v3.26.1
NOTES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of notes payable
                             
   Collateral  Guarantors  Interest
rate		   Effective
rate(1)		   Due date  March 31,
2026		   December 31,
2025		 
AGREE secured construction loans, in default  AGREE hotels  -   10%   12%  January 1, 2027  $68,750,000   $68,750,000 
Circle 8 revolving credit facility  Circle 8 cranes with a book value of $27.1 million  -   9%   9%  June 16, 2026   6,801,000    7,205,000 
Circle 8 equipment financing notes  Circle 8 equipment with a book value of $3.0 million  -   6%   6%  Various dates through March 5, 2031   3,345,000    2,171,000 
Term note  -  Ault & Company, Inc. (“Ault & Company”) and Milton C. Ault, III   12%   77%  April 27, 2026   6,634,000    - 
Other  -  -   6%       Various   5,686,000    4,995,000 
Total notes payable                     $91,216,000   $83,121,000 
Less:                             
Unamortized debt discounts                      (78,000)   - 
Total notes payable, net                     $91,138,000   $83,121,000 
Less: current portion                      (88,772,000)   (82,055,000)
Notes payable – long-term portion                     $2,366,000   $1,066,000 

 

(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
     
Year    
2026 (remainder)  $88,850,000 
2027   757,000 
2028   640,000 
2029   526,000 
2030   

320,000

 
Thereafter   

123,000

 
   $91,216,000 
Schedule of interest expense
          
   For the Three Months Ended 
   March 31, 
   2026   2025 
Contractual interest expense  $4,877,000   $3,775,000 
Forbearance fees   74,000    12,000 
Amortization of debt discount   1,595,000    52,000 
Total interest expense  $6,546,000   $3,839,000