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Convertible Promissory Notes and Loans Payable (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule Convertible Promissory Notes

Convertible Promissory Notes consist of the following at December 31, 2023:

 

          Origination   Original   Period End   Period End   Period End   Accrued     
Origination  Maturity  Interest   Principal   Discount   Principal   Discount   Balance,   Interest     
Date  Date  Rate   Balance   Balance   Balance   Balance   Net   Balance   Reg. 
9/03/21  9/03/24   8%  $346,500   $(12,355)  $346,500   $(3,087)  $343,413         -    (1)
9/03/21  9/03/24   8%  $3,500   $(125)   3,500    (42)   3,458    -    (2)
9/30/22  Demand   8%  $66,793   $(19,250)   71,734    (19,250)   52,484    -    (3)
                     $421,734   $(22,379)  $399,355   $-      

 

A breakdown of current and long-term amounts due are as follows for the convertible promissory notes as of December 31, 2023:

   Summit Holdings V,   Tierra Vista Partners,   Robert Carmichael     
   LLC Note   LLC Note   Note   Total 
2023  $-   $-   $71,734   $71,734 
2024   346,500    3,500    -    350,000 
Discount   (3,087)   (42)   (19,250)   (22,379)
Total Loan Payments  $343,413   $3,458   $52,484   $399,355 
Current Portion of Loan Payable  $(343,413)  $(3,458)  $(52,484)  $(399,355)
Non-Current Portion of Loan Payable  $-   $-   $-   $- 

 

(1) On September 3, 2021, the Company issued a $346,500 note payable to Summit Holding V, LLC as part of the acquisition of SSI. The note carries 8% unsecured convertible promissory note, due September 3, 2024. Payments on the note are to be equivalent to 50% of the adjusted net profit of Submersible Systems, Inc., payable calendar quarterly commencing on December 31, 2021. Interest is payable in company stock at the conversion price of $0.051272 and shall be paid quarterly. The note holder may convert any outstanding principal and unpaid interest at a conversion rate of $0.051272 at any time up to the maturity date of the note. The Company recorded $12,355 for the beneficial conversion feature.
(2)On September 3, 2021, the Company issued a three-year 8% unsecured convertible promissory note for $3,500 to Tierra Vista Partners, LLC as part of the acquisition of SSI. Payments on the note are to be equivalent to 50% of the adjusted net profit of SSI, payable calendar quarterly commencing on December 31, 2021. Interest is payable quarterly in common stock of the Company at the conversion price of $0.051272 per share. The note holder may convert any outstanding principal and unpaid interest at a conversion rate of $0.051272 at any time up to the maturity date of the note. The Company recorded $125 for the beneficial conversion feature.
(3)On September 30, 2022, the Company issued a convertible demand 8% promissory note in the principal amount of $66,793 to Robert Carmichael for funds to meet the working capital needs of LBI. There is no amortization schedule for the note, and interest is payable in shares of common stock of the Company at a conversion price equal to the 90 day VWAP of the Company’s stock prior to the quarterly interest payment date. This note is classified as a current liability as the note holder may demand payment or convert the outstanding principal at a conversion rate of $0.021 per share at any time. The Company recorded $19,250 for the beneficial conversion feature.
Schedule Convertible Promissory Notes

A breakdown of current and long-term amounts due are as follows for the convertible promissory notes as of December 31, 2023:

   Summit Holdings V,   Tierra Vista Partners,   Robert Carmichael     
   LLC Note   LLC Note   Note   Total 
2023  $-   $-   $71,734   $71,734 
2024   346,500    3,500    -    350,000 
Discount   (3,087)   (42)   (19,250)   (22,379)
Total Loan Payments  $343,413   $3,458   $52,484   $399,355 
Current Portion of Loan Payable  $(343,413)  $(3,458)  $(52,484)  $(399,355)
Non-Current Portion of Loan Payable  $-   $-   $-   $- 

 

(1) On September 3, 2021, the Company issued a $346,500 note payable to Summit Holding V, LLC as part of the acquisition of SSI. The note carries 8% unsecured convertible promissory note, due September 3, 2024. Payments on the note are to be equivalent to 50% of the adjusted net profit of Submersible Systems, Inc., payable calendar quarterly commencing on December 31, 2021. Interest is payable in company stock at the conversion price of $0.051272 and shall be paid quarterly. The note holder may convert any outstanding principal and unpaid interest at a conversion rate of $0.051272 at any time up to the maturity date of the note. The Company recorded $12,355 for the beneficial conversion feature.
(2)On September 3, 2021, the Company issued a three-year 8% unsecured convertible promissory note for $3,500 to Tierra Vista Partners, LLC as part of the acquisition of SSI. Payments on the note are to be equivalent to 50% of the adjusted net profit of SSI, payable calendar quarterly commencing on December 31, 2021. Interest is payable quarterly in common stock of the Company at the conversion price of $0.051272 per share. The note holder may convert any outstanding principal and unpaid interest at a conversion rate of $0.051272 at any time up to the maturity date of the note. The Company recorded $125 for the beneficial conversion feature.
(3)On September 30, 2022, the Company issued a convertible demand 8% promissory note in the principal amount of $66,793 to Robert Carmichael for funds to meet the working capital needs of LBI. There is no amortization schedule for the note, and interest is payable in shares of common stock of the Company at a conversion price equal to the 90 day VWAP of the Company’s stock prior to the quarterly interest payment date. This note is classified as a current liability as the note holder may demand payment or convert the outstanding principal at a conversion rate of $0.021 per share at any time. The Company recorded $19,250 for the beneficial conversion feature.
Schedule of Future Amortization of Loans Payable

 

   Marlin Capital BLU3 ()   Mercedes BMG (1)   Navitas 1 BLU3 (2)   PPP Loan BMG ()   PPP loan SSI ()   NFS SSI (3)   Navitas 2 BLU3 (4)   Total 
                                 
2024        -    11,168    16,629    -        -    26,279    21,228    75,304 
2025   -    8,687    15,845    -    -    12,328    21,789    58,649 
2026   -    -    6,007    -    -    -    -    6,007 
Total Loan Payments  $-   $19,855   $38,481   $-   $-   $38,607   $44,839   $139,960 
Current Portion of Loan Payable  $-   $(11,168)  $(16,629)  $-   $-   $(26,279)  $(21,228)  $(75,304)
Non-Current Portion of Loan Payable  $-   $8,687   $21,852   $-   $-   $12,328   $21,789   $64,656 

 

(1)On August 21, 2020, the Company executed an installment sales contract with Mercedes Benz Coconut Creek for the purchase of a 2019 Mercedes Benz Sprinter delivery van. The installment agreement is for $55,841 with a zero interest rate payable over 60 months with a monthly payment of $931 and is personally guaranteed by Mr. Carmichael. The loan balance as of December 31, 2023 was $19,855 and $31,023 as of December 31, 2022.
   
(2)On May 19, 2021, subsidiary BLU3, executed an equipment finance agreement to finance the purchase of certain plastic molding equipment through Navitas Credit Corp. (“Navitas”). The amount financed is $75,764 payable over 60 equal monthly installments of $1,611 (the “Navitas 1”). The equipment finance agreement contains customary events of default. The loan balance as of December 31, 2023 was $38,481 and $54,930 as of December 31, 2022.
   
(3)On June 29, 2022, SSI executed an equipment financing agreement with NFS Leasing (“NFS Leasing”) to secure replacement production molds. The total purchase price of the molds was $84,500 of which $63,375 was financed by NFS Leasing on August 15, 2022. The financing agreement has a 33 month term beginning in August 2022 with a monthly payment of $2,571. The financing agreement contains customary events of default, is guaranteed by the Company and NFS Leasing has a lien on all of the assets of SSI. The loan balance as of December 31, 2023 and December 31, 2022 was $38,607 and $60,804, respectively.
   
(4)On December 12, 2022, BLU3 executed an equipment finance agreement to finance the purchase of certain plastic molding equipment through Navitas Credit Corp. (“Navitas”). The amount financed is $63,689 payable over 36 equal monthly installments of $2,083 (“Navitas 2”). The equipment finance agreement contains customary events of default. The loan balance as of December 31, 2023 was $44,839 and $63,689 as of December 31, 2022.
Convertible Debenture Four [Member] | Summit Holding LLC [Member]  
Debt Instrument [Line Items]  
Schedule of Future Amortization of Loans Payable

  

Payment

Amortization

 
2024  $346,500 
Total Note Payments  $346,500 
Current portion of note payable   (346,500)
Non-Current Portion of Notes Payable  $

-

 
Convertible Debenture Five [Member] | Tierra Vista Partners LLC [Member]  
Debt Instrument [Line Items]  
Schedule of Future Amortization of Loans Payable

 

  

Payment

Amortization

 
2024  $3,500 
Total Note Payments  $3,500 
Current portion of note payable   (3,500)
Non-Current Portion of Notes Payable  $

-