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NOTES PAYABLE | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
NOTES PAYABLE | 15. NOTES PAYABLE Notes payable at March 31, 2025 and December 31, 2024, were comprised of the following:
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  | Guarantors |  | Interest rate |  | Effective rate |  | Due date |  | March 31, 2025 |  |  | December 31, 2024 |
AGREE secured construction loans, in default |  | AGREE hotels |  | - |  | 9% |  | 11% |  | March 31, 2026 |  | $ | 68,750,000 |  |  | $ | 68,750,000 |
Circle 8 revolving credit facility |  | Circle 8 cranes with a book value of $29.3 million |  | - |  | 8% |  | 8% |  | December 16, 2025 |  |  | 13,234,000 |  |  |  | 13,126,000 |
Circle 8 equipment financing notes |  | Circle 8 equipment with a book value of $4.1 million |  | - |  | 11% |  | 11% |  | September 15, 2025 through June 15, 2027 |  |  | 1,977,000 |  |  |  | 2,826,000 |
15% term notes |  | - |  | Milton C. Ault, III |  | 15% |  | - |  | October 31, 2024 |  |  | - |  |  |  | 3,777,000 |
ROI promissory note, in default |  | - |  | - |  | 18% |  | 51% |  | May 15, 2025 |  |  | 2,569,000 |  |  |  | 2,367,000 |
Other ($2.6 million in default) |  | - |  | - |  | - |  | - |  | - |  |  | 6,264,000 |  |  |  | 5,826,000 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  | $ | 92,794,000 |  |  | $ | 96,672,000 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  |  |  |  |  |  |  |  |  |  |  | (56,000 | ) |  |  | - |
Total notes payable, net |  |  |  |  |  |  |  |  |  |  |  | $ | 92,738,000 |  |  | $ | 96,672,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  | (91,909,000 | ) |  |  | (95,768,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  |  |  | $ | 829,000 |  |  | $ | 904,000 |
Amendment to AGREE Secured Construction Loans The AGREE secured construction loans with an original due date of January 1, 2025, were amended on February 2, 2025, whereby AGREE agreed to pay monthly installments of interest only based on an annualized interest rate of Term SOFR plus 4.75%. In addition, AGREE agreed to make principal payments of $1.0 million in June 2025 and $2.0 million in September 2025 and December 2025 with the balance due March 1, 2026. AGREE has failed to make timely interest payments per the amended payment terms. Notes Payable Maturities Principal maturities of the Company’s notes payable, assuming the exercise of all extensions that are exercisable solely at the Company’s option, as of March 31, 2025 were:
Schedule of maturities |  |  |  |
Year |  |  |
2025 (remainder) |  | $ | 91,965,000 |
2026 |  |  | 719,000 |
2027 |  |  | 110,000 |
|  | $ | 92,794,000 |
Interest Expense
Schedule of interest expense |  |  |  |  |  |  |  |
|  | For the Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Contractual interest expense |  | $ | 3,775,000 |  |  | $ | 1,994,000 |
Forbearance fees |  |  | 12,000 |  |  |  | 1,500,000 |
Amortization of debt discount |  |  | 52,000 |  |  |  | 2,137,000 |
Total interest expense |  | $ | 3,839,000 |  |  | $ | 5,631,000 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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