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NOTES PAYABLE (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of notes payable |
Schedule of notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Collateral |  | Guarantors |  |  | Interest rate |  | Effective rate(1) |  | Due date |  | September 30, 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 $26.2 million |  | - |  |  | 8% |  | 8% |  | December 16, 2025 |  |  | 7,201,000 |  |  |  | 13,126,000 |
Circle 8 equipment financing notes |  | Circle 8 equipment with a book value of $3.4 million |  | - |  |  | 6% |  | 6% |  | October 17, 2025 through July 20, 2029 |  |  | 2,562,000 |  |  |  | 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% |  | 35% |  | May 15, 2025 |  |  | - |  |  |  | 2,367,000 |
Other ($1.2 million in default) |  | - |  | - |  |  | 12% |  | - |  | Various |  |  | 1,526,000 |  |  |  | 5,826,000 |
Total notes payable |  |  |  |  |  |  |  |  |  |  |  |  | $ | 80,039,000 |  |  | $ | 96,672,000 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized debt discounts |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Total notes payable, net |  |  |  |  |  |  |  |  |  |  |  |  | $ | 80,039,000 |  |  | $ | 96,672,000 |
Less: current portion |  |  |  |  |  |  |  |  |  |  |  |  |  | (78,359,000 | ) |  |  | (95,768,000 | )
Notes payable – long-term portion |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,680,000 |  |  | $ | 904,000 |
| (1) | Includes forbearance and extension fees and original issue discount (“OID”) costs that are amortized to interest expense over the life of the notes.
Schedule of maturities |
Schedule of maturities |  |  |  |  |
Year |  |  |  |
2025 (remainder) |  |  | $ | 78,359,000 |
2026 |  |  |  | 759,000 |
2027 |  |  |  | 325,000 |
2028 |  |  |  | 325,000 |
2029 |  |  |  | 271,000 |
|  |  | $ | 80,039,000 |
Schedule of interest expense |
Schedule of interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Contractual interest expense |  | $ | 2,838,000 |  |  | $ | 5,350,000 |  |  | $ | 10,013,000 |  |  | $ | 10,725,000 |
Forbearance fees |  |  | 59,000 |  |  |  | 1,050,000 |  |  |  | 436,000 |  |  |  | 3,300,000 |
Amortization of debt discount |  |  | 166,000 |  |  |  | 1,366,000 |  |  |  | 4,117,000 |  |  |  | 4,800,000 |
Total interest expense |  | $ | 3,063,000 |  |  | $ | 7,766,000 |  |  | $ | 14,566,000 |  |  | $ | 18,825,000 |

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