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SEGMENT AND CUSTOMERS INFORMATION | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT AND CUSTOMERS INFORMATION | 22. SEGMENT AND CUSTOMERS INFORMATION The Company had the following reportable segments as of March 31, 2025 and 2024; see Note 1 for a brief description of the Company’s business. The following data presents the revenues, expenditures and other operating data of the Company and its operating segments for the three months ended March 31, 2025:
Schedule of operating segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | TurnOnGreen |  |  | Fintech |  |  | Sentinum |  |  | AGREE |  |  | Energy |  |  | ROI |  |  | Holding Co. |  |  | Total |
Revenue, crane operations |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 13,769,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 13,769,000 |
Revenue, crypto assets mining |  |  | - |  |  |  | - |  |  |  | 5,198,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,198,000 |
Revenue, hotel and real estate operations |  |  | - |  |  |  | - |  |  |  | 516,000 |  |  |  | 3,149,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,665,000 |
Revenue, lending and trading activities |  |  | - |  |  |  | (28,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28,000 | )
Revenue, other |  |  | 1,592,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,000 |  |  |  | (1,000 | ) |  |  | 797,000 |  |  |  | 2,417,000 |
Total revenue |  |  | 1,592,000 |  |  |  | (28,000 | ) |  |  | 5,714,000 |  |  |  | 3,149,000 |  |  |  | 13,798,000 |  |  |  | (1,000 | ) |  |  | 797,000 |  |  |  | 25,021,000 |
Cost of revenue |  |  | 861,000 |  |  |  | - |  |  |  | 7,031,000 |  |  |  | 2,844,000 |  |  |  | 8,364,000 |  |  |  | 206,000 |  |  |  | 432,000 |  |  |  | 19,738,000 |
Gross profit (loss) |  |  | 731,000 |  |  |  | (28,000 | ) |  |  | (1,317,000 | ) |  |  | 305,000 |  |  |  | 5,434,000 |  |  |  | (207,000 | ) |  |  | 365,000 |  |  |  | 5,283,000 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 125,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,000 |  |  |  | - |  |  |  | 129,000 |
Selling and marketing |  |  | 246,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,088,000 |  |  |  | - |  |  |  | 2,334,000 |
General and administrative |  |  | 1,138,000 |  |  |  | 120,000 |  |  |  | (51,000 | ) |  |  | 1,363,000 |  |  |  | 2,337,000 |  |  |  | - |  |  |  | 4,297,000 |  |  |  | 9,204,000 |
Total operating expenses |  |  | 1,509,000 |  |  |  | 120,000 |  |  |  | (51,000 | ) |  |  | 1,363,000 |  |  |  | 2,337,000 |  |  |  | 2,092,000 |  |  |  | 4,297,000 |  |  |  | 11,667,000 |
(Loss) income from operations |  | $ | (778,000 | ) |  | $ | (148,000 | ) |  | $ | (1,266,000 | ) |  | $ | (1,058,000 | ) |  | $ | 3,097,000 |  |  | $ | (2,299,000 | ) |  | $ | (3,932,000 | ) |  |  | (6,384,000 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 240,000 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,839,000 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,569,000 | )
Gain on deconsolidation of subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,049,000 |
Loss on the sale of fixed assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (161,000 | )
Total other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,720,000 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,664,000 | )
Depreciation and amortization expense |  | $ | 19,000 |  |  | $ | - |  |  | $ | 2,584,000 |  |  | $ | 972,000 |  |  | $ | 1,128,000 |  |  | $ | 19,000 |  |  | $ | 479,000 |  |  | $ | 5,201,000 |
Interest expense |  | $ | (7,000 | ) |  | $ | - |  |  | $ | (1,000 | ) |  | $ | (1,839,000 | ) |  | $ | (903,000 | ) |  | $ | (225,000 | ) |  | $ | (864,000 | ) |  | $ | (3,839,000 | )
Capital expenditures for the year ended March 31, 2025 |  | $ | - |  |  | $ | - |  |  | $ | 1,621,000 |  |  | $ | 95,000 |  |  | $ | 1,138,000 |  |  | $ | 23,000 |  |  | $ | 3,000 |  |  | $ | 2,880,000 |
Segment identifiable assets as of March 31, 2025 |  | $ | 2,855,000 |  |  | $ | 20,271,000 |  |  | $ | 33,851,000 |  |  | $ | 68,116,000 |  |  | $ | 46,399,000 |  |  | $ | 1,001,000 |  |  | $ | 45,761,000 |  |  | $ | 218,254,000 |
The following data presents the revenues, expenditures and other operating data of the Company and its operating segments for the three months ended March 31, 2024:
|  | TurnOnGreen |  |  | Fintech |  |  | Sentinum |  |  | AGREE |  |  | Energy |  |  | ROI |  |  | Holding Co. |  |  | Total |
Revenue, crane operations |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12,918,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 12,918,000 |
Revenue, crypto assets mining |  |  | - |  |  |  | - |  |  |  | 11,447,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,447,000 |
Revenue, hotel and real estate operations |  |  |  |  |  |  |  |  |  |  | 302,000 |  |  |  | 3,006,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,308,000 |
Revenue, lending and trading activities |  |  | - |  |  |  | 9,099,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,099,000 |
Revenue, other |  |  | 1,225,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 39,000 |  |  |  | 28,000 |  |  |  | 301,000 |  |  |  | 1,593,000 |
Total revenue |  |  | 1,225,000 |  |  |  | 9,099,000 |  |  |  | 11,749,000 |  |  |  | 3,006,000 |  |  |  | 12,957,000 |  |  |  | 28,000 |  |  |  | 301,000 |  |  |  | 38,365,000 |
Cost of revenue |  |  | 667,000 |  |  |  | - |  |  |  | 8,544,000 |  |  |  | 2,817,000 |  |  |  | 7,991,000 |  |  |  | 1,000 |  |  |  | 157,000 |  |  |  | 20,177,000 |
Gross profit |  |  | 558,000 |  |  |  | 9,099,000 |  |  |  | 3,205,000 |  |  |  | 189,000 |  |  |  | 4,966,000 |  |  |  | 27,000 |  |  |  | 144,000 |  |  |  | 18,188,000 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  |  | 111,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 111,000 |
Selling and marketing |  |  | 360,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,688,000 |  |  |  | - |  |  |  | 4,048,000 |
General and administrative |  |  | 581,000 |  |  |  | 91,000 |  |  |  | (164,000 | ) |  |  | 407,000 |  |  |  | 3,778,000 |  |  |  | - |  |  |  | 5,679,000 |  |  |  | 10,372,000 |
Total operating expenses |  |  | 1,052,000 |  |  |  | 91,000 |  |  |  | (164,000 | ) |  |  | 407,000 |  |  |  | 3,778,000 |  |  |  | 3,688,000 |  |  |  | 5,679,000 |  |  |  | 14,531,000 |
(Loss) income from operations |  | $ | (494,000 | ) |  | $ | 9,008,000 |  |  | $ | 3,369,000 |  |  | $ | (218,000 | ) |  | $ | 1,188,000 |  |  | $ | (3,661,000 | ) |  | $ | (5,535,000 | ) |  |  | 3,657,000 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 523,000 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,631,000 | )
Gain on conversion of investment in equity securities to marketable equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,900,000 |
Gain on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,405,000 |
Loss from investment in unconsolidated entity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (667,000 | )
Provision for loan losses, related party |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,068,000 | )
Gain on the sale of fixed assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,000 |
Total other expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,530,000 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,187,000 |
Depreciation and amortization expense |  | $ | 24,000 |  |  | $ | - |  |  | $ | 4,051,000 |  |  | $ | - |  |  | $ | 1,030,000 |  |  | $ | 18,000 |  |  | $ | 515,000 |  |  | $ | 5,638,000 |
Interest expense |  | $ | (69,000 | ) |  | $ | (5,000 | ) |  | $ | (118,000 | ) |  | $ | (1,583,000 | ) |  | $ | (1,067,000 | ) |  | $ | (1,601,000 | ) |  | $ | (1,188,000 | ) |  | $ | (5,631,000 | )
Capital expenditures for the three months ended March 31, 2024 |  | $ | 8,000 |  |  | $ | - |  |  | $ | 293,000 |  |  | $ | 589,000 |  |  | $ | 451,000 |  |  | $ | 30,000 |  |  | $ | 49,000 |  |  | $ | 1,420,000 |
Segment identifiable assets as of December 31, 2024 |  | $ | 3,050,000 |  |  | $ | 6,676,000 |  |  | $ | 35,260,000 |  |  | $ | 69,130,000 |  |  | $ | 45,524,000 |  |  | $ | 1,130,000 |  |  | $ | 59,701,000 |  |  | $ | 220,471,000 |

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