Quarterly report pursuant to Section 13 or 15(d)

Note Payable (Tables)

v3.20.2
Note Payable (Tables)
6 Months Ended
Jun. 30, 2020
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, 2020

 

 

December 31, 2019

 

Principal balance outstanding

 

$

19,095,584

 

 

$

19,338,556

 

Less: Loan procurement costs, net

 

 

(478,403

)

 

 

(498,769

)

Total note payable, net

 

$

18,617,181

 

 

$

18,839,787

 

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

 

2020 (6 months)

 

$

289,968

 

2021

 

 

513,857

 

2022

 

 

535,816

 

2023

 

 

558,714

 

2024

 

 

582,591

 

2025 and thereafter

 

 

16,614,638

 

Total principal payments

 

$

19,095,584