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v3.23.1

NOTES PAYABLE (Tables) | 3 Months Ended
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Mar. 31, 2023
Notes Payable |
Schedule of notes payable |
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.
Schedule Of maturities |
Schedule Of maturities |  |  |  |  |
Year |  |  |  |
2023 |  |  | $ | 25,508,000 |
2024 |  |  |  | 15,307,000 |
2025 |  |  |  | 66,630,000 |
2026 |  |  |  | 14,345,000 |
|  |  | $ | 121,790,000 |
Schedule of 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 |

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