v3.25.2
Note Payable and Revolving Line of Credit (Tables)
6 Months Ended
Jun. 30, 2025
Notes Payable [Abstract]  
Carrying Value of Note Payable

As of June 30, 2025 and December 31, 2024, the carrying value of the Company’s note payable is summarized as follows:

Note Payable

 

June 30, 2025

 

 

December 31, 2024

 

Principal balance outstanding

 

$

16,364,604

 

 

$

16,664,125

 

Less: Loan procurement costs, net

 

 

(290,049

)

 

 

(307,543

)

Total note payable, net

 

$

16,074,555

 

 

$

16,356,582

 

Future Principal Payment Requirements The following table represents the future principal payment requirements on the note payable as of June 30, 2025:

 

2025 (6 months)

 

$

306,921

 

2026

 

 

633,449

 

2027

 

 

660,519

 

2028

 

 

688,746

 

2029

 

 

718,180

 

2030 and thereafter

 

 

13,356,789

 

Total principal payments

 

$

16,364,604