Quarterly report pursuant to Section 13 or 15(d)

Note 11 - Notes Payable (Tables)

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Note 11 - Notes Payable (Tables)
3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Debt [Table Text Block]
   

(in thousands)

 
   

March 31,

   

December 31,

 
   

2024

   

2023

 

Promissory note dated July 27, 2021, issued to Arthur Chan, which matures July 26, 2024, and bears interest at a rate of 8% 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% and matures on December 28, 2027.

    154       154  

Promissory note dated October 1, 2021, issued to Matthew Guild as part of the SilverStreak Solutions acquisition. The interest rate on the note was 10.0%. The note matures in March 2028.

    261       264  

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.

    1,044       1,058  

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 $3.0 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       22,200  

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 annum.

    2,794       2,813  

Notes Payable - Promissory Notes

    28,953       28,989  

Vehicle Loans

    6       7  

Less: Short-Term Debt

    (22,573 )     (22,593 )

Plus: Debt Premium, Net

    86       82  

Net Long-Term Debt

  $ 6,472     $ 6,485