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NOTES PAYABLE (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of notes payable |
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  |  | Guarantors |  |  | Interest rate |  | Effective rate |  | Due date |  |  | June 30, 2025 |  |  | December 31, 2024 |
AGREE secured construction loans, in default |  |  | AGREE hotels |  |  |  | - |  |  |  | 9% |  |  | 12% |  |  | March 31, 2026 |  |  | $ | 68,750,000 |  |  | $ | 68,750,000 |
Circle 8 revolving credit facility |  |  | Circle 8 cranes with a book value of $27.7 million |  |  |  | - |  |  |  | 8% |  |  | 8% |  |  | December 16, 2025 |  |  |  | 10,553,000 |  |  |  | 13,126,000 |
Circle 8 equipment financing notes |  |  | Circle 8 equipment with a book value of $3.8 million |  |  |  | - |  |  |  | 11% |  |  | 11% |  |  | September 15, 2025 through June 15, 2027 |  |  |  | 1,534,000 |  |  |  | 2,826,000 |
15% term notes, in default |  |  | - |  |  |  | Milton C. Ault, III |  |  |  | 15% |  |  | - |  |  | October 31, 2024 |  |  |  | - |  |  |  | 3,777,000 |
ROI promissory note, in default |  |  | - |  |  |  | - |  |  |  | 18% |  |  | 45% |  |  | May 15, 2025 |  |  |  | 2,830,000 |  |  |  | 2,367,000 |
Other ($2.4 million in default) |  |  | - |  |  |  | - |  |  |  | 15% |  |  | - |  |  | Various |  |  |  | 4,839,000 |  |  |  | 5,826,000 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 88,506,000 |  |  | $ | 96,672,000 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Total notes payable, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 88,506,000 |  |  | $ | 96,672,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (87,677,000 | ) |  |  | (95,768,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 829,000 |  |  | $ | 904,000 |
Schedule of maturities |
Schedule of maturities |  |  |  |
Year |  |  |
2025 (remainder) |  | $ | 87,677,000 |
2026 |  |  | 719,000 |
2027 |  |  | 110,000 |
|  | $ | 88,506,000 |
Schedule of interest expense |
Schedule of interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Contractual interest expense |  | $ | 3,400,000 |  |  | $ | 3,272,000 |  |  | $ | 7,175,000 |  |  | $ | 5,266,000 |
Forbearance fees |  |  | 365,000 |  |  |  | 750,000 |  |  |  | 377,000 |  |  |  | 2,250,000 |
Amortization of debt discount |  |  | 3,899,000 |  |  |  | 1,297,000 |  |  |  | 3,951,000 |  |  |  | 3,434,000 |
Total interest expense |  | $ | 7,664,000 |  |  | $ | 5,319,000 |  |  | $ | 11,503,000 |  |  | $ | 10,950,000 |

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