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ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Assets Held For Sale And Discontinued Operations |
Schedule of assets and liabilities of agree operations |
Schedule of assets and liabilities of agree operations |  |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Cash and cash equivalents |  | $ | 1,080,000 |  |  | $ | 2,550,000 |
Restricted cash |  |  | 697,000 |  |  |  | 2,831,000 |
Accounts receivable |  |  | 247,000 |  |  |  | 264,000 |
Inventories |  |  | 50,000 |  |  |  | 44,000 |
Property and equipment, net - current |  |  | 88,525,000 |  |  |  | - |
Prepaid expenses and other current assets |  |  | 392,000 |  |  |  | 270,000 |
Total current assets |  |  | 90,991,000 |  |  |  | 5,959,000 |
Property and equipment, net |  |  | - |  |  |  | 92,535,000 |
Total assets |  |  | 90,991,000 |  |  |  | 98,494,000 |
Accounts payable and accrued expenses |  |  | 3,099,000 |  |  |  | 2,631,000 |
Notes payable, current |  |  | 67,262,000 |  |  |  | - |
Total current liabilities |  |  | 70,361,000 |  |  |  | 2,631,000 |
Notes payable |  |  | - |  |  |  | 61,633,000 |
Total liabilities |  |  | 70,361,000 |  |  |  | 64,264,000 |
Net assets of discontinued operations |  | $ | 20,630,000 |  |  | $ | 34,230,000 |
Schedule of estimated costs to sell and expected |
Schedule of estimated costs to sell and expected |  |  |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Revenue, hotel and real estate operations |  | $ | 16,161,000 |  |  | $ | 16,697,000 |
Cost of revenue, hotel operations |  |  | 12,300,000 |  |  |  | 11,406,000 |
Gross profit |  |  | 3,861,000 |  |  |  | 5,291,000 |
General and administrative |  |  | 3,383,000 |  |  |  | 5,982,000 |
Impairment of property and equipment |  |  | 8,284,000 |  |  |  | - |
Total operating expenses |  |  | 11,667,000 |  |  |  | 5,982,000 |
Loss from operations |  |  | (7,806,000 | ) |  |  | (691,000 | )
Interest expense |  |  | (7,898,000 | ) |  |  | (5,204,000 | )
Net loss from discontinued operations |  | $ | (15,704,000 | ) |  | $ | (5,895,000 | )
Schedule of cash flow activity related to discontinued operations |
Schedule of cash flow activity related to discontinued operations |  |  |  |  |  |  |  |
|  | For the Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net loss |  | $ | (15,704,000 | ) |  | $ | (5,895,000 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,074,000 |  |  |  | 3,322,000 |
Amortization of debt discount |  |  | 392,000 |  |  |  | 391,000 |
Impairment of property and equipment |  |  | 8,284,000 |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  |  | 17,000 |  |  |  | (213,000 | )
Inventories |  |  | (6,000 | ) |  |  | (13,000 | )
Prepaid expenses and other current assets |  |  | (122,000 | ) |  |  | 349,000 |
Accounts payable and accrued expenses |  |  | 467,000 |  |  |  | 2,026,000 |
Net cash used in operating activities |  |  | (4,598,000 | ) |  |  | (33,000 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (6,347,000 | ) |  |  | (9,111,000 | )
Net cash used in investing activities |  |  | (6,347,000 | ) |  |  | (9,111,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from notes payable |  |  | 5,237,000 |  |  |  | 7,340,000 |
Cash contributions from parent |  |  | 2,104,000 |  |  |  | 794,000 |
Net cash provided by financing activities |  |  | 7,341,000 |  |  |  | 8,134,000 |
Net decrease in cash and cash equivalents and restricted cash |  |  | (3,604,000 | ) |  |  | (1,010,000 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 5,381,000 |  |  |  | 6,391,000 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 1,777,000 |  |  | $ | 5,381,000 |
Supplemental disclosures of cash flow information: |  |  |  |  |  |  |  |
Cash paid during the period for interest |  | $ | 7,506,000 |  |  | $ | 4,813,000 |

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