XML 50 R40.htm IDEA: XBRL DOCUMENT v3.25.3

NOTES PAYABLE (Tables)

9 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

+ References

No definition available.

+ Details

Name:	us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration