Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 8 – Related Party Transactions On March 14,2024 we were awarded a $21 million project with Rare Capital Partners LLC to build a 79-unit townhome rental community with an additional community clubhouse in Port Salerno FL. Our Chief Executive Officer Joseph F. Basile III owns 42.25% of Rare Capital Partners and co-manages Rare Capital Partners through Basile Family Investments LLC. Jamie Zambrana a nominee for board of directors owns 8.54% of Rare Capital Partners and co-manages Rare Capital Partners through Sebastian Pail Investments, Inc. Nelson Garcia, a nominee for board of directors owns 8.54% through NBG Investments, Inc. Nelson Garcia does not, individually or through an entity, control the day-to-day operations of Rare Capital Partners LLC and is solely a minority owner. On or about September 1, 2021, in accordance with an oral agreement, JFB paid for engineering fees related to this project, in association with its general contracting services being rendered, in the amount of $120,696. Rare Capital Partners paid the $120,696 balance on September 30,2024. Construction on the project commenced on June 1, 2025, with vertical construction currently underway over the next five months as part of the second development phase. As of March 31, 2026, the Company has recorded $2,213,010 in related party sales associated with this project, along with $2,091,294 in related party cost of goods sold. We lease our current corporate headquarters under a 7-year lease with Aura Commercial, LLC. Joseph F. Basile III, our Chief Executive Officer, is President of Aura Commercial, LLC and owns 100% of the entity. The lease was effective on March 29, 2024, with rent commencing on June 1, 2024, and provides for a base monthly rent of $24,303 with 2.5% adjustment increases per year. We presently occupy approximately 8,991 square feet of the building. On January 1, 2026 the Company entered into a new lease agreement with Aura Commercial, LLC for the rental of the first floor of the Aura Commercial building, further expanding the Company's operational footprint. Total rent expense under this related party agreement was $81,239 and $35,784 for the three months ended March 31, 2026 and March 31, 2025 respectively. On May 1, 2025, the Company entered into a Construction agreement as general contractor and co-developer for a new Courtyard by Marriott hotel in Olive Branch, Mississippi. The project includes the development of a 117- room hotel. As of March 31, 2026, the Company recognized revenue of $0 and associated cost of goods sold of $0 related to this project. |