XML 77 R53.htm IDEA: XBRL DOCUMENT v3.23.3
Related-Party Transactions (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
$ / shares
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
Dec. 31, 2022
$ / shares
May 24, 2022
$ / shares
Related-Party Transactions [Line Items]            
Percentage of development costs 4.00%   4.00%      
Payments for other fee $ 300,000 $ 212,500 $ 600,000 $ 581,250    
Acres of land (in Square Meters) | m² 1.64   1.64      
Hotel construction loan description     (a) a first priority perfected mortgage encumbering the Hotel Property; (b) a first priority perfected assignment of leases and rents with respect to the Hotel Property; (c) a first priority perfected assignment of all permits, licenses, entitlements, approvals, and contracts with respect to the Hotel Property; (d) UCC-1 financing statements (all personal property, fixture filing and accounts and reserves); (e) equity pledge; and (f) all other agreements and assurances customary in similar financings by IRGInc. The Hotel Construction Loan will bear interest at a variable rate per annum equal to the one-month Term SOFR plus 6%, subject to a SOFR floor equal to the greater of (i) 4% and (ii) prevailing SOFR at closing of the Hotel Construction Loan. Payments of interest only will be made during the initial two-year term, with a payments of principal and interest based on a 25-year amortization during the extension term, if applicable. Hotel will pay 1% of the Hotel Construction Loan amount as an origination fee, payable in full at closing. The Hotel Construction Loan definitive documentation will have representations, warranties and events of default usual and customary for such type of loan.      
Stock issued during period shares other (in Shares) | shares     90,909      
Common stock per share (in Dollars per share) | $ / shares $ 0.0001   $ 0.0001   $ 0.0001  
Percentage of bear Interest     12.50%      
Accrued interest percentage     8.00%      
Price per share (in Dollars per share) | $ / shares $ 12.77   $ 12.77     $ 0.0001
Contractual Percentage 25.00%   25.00%      
IRG letter agreement description     IRGLLC and the Company agreed to comply with all federal and state securities laws and Nasdaq listing rules and to insert “blocker” provisions for the above-described re-pricing of the warrants and the conversion provisions, such that the total cumulative number of shares of Common Stock that may be issued to IRGLLC and its affiliated and related parties pursuant to the IRG Letter Agreement may not exceed the requirements of Nasdaq Listing Rule 5635(d) (“Nasdaq 19.99% Cap”), except that such limitation will not apply following approval of the Company’s stockholders. In addition, the provisions of the IRG Letter Agreement are limited by Nasdaq Listing Rule 5635(c).      
Related party description     (i) issuance of shares of Common Stock in excess of the Nasdaq 19.99% Cap to IRG Affiliate Lenders with respect to transactions described in the IRG Letter Agreement; and (ii) the issuance to an entity wholly owned by a director of additional shares of Common Stock issuable upon the conversion of certain convertible debt and the exercise of certain warrants described in the IRG Letter Agreement.      
Hotel Construction Loan [Member]            
Related-Party Transactions [Line Items]            
Construction loan $ 28,000,000   $ 28,000,000      
IRG Affiliate Lender loans [Member]            
Related-Party Transactions [Line Items]            
Membership interest     100.00%      
Contractual Agreement [Member]            
Related-Party Transactions [Line Items]            
Payments for other fee     $ 750,000      
IRG Affiliate Lender loans [Member]            
Related-Party Transactions [Line Items]            
Payments for other fee     $ 4,500,000      
Stock issued during period shares other (in Shares) | shares     90,909      
Common stock per share (in Dollars per share) | $ / shares $ 0.0001   $ 0.0001      
License Agreement [Member]            
Related-Party Transactions [Line Items]            
Payments for other fee     $ 900,000      
Pro Football Hal of Frame Purchase Agreement [Member]            
Related-Party Transactions [Line Items]            
Purchase agreement     $ 250,000