Loan(s) Payable - Related Party

3 Months Ended

Mar. 31, 2024

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	March 31, 2024		December 31, 2023
February 2023		6.50	%	February 28, 2025	$	300	$	300
April 2023		6.50	%	April 30, 2025		325		325
May 2023		6.50	%	May 31, 2025		310		310
June 2023		7.00	%	June 30, 2025		330		330
July 2023		7.00	%	July 31, 2025		333		333
August 2023		7.00	%	August 31, 2025		250		250
October 2023		7.00	%	October 31, 2025		300		300
November 2023		7.00	%	November 30, 2025		450		450
December 2023		7.00	%	December 31, 2025		600		600
January 2024		7.00	%	January 31, 2026		100		-
February 2024		7.00	%	February 28, 2026		50		-
February 2024		7.00	%	February 28, 2026		100		-
March 2024		7.00	%	March 31, 2026		100		-
					$	3,548	$	3,198

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

(in thousands)	March 31, 2024		December 31, 2023
Accrued interest expense	$	142	$	85

In April 2024, with funds received from the Equity Offering, the Company repaid Mr. R.A. Bianco the full amount of the loan(s) payable outstanding plus accrued interest. For additional information, see Note 9.

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.