Related-Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related-Party Transactions | |
| Related-Party Transactions | Note 5.Related-Party Transactions Transactions with Common ownership affiliates: The Company previously leased office space directly from Westside Realty of New York, Inc. (“WSR”), the owner of the West 27th Street Building. The majority owner of WSR (80%) is Robert M. Gans, who is also the Chief Executive Officer of the Company. Since April 1, 2009, the monthly rent has been $2,500 per month including overhead costs. This lease was terminated on December 31, 2020. As a result, this location was closed along with the offices of Scores Holding Co., Inc. With that the accounting operations were relocated to another property owned by another related party. WRNY did not charge rent from 1/1/2020 forward and the $22,500 balance due of rent owed was abated and never paid. Accordingly, this was written-off to additional paid in capital during the period ended June 30, 2023. Effective January 1, 2013, the Company entered into a management services agreement with Metropolitan Lumber Hardware and Building Supplies, Inc. (“Metropolitan”) pursuant to which Metropolitan provides management and other services to the Company, including the services of Robert M. Gans and Howard Rosenbluth, who is also the Chief Financial Officer of the Company, to act as executive officers of the Company. In consideration of the services, the Company paid Metropolitan a fee in the amount of $30,000 per year. Effective May 5, 2015, the agreement was amended increasing the annual fee to $90,000. Effective January 1, 2017, the agreement was further amended to remove the requirement that the services of Robert M. Gans to be provided under the agreement. In addition, Metropolitan shall be eligible for a discretionary cash bonus. The agreement may be terminated by either party upon ten days written notice. Mr. Gans is the sole owner of Metropolitan. Effective May 13, 2026, the agreement was amended decreasing the annual fee to $12,000. The Company incurred management fees of $3,000 for the three months ended March 31, 2025 and $22,500 for the three months ended March 31, 2024. The Company owed $128,000 and $125,000 in unpaid management services as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the Company has a receivable of $0 due from Metropolitan. The Company collected the balance on February 21, 2025. The Company is due $0 and $5,250 as of March 31, 2025 and December 31, 2024, respectively. The total amounts due to the various related parties as of March 31, 2025 and December 31, 2024, was $128,000 and $125,000 respectively and the total amounts due to the Company from the various related parties as of March 31, 2025 and December 31, 2024, was $0 and $5,250 respectively. |