Related Party Transactions (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Aug. 09, 2023 |
|
Related Party Transaction [Line Items] | |||
Payroll related expenses | $ 1,125,603 | $ 1,106,997 | |
General and administratice expenses | 1,771,389 | 998,717 | |
Project development costs | 207,523 | ||
Original principal amount | $ 4,200,000 | ||
Additional paid in capital | 1,720,844 | ||
Payments for Other Fees | $ 180,000 | ||
Percentage of anticipated profit | 15.00% | ||
Description of master purchase agreement | The Master Purchase Agreement provides that SG Echo will be paid a fee equal to 12% of the agreed cost of each project. The Master Purchase Agreement further provides that payment terms for all design work and the completion of the pre-fabricated container and module shall be made in accordance with the following schedule: (a) a deposit equal to 40% of the cost of the pre- fabricated container and module only shall be paid by us to SG Echo within 5 business days of the mutual execution of a project order; (b) a progress payment (not to exceed to 35% of the cost of the pre-fabricated container and module) shall be paid by us to SG Echo monthly in proportion to the percentage of Work completed, which payment shall be made within 10 business days of the Company receipt of SG Echo’s invoice; (c) a progress payment equal to 15% of the cost of the pre-fabricated container and module shall be paid by us to SG Echo within 10 business days of the delivery of the pre-fabricated container and module to the specific project site; and (d) the final payment equal to 10% of the cost of the pre-fabricated container and module only shall be paid by us to SG Echo within 10 business days of the substantial completion of the Work. Substantial completion of the Work shall be as defined by the applicable project order | ||
Payment of SG Echo | 10.00% | ||
Accounts payable and accrued expenses | $ 145,000 | ||
SG Echo LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Description of fabrication agreement | the Company entered into the Fabrication Agreement with SG Echo LLC (“SG Echo”) for the fabrication of approximately 800 multifamily market rate rental units, equal to approximately 800,000 square feet of new modular buildings to be located at the McLean site (the Project). The Fabrication Agreement provides that SG Echo will be paid a fee equal to 15% of the cost of the Project. The Project will be fabricated in Phases of 100 to 150 units per phase, with the schedule of the phasing to be determined in our sole discretion. The terms of payment are as follows: (i) down payment of 30% upon release of project for fabrication; (ii) stage payment of 65% upon completion of fabrication, testing and inspection of each unit as it leaves the facility; and (iii) final payment of 5% upon completion of installation on site, including acceptance of punch list items, startup of equipment and City of Durant inspection. Notwithstanding the foregoing, we may withhold 10%, as retainage, from the payment otherwise due, to be reduced to 5% after field install is watertight and 2.5% after all punch list items have been complete. | ||
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Payroll related expenses | 1,690,377 | ||
General and administratice expenses | $ 1,690,377 | ||
Additional paid in capital | $ 4,000,000 | ||
Due from the parent | $ 1,720,844 |