Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 10 – Related Party Transactions David Sobelman - Chief Executive Officer Guaranty Fees. During the three and six months ended June 30, 2026, the Company incurred guaranty fee expense of $60,250 and $122,115, respectively, payable to the Company's Chief Executive Officer, recorded to interest expense. As of June 30, 2026, $632,757 of guaranty fees remained payable, included in accrued expenses - related party on the consolidated balance sheet.
Executive Loan. On May 29, 2025, the Company, through the Operating Partnership, entered into a loan transaction with the Company's Chief Executive Officer, for $610,000 to fund closing costs relating to the sale of the Company's Auburn University-occupied industrial building located in Huntsville, Alabama and Starbucks-occupied retail building located in Tampa, Florida. The loan provides that an amount equal to the aggregate unpaid principal amount of the loan, together with accrued but unpaid interest at an interest rate of 5.75% per annum, previously due on August 31, 2025, has been extended to December 31, 2025. As of June 30, 2026, the loan remained unpaid and the aggregate outstanding principal balance of $610,000, together with accrued and unpaid interest, remained payable. The loan has not been further amended or extended as of the date of these financial statements.
As discussed in Note 9, on July 24, 2026, $120,000 of the outstanding debt owed under the note was converted into 162,163 shares of the Company's common stock, and the outstanding principal balance under the note was reduced to $490,000. See Note 12 - Subsequent Events for further discussion. QCCR Investments, LLC - Board of Director Affiliate See Note 9 - Debt for discussion of the $125,000 promissory note entered into on February 12, 2026 between GIPVA 2510 Walmer Ave., LLC and QCCR Investments, LLC, an affiliate of a member of the Company's board of directors, which was repaid in full, together with accrued interest, during the three months ended June 30, 2026. |