Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.7.0.1
Note Payable (Tables)
6 Months Ended
Jun. 30, 2017
Notes Payable [Abstract]  
Carrying Value of Note Payable

As of June 30, 2017, the Company’s note payable is summarized as follows:

 

Note Payable

 

Carrying Value

 

Principal balance outstanding

 

$

20,000,000

 

Less: Loan procurement costs, net

 

 

(603,812

)

Total note payable, net

 

$

19,396,188

 

 

Future Principal Payment Requirements

The following table represents the future principal payment requirements on the note payable as of June 30, 2017:

 

2017

 

$

 

2018

 

 

228,987

 

2019

 

 

472,600

 

2020

 

 

492,797

 

2021

 

 

513,857

 

2022 and thereafter

 

 

18,291,759

 

Total principal payments

 

 

20,000,000

 

Less: Loan procurement costs, net

 

 

(603,812

)

Total note payable

 

$

19,396,188