory note dated December 28, 2022 due to a related party. The interest rate on the note is 1% and matures on December 28, 2027. |
|
|
154 |
|
|
|
90 |
|
Promissory note dated June 1, 2020, issued as part of the Paycheck Protection Program ("PPP Loan") offered by the U.S. Small Business Administration. The interest rate on the note is 1.0%. The note matured on June 1, 2022. |
|
|
— |
|
|
|
— |
|
Line of credit agreement entered on March 31, 2021, which matured on March 31, 2022 and bore interest of 2.9% per 30 days. |
|
|
— |
|
|
|
4,500 |
|
Promissory note dated October 1, 2021, issued to Sterling Harlan as part of the SilverStreak Solutions acquisition. The interest rate on the note was 3%. The note matured on April 1, 2022. |
|
|
2,000 |
|
|
|
2,000 |
|
Promissory note dated October 1, 2021, issued to Sterling Harlan as part of the SilverStreak Solutions acquisition. The interest rate on the note is 3%. The note matured on October 1, 2022. |
|
|
2,500 |
|
|
|
2,500 |
|
Secured promissory note dated November 22, 2021 issued to People's California, LLC, which matures on November 22, 2023 and bears interest at a rate of 8% per annum. Payments due include $2.00 million plus accrued interest for the first twelve months followed by payments of $1.00 million plus accrued interest until maturity. |
|
|
21,569 |
|
|
|
28,569 |
|
Promissory note dated May 1, 2019, assumed by the Company on July 1, 2021 in connection with the purchase of real property, from a related party. The note matures on May 15, 2039 and bears interest at a rate of 9.89% per annum. |
|
|
2,882 |
|
|
|
2,954 |
|
Notes Payable - Promissory Notes |
|
$ |
35,069 |
|
|
$ |
57,225 |
|
Vehicle Loans |
|
|
76 |
|
|
|
178 |
|
Less: Short-Term Debt |
|
|
(29,662 |
) |
|
|
(45,451 |
) |
Less: Debt Discount |
|
|
(669 |
) |
|
|
(1,946 |
) |
Net Long-Term Debt |
|
$ |
4,814 |
|
|
$ |
10,006 |
|
|