Note Payable

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023		December 31, 2022
Short-term liabilities
Note payable, principal	$	224,144	$	227,324
Accrued interest to date		5,254		5,213
Note Payable, short-term	$	229,398	$	232,537
Long-term liabilities
Note payable, principal	$	7,992,612	$	8,050,116
Note payable, long tern	$	7,992,612	$	8,050,116