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NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of notes payable |
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  | Guarantors |  | Interest rate |  | Effective rate(1) |  | Due date |  | December 31, 2024 |  |  | December 31, 2023 |
AGREE secured construction loans (in default) |  | AGREE hotels |  | - |  | 7.0% |  | 8.8% |  | March 31, 2026 |  | $ | 68,750,000 |  |  | $ | 67,632,000 |
Circle 8 revolving credit facility |  | Circle 8 cranes with a book value of $29.6 million |  | - |  | 8.4% |  | 8.4% |  | December 16, 2025 |  |  | 13,126,000 |  |  |  | 15,907,000 |
16% promissory note |  | - |  | Ault & Company and Milton C. Ault, III |  | 16.0% (default rate of 24.0%) |  | - |  | - |  |  | - |  |  |  | 2,572,000 |
Circle 8 equipment financing notes |  | Circle 8 equipment with a book value of $4.3 million |  | - |  | 10.5% |  | 10.5% |  | September 15, 2025 through June 15, 2027 |  |  | 2,826,000 |  |  |  | 5,629,000 |
15% term notes (in default) |  | - |  | Milton C. Ault, III |  | 15.0% (default rate of 22.99%) |  | 48.0% |  | October 31, 2024 |  |  | 3,777,000 |  |  |  | - |
8% demand loans |  | - |  | - |  | 10.0% (12.0% default rate) |  | - |  | Upon demand |  |  | - |  |  |  | 950,000 |
Sentinum note payable |  | - |  | - |  | 12.5% |  | - |  | - |  |  | - |  |  |  | 1,067,000 |
ROI promissory note (in default) |  | - |  | - |  | 15.0% (default rate of 18.0%) |  | 67.2% |  | April 30, 2024 |  |  | 2,367,000 |  |  |  | - |
Other ($3.4 million in default) |  | - |  | - |  | - |  |  |  | - |  |  | 5,826,000 |  |  |  | 3,808,000 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  | $ | 96,672,000 |  |  | $ | 97,565,000 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | (453,000 | )
Total notes payable, net |  |  |  |  |  |  |  |  |  |  |  | $ | 96,672,000 |  |  | $ | 97,112,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  | (95,768,000 | ) |  |  | (11,692,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  |  |  | $ | 904,000 |  |  | $ | 85,420,000 |
| (1) | Includes forbearance and extension fees and OID costs that are amortized to interest expense over the life of the notes.
Schedule of maturities |
Schedule of maturities |  |  |  |
Year |  |  |
2025 |  | $ | 95,768,000 |
2026 |  |  | 794,000 |
2027 |  |  | 110,000 |
|  | $ | 96,672,000 |
Schedule of interest expense |
Schedule of interest expense |  |  |  |  |  |  |  |
|  | For the Year Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Contractual interest expense |  | $ | 11,925,000 |  |  | $ | 17,338,000 |
Forbearance fees |  |  | 2,214,000 |  |  |  | 5,469,000 |
Amortization of debt discount |  |  | 5,532,000 |  |  |  | 21,507,000 |
Total interest expense |  | $ | 19,671,000 |  |  | $ | 44,314,000 |

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