DEBT AND DEBT - RELATED PARTIES (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Debt Disclosure [Abstract] |
|
| SCHEDULE OF DEBT OUTSTANDING |
The
following is a summary of the Company’s debt outstanding as of June 30, 2025 and December 31 2024:
SCHEDULE
OF DEBT OUTSTANDING
| | |
June 30, 2025 | | |
December 31, 2024 | |
| Senior secured promissory notes | |
$ | 1,050,000 | | |
$ | 1,025,000 | |
| Senior secured promissory notes - related parties | |
| 775,000 | | |
| 750,000 | |
| Lines of credit | |
| 708,294 | | |
| 799,752 | |
| Fixed-rate mortgage loans | |
| 24,664,501 | | |
| 25,152,756 | |
| Variable-rate mortgage loans | |
| 4,578,340 | | |
| 4,675,991 | |
| Other debt, subordinated secured | |
| 173,500 | | |
| 173,500 | |
| Other debt, subordinated secured - seller financing | |
| - | | |
| 7,957 | |
| Total | |
| 31,949,635 | | |
| 32,584,956 | |
| Unamortized discount and debt issuance costs | |
| (443,568 | ) | |
| (451,936 | ) |
| Total debt, net of discount | |
$ | 31,506,067 | | |
$ | 32,133,020 | |
| | |
| | | |
| | |
| As presented in the Condensed Consolidated Balance Sheets: | |
| | | |
| | |
| | |
| | | |
| | |
| Current Maturities of long term debt, net | |
$ | 11,326,024 | | |
$ | 11,450,406 | |
| Short term debt – related parties | |
| 775,000 | | |
| 750,000 | |
| Lines of credit | |
| 708,294 | | |
| 799,752 | |
| Long-term debt, net | |
| 18,696,749 | | |
| 19,132,862 | |
|
| SCHEDULE OF MORTGAGE LOAN DEBT |
SCHEDULE OF MORTGAGE LOAN DEBT
| | |
| | |
| | |
Total Principal Outstanding as of | |
| State | |
Number of
Properties | | |
Total Face
Amount | | |
June 30, 2025 | | |
December 31, 2024 | |
| Arkansas(1) | |
| 1 | | |
$ | 5,000,000 | | |
$ | 3,658,239 | | |
$ | 3,742,822 | |
| Georgia(2) | |
| 4 | | |
$ | 13,497,114 | | |
$ | 11,125,332 | | |
$ | 11,403,295 | |
| Ohio(3) | |
| 1 | | |
$ | 3,000,000 | | |
$ | 2,484,756 | | |
$ | 2,517,400 | |
| Oklahoma(4) | |
| 6 | | |
$ | 13,181,325 | | |
$ | 11,974,514 | | |
$ | 12,165,230 | |
| | |
| 12 | | |
$ | 34,678,439 | | |
$ | 29,242,841 | | |
$ | 29,828,747 | |
| (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 six months ended June 30, 2025 and year ended December 31, 2024, the Company recognized other income of $43,103 and $119,854,
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
2024 for both. The Company
is currently negotiating a refinance for both loans and have received a 120 day forbearances on both which expired on May 31, 2025. The
Company also refinanced a mortgage associated with one of the Georgia properties that would have matured in June of 2019 amounting to
$3,768,600 and extend its maturity date to July 2049. |
| |
|
(3)
|
The
Company refinanced its mortgage that would have matured in May of 2022 amounting to $3,000,000
and extend its maturity date to October 2027. |
| |
|
| (4) |
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% with a maturity date of October 1, 2056. |
|
| SCHEDULE OF OTHER DEBT |
Other
debt due at June 30, 2025 and December 31, 2024 includes unsecured notes payable issued to entities controlled by the Company used to
facilitate the acquisition of the nursing home properties.
SCHEDULE OF OTHER DEBT
| | |
| | |
Total Principal
Outstanding as of | | |
| |
|
| Property | |
Face Amount | | |
June 30, 2025 | | |
December 31, 2024 | | |
Stated Interest Rate | |
Maturity Date |
| Goodwill Nursing Home | |
$ | 2,030,000 | | |
$ | 173,500 | | |
$ | 173,500 | | |
13% Fixed | |
November 30, 2025 |
| Higher Call Nursing Center (1) | |
| 150,000 | | |
| - | | |
| 7,957 | | |
8% Fixed | |
November 30, 2025 |
| | |
$ | 2,180,000 | | |
$ | 173,500 | | |
$ | 181,457 | | |
| |
|
| (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 Casinos, Inc. |
|
| SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS |
The
Company’s corporate debt as of June 30, 2025, and December 31, 2024 includes unsecured notes and notes secured by all assets of
the Company not serving as collateral for other notes.
SCHEDULE OF UNSECURED NOTES AND NOTES SECURED BY ALL ASSETS
| | |
| | |
Total Principal
Outstanding as of | | |
| |
|
| Series | |
Face Amount | | |
June 30, 2025 | | |
December 31, 2024 | | |
Stated Interest Rate | |
Maturity Date |
| Senior Secured Promissory Notes | |
$ | 1,255,000 | | |
$ | 1,050,000 | | |
$ | 1,025,000 | | |
13% Fixed | |
December 31, 2025 |
| Senior Secured Promissory Notes – Related Party | |
| 775,000 | | |
| 775,000 | | |
| 750,000 | | |
13% Fixed | |
December 31, 2025 |
| | |
$ | 2,030,000 | | |
$ | 1,825,000 | | |
$ | 1,775,000 | | |
| |
|
|
| SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE |
Future
maturities and principal payments of all notes payable listed above for the next five years and thereafter are as follows:
SCHEDULE OF FUTURE MATURITIES OF NOTES PAYABLE
| Year Ending December 31 | |
| |
| 2025 (remaining six months) | |
$ | 12,477,343 | |
| 2026 | |
| 791,446 | |
| 2027 | |
| 2,998,423 | |
| 2028 | |
| 540,330 | |
| 2029 and Thereafter | |
| 15,142,093 | |
| | |
| | |
| Total (without debt discount) | |
$ | 31,949,635 | |
|