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ADVANCES AND NON-CONVERTIBLE NOTES PAYABLE

12 Months Ended

Dec. 31, 2024

Advances And Non-convertible Notes Payable

ADVANCES AND NON-CONVERTIBLE NOTES PAYABLE

NOTE 8 – ADVANCES AND NON-CONVERTIBLE NOTES PAYABLE

Factoring Advances

On December 8, 2022, the Company entered into a revenue factoring advance in the principal amount of $3,025,000 for a purchase price of $2,500,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $60,020 through December 2023. The advance matured on December 15, 2023. There was amortization of debt discount of $0 and $492,540 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $695,198 during the years ended December 31, 2024 and 2023, respectively. The remaining $2,149,742 balance was repaid out of the proceeds of another advance during the year ended December 31, 2023. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On December 8, 2022, the Company entered into a revenue factoring advance in the principal amount of $1,815,000 for a purchase price of $1,470,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $34,904 through December 2023. The advance matured on December 15, 2023. There was amortization of debt discount of $0 and $323,669 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $408,136 during the years ended December 31, 2024 and 2023, respectively. The remaining $1,302,152 balance was repaid out of the proceeds of another advance during the year ended December 31, 2023. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On December 29, 2022, the Company entered into a revenue factoring advance in the principal amount of $1,474,000 for a purchase price of $1,067,000. The Company’s Chief Executive Officer is personally liable for this factoring advance. The Company is required to make weekly payments in the amount $28,346 through January 2024. The advance matures on January 4, 2024. There was amortization of debt discount of $0 and $404,812 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $1,474,000 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On January 17, 2023, the Company entered into a revenue factoring advance in the principal amount of $770,000 for a purchase price of $550,000. There was an origination fee of $50,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $24,062 through June 2023. The advance matured on June 17, 2023. There was amortization of debt discount of $0 and $270,000 during the years ended December 31, 2023 and 2024, respectively. The Company made cash repayments of $0 and $192,500 and the remaining balance of $0 and $548,625 was repaid out of the proceeds of another advance during the years ended December 31, 2024 and 2023, respectively. There was a $0 and $28,875 gain on settlement of the advance during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On January 17, 2023, the Company entered into a revenue factoring advance in the principal amount of $1,400,000 for a purchase price of $1,000,000. There was an origination fee of $100,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $43,750 through June 2023. The advance matured on June 17, 2023. There was amortization of debt discount of $0 and $500,000 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $350,000 during the years ended December 31, 2024 and 2023, respectively. The remaining balance of $1,003,870 was repaid out of the proceeds of another advance during the year ended December 31, 2023. There was a $0 and $46,130 gain on settlement of the advance during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On March 29, 2023, the Company entered into a revenue factoring advance in the principal amount of $2,902,500 for a purchase price of $2,250,000. There was an origination fee of $67,500. The proceeds of $2,182,500 were used to pay off other advances and there were no cash proceeds. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $54,764 through April 2024. The advance matured on April 24, 2024. There was amortization of debt discount of $0 and $652,500 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $2,744,950 during the years ended December 31, 2024 and 2023, respectively. There was a gain of settlement of $0 and $157,550 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On March 29, 2023, the Company entered into a revenue factoring advance in the principal amount of $4,386,000 for a purchase price of $3,400,000. There was an origination fee of $102,000. There were cash proceeds of $476,109 and the remaining proceeds of $2,821,891 were used to pay off other advances. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $82,755 through April 2024. The advance matured on April 24, 2024. There was amortization of debt discount of $0 and $986,000 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $4,080,105 during the years ended December 31, 2024 and 2023, respectively. There was a gain of settlement of $0 and $305,895 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On May 26, 2023, the Company entered into a revenue factoring advance in the principal amount of $917,000 for a purchase price of $700,000. There was an origination fee of $21,000. There were cash proceeds of $679,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $17,635 through May 2024. The advance matured on May 26, 2024. There was amortization of debt discount of $0 and $238,000 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $861,000 during the years ended December 31, 2024 and 2023, respectively. There was a gain of settlement of $0 and $56,000 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On May 26, 2023, the Company entered into a revenue factoring advance in the principal amount of $393,000 for a purchase price of $300,000. There was an origination fee of $9,000. There were cash proceeds of $291,000. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $7,558 through May 2024. The advance matures on May 26, 2024. There was amortization of debt discount of $0 and $102,000 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $375,000 during the years ended December 31, 2024 and 2023, respectively. There was a gain of settlement of $0 and $18,000 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On June 7, 2023, the Company entered into a revenue factoring advance in the principal amount of $1,400,000 for a purchase price of $910,000. There was an origination fee of $90,000. There were cash proceeds of $820,000 during the nine months ended September 30, 2023. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $51,785 through March 2024. The advance matured on March 7, 2024. There was amortization of debt discount of $0 and $490,000 during the years ended December 31, 2024 and 2023, respectively. The Company made cash repayments of $0 and $1,379,910 during the years ended December 31, 2024 and 2023, respectively. There was a gain of settlement of $0 and $20,090 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the revenue factoring advance had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On February 1, 2024, the Company entered into a revenue factoring advance in the principal amount of $1,340,000 for a purchase price of $970,000. There was an origination fee of $30,000. There were cash proceeds of $970,000 during the year ended December 31, 2024. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $25,800 through January 2025. The advance matured on January 23, 2025. There was amortization of debt discount of $370,000 during the year ended December 31, 2024. The Company made cash repayments of $606,400 during the year ended December 31, 2024. The Company realized a $733,600 gain on settlement during the year ended December 31, 2024. As of December 31, 2024, the revenue factoring advance had a balance of $0, net an unamortized debt discount of $0. The advance is retired.

On February 7, 2024, the Company entered into a revenue factoring advance in the principal amount of $822,000 for a purchase price of $572,950. There was an origination fee of $27,050. There were cash proceeds of $572,950 during the year ended December 31, 2024. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $30,444 through August 2024. The advance matured on August 31, 2024. There was amortization of debt discount of $249,050 during the year ended December 31, 2024. The Company made cash repayments of $668,556 during the year ended December 31, 2024. There was a gain on settlement $153,444 during the year ended December 31, 2024. As of December 31, 2024, the revenue factoring advance had a balance of $0, net an unamortized debt discount of $0. The advance is retired.

On February 29, 2024, the Company entered into a revenue factoring advance in the principal amount of $559,600 for a purchase price of $376,000. There was an origination fee of $24,000. There were cash proceeds of $376,000 during the year ended December 31, 2024. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $25,436 through July 2024. The advance matured on July 15, 2024. There was amortization of debt discount of $183,600 during the year ended December 31, 2024. The Company made cash repayments of $544,745 during the year ended December 31, 2024. There was a gain on settlement $14,855 during the year ended December 31, 2024. As of December 31, 2024, the revenue factoring advance had a balance of $0, net an unamortized debt discount of $0. The advance is retired.

On March 7, 2024, the Company entered into a revenue factoring advance in the principal amount of $1,499,000 for a purchase price of $700,000. There was an origination fee of $300,000. There were cash proceeds of $700,000 during the year ended December 31, 2024. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $125,000 through June 2024. The advance matured on June 6, 2024. There was amortization of debt discount of $799,000 during the year ended December 31, 2024. The Company made cash repayments of $1,375,000 during the year ended December 31, 2024. There was a gain on settlement $124,000 during the year ended December 31, 2024. As of December 31, 2024, the revenue factoring advance had a balance of $0, net an unamortized debt discount of $0. The advance is retired.

On March 7, 2024, the Company entered into a revenue factoring advance in the principal amount of $374,750 for a purchase price of $225,000. There was an origination fee of $25,000. There were cash proceeds of $225,000 during the year ended December 31, 2024. The Company’s Chief Executive Officer was personally liable for this factoring advance. The Company was required to make weekly payments in the amount $23,422 through July 2024. The advance matured on July 7, 2024. There was amortization of debt discount of $149,750 during the year ended December 31, 2024. The Company made cash repayments of $343,688 during the year ended December 31, 2024. There was a gain on settlement $31,062 during the year ended December 31, 2024. As of December 31, 2024, the revenue factoring advance had a balance of $0, net an unamortized debt discount of $0. The advance is retired.

The remaining advances are for Simple Agreements for Future Tokens, entered into with accredited investors issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, by virtue of Section 4(a)(2) thereof and/or Regulation D thereunder in 2018. As of December 31, 2024and 2023, the Company owed $85,000 for Simple Agreements for Future Tokens.

Non-Convertible Notes Payable

On September 23, 2021, the Company entered into a Resolution Agreement with Sheppard, Mullin, Richter & Hampton concerning the $459,250.88 judgement entered against the Company (See Note 11 – Commitments and Contingencies). Under the terms of the Resolution Agreement, which the Company has classified as a non-convertible note, the Company was required to make a $25,000 initial payment by September 30, 2021 and is required to make $15,000 monthly payments from October 2021 to January 2023 with a final $10,000 payment due in February 2023. There was amortization of the debt discount of $0 and $3,182 during the years ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company made $0 and $40,000 in payments towards the Resolution Agreement, respectively. As of December 31, 2024 and 2023, the Resolution Agreement had a balance of $0 and $0, net an unamortized debt discount of $0 and $0, respectively.

On April 11, 2022, the Company entered into a vehicle financing agreement with GM Financial for the purchase of a vehicle for use by the Company’s Chief Executive Officer in the principal amount of $74,186. GM Financial financed $65,000 of the purchase price of the vehicle and the Company was required to make a $10,000 down payment. There was a $2,400 rebate applied to the purchase price. The Company is required to make 60 monthly payments of $1,236. During the years ended December 31, 2024 and 2023, the Company made $31,330 and $27,393 in payments towards the financing agreement, respectively. There was amortization of debt discount of $1,792 and $1,592 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the financing agreement had a balance of $4,975 and $34,312, net an unamortized debt discount of $4,306 and $6,298, respectively.

On April 21, 2022, the Company entered into a secured promissory note in the principal amount of $964,470 for the financing and installation of a piece of equipment in the amount $750,000. The Company is required to make monthly payments in the amount $6,665 through October 2022 and monthly payments of $19,260 until October 2026. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on October 21, 2026. During the years ended December 31, 2024 and 2023, the Company made $202,747 and $354,789 in payments towards the note, respectively. There was amortization of debt discount of 57,294 and $72,932 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $310,476 and $455,929 net an unamortized debt discount of $49,802 and $107,097, respectively.

On September 1, 2022, the Company entered into a Deed of Trust note for the purchase of land and buildings. The note has a principal amount of $600,000, bears an interest rate of 6.5%, and matures on September 1, 2032. The Company is required to make monthly payments of $4,476 until September 1, 2032, when the remaining principal and accrued interest becomes due. The Company made principal payments of $17,903 and $16,727 during the years ended December 31, 2024 and 2023, respectively. The Company made interest payments of $35,809 and $36,985 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a principal balance of $561,324 and $579,227 and accrued interest of $2,999 and $2,991, respectively.

On September 14, 2022, the Company entered into a secured promissory note in the principal amount of $2,980,692 for a purchase price of $2,505,000. The note is secured by certain assets of the Company. The Company is required to make monthly payments in the amount $82,797 through September 2025. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on September 14, 2025. There was amortization of debt discount of $112,006 and $256,797 during the years ended December 31, 2024 and 2023, respectively. There were payments of $805,182 and $1,374,821 towards the note during the year ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $575,616, and $1,268,792 net an unamortized debt discount of $59,478 and $171,484, respectively.

On November 28, 2022, the Company entered into a secured promissory note in the principal amount of $1,539,630 for a purchase price of $1,078,502. The note is secured by certain assets of the Company. The Company is required to make monthly payments in the amount of $10,410 through March 2023 and then monthly payments in the amount of $20,950 through March 2029. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on March 5, 2029. There was amortization of debt discount of $104,107 and $102,505 during the years ended December 31, 2024 and 2023, respectively. There were payments of $220,860 and $390,198 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $680,674 and $797,427 net an unamortized debt discount of $247,897 and $352,005, respectively.

On November 28, 2022, the Company entered into a secured promissory note in the principal amount of $1,560,090 for a purchase price of $1,092,910. The note is secured by certain assets of the Company. The Company is required to make monthly payments in the amount of $10,630 through March 2023 and then monthly payments in the amount of $21,225 through March 2029. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on March 5, 2029. There was amortization of debt discount of $107,423 and $103,312 during the years ended December 31, 2024 and 2022, respectively. There were payments of $223,759 and $396,977 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $689,613 and $805,949 net an unamortized debt discount of $249,740 and $357,164, respectively.

On November 28, 2022, the Company entered into a secured promissory note in the principal amount of $1,597,860 for a purchase price of $1,119,334. The note is secured by certain assets of the Company. The Company is required to make monthly payments in the amount of $10,860 through March 2023 and then monthly payments in the amount of $21,740 through March 2029. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on March 5, 2029. There was amortization of debt discount of 108,233 and $107,589 during the years ended December 31, 2024 and 2023, respectively. There were payments of $229,388 and $406,295 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $706,341 and $827,495 net an unamortized debt discount of $255,835 and $364,069, respectively.

On December 15, 2022, the Company entered into a secured promissory note in the principal amount of $1,557,435 for a purchase price of $1,093,380. The note is secured by certain assets of the Company. The Company is required to make monthly payments in the amount of $10,585 through March 2023 and then monthly payments in the amount of $21,190 through March 2029. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on March 15, 2029. There was amortization of debt discount of $103,266 and $107,434 during the year ended December 31, 2024 and 2023, respectively. There were payments of $223,818 and $396,167 during the year ended December 31, 2024, and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $687,948 and $1,096,634 net an unamortized debt discount of $250101 and $353,367, respectively.

On January 10, 2023, the Company entered into a secured promissory note in the principal amount of $1,245,018 for a purchase price of $1,021,500. The note is secured by certain assets of the Company. There were cash proceeds of $1,000,000. The Company is required to make monthly payments in the amount of $10,365 through March 2023 and then monthly payments in the amount of $34,008 through March 2026. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on March 10, 2026. There was amortization of debt discount of $64,534 and $223,518 during the years ended December 31, 2024 and 2023, respectively. There were payments of $330,875 and $453,820 during the year ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $381,903 and $648,244 net an unamortized debt discount of $78,419 and $142,954, respectively.

On January 12, 2023, the Company entered into a secured promissory note in the principal amount of $1,185,810 for a purchase price of $832,605. The note is secured by certain assets of the Company. There were non-cash proceeds of $832,605 used to purchase equipment. The Company is required to make monthly payments in the amount of $8,030 through April 2023 and then monthly payments in the amount of $16,135 through April 2028. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on April 12, 2028. There was amortization of debt discount of $67,928 and $75,253 during years ended December 31, 2024 and 2023, respectively. There were payments of $156,933 and $286,983 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $531,871and $620,876 net an unamortized debt discount of $185,515 and $277,951, respectively.

On February 23, 2023, the Company entered into a secured promissory note in the principal amount of $822,040 for a purchase price of $628,353. The note is secured by certain assets of the Company. There were non-cash proceeds of $628,253 used to purchase equipment. The Company is required to make monthly payments in the amount of $6,370 through June 2023 and then monthly payments in the amount of $16,595 through June 2027. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on June 23, 2027. There was amortization of debt discount of $64,812 and $182,908 during years ended December 31, 2024 and 2023, respectively. There were payments of $232,826 and $297,020 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $346,227and $514,241 net an unamortized debt discount of $54,034 and $10,779, respectively.

On February 24, 2023, the Company entered into a secured promissory note in the principal amount of $1,186,580 for a purchase price of $832,605. The note is secured by certain assets of the Company. There were non-cash proceeds of $832,605 used to purchase equipment. The Company is required to make monthly payments in the amount of $9,185 through June 2023 and then monthly payments in the amount of $23,955 through June 2027. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on June 24, 2027. There were additional fees incurred of $8,733 and $21,380 during the years ended December 31, 2024 and 2023, respectively. There were payments of $174,746 and $224,859 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $494,748 and $660,761 net an unamortized debt discount of 292,226 and $300,960, respectively.

On March 1, 2023, the Company entered into a secured promissory note in the principal amount of $635,000. The note is secured by certain assets of the Company. There were non-cash proceeds of $635,000 used to purchase equipment. The Company is required to make a payment in the amount of $63,500 on March 15, 2023 and then commencing on April 15, 2023, monthly payments in the amount of $14,138 through March 2027. The note bears an interest rate of 8.5%, is secured by certain assets of the Company, and matures on March 15, 2027. There were payments of $111,697 and $20,478 to principal and interest, respectively, during the year ended December 31, 2023. The Company assigned the remaining balance due under the note to DWM Properties, LLC, which is controlled by the Company’s Chief Executive Officer, in July 2023. As of December 31, 2023, the note had a balance of $0 and accrued interest of $0.

On April 12, 2023, the Company entered into a secured promissory note in the principal amount of $317,415 for a purchase price of $219,676. The note is secured by certain assets of the Company. There were non-cash proceeds of $219,676 used to purchase equipment. The Company is required to make monthly payments in the amount of $2,245 through August 2023 and then monthly payments in the amount of $4,315 through July 2027. The note bears an interest rate of 10.6%, is secured by certain assets of the Company, and matures on July 12, 2029. There were payments of $41,589 and $64,114 during the years ended December 31, 2024 and 2023, respectively. There was amortization of debt discount of $3,480 and $28,101 during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the note had a balance of $145,554 and $183,663 net an unamortized debt discount of $66,158 and $69,638, respectively.

On July 31, 2023, the Company entered into a secured promissory note with an entity controlled by the Company’s Chief Executive Officer in the principal amount of $17,218,350. The note was for the purchase of certain equipment from an entity controlled by the Company’s Chief Executive Officer and is secured by such equipment. There were non-cash proceeds of $17,218,350 used to purchase equipment. The note is junior to the senior secured debt entered into by the Company on the same date. The note matures on July 31, 2043 and accrues interest at 7% per annum. The note requires interest-only payments until the senior secured debt is fully satisfied. The Company made payments of $0 and $498,625 towards the principal and interest, respectively, during the years ended December 31, 2024 and 2023, respectively. On March 29, 2024, the holder of the note exchanged $10,000,000 in principal for 1,000 shares of Series D Preferred Stock (see Note 14 – Stockholders’ Equity). On April 21, 2024, the holder of the note exchanged $7,218,350 in principal for 412,360 shares of common stock (see Note 14 – Stockholders’ Equity). As of December 31, 2024 and 2023, the note had a balance of $0 and $17,218,350, respectively.

On December 2, 2024, the Company entered into a secured promissory note with an entity controlled by the Company’s Chief Executive Officer in the principal amount of $11,699,916. The note was for the purchase of certain land and permits from an entity controlled by the Company’s Chief Executive Officer and is secured by such property. There were non-cash proceeds of $11,699,916 used to purchase the land and equipment. The note matures on March 31, 2025 and accrues interest at 10% per annum. The note requires monthly payments of $2,983,309, however in the event such payment would result in the Company having less than $3 million cash on hand, such payment is delayed without penalty until the following month and the maturity date of the note extended. The Company made payments of $4,008,057 towards the principal of the note during the year ended December 31, 2024. As of December 31, 2024 and 2023, the note had a principal balance and accrued interest of $7,691,859 and $0, respectively.

The following table details the current and long-term principal due under non-convertible notes as of December 31, 2024.

	Principal (Current)			Principal (Long Term)
GM Financial (Issued April 11, 2022)	$	9,281		$	-
Non-Convertible Note (Issued March 8, 2019)		-			5,000
Deed of Trust Note (Issued September 1, 2022)		53,712			507,610
Deed of Trust Note (Issued September 1, 2022)		53,712			507,610
Equipment Finance Note (Issued April 21, 2022)		231,120			129,159
Equipment Finance Note (Issued September 14, 2022)		635,095			-
Equipment Finance Note (Issued November 28, 2022)		251,400			677,172
Equipment Finance Note (Issued November 28, 2022)		254,700			684,654
Equipment Finance Note (Issued November 28, 2022)		260,880			701,297
Equipment Finance Note (Issued December 15, 2022)		254,280			683,769
Equipment Finance Note (Issued January 10, 2023)		408,096			52,227
Equipment Finance Note (Issued January 12, 2023)		193,620			548,274
Equipment Finance Note (Issued February 24, 2023)		287,460			499,515
Equipment Finance Note (Issued February 23, 2023)		193,620			98,573
Equipment Finance Note (Issued April 12, 2023)		51,780			159,933
SAFTs		-			85,000
DWM Property Note		7,691,859			-
Debt Discount		(633,396	)		(1,076,554	)
Total Principal of Non-Convertible Notes	$	10,197,219		$	4,263,239

Total principal payments due on non-convertible notes for 2025 through 2028 and thereafter is as follows:

Year ended December 31,
2025	$	10,587,781
2026		1,525,409
2027		1,167,811
2028		785,128
Thereafter		2,104,283