v3.26.1
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of notes payable
                          
    Collateral  Guarantors  Interest
rate		  Effective
rate(1)		  Due date  December 31,
2025		   December 31,
2024		 
AGREE secured construction loans, in default    AGREE hotels  -  9%  9%  January 1, 2026  $68,750,000   $68,750,000 
Circle 8 revolving credit facility    Circle 8 cranes with a book value of $25.6 million  -  9%  9%  June 16, 2026   7,205,000    13,126,000 
Circle 8 equipment financing notes    Circle 8 equipment with a book value of $3.2 million  -  6%  6%  Various dates through July 20, 2029   2,171,000    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%  36%  May 15, 2025   -    2,367,000 
Other ($0.9 million in default)    -  -  6%     Various   4,995,000    5,826,000 
Total notes payable                   $83,121,000   $96,672,000 
Less:                            
Unamortized debt discounts                    -    - 
Total notes payable, net                   $83,121,000   $96,672,000 
Less: current portion                    (82,055,000)   (95,768,000)
Notes payable – long-term portion                   $1,066,000   $904,000 

 

(1)Includes forbearance and extension fees and OID costs that are amortized to interest expense over the life of the notes.
Schedule of maturities
      
Year     
2026   $82,055,000 
2027    488,000 
2028    354,000 
2029    224,000 
    $83,121,000 
Schedule of interest expense
          
   For the Year Ended 
   December 31, 
   2025   2024 
Contractual interest expense  $11,153,000   $11,925,000 
Forbearance fees   505,000    2,214,000 
Amortization of debt discount   4,462,000    5,532,000 
Total interest expense  $16,120,000   $19,671,000