Loan(s) Payable - Related Party

9 Months Ended

Sep. 30, 2023

Loan(s) Payable - Related Party [Abstract]

Loan(s) Payable - Related Party

Note 8 – Loan(s) Payable – Related Party

The Company and Mr. R.A. Bianco entered into an agreement(s) for Mr. R.A. Bianco to provide senior loan(s) to the Company for working capital. The loan(s) are 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(s), 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 herein.

The Company and Mr. R.A. Bianco further agreed that amounts due pursuant to the loan(s) 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.

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

Date of loan(s)	Rate			Due Date	September 30, 2023		December 31, 2022
February 2023		6.50	%	February 28, 2025	$	300	$	-
April 2023		6.50	%	April 30, 2025		325		-
May 2023		6.50	%	May 31, 2025		310		-
June 2023		7.00	%	June 30, 2025		330		-
July 2023		7.00	%	July 31, 2025		333		-
August 2023		7.00	%	August 31, 2025		250		-
					$	1,848	$	-

Information regarding accrued interest expense on the loan(s) payable is as follows:

(in thousands)	September 30, 2023		December 31, 2022
Accrued interest expense	$	44	$	-

In October 2023, the Company and Mr. R.A. Bianco entered into an additional agreement pursuant to which Mr. R.A. Bianco made an additional loan to the Company of $300,000 for use as working capital in accordance with similar terms of the loan(s) payable noted herein.

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 6.