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NOTES PAYABLE (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of notes payable |
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  | Guarantors |  | Interest rate |  | Due date |  | June 30, 2024 |  |  | December 31, 2023 |
AGREE secured construction loans |  | AGREE hotels |  |  |  | 7.0% |  | January 1, 2025 |  | $ | 68,689,000 |  |  | $ | 67,632,000 |
Circle 8 revolving credit facility |  | Circle 8 cranes with a book value of $30.2 million |  | - |  | 8.4% |  | December 16, 2025 |  |  | 15,031,000 |  |  |  | 15,907,000 |
16% promissory note (in default) |  | - |  | Ault & Company and Milton C. Ault, III |  | 16.0% |  | July 15, 2024 |  |  | 4,822,000 |  |  |  | 2,572,000 |
Circle 8 equipment financing notes |  | Circle 8 equipment with a book value of $4.5 million |  | - |  | 10.5% |  | September 15, 2025 through June 15, 2027 |  |  | 4,638,000 |  |  |  | 5,629,000 |
15% term notes |  | - |  | Milton C. Ault, III |  | 15.0% |  | September 30, 2024 |  |  | 3,499,000 |  |  |  | - |
15% promissory notes |  | - |  | Milton C. Ault, III |  | 15.0% |  | December 4, 2024 |  |  | 2,400,000 |  |  |  | - |
8% demand loans |  | - |  | - |  | 8.0% |  | Upon demand |  |  | - |  |  |  | 950,000 |
Short-term bank credit facilities |  | - |  | - |  | 5.2% |  | Renews monthly |  |  | 2,718,000 |  |  |  | 1,464,000 |
Sentinum note payable |  | - |  | - |  | 12.5% |  | - |  |  | - |  |  |  | 1,067,000 |
ROI promissory note (in default) |  | - |  | - |  | 18.0% |  | April 30, 2024 |  |  | 2,094,000 |  |  |  | - |
Other ($0.9 million in default) |  | - |  | - |  | - |  | - |  |  | 2,948,000 |  |  |  | 3,518,000 |
Total notes payable |  |  |  |  |  |  |  |  |  | $ | 106,839,000 |  |  | $ | 98,739,000 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  |  |  |  |  |  |  |  |  | (748,000 | ) |  |  | (453,000 | )
Total notes payable, net |  |  |  |  |  |  |  |  |  | $ | 106,091,000 |  |  | $ | 98,286,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  | (89,643,000 | ) |  |  | (12,866,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  | $ | 16,448,000 |  |  | $ | 85,420,000 |
Schedule of maturities |
Schedule of maturities |  |  |  |
Year |  |  |
2024 (remainder) |  | $ | 20,930,000 |
2025 |  |  | 85,497,000 |
2026 |  |  | 382,000 |
2027 |  |  | 15,000 |
2028 |  |  | 15,000 |
|  | $ | 106,839,000 |
Schedule of interest expense |
Schedule of interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Contractual interest expense |  | $ | 3,336,000 |  |  | $ | 2,547,000 |  |  | $ | 6,622,000 |  |  | $ | 5,942,000 |
Forbearance fees |  |  | 750,000 |  |  |  | 6,198,000 |  |  |  | 2,250,000 |  |  |  | 7,538,000 |
Amortization of debt discount |  |  | 1,297,000 |  |  |  | 7,182,000 |  |  |  | 3,434,000 |  |  |  | 16,177,000 |
Total interest expense |  | $ | 5,383,000 |  |  | $ | 15,927,000 |  |  | $ | 12,306,000 |  |  | $ | 29,657,000 |

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