Note Payable

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Note Payable

Note 7. Note Payable

On August 25, 2021, the Company completed the purchase of real property located in Chandler, Arizona (the “Property”) for $10,800,000, paid with cash and proceeds from a mortgage loan from Arizona Bank & Trust in the amount of $8,600,000. The loan terms include interest to be accrued at a fixed rate of 3% per year, 119 regular monthly payments of $40,978, and one irregular payment of $5,956,538 due on the maturity date of August 23, 2031. The Company began making monthly payments on September 23, 2021. The payment and performance of the loan is secured by a security interest in the property acquired.

The note payable amounts consist of the following:

	September 30, 2022		December 31, 2021
Short-term liabilities:
Note payable, principal	$	228,445	$	231,871
Accrued interest on note		4,143		4,420
Note payable, short-term	$	232,588	$	236,291
Long-term liabilities:
Note payable, principal	$	8,108,545	$	8,280,395
Note payable, long term	$	8,108,545	$	8,280,395