Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.21.1
Note Payable (Tables)
3 Months Ended
Mar. 31, 2021
Notes Payable [Abstract]  
Carrying Value of Note Payable

The carrying value of the Company’s note payable is summarized as follows:

 

Note Payable

 

March 31, 2021

 

 

December 31, 2020

 

Principal balance outstanding

 

$

18,721,460

 

 

$

18,847,475

 

Less: Loan procurement costs, net

 

 

(448,346

)

 

 

(458,299

)

Total note payable, net

 

$

18,273,114

 

 

$

18,389,176

 

Future Principal Payment Requirements The following table represents the future principal payment requirements on the note payable as of September 30, 2020:

 

2021 (9 months)

 

$

429,700

 

2022

 

 

535,816

 

2023

 

 

558,714

 

2024

 

 

582,591

 

2025

 

 

607,488

 

2026 and thereafter

 

 

16,007,151

 

Total principal payments

 

$

18,721,460