Loan(s) Payable - Related Party - R.A. Bianco

12 Months Ended

Dec. 31, 2024

Loan(s) Payable - Related Party - R.A. Bianco [Abstract]

Loan(s) Payable - Related Party - R.A. Bianco

Note 11 – Loan(s) Payable – Related Party – R.A. Bianco

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 - related party - Mr. R.A. Bianco entered into January 2023 through December 2023, which were repaid in April 2024 is as follows: ($ in thousands)

Date of loan(s)	Rate			Due Date	December 31, 2023
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
October 2023		7.00	%	October 31, 2025		300
November 2023		7.00	%	November 30, 2025		450
December 2023		7.00	%	December 31, 2025		600
					$	3,198

In January 2024 through March 2024, the Company and Mr. R.A. Bianco entered into additional agreements pursuant to which Mr. R.A. Bianco made additional loans to the Company aggregating $350,000, for use as working capital in accordance with the same terms of the loan(s) payable noted herein.

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 11.

In September 2024 and December 2024, Mr. R.A. Bianco made an additional loan(s) to the Company, for use as working capital in accordance with the same terms of the loan(s) payable noted herein.

Information regarding the loan(s) payable - related party – R.A. Bianco, entered into September 2024 forward, is as follows: ($ in thousands)

Date of loan(s)	Rate			Due Date	December 31, 2024
September 2024		6.50	%	September 30, 2027	$	1,000
December 2024		6.50	%	December 31, 2027		500
					$	1,500

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

(in thousands)	December 31, 2024		December 31, 2023
Accrued interest expense	$	20	$	85

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.

In March 2025, the Company and Mr. R.A. Bianco entered into an additional agreement(s) pursuant to which Mr. R.A. Bianco made additional loan(s) to the Company of $100,000 for use as working capital in accordance with the same terms of the loan(s) payable noted herein.