Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.22.2
Note Payable (Tables)
6 Months Ended
Jun. 30, 2022
Notes Payable [Abstract]  
Carrying Value of Note Payable

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

 

Note Payable

 

June 30, 2022

 

 

December 31, 2021

 

Principal balance outstanding

 

$

18,071,225

 

 

$

18,335,407

 

Less: Loan procurement costs, net

 

 

(399,607

)

 

 

(418,894

)

Total note payable, net

 

$

17,671,618

 

 

$

17,916,513

 

Future Principal Payment Requirements

As of June 30, 2022, the note payable was secured by certain of the Company’s stores with an aggregate net book value of approximately $24.9 million. The following table represents the future principal payment requirements on the note payable as of June 30, 2022:

 

2022 (6 months)

 

$

270,711

 

2023

 

 

558,714

 

2024

 

 

582,591

 

2025

 

 

607,488

 

2026

 

 

633,449

 

2027 and thereafter

 

 

15,418,272

 

Total principal payments

 

$

18,071,225