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NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes Payable |
Schedule of notes payable |
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  |  | Guarantors |  |  | Interest rate |  |  | Due date |  |  | December 31, 2023 |  |  | December 31, 2022 |
Circle 8 revolving credit facility |  |  | Circle 8 cranes with a book value of $31.7 million |  |  |  | - |  |  |  | 8.4% |  |  |  | December 16, 2025 |  |  | $ | 15,907,000 |  |  | $ | 14,724,000 |
8.5% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 8.5% |  |  |  | May 7, 2024 |  |  |  | - |  |  |  | 17,389,000 |
16% promissory note (in default at December 31, 2023) |  |  | - |  |  |  | Ault & Company and Milton C. Ault, III |  |  |  | 16.0% |  |  |  | December 16, 2023 |  |  |  | 2,572,000 |  |  |  | 17,456,000 |
Circle 8 equipment financing notes |  |  | Circle 8 equipment with a book value of $3.9 million |  |  |  | - |  |  |  | 0.0% |  |  |  | March 15, 2024 through November 15, 2026 |  |  |  | 5,629,000 |  |  |  | 10,677,000 |
3% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 3.0% |  |  |  |  |  |  |  | - |  |  |  | 5,672,000 |
8% demand loans |  |  | - |  |  |  | - |  |  |  | 8.0% |  |  |  | Upon demand |  |  |  | 950,000 |  |  |  | - |
Short-term bank credit facilities |  |  | - |  |  |  | - |  |  |  | 5.9% |  |  |  | Renews monthly |  |  |  | 1,464,000 |  |  |  | 1,702,000 |
XBTO note payable (in default at December 31, 2023 and repaid in March 2024) |  |  | 2,482 Antminers with a book value of $3.4 million |  |  |  | - |  |  |  | 12.5% |  |  |  | December 30, 2023 |  |  |  | 1,067,000 |  |  |  | 2,749,000 |
10% secured promissory notes |  |  | - |  |  |  | - |  |  |  | 10.0% |  |  |  |  |  |  |  | - |  |  |  | 8,789,000 |
Other ($0.9 million in default at December 31, 2023) |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | 3,518,000 |  |  |  | 2,619,000 |
Total notes payable |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 31,107,000 |  |  | $ | 81,777,000 |
Less: |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | (83,000 | ) |  |  | (12,325,000 | )
Total notes payable, net |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 31,024,000 |  |  | $ | 69,452,000 |
Less: current portion |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  | (12,866,000 | ) |  |  | (39,621,000 | )
Notes payable – long-term portion |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  | $ | 18,158,000 |  |  | $ | 29,831,000 |
Schedule Of maturities |
Schedule Of maturities |  |  |  |
Year |  |  |
2024 |  | $ | 12,866,000 |
2025 |  |  | 17,721,000 |
2026 |  |  | 418,000 |
2027 |  |  | 51,000 |
2028 |  |  | 51,000 |
|  | $ | 31,107,000 |
Schedule of interest expense |
Schedule of interest expense |  |  |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Contractual interest expense |  | $ | 9,619,000 |  |  | $ | 6,780,000 |
Forbearance fees |  |  | 5,469,000 |  |  |  | 1,453,000 |
Amortization of debt discount |  |  | 21,507,000 |  |  |  | 29,109,000 |
Total interest expense |  | $ | 36,595,000 |  |  | $ | 37,342,000 |

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