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NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of notes payable

Schedule of notes payable
		Collateral		Guarantors		Interest rate		Due date		September 30, 2024				December 31, 2023
AGREE secured construction loans		AGREE hotels		-		7.0%		January 1, 2025		$	68,750,000			$	67,632,000
Circle 8 revolving credit facility		Circle 8 cranes with a book value of $29.6 million		-		10.0%		December 16, 2025			13,651,000				15,907,000
16% promissory note (in default)		-		Ault & Company and Milton C. Ault, III		16.0% (default rate of 24.0%)		July 15, 2024			5,572,000				2,572,000
Circle 8 equipment financing notes		Circle 8 equipment with a book value of $4.3 million		-		10.5%		September 15, 2025 through June 15, 2027			3,829,000				5,629,000
15% term notes (in default as of November 1, 2024)		-		Milton C. Ault, III		15.0% (default rate of 22.99%)		October 31, 2024			5,399,000				-
8% demand loans		-		-		8.0%		Upon demand			-				950,000
Sentinum note payable		-		-		12.5%		-			-				1,067,000
ROI promissory note (in default)		-		-		15.0% (default rate of 18.0%)		April 30, 2024			2,094,000				-
Other ($0.9 million in default)		-		-		-		-			5,501,000				3,808,000
Total notes payable										$	104,796,000			$	97,565,000
Less:
Unamortized debt discounts											(306,000	)			(453,000	)
Total notes payable, net										$	104,490,000			$	97,112,000
Less: current portion											(87,730,000	)			(11,692,000	)
Notes payable – long-term portion										$	16,760,000			$	85,420,000

Schedule of maturities

Schedule of maturities
Year
2024 (remainder)		$	19,261,000
2025			84,124,000
2026			879,000
2027			266,000
2028			266,000
		$	104,796,000

Schedule of interest expense

Schedule of interest expense
		For the Three Months Ended								For the Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Contractual interest expense		$	5,350,000			$	4,986,000			$	10,725,000			$	9,645,000
Forbearance fees			1,050,000				518,000				3,300,000				7,319,000
Amortization of debt discount			1,366,000				634,000				4,800,000				18,216,000
Total interest expense		$	7,766,000			$	6,138,000			$	18,825,000			$	35,180,000

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Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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