v3.25.2
Debt (Tables)
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Line Items]  
Summary of Notes Payable - Vehicles

The following is a summary of the Company’s notes payable – related parties at June 30, 2025 and December 31, 2024:

 

Balance - December 31, 2023   3,869,650 
Advances   7,593,000 
Repayments   (689,650)
Balance - December 31, 2024   10,773,000 
Advances   2,001,594 
Debt Discount   (175,000)
Amortization of debt discount   20,451 
Repayments   (300,000)
Balance – June 30, 2025  $12,320,045 
Schedule of Advances Payable Related Parties

The following is a detail of the Company’s advances payable – related parties terms and history of each advance at June 30, 2025 and December 31, 2024:

 

Debt Holder  Issue Date  Maturity Date  Interest Rate  Collateral  June 30, 2025  December 31, 2024
Chief Executive Officer/>50% control person  Various  Due on demand  10% - 18%  Unsecured  $12,299,594   $10,773,000 
Schedule of Detailed Company’s Notes Payable

The following represents the terms of the Company’s notes payable as of June 30, 2025 and December 31, 2024, respectively:

 

   Issue Date  Interest Rate  Collateral  Related Party  Refinance Date  Maturity Date  Conversion Date  Repayment Date
Loan #1  June 16, 2023  0%  Unsecured  No  April 24, 2024  April 24, 2024  N/A  N/A
Loan #2  April 24, 2024  0%  Unsecured  No  N/A  October 21, 2025  N/A  N/A
Loan #3  December 2, 2024  0%  Unsecured  No  N/A  December 31, 2025  N/A  N/A
Loan #4  December 3, 2024  0%  Unsecured  No  N/A  December 31, 2025  N/A  N/A
Loan #5  December 26, 2024  0%  Unsecured  No  N/A  March 26, 2025  N/A  March 26, 2025
Loan #6  December 27, 2024  0%  Unsecured  No  N/A  June 27, 2025  N/A  N/A
Loan #7  March 24, 2025  0%  Unsecured  No  N/A  September 24, 2025  N/A  N/A
Loan #8  December 27, 2024  0%  Unsecured  No  N/A  June 27, 2025  N/A  N/A
Loan #9  March 24, 2025  0%  Unsecured  No  N/A  September 24, 2025  N/A  N/A
Loan #10  December 30, 2024  0%  Unsecured  No  N/A  June 30, 2025  N/A  N/A
Loan #11  January 15, 2025  0%  Unsecured  No  N/A  April 15, 2025  N/A  N/A
Loan #12  March 31, 2025  0%  Unsecured  No  N/A  April 30, 2025  N/A  N/A
Loan #13  March 28, 2025  0%  Unsecured  No  N/A  September 4, 2025  N/A  N/A
Loan #14  January 19, 2024  0%  Unsecured  No  N/A  August 19, 2024  N/A  August 19, 2024
Loan #15  August 16, 2024  0%  Unsecured  No  November 26, 2024  February 26, 2025  N/A  N/A
Loan #16  November 26, 2024  0%  Unsecured  No  N/A  June 10, 2025  N/A  N/A
Loan #17  December 16, 2024  0%  Unsecured  No  N/A  May 12, 2025  June 20, 2025  N/A
Loan #18  January 19, 2024  0%  Unsecured  No  N/A  August 19, 2024  N/A  August 19, 2024
Loan #19  August 16, 2024  0%  Unsecured  No  November 26, 2024  February 26, 2025  N/A  N/A
Loan #20  November 24, 2024  0%  Unsecured  No  N/A  June 10, 2025  N/A  N/A
Loan #21  2023  0%  Unsecured  No  N/A  2024  August 16, 2024  N/A
Loan #22  October 2, 2024  0%  Unsecured  No  N/A  April 2, 2026  N/A  February 25, 2025
Loan #23  October 2, 2024  0%  Unsecured  No  N/A  April 2, 2026  N/A  February 25, 2025
Loan #24  October 2, 2024  0%  Unsecured  No  N/A  April 2, 2026  N/A  February 25, 2025
Loan #25  October 2, 2024  0%  Unsecured  No  N/A  April 2, 2026  N/A  February 25, 2025
Loan #26  October 2, 2024  0%  Unsecured  No  N/A  April 2, 2026  N/A  February 25, 2025
Loan #27  January 19, 2024  0%  Unsecured  No  N/A  April 18, 2024  N/A  October 7, 2024
Loan #28  December 24, 2024  0%  Unsecured  No  N/A  March 31, 2025  N/A  N/A
Loan #29  Various  0% - 11%  Underlying vehicle  No  N/A  Various  N/A  Various
Loan #30  June 27, 2025  0%  Unsecured  No  N/A  July 14, 2027  N/A  Various
Loan #31  June 27, 2025  0%  Unsecured  No  N/A  July 14, 2027  N/A  Various
Schedule of Notes Payable

 

   December 31, 2024   Face amount of note   Debt discount   Amortization of debt discount   Conversion to common stock   Repayments   June 30, 2025 
   Six Months Ended June 30, 2025 
   December 31, 2024   Face amount of note   Debt discount   Amortization of debt discount   Conversion to common stock   Repayments   June 30, 2025 
Loan #2  $129,311   $-   $-   $9,050   $-   $(100,701)  $37,660 
Loan #3   600,000    -    -    -    -    (600,000)   - 
Loan #4   250,000    -    -    -    -    (50,000)   200,000 
Loan #5   2,097,288    -    -    402,712    -    (2,500,000)   - 
Loan #6   977,658    -    -    342,342    -    (1,320,000)   - 
Loan #7   -    3,217,700    (986,735)   514,748    -    (1,500,000)   1,245,713 
Loan #8   977,692    -    -    342,308    -    (1,320,000)   - 
Loan #9   -    3,217,700    (986,735)   514,748    -    (1,500,000)   1,245,713 
Loan #10   485,962    -    -    174,038    -    (660,000)   - 
Loan #11   -    1,000,000    (60,000)   60,000    -    (1,000,000)   - 
Loan #12   -    1,000,000    (165,000)   165,000    -    (250,000)   750,000 
Loan #13   -    699,500    (214,895)   124,557    -    (335,760)   273,402 
Loan #16   1,404,644    -    -    650,571    -    (129,216)   1,925,999 
Loan #17   628,703    70,720    -    252,577    (770,000)   (182,000)   - 
Loan #20   1,409,321    -    -    663,879    -    (129,000)   1,944,200 
Loan #22   737,468    -    -    12,532    -    (750,000)   - 
Loan #23   983,291    -    -    16,709    -    (1,000,000)   - 
Loan #24   2,458,227    -    -    41,773    -    (2,500,000)   - 
Loan #25   737,468    -    -    12,532    -    (750,000)   - 
Loan #26   1,200,000    -    -    -    -    (1,200,000)   - 
Loan #28   5,000,100    -    -    -    -    -    5,000,100 
Loan #29   351,753    -    -    -    -    (216,118)   135,635 
Loan #30   -    1,500,000    (75,000)   302    -    -    1,425,302 
Loan #31   -    1,500,000    (75,000)   302    -    -    1,425,302 
Total  $20,428,886   $12,205,620   $(2,563,365)  $4,300,680   $(770,000)  $(17,992,795)  $15,609,026 

 

   December 31, 2023   Face amount of note   Debt discount   Amortization of debt discount   Conversion to common stock   Repayments   December 31, 2024 
   Year Ended December 31, 2024 
   December 31, 2023   Face amount of note   Debt discount   Amortization of debt discount   Conversion to common stock   Repayments   December 31, 2024 
Loan #1  $126,440   $-   $-   $15,521   $-   $(141,961)  $- 
Loan #2   -    277,500    (27,500)   13,575    -    (134,264)   129,311 
Loan #3   -    600,000    -    -    -    -    600,000 
Loan #4   -    250,000    -    -    -    -    250,000 
Loan #5   -    2,500,000    (440,000)   37,288    -    -    2,097,288 
Loan #6   -    1,320,000    (350,035)   7,693    -    -    977,658 
Loan #8   -    1,320,000    (350,000)   7,692    -    -    977,692 
Loan #10   -    660,000    (175,000)   962    -    -    485,962 
Loan #14   -    2,236,500    (736,500)   736,500    -    (2,236,500)   - 
Loan #15   -    1,824,375    (574,375)   574,375    -    (1,824,375)   - 
Loan #16   -    2,502,000    (792,000)   141,429    -    (446,785)   1,404,644 
Loan #17   -    881,280    (281,280)   28,703    -    -    628,703 
Loan #18   -    1,491,000    (491,000)   491,000    -    (1,491,000)   - 
Loan #19   -    1,824,375    (574,375)   574,375    -    (1,824,375)   - 
Loan #20   -    2,518,200    (808,200)   144,321    -    (445,000)   1,409,321 
Loan #21   2,251,237    -    -    168,763    (2,420,000)   -    - 
Loan #22   -    750,000    (15,000)   2,468    -    -    737,468 
Loan #23   -    1,000,000    (20,000)   3,291    -    -    983,291 
Loan #24   -    2,500,000    (50,000)   8,227    -    -    2,458,227 
Loan #25   -    750,000    (15,000)   2,468    -    -    737,468 
Loan #26   -    1,200,000    -    -    -    -    1,200,000 
Loan #27   -    3,700,000    -    -    -    (3,700,000)   - 
Loan #28   -    5,000,100    -    -    -    -    5,000,100 
Loan #29   1,173,278    -    -    -    -    (821,525)   351,753 
                                    
Total  $3,550,955   $35,105,330   $(5,700,265)  $2,958,651   $(2,420,000)  $(13,065,785)  $20,428,886 
Schedule of Debt Extinguishment

Valuation inputs     
Market price per share of common stock - on date of issuance  $2.76 
Discount to market price on date of issuance   80%
Conversion price per share  $2.21 
      
Series A convertible preferred stock - stated value per share  $10.00 
Conversion price per share  $2.21 
Number of shares of common stock - for each share of Series A convertible preferred stock held   4.53 
      
Series A preferred shares issued   363,000 
Number of shares of common stock - for each share of Series A convertible preferred stock held   4.53 
Equivalent common shares   1,644,022 
      
Market price per share of common stock - on date of issuance  $2.76 
      
As converted valuation of Series A convertible preferred stock  $4,537,500 
Debt converted in exchange for Series A convertible preferred stock   3,630,000 
Loss on debt extinguishment - related party  $907,500 
Schedule of Maturities of Long Term Debt

The following represents future maturities of the Company’s various debt arrangements as follows:

 

For the Year Ending December 31,  Vehicle Notes Payable
    
2025 (6 months)   18,124 
2026   53,434 
2027   64,077 
Total  $135,635 
Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Summary of Notes Payable - Vehicles

The following is a summary of the Company’s notes payable for its vehicles at June 30, 2025 and December 31, 2024, respectively:

 

      
Balance - December 31, 2023  $1,173,278 
Repayments   (821,525)
Balance - December 31, 2024   351,753 
      
Repayments   (216,118)
Balance – June 30, 2025  $135,635 
Schedule of Detailed Company’s Notes Payable

The following is a detail of the Company’s notes payable for its vehicles at June 30, 2025 and December 31, 2024, respectively:

 

Notes Payable - Vehicles
Issue Date  Maturity Date  Interest Rate   Default Interest Rate  Collateral  June 30, 2025   December 31, 2024 
January 15, 2021  November 15, 2025   11.00%  N/A  This vehicle  $6,675   $14,352 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   -    3,201 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   -    3,216 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   -    3,216 
January 11, 2022  January 25, 2025   3.50%  N/A  This vehicle   -    3,216 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   -    6,247 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   -    6,248 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   -    6,377 
February 8, 2022  February 10, 2025   3.50%  N/A  This vehicle   -    6,247 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,792 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,792 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    13,792 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,960 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,987 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,987 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,987 
April 5, 2022  April 20, 2025   3.50%  N/A  This vehicle   -    12,986 
August 4, 2022  August 18, 2025   4.99%  N/A  This vehicle   -    8,541 
August 4, 2022  August 18, 2025   4.99%  N/A  This vehicle   -    8,542 
November 1, 2021  November 11, 2025   4.84%  N/A  This vehicle   4,324    8,761 
November 1, 2021  November 11, 2025   0.00%  N/A  This vehicle   662    8,884 
November 1, 2021  November 11, 2025   0.00%  N/A  This vehicle   6,462    8,884 
June 1, 2022  May 23, 2026   0.90%  N/A  This vehicle   11,669    14,137 
June 1, 2022  May 23, 2026   0.90%  N/A  This vehicle   11,669    14,150 
April 27, 2022  May 10, 2027   9.05%  N/A  This vehicle   64,078    79,052 
April 27, 2022  May 1, 2026   8.50%  N/A  This vehicle   30,096    44,199 
                  135,635    351,753 
              Less: current portion   18,124    199,846 
              Long term portion  $117,511   $151,907