Schedule of Debt |
At December 31, 2020 and 2019, notes payable consisted of the following: | | | | | | | | | | | December 31, 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%. | | $ | 717,430 | | | $ | 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 $10,511,335 and $15,090,517 as of December 31, 2020 and 2019, respectively. | | | 94,955,094 | | | | 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 $174,222, and is presented net of principal payments of $40,806 as of December 31, 2020. | | | 1,598,972 | | | | — | | 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, and is presented net of principal payments of $9,517 as of December 31, 2020. | | | 823,483 | | | | — | | Rise Mundelein mortgage dated December 6, 2020, in the original amount of $960,000 with an interest rate of 6.95%, matures on December 06, 2025. | | | 960,000 | | | | — | | | | | | | | | | | | | | 99,054,979 | | | | 91,346,869 | | Less: current portion of notes payable | | | (341,983 | ) | | | (206,675 | ) | | | | | | | | | | Notes payable, net of current portion | | $ | 98,712,996 | | | $ | 91,140,194 | | | | | | | | | | |
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