NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2022

Notes Payable

Schedule of notes payable

Notes payable at September 30, 2022 and December 31, 2021, were comprised of the following:

	Interest rate	Due date	September 30, 2022			December 31, 2021
Short-term notes payable	12.0%	Nov. 2022	$	35,000		$	118,000
10% original issue discount senior secured notes				-			65,972,000
AGREE Madison secured construction loans	7.0%	January 1, 2025		58,351,000			55,055,000
SMC line of credit	15.5%	June 11, 2023		2,500,000			-
SMC installment notes	7.6%	June 18, 2024		177,000			-
SMC notes payable	6.0%	Sept. 2024-Feb. 2025		353,000			-
XBTO note payable	12.5%	December 30, 2023		3,384,000			-
10% secured promissory notes	10.0%	August 10, 2023		10,093,000			-
Short-term bank line of credit	4.7%	Renews monthly		2,325,000			960,000
Total notes payable			$	77,218,000		$	122,105,000
Less:
Unamortized debt discounts				(1,776,000	)		(27,496,000	)
Total notes payable, net			$	75,442,000		$	94,609,000
Less: current portion				(17,132,000	)		(39,554,000	)
Notes payable – long-term portion			$	58,310,000		$	55,055,000

The following table summarizes the principal maturity schedule for our notes payable outstanding as of September 30, 2022:

The following table summarizes the principal maturity schedule for our notes payable outstanding as of September 30, 2022:

Year	Principal
2022	$	18,049,000
2023		818,000
2024		-
2025		58,351,000
Total	$	77,218,000