Note Payable (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020			December 31, 2019
Principal balance outstanding	$	19,217,706		$	19,338,556
Less: Loan procurement costs, net		(488,554	)		(498,769	)
Total note payable, net	$	18,729,152		$	18,839,787

Future Principal Payment Requirements

The following table represents the future principal payment requirements on the note payable as of March 31, 2020:

2020 (9 months)	$	412,090
2021		513,857
2022		535,816
2023		558,714
2024		582,591
2025 and thereafter		16,614,638
Total principal payments	$	19,217,706