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ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses at December 31, 2024 and 2023 consisted of the following:

 

   2024   2023 
   December 31, 
   2024   2023 
Accounts payable  $38,762,000   $21,424,000 
Accrued insurance premium   -    873,000 
Accrued interest (see Note 13)   2,538,000    1,978,000 
Other accrued expenses   106,000    306,000 
Total accounts payable and accrued expenses  $41,406,000   $24,581,000 

 

The Company financed all insurance policies for the policy terms of August 17, 2023 through August 16, 2024. The financing agreements had an interest rate of 7.48% per annum and required eight monthly payments of $169,000.