Note Payable (Tables)

3 Months Ended

Mar. 31, 2023

Notes Payable [Abstract]

Carrying Value of Note Payable

The carrying value of the Company’s note payable is summarized as follows:

Note Payable	March 31, 2023			December 31, 2022
Principal balance outstanding	$	17,664,440		$	17,801,456
Less: Loan procurement costs, net		(371,207	)		(380,602	)
Total note payable, net	$	17,293,233		$	17,420,854

Future Principal Payment Requirements

As of March 31, 2023, the note payable was secured by certain of the Company’s stores with an aggregate net book value of approximately $24.8 million. The following table represents the future principal payment requirements on the note payable as of March 31, 2023:

2023 (9 months)		421,220
2024		582,591
2025		607,488
2026		633,449
2027		660,519
2028 and thereafter		14,759,173
Total principal payments	$	17,664,440