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Loan(s) Payable - Related Party - R.A. Bianco
 9 Months Ended
Sep. 30, 2025
Loan(s) Payable - Related Party - R.A. Bianco [Abstract]  
Loan(s) Payable - Related Party - R.A. Bianco
Note 9 – 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 57th 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 57th 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.
 
From February 2023 to December 2023, the Company and Mr. R.A. Bianco entered into agreements pursuant to which Mr. R.A. Bianco made loans to the Company aggregating $3,198,000, for use as working capital. 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 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 as of April 2024, aggregating $3,548,000, plus accrued interest. For additional information, see Note 10.
 
From September 2024 forward, the Company and Mr. R.A. Bianco entered into additional agreement(s) pursuant to which Mr. R.A. Bianco made 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     September 30, 2025      December 31, 2024  
September 2024
   6.50%  
September 30, 2027
  $ 1,000   $ 1,000 
December 2024
   6.50%  
December 31, 2027
    500     500 
March 2025
   6.50%  
March 31, 2028
    100       -  
March 2025
   6.50%  
March 31, 2028
    400       -  
May 2025
   6.50%  
May 31, 2028
    100       -  
June 2025
   6.50%  
June 30, 2028
    500       -  
July 2025
   6.50%  
July 31, 2028
    250       -  
September 2025
   6.50%  
September 30, 2028
    100       -  
September 2025
   6.50%  
September 30, 2028
    250       -  
             $ 3,200   $ 1,500 
 
Information regarding accrued interest expense on the loan(s) payable is as follows:
 
(in thousands)
    September 30,
   2025 		     December 31,
   2024 		 
Accrued interest expense   $ 125   $ 20 
 
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 57th Property, including the Company’s challenge to the Strict Foreclosure, see Note 3 and Note 6.