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SCHEDULE OF LONG-TERM DEBT (Details) - USD ($)
Jun. 30, 2024
May 31, 2024
May 30, 2024
Dec. 31, 2023
Short-Term Debt [Line Items]        
Total notes payable current $ 5,435,232     $ 3,911,446
Total notes payable non-current 6,168,548     3,174,685
Notes payable, current 2,976,000     434,542
Total outstanding principal current 6,539,419     3,932,831
Total outstanding principal non-current 7,953,755     3,228,010
Less: discounts current (1,104,187)     (21,385)
Less: discounts non-current (1,785,207)     (53,325)
Titan Holdings 2 [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [1] 326,000     175,000
Total notes payable non-current [1] 537,470     603,470
Titan Holdings 5 [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [2] 207,000     40,000
Total notes payable non-current [2]    
Glen Miller [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [3] 355,000     250,000
Total notes payable non-current [3]    
Jeff Rizzo [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [4] 108,500     65,000
Total notes payable non-current [4]    
Charles B Rizzo [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [5] 70,000    
Total notes payable non-current [5]    
Frank Celli [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [6] 200,000    
Total notes payable non-current [6]    
Related Party [Member]        
Short-Term Debt [Line Items]        
Notes payable, net of current portion and discounts 2,897,368     603,470
Notes payable, net of discounts 1,766,500     530,000
Nonrelated Party [Member]        
Short-Term Debt [Line Items]        
Notes payable, net of current portion and discounts 3,271,180     2,571,215
Notes payable, net of discounts 3,668,732     3,381,446
Keystone [Member]        
Short-Term Debt [Line Items]        
Notes payable, current [7] 240,000    
Notes payable, net of current portion and discounts [7]    
Michaelson Capital [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [8] 2,107,090     2,307,090
Total notes payable non-current [8]    
Loanbuilder [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [9] 47,252     91,096
Total notes payable non-current [9] 101,112     102,916
Individual Notes Payable [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [10] 25,000     25,000
Total notes payable non-current [10]    
Kabbage Funding Loans [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [11]     9,344
Total notes payable non-current [11]    
Standard Waste Promissory Note (1) [Member]        
Short-Term Debt [Line Items]        
Notes payable, current 500,000   $ 500,000  
Notes payable, net of current portion and discounts [12]    
Notes payable, net of discounts [12] 500,000    
Standard Waste Promissory Note (2) [Member]        
Short-Term Debt [Line Items]        
Notes payable, current [13] $ 2,359,898   [13]
Notes payable, net of current portion and discounts [13] 2,359,898    
Collateralized Loans [Member]        
Short-Term Debt [Line Items]        
Total notes payable current [14] 2,353,577     970,301
Total notes payable non-current [14] $ 4,955,275     $ 2,521,624
[1] On April 30, 2023, Titan Trucking signed a promissory note (the “Titan Holdings 2 Note”) with Titan Holdings 2, LLC (“Titan Holdings 2”), a stockholder of the Company. The promissory note matures on March 31, 2028. On November 10, 2023, Titan Trucking and Titan Holdings 2 agreed to a restated promissory note (together the two notes are the “Titan Holdings 2 Note”). The Titan Holdings 2 Note has a principal amount of $712,470. The interest rate was 10.5% for the period of April 30, 2023 through November 30, 2023 and increased to 13.00% commencing on December 1, 2023. Accrued interest is required to be paid on a monthly basis and all outstanding principal owed is due five years commencing after the signing of the restated promissory note. Titan Trucking was also required to make a one-time principal payment of $175,000 on or before December 8, 2023, and because all outstanding interest and principal was not repaid by December 31, 2023, an additional $50,000 penalty charge was added to the outstanding principal owed.
[2] On December 31, 2023, Titan Trucking and a stockholder of the Company agreed to an informal agreement (the “Titan Holdings 5 Note”) to borrow funds from the stockholder as working capital needs arise. These additional funds are to be repaid as funding becomes available. As of June 30, 2024, Titan had borrowed $170,439 in additional funding.
[3] On October 30, 2023, Titan Trucking and the Company’s CEO, Glen Miller (“Miller”), agreed to a promissory note for a principal amount of $250,000. The promissory note is non-interest bearing and to be repaid within 30 days of the Company’s receipt of bridge funding. The note also features a provision stating Titan Trucking will pay a 10% late fee in the event repayment is not made by more than 30 days past maturity. The promissory note currently has an outstanding balance of $250,000 and as of June 30, 2024 is in default.
[4] On November 30, 2023, the Company and its COO, Jeff Rizzo (“Rizzo”), agreed to a promissory note for a principal amount of $65,000. The promissory note has an interest rate of 10% and a maturity date of June 30, 2024. The note also features a provision stating the Company will pay a 10% late fee in the event repayment is not made by more than 30 days past maturity.
[5] Titan has an informal agreement with Charles B. Rizzo (“C. Rizzo”) to continually borrow from C. Rizzo as working capital needs arise. These additional funds are to be repaid as funding becomes available. As of June 30, 2024, Titan had borrowed $70,000 in additional funding.
[6] On May 30, 2024, the Company and Frank Celli (“Celli”), agreed to a promissory note for a principal amount of $
[7] During the six months ended June 30, 2024, there were three note payable agreements executed between the Company and Keystone Capital Partners, LLC for an aggregate amount of $
[8] On January 5, 2023, the Company completed its asset acquisition of the Recoup Digester Assets and as part of the consideration, assumed the liabilities of a $3,017,090 Secured Promissory Note owed to Michaelson Capital Special Finance Fund II, L.P. (“Michaelson”). The Company and Michaelson agreed to amend and restate the Secured Promissory Note, as well as sign a related Forbearance Agreement (together known as the “Michaelson Note”). The Michaelson Note originally had a 12% per annum interest rate. The Michaelson Note has the following terms: (1) the Company was to make monthly interest payments for the interest amounts owed, (2) the Company was to make monthly principal payments of $35,000, (3) the Company was to make a $250,000 principal repayment due as of December 31, 2023, and (4) the Company was to repay all other outstanding amounts owed by December 31, 2023. The Michaelson Note also includes a provision granting Michaelson a security interest and lien on all of the Company’s assets as collateral.
[9] Between January 14, 2022 and July 6, 2022, the Company signed four loan agreements with the Loanbuilder Service of Paypal, Inc (the “Loanbuilder Notes”). Three of the four Loanbuilder Notes had entered into settlement agreements prior to May 19, 2023. The remaining note (“Loanbuilder – 3”) was in default on May 19, 2023. On May 19, 2023, the outstanding liabilities owed under all the Loanbuilder Notes was $299,710, inclusive of $50,599 owed due to Loanbuilder – 3.
[10] On May 16, 2022, the Company issued a $25,000 promissory note (the “Individual #1 Note”) with an individual private investor. The Individual Note has an annual interest rate of 12% per annum and matured on December 31, 2023, at which time all principal and accrued interest is owed. The Individual #1 Note is in default and therefor incurs additional interest of 0.5% on all outstanding principal and interest owed.
[11] On September 28, 2022 and September 29, 2022, the Company agreed to two Kabbage Funding Loan Agreements (together known as the “Kabbage Loans”) owed to American Express National Bank. The Kabbage Loans had an initial principal amount of $120,800 and as of May 19, 2023 had a principal amount of $77,748. Each loan includes a cost of capital interest expense of $4,077 and is to be repaid in nine monthly repayments of $3,658, followed by nine monthly payments of $35,507. As of June 30, 2024 the Kabbage Loans had been fully repaid.
[12] On May 30, 2024 the Company entered into a promissory note agreement with Dominic and Sharon Campo for $500,000. The note matures on July 15, 2024. The promissory note has an annual interest rate of 13.75% until maturity date and 18% after the maturity. As of June 30, 2024 the outstanding loan balance is $500,000 and has incurred $5,651 of accrued interest expense. The Company incurred debt issuance costs of $245,469 in connection with the execution of this agreement of which $122,734 has been amortized for the six months ending June 30, 2024 (please see Guarantee of Debt above). The debt issuance cost balance as of June 30, 2024 is $122,734. Upon default, a fifteen day “cure period” shall begin. Following the expiration of the cure period, any amounts outstanding shall be immediately due and payable. An additional charge of either $100,000 or 200,000 shares of Series A Preferred Stock shall become due. Subsequent to June 30, 2024, the maturity date of the note had passed and the cure period elapsed. Therefor the note was in default.
[13] On May 31, 2024 the Company entered into a promissory note agreement with Dominic and Sharon Campo for $2,359,898. The note matures on May 15, 2027. The promissory note has an annual interest rate of 13.75% for the first year, 14.75% for the second year and 15.75% for the third year. Upon default, a 10 day “cure period” shall begin. As of June 30, 2024 the outstanding loan balance is $2,359,898 and has incurred $26,670 of accrued interest expense. The Company incurred debt issuance costs of $1,158,562 in connection with the execution of this agreement of which $32,182 has been amortized for the six months ending June 30, 2024 (please see Guarantee of Debt above). The debt issuance cost balance as of June 30, 2024 is $1,126,380.
[14] The May 30, 2022 acquisition of Standard included the assumption of approximately $3.3 million of debt obligations associated with the fleet of equipment. The Company also had existing collateralized debt of $3,491,925 outstanding at December 31, 2023. The aggregated debt as of June 30, 2024 has $7.3 million of outstanding principal and is made up of installment notes with a weighted average interest rate of 9.74%, due in monthly installments with final maturities at various dates ranging from August 2024 to December 2030, secured by related equipment. The Company entered into a Guarantee Fee Agreement pursuant to which certain outstanding indebtedness owed by the Company to the sellers of Standard is guaranteed. A total of $1,611,969 of debt issuance costs were recorded in relation to the Guaranty Fee Agreement for the collateralized loans. As of June 30, 2024, collateralized installment loans with an aggregate principal amount of approximately $56,000 had passed their maturity date and were in default.