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NOTES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2023
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
      
Year     
2023   $25,508,000 
2024    15,307,000 
2025    66,630,000 
2026    14,345,000 
    $121,790,000 
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