Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

At September 30, 2020 and December 31, 2019, notes payable consisted of the following:


	September 30, 2020			December 31, 2019

In connection with an acquisition completed in 2017, the Company is required to make quarterly charitable contributions of $50,000 through October 2024. The net present value of these required payments has been recorded as a liability with an interest rate of 2.17%.	$	763,284		$	970,957

Private placement debt dated May 22, 2019, in the original amount of $105,466,429 with an interest rate of 12.00%, matures on May 22, 2023. The debt was issued at a discount, the carrying value of which is $11,618,400 as of September 30, 2020		93,848,029			90,375,912

Rise Joliet mortgage dated June 5, 2020, in the original amount of $1,814,000 with an interest rate of 5.00%, matures on June 5, 2035. The debt was issued at a discount, the carrying value of which is $177,244 as of September 30, 2020.		1,616,606			—

Rise Lakewood mortgage dated August 20, 2020, in the original amount of $833,000 with an interest rate of 7.25%, matures on August 20, 2025.		831,341			—

Total notes payable		97,059,260			91,346,869
Less: current portion of notes payable		(301,027	)		(206,675	)

Notes payable, net of current portion	$	96,758,233		$	91,140,194