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IMPAIRMENT AND ASSETS HELD FOR SALE | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
IMPAIRMENT AND ASSETS HELD FOR SALE | 7 – IMPAIRMENT AND ASSETS HELD FOR SALE For the three months ended September 30, 2025 and 2024, the Trust recorded a non-cash impairment charge of approximately $32,000 and $195,000, respectively. During the nine months ended September 30, 2025 and 2024, the Trust recorded a non-cash impairment charge of approximately $45,000 and $18.1 million, respectively. Any decline in the estimated fair values of the Trust’s assets could result in impairment charges in the future. It is possible that such impairments, if required, could be material. A summary of the Trust’s impairment expense for the nine months ended September 30, 2025 and 2024 is below: SUMMARY OF TRUSTS IMPAIRMENT EXPENSES
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Impairment Expense |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Assets Held for Sale |  | $ | - |  |  | $ | 109,174 |  |  | $ | 13,600 |  |  | $ | 17,609,346 |
Long-Lived Assets |  |  | 31,804 |  |  |  | 86,229 |  |  |  | 31,804 |  |  |  | 585,038 |
Impairment Expenses |  | $ | 31,804 |  |  | $ | 195,403 |  |  | $ | 45,404 |  |  | $ | 18,194,384 |
The Trust has aggregated and classified the assets and liabilities of properties to be sold as held for sale in its Consolidated Balance Sheets as of September 30, 2025 since all criteria under ASC 360-10-45-9 were met. The Balance Sheet as of December 31, 2024 has been reclassed for comparative purposes as three properties (Tamarack 7, Tam 7 -MIP, Maverick 5 – Jackson Farms, and Tamarack 8 -Apotheke) considered held for sale are now considered held for use as of September 30, 2025. Also, the balance sheet as of December 31, 2024 includes the Tamarack 18, and Tamarack 13 properties which were sold during the first six months of 2025 as well as, the Michigan and Nebraska properties which were written off on April 11, 2025 as part of the resolution of the Greenhouse Loan, and therefore all removed from the September 30, 2025 column. The assets and liabilities of assets held for sale were as follows: SCHEDULE OF ASSETS AND LIABILITIES OF ASSETS HELD FOR SALE
|  | September 30, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |  |  |
Land |  |  | 743,550 |  |  |  | 1,359,865 |
Greenhouse cultivation and processing facilities, net of accumulated depreciation |  |  | 5,663,052 |  |  |  | 22,458,215 |
Prepaid Expense |  |  | - |  |  |  | 460,698 |
Other assets |  |  | - |  |  |  | 56,458 |
TOTAL ASSETS - Held for sale |  |  | 6,406,602 |  |  |  | 24,335,236 |
LIABILITIES |  |  |  |  |  |  |  |
Accounts payable |  |  | 135,475 |  |  |  | 139,355 |
Accrued expenses |  |  | 1,124,918 |  |  |  | 1,103,668 |
Other liabilities |  |  | - |  |  |  | 356,454 |
TOTAL LIABILITIES - Held for sale |  |  | 1,260,393 |  |  |  | 1,599,477 |
Other Liabilities Other liabilities as of September 30, 2025 and December 31, 2024 is approximately $0 and $356,000, respectively. Other liabilities for December 31, 2024 represent a finance agreement for an insurance policy for properties that were considered held for sale. It also includes the finance agreement for a tractor that was used at the Nebraska greenhouse. The loan was payable annually over five years with a 1.9% interest rate per annum and matures on August 21, 2028. The loan was in default and the tractor was transferred to the lender as of April 2, 2025. Other Assets Other assets as of September 30, 2025 and December 31, 2024 is approximately $0 and $56,000, respectively. Other assets as of December 31, 2024 represent a tractor purchased by PW MillPro NE on August 21, 2023 for use at the Nebraska greenhouse (net of depreciation) that was transferred to the lender as of April 2, 2025.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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- References No definition available. + Details
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