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Notes Payable
12 Months Ended
Dec. 31, 2021
Notes Payable [Abstract]  
Notes Payable
5.
Notes Payable
 
Notes payable consisted of the following as of December 31, 2021 and 2020:
 

 
 
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%
 
$
-
     
0.00
%
 
$
20,000,000
     
14.00
%
February 28, 2022
Non-interest bearing
   
1,312,000
     
0.00
%
   
832,000
     
0.00
%
April 1, 2022
Interest is payable monthly at 12.50%
   
-
     
0.00
%
   
1,735,161
     
12.50
%
July 31, 2022
Interest is payable monthly at 9.25%
   
1,979,389
     
9.25
%
   
3,984,174
     
9.25
%
March 25, 2023
Interest is payable monthly at 5.00%
   
-
     
0.00
%
   
3,101,947
     
5.00
%
Total notes payable
     
$
3,291,389
           
$
29,653,282
         

 
(1)
These notes payable relate to our consolidated joint ventures and are non-recourse to the Company.
 
Included within notes payable as of December 31, 2020 is a $20,000,000 bridge loan from Boston Omaha Corporation, LLC, which was utilized to fund a portion of the purchase price of the H&H Homes acquisition (Note 2). This note was paid off subsequent to the execution of the Credit Agreement in January 2021 (Note 3).
 
The principal balance on all notes payable is payable upon the sale of project specific collateral, and is collateralized by a real estate mortgage and a limited guarantee ensuring project completeness and the nonexistence of fraudulent acts.
 
Contractual maturities of notes payable as of December 31, 2021, are as follows:
 
Maturity of Notes Payable
   
2022
 
$
3,291,389
2023
   
-
2024
   
-
2025
   
-
2026
   
-
Thereafter
   
-
Total
 
$
3,291,389

During the year ended December 31, 2021, there were no material changes in the contractual maturities of our remaining notes payable.