Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Notes Payable

	March 31, 2017 $	December 31, 2016 $
Mortgages payable on February 20, 2034, bearing interest at a variable rate, collateralized by a deed of trust on the real estate properties purchased with the loan	191,086	194,984
Promissory note payable on November 1, 2019, bearing interest at 5.371% per annum, collateralized by the real estate properties titled to ARP Borrower, LLC and 100% equity ownership in ARP Borrower, LLC. The note is also secured by the Company	1,364,327	1,628,276
Promissory note payable on December 1, 2020, bearing interest at 5.88% per annum, collateralized by the real estate properties titled to ARP Borrower II, LLC and 100% equity ownership in ARP Borrower II, LLC	724,429	956,815
Promissory note payable on May 27, 2017, bearing interest at 16% per annum, collateralized by a deed of trust on the real estate property purchased with the loan	–	180,000
Promissory note payable on July 8, 2017, bearing interest at 18% per annum initially and at 12% per annum after four months, collateralized by a deed of trust on the real estate property purchased with the loan	80,000	80,000
Promissory note payable on October 1, 2017, bearing interest at 16% per annum, collateralized by a deed of trust on the real estate properties titled to ARP	122,243	122,298
Promissory note payable on January 1, 2022, bearing interest at 10% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan	350,000	350,000
Mortgage payable on April 1, 2053, bearing interest at 2% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan	243,807	244,767
Promissory note payable on May 1, 2021, bearing interest at 6.07% per annum, collateralized by the real estate properties titled to AHIT Valfre, LLP and ARP Borrower, LLC	1,192,345	1,196,022
Mortgage payable on April 1, 2028, bearing interest at 2.985% per annum, collateralized by the real estate property purchased with the loan	121,250	123,571
	4,389,487	5,076,733
Note payable – related party, payable on June 1, 2026, bearing interest at 4.5% per annum, collateralized by a deed of trust on the real estate properties purchased with the loan	72,622	74,307
	4,462,109	5,151,040

The following table schedules the principal payments on the notes payable for the next five years and thereafter as of March 31, 2017:

Year	Amount
2017	$      270,857
2018	97,636

2019	1,377,912
2020	713,547
2021	1,166,640
thereafter	835,517
Total	$   4,462,109

At March 31, 2017, the weighted-average interest rate on short-term borrowings outstanding was 14.42%. The average amount of short-term borrowings during the three months ended March 31, 2017 was $101,121. The average interest on short-term borrowings during the three months ended March 31, 2017 was $3,646.