v3.25.1
Note Payable and Revolving Line of Credit (Tables)
3 Months Ended
Mar. 31, 2025
Notes Payable [Abstract]  
Carrying Value of Note Payable

As of March 31, 2025 and December 31, 2024, the carrying value of the Company’s note payable is summarized as follows:

Note Payable

 

March 31, 2025

 

 

December 31, 2024

 

Principal balance outstanding

 

$

16,515,148

 

 

$

16,664,125

 

Less: Loan procurement costs, net

 

 

(298,757

)

 

 

(307,543

)

Total note payable, net

 

$

16,216,391

 

 

$

16,356,582

 

Future Principal Payment Requirements The following table represents the future principal payment requirements on the note payable as of March 31, 2025:

 

2025 (9 months)

 

$

457,991

 

2026

 

 

633,449

 

2027

 

 

660,519

 

2028

 

 

688,746

 

2029

 

 

718,180

 

2030 and thereafter

 

 

13,356,263

 

Total principal payments

 

$

16,515,148