Loans and Notes Payable

6 Months Ended

Jun. 30, 2025

Note 5. Loans and Notes Payable

Loans and notes payable and their maturities consist of the following:

Third party debt:

Schedule of loans and notes payable
	June 30, 2025		December 31, 2024
Various promissory notes and convertible notes	$	50,960	$	50,960
Various promissory notes for vehicle financing		306,815		445,917
Blue Ridge Bank		410,200		410,200
Small Business Administration		2,326,359		2,389,022
Al Dali International for Gen. Trading & Cont. Co.		221,838		189,391
RSF, LLC		500,000		500,000
Justin Ellis		-		350,000
Cedarview Opportunities Master Fund LP		2,356,985		2,886,307
Business First Bank		8,938,737		10,842,312
Note payable to Pilot OFS Holdings, LLC		16,619,526		16,619,526
Maxus Capital Group, LLC		9,294,908		10,513,507
Curve Capital, LLC		747,274		2,103,954
Clear Think Capital (b)		4,021,556		-
Agile Capital Funding, LLC		1,639,035		1,636,855
Short term note (c)		575,000		-
JJ Astor (a)		4,222,256		-
Total notes payable	$	52,231,449	$	48,937,951

Loans and notes payable, current	$	48,530,043	$	42,423,941
Loans and notes payable, long term	$	3,701,406	$	6,514,010

Related party debt:


	June 30, 2025		December 31, 2024
Jorgan Development, LLC	$	17,658,421		18,109,503
Ballengee Holdings, LLC		1,328,805		1,391,650
James Ballengee		492,500
Tyler Nelson		792,868		1,020,872
Triple T Trading Company LLC		476,352		404,121
Waskom, LLC		1,079,287		884,018
Total notes payable- related parties	$	21,828,233	$	21,810,164

Loans and notes payable, current- related parties	$	21,828,233	$	22,108,339
Loans and notes payable, long term- related parties	$	-	$	-


Remaining 2025	$	68,116,986
2026		5,632,581
2027		25,788
2028		25,788
2029		25,788
beyond		232,751
Total	$	74,059,682

	(a)	On March 17, 2025, the Company issued a junior secured convertible promissory note due to J.J. Astor & Co. (the “Lender”), in the principal amount of $6,625,000, in connection with a Loan and Security Agreement entered into by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, net of closing fees totaling $1,625,000. The note is payable to the Lender over forty-two equal weekly installments of $157,739, which may be paid in cash or, at the option of the Company once an applicable resale registration statement covering the conversion shares is declared effective by the SEC, in free trading shares of its common stock issued at a twenty percent (20%) discount to the lower of either the previous day’s closing price or the average of the four lowest volume-weighted average prices during the prior twenty (20) trading days. The note does not bear interest unless an event of default shall occur and is continuing. The Company agreed to issue the Lender 250,000 shares of its common stock as additional consideration for the loan with a value of $235,000 which has been recorded as a debt discount.
	(b)	The Company entered multiple twelve-month convertible promissory notes in the second quarter 2025 for a total principal amount of $5,911,765, in connection with a Loan and Security Agreement entered into by and between the Company, its subsidiaries, and the Lender. The Company received $5,025,000, net of closing fees totaling $416,500. The notes mature twelve months from the date of issuance, have a 15% original issuance discount, have a one-time ten percent interest charge applied at the issuance date. In addition, the Company agreed to issue the holders 753,750 shares of common stock as additional consideration for the notes with a value of $595,963 which has been recorded as a debt discount.
	(c)	The Company obtained a short-term loan of $475,000 in June 2025. The loan originally matured in June 2025 but it was extended to July 2025. The annual interest rate was eighteen percent per annum.