Loan(s) Payable - Related Party - BARC Investments LLC

12 Months Ended

Dec. 31, 2024

Loan(s) Payable - Related Party - BARC Investments LLC [Abstract]

Loan(s) Payable - Related Party - BARC Investments LLC

Note 10 – Loan(s) Payable – Related Party – BARC Investments LLC

The Company and BARC Investments, LLC, (“BARC”) an affiliate of the Company owned and controlled by two of the Company’s directors and their sibling, entered into an agreement(s) for BARC 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 BARC further agreed that amounts due pursuant to the loan(s) plus interest can be converted by BARC, at its 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 - related party - BARC Investments LLC is as follows: ($ in thousands)

Date of loan(s)	Rate			Due Date	December 31, 2024		December 31, 2023
August 2024		6.50	%	August 31, 2027	$	2,000	$	-
					$	2,000	$	-

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

(in thousands)	December 31, 2024		December 31, 2023
Accrued interest expense	$	48	$	-

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.