DEBT AND DEBT - RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

SCHEDULE OF DEBT AND DEBT - RELATED PARTIES

The following is a summary of the Company’s debt outstanding as of June 30, 2024, and December 31 2023:

	June 30, 2024			December 31, 2023
Senior Secured Promissory Notes	$	1,025,000		$	1,025,000
Senior Secured Promissory Notes - Related Parties		750,000			750,000
Fixed-Rate Mortgage Loans		25,516,207			29,570,185
Variable-Rate Mortgage Loans		4,755,815			4,675,585
Other Debt, Subordinated Secured		741,000			741,000
Other Debt, Subordinated Secured - Related Parties		150,000			150,000
Other Debt, Subordinated Secured - Seller Financing		7,957			15,105
Line of Credit		250,000			-
Financed Insurance Premiums		360,106			875,027
Debt and Debt – Related Parties, Gross		33,556,085			37,801,902
Unamortized Discount and Debt Issuance Costs		(459,485	)		(555,367	)
Debt and Debt – Related Parties, Net of Discount	$	33,096,600		$	37,246,535
As presented in the Consolidated Balance Sheets:
Current Maturities of Long-Term Debt, Net	$	10,596,535		$	11,170,100
Short term debt – Related Parties, Net		900,000			900,000
Long-Term Debt, Net		21,600,065			25,176,435

SCHEDULE OF MORTGAGE LOAN DEBT

		June 30, 2024					December 31, 2023
State	Number of Properties	Total Face Amount		Principal Amount Due		Number of Properties	Total Face Amount		Principal Amount Due
Arkansas¹	1	$	5,000,000	$	3,810,694	1	$	5,000,000	$	3,739,786
Georgia²	4		13,497,114		11,569,361	5		17,765,992		15,457,026
Ohio	1		3,000,000		2,537,200	1		3,000,000		2,563,000
Oklahoma³	6		13,181,325		12,354,767	6		13,181,325		12,485,958
	12	$	34,678,439	$	30,272,022	13	$	38,947,317	$	34,245,770

(1)	The mortgage loan collateralized by this property is 80% guaranteed by the USDA and requires an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year. Guarantors under the mortgage loan include Christopher Brogdon. Mr. Brogdon has assumed operations of the facility and is making payments of principal and interest on the loan on our behalf in lieu of paying rent on the facility to us, until a formal lease can be put in place. During the periods ended June 30, 2024 and December 31, 2023, the Company recognized other income of $51,982 and $170,981, respectively for repayments on the loan.
(2)	The Company refinanced two of its mortgages that would have matured in June and October of 2021 amounting to $2,961,167 and $3,289,595, to extend their maturity dates to May 30, 2024 for both. The Company is currently negotiating a renewal for both loans received 90 day extensions on both to August 31, 2024 while the renewals are in process.
(3)	The Company refinanced all three mortgages in July 2021, that would have matured in June and July of 2021 amounting to $2,065,969 and $750,000, $500,000, to extend their maturity dates to June 2027 for all three. Additionally, the Company has refinanced the primary mortgage at the Southern Hills Campus, for 35 years at 2.38%.

SCHEDULE OF OTHER DEBT

Other debt due at June 30, 2024 and December 31, 2023 includes unsecured notes payable issued to entities controlled by the Company used to facilitate the acquisition of the nursing home properties.

			Total Principal Outstanding as of
Property	Face Amount		June 30, 2024		December 31, 2023		Stated Interest Rate	Maturity Date
Goodwill Nursing Home	$	2,030,000	$	741,000	$	741,000	13% Fixed	30-Nov-25
Goodwill Nursing Home – Related Party		150,000		150,000		150,000	13% Fixed	30-Nov-25
Higher Call Nursing Center (1)		150,000		7,957		15,105	8% Fixed	30-Nov-25
	$	2,330,000	$	898,957	$	906,105

(1) In connection with the acquisition of Higher Call, the Company executed a promissory note in favor of the Seller, Higher Call Nursing Center, Inc., in the principal amount of $150,000 which accrues interest at the rate of 8% per annum and is payable in equal monthly installments, principal and interest. This note is secured by a corporate guaranty of Global.

SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS

The Company’s corporate debt as of June 30, 2024, and December 31, 2023 includes unsecured notes and notes secured by all assets of the Company not serving as collateral for other notes.

			Total Principal Outstanding as of
Series	Face Amount		June 30, 2024		December 31, 2023		Stated Interest Rate	Maturity Date
11% Senior Secured Promissory Notes	$	1,255,000	$	1,025,000	$	1,025,000	10% Fixed	31-Dec-24
11% Senior Secured Promissory Notes – Related Party	$	750,000		750,000		750,000	10% Fixed	31-Dec-24
	$	2,005,000	$	1,775,000	$	1,775,000