Annual report pursuant to Section 13 and 15(d)

Note Payable and Revolving Line of Credit (Tables)

v3.20.2
Note Payable and Revolving Line of Credit (Tables)
12 Months Ended
Dec. 31, 2019
Notes Payable [Abstract]  
Carrying Value of Note Payable

As of December 31, 2019 and 2018 the carrying value of the Company’s note payable is summarized as follows:

 

Note Payable

 

December 31,

2019

 

 

December 31, 2018

 

Principal balance outstanding

 

$

19,338,556

 

 

$

19,809,511

 

Less: Loan procurement costs, net

 

 

(498,769

)

 

 

(540,261

)

Total note payable, net

 

$

18,839,787

 

 

$

19,269,250

 

Future Principal Payment Requirements The following table represents the future principal payment requirements on the note payable as of December 31, 2019:

 

2020

 

$

492,797

 

2021

 

 

513,857

 

2022

 

 

535,816

 

2023

 

 

558,714

 

2024

 

 

582,591

 

2025 and thereafter

 

 

16,654,781

 

Total principal payments

 

$

19,338,556