Subsequent Events

12 Months Ended

Dec. 31, 2022

Note 10 - Subsequent Events

The Company has performed a review of events subsequent to the balance sheet dated December 31, 2022, through the report issuance date. Other than as discussed herein, the Company has no events, subsequent to December 31, 2022, and through the date these consolidated financial statements were issued.

In February 2023, the Company and Mr. R.A. Bianco entered into an agreement for Mr. R.A. Bianco to provide a senior loan to the Company for working capital (the “Loan Payable”).

Information regarding the loan(s) payable is as follows:

	Date of Loan	Rate		Due Date	February, 2023
Loan Payable	February 2023		6.50%	February 28, 2025	$	300,000
					$	300,000

The Loan Payable is due on the earlier of the date the Company receives funds from any source, (excluding funds received by the Company by any litigation funding entity to fund any of the 111 West 57^th legal proceedings), sufficient to pay all amounts due under the Loan Payable, including all accrued interest thereon, including without limitation, from a settlement of the 111 West 57^th legal proceedings or (b) the date(s) indicated above.

The Company and Mr. R.A. Bianco further agreed that amounts due pursuant to the Loan Payable plus interest can be converted by Mr. R.A. Bianco, at his option, into a litigation funding agreement pari-pasu with any litigation funding agreement entered into by the Company with a litigation funding entity.

For additional information regarding the Company’s litigation funding effort, see Note 1. For additional information regarding the Company’s legal proceedings relating to the 111 West 57^th Property, including the Company’s challenge to the Strict Foreclosure, see Note 3 and Note 8.