| Schedule of notes payable |
| Schedule of notes payable | |
| |
| |
| |
| |
| |
| | | |
| | |
| | |
Collateral | |
Guarantors | |
Interest
rate | |
Effective
rate | |
Due date | |
March 31,
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 $29.3 million | |
- | |
8% | |
8% | |
December 16, 2025 | |
| 13,234,000 | | |
| 13,126,000 | |
| Circle 8 equipment financing notes | |
Circle 8 equipment with a
book value of $4.1 million | |
- | |
11% | |
11% | |
September 15, 2025
through June 15, 2027 | |
| 1,977,000 | | |
| 2,826,000 | |
| 15% term notes | |
- | |
Milton C. Ault, III | |
15% | |
- | |
October 31, 2024 | |
| - | | |
| 3,777,000 | |
| ROI promissory note, in default | |
- | |
- | |
18% | |
51% | |
May 15, 2025 | |
| 2,569,000 | | |
| 2,367,000 | |
| Other ($2.6 million in default) | |
- | |
- | |
- | |
- | |
- | |
| 6,264,000 | | |
| 5,826,000 | |
| Total notes payable | |
| |
| |
| |
| |
| |
$ | 92,794,000 | | |
$ | 96,672,000 | |
| Less: | |
| |
| |
| |
| |
| |
| | | |
| | |
| Unamortized debt discounts | |
| |
| |
| |
| |
| |
| (56,000 | ) | |
| - | |
| Total notes payable, net | |
| |
| |
| |
| |
| |
$ | 92,738,000 | | |
$ | 96,672,000 | |
| Less: current portion | |
| |
| |
| |
| |
| |
| (91,909,000 | ) | |
| (95,768,000 | ) |
| Notes payable – long-term portion | |
| |
| |
| |
| |
| |
$ | 829,000 | | |
$ | 904,000 | |
|
| Schedule of interest expense |
| Schedule of interest expense | |
| | | |
| | |
| | |
For the Three Months Ended March 31, | |
| | |
2025 | | |
2024 | |
| Contractual interest expense | |
$ | 3,775,000 | | |
$ | 1,994,000 | |
| Forbearance fees | |
| 12,000 | | |
| 1,500,000 | |
| Amortization of debt discount | |
| 52,000 | | |
| 2,137,000 | |
| Total interest expense | |
$ | 3,839,000 | | |
$ | 5,631,000 | |
|