Notes Payable |
Notes payable consisted of the following as of June 30, 2021 and December 31,
2020:
|
|
|
|
As of
June 30,
|
|
|
As of
December 31,
|
|
Maturity Date
|
|
|
|
Payment Terms
|
|
2021
|
|
|
2021
Effective Rate
|
|
|
2020
|
|
|
2020
Effective Rate
|
|
May 1, 2021
|
|
|
|
Interest is payable monthly at 14.00%
|
|
$
|
-
|
|
|
|
-
|
|
|
$
|
20,000,000
|
|
|
|
14.00
|
%
|
February 28, 2022
|
|
|
(1
|
)
|
Non-interest bearing
|
|
|
1,056,000
|
|
|
|
0.00
|
%
|
|
|
832,000
|
|
|
|
0.00
|
%
|
April 1, 2022
|
|
|
(1
|
)
|
Interest is payable monthly at 12.50%
|
|
|
717,642
|
|
|
|
12.50
|
%
|
|
|
1,735,161
|
|
|
|
12.50
|
%
|
July 31, 2022
|
|
|
(1
|
)
|
Interest is payable monthly at 9.25%
|
|
|
2,274,889
|
|
|
|
9.25
|
%
|
|
|
3,984,174
|
|
|
|
9.25
|
%
|
March 25, 2023
|
|
|
(1
|
)
|
Interest is payable monthly at 5.00% |
|
|
-
|
|
|
|
-
|
|
|
|
3,101,947
|
|
|
|
5.00
|
%
|
Total notes payable
|
|
|
|
|
|
|
$
|
4,048,531
|
|
|
|
|
|
|
$
|
29,653,282
|
|
|
|
|
|
Less: Debt issuance costs
from notes payable
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(15,444
|
)
|
|
|
|
|
Notes payable, net of
discount
|
|
|
|
|
|
|
$
|
4,048,531
|
|
|
|
|
|
|
$
|
29,637,838
|
|
|
|
|
|
(1) These notes payable relate to our consolidated joint ventures and are non-recourse to the Company.
|