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NOTES PAYABLE | 3 Months Ended
--- | ---
Mar. 31, 2023
Notes Payable |
NOTES PAYABLE | 16. NOTES PAYABLE Notes payable at March 31, 2023 and December 31, 2022, were comprised of the following:
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate |  | Due date |  | March 31, 2023 |  |  | December 31, 2022 |
Short-term notes payable – in default |  | 5.0% |  | January 3, 2023 |  | $ | 375,000 |  |  | $ | 700,000 |
AGREE Madison secured construction loans |  | 7.0% |  | January 1, 2025 |  |  | 64,893,000 |  |  |  | 62,395,000 |
SMC line of credit * |  | 8.0% |  | October 14, 2025 |  |  | - |  |  |  | 1,761,000 |
SMC installment notes |  | 7.6% |  | June 18, 2024 |  |  | 139,000 |  |  |  | 158,000 |
Circle 8 revolving credit facility |  | 8.4% |  | December 16, 2025 |  |  | 13,903,000 |  |  |  | 14,724,000 |
Circle 8 equipment financing notes |  | 7.2% |  | November 16, 2026 |  |  | 9,400,000 |  |  |  | 10,677,000 |
XBTO note payable |  | 12.5% |  | December 30, 2023 |  |  | 2,093,000 |  |  |  | 2,749,000 |
16% senior secured promissory note |  | 16.0% |  | May 31, 2023 |  |  | 10,456,000 |  |  |  | 17,456,000 |
3% secured promissory notes |  | 3.0% |  | May 18, 2023 |  |  | - |  |  |  | 5,672,000 |
8.5% secured promissory notes |  | 8.5% |  | May 7, 2024 |  |  | 17,191,000 |  |  |  | 17,389,000 |
10% secured promissory notes |  | 10.0% |  | August 10, 2023 |  |  | - |  |  |  | 8,789,000 |
Short-term bank credit facilities |  | 6.3% |  | Renews monthly |  |  | 3,340,000 |  |  |  | 1,702,000 |
Total notes payable |  |  |  |  |  | $ | 121,790,000 |  |  | $ | 144,172,000 |
Less: Unamortized debt discounts |  |  |  |  |  |  | (3,458,000 | ) |  |  | (13,087,000 | )
Total notes payable, net |  |  |  |  |  | $ | 118,332,000 |  |  | $ | 131,085,000 |
Less: current portion |  |  |  |  |  |  | (26,459,000 | ) |  |  | (39,621,000 | )
Notes payable – long-term portion |  |  |  |  |  | $ | 91,873,000 |  |  | $ | 91,464,000 |
* | As of March 31, 2023, SMC was in violation of a financial covenant on this line of credit. However, SMC subsequently obtained a waiver for this covenant violation in May 2023.
Notes Payable Maturities The contractual maturities of the Company’s notes payable, assuming the exercise of all extensions that are exercisable solely at the Company’s option, as of March 31, 2023 were:
Schedule Of maturities |  |  |  |  |
Year |  |  |  |
2023 |  |  | $ | 25,508,000 |
2024 |  |  |  | 15,307,000 |
2025 |  |  |  | 66,630,000 |
2026 |  |  |  | 14,345,000 |
|  |  | $ | 121,790,000 |
Interest Expense
Schedule of interest expense |  |  |  |  |  |  |  |
|  | For the Three Months Ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Contractual interest expense |  | $ | 2,727,000 |  |  | $ | 921,000 |
Forbearance fees |  |  | 603,000 |  |  |  | 1,203,000 |
Amortization of debt discount |  |  | 10,400,000 |  |  |  | 27,700,000 |
Total interest expense |  | $ | 13,730,000 |  |  | $ | 29,824,000 |
10% Secured Promissory Notes The 10% secured promissory notes were retired in March 2023 and converted into the Preferred Shares, as described in Note 14 – Preferred Stock Liability. Amendments to 16% Secured Promissory Notes On April 6, 2023, the Company entered into an amendment agreement, effective as of March 16, 2023, with the initial investor related to the December 2022 16% secured promissory note extending the due date on the note to May 31, 2023, which will automatically extend to June 30, 2023 if the Company repays the balance outstanding on the note as of the extension date, which was $8.3 million, by May 31, 2023. The Company agreed to increase the principal amount of the note by approximately $2.0 million, reflecting a $1.7 million extension fee and $0.4 million of liquidated damages for failure to obtain an effective registration statement. On May 4, 2023, the Company entered into an amendment agreement, effective as of March 16, 2023, with the subsequent investor related to the December 2022 16% secured promissory note extending the due date on the note to June 30, 2023. The Company agreed to increase the principal amount of the note by approximately $0.8 million, reflecting a $0.6 million extension fee and $0.2 million amendment fee.

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