Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.5.0.2
Note Payable (Tables)
6 Months Ended
Jun. 30, 2016
Notes Payable [Abstract]  
Carrying Value of Note Payable

As of June 30, 2016, the Company’s note payable is summarized as follows:

 

Note Payable

 

Carrying Value

 

Principal balance outstanding

 

$

20,000,000

 

Less: Loan procurement costs, net

 

 

(732,551

)

Total note payable, net

 

$

19,267,449

 

 

Future Principal Payment Requirements

The following table represents the future principal payment requirements on the note payable as of June 30, 2016:

 

2016

 

$

 

2017

 

 

 

2018

 

 

267,619

 

2019

 

 

474,251

 

2020

 

 

494,518

 

2021 and thereafter

 

 

18,763,612

 

Total principal payments

 

 

20,000,000

 

Less: Loan procurement costs, net

 

 

(732,551

)

Total note payable

 

$

19,267,449