Note Payable (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021			December 31, 2020
Principal balance outstanding	$	18,721,460		$	18,847,475
Less: Loan procurement costs, net		(448,346	)		(458,299	)
Total note payable, net	$	18,273,114		$	18,389,176

Future Principal Payment Requirements

The following table represents the future principal payment requirements on the note payable as of September 30, 2020:

2021 (9 months)	$	429,700
2022		535,816
2023		558,714
2024		582,591
2025		607,488
2026 and thereafter		16,007,151
Total principal payments	$	18,721,460