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NOTES PAYABLE (Tables)

6 Months Ended

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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- Definition

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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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

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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