Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.23.1
NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2022
Notes Payable [Abstract]  
Schedule of Debt
Notes payable consists of the following:
(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% 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 
Schedule of Maturities of Long-term Debt
Scheduled maturities of debt as of December 31, 2022 are as follows:
Year Ending December 31, (in thousands)
2023 $ 29,662 
2024 2,505 
2025
2026
2027 159 
Thereafter 2,809 
Total Future Principal Repaymets $ 35,145