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