Interest Rate Swap (Tables)

9 Months Ended

Sep. 30, 2020

Interest Rate Swap

Schedule of outstanding interest rate swap agreement

The following table summarizes the terms of the Company's outstanding interest rate swap agreement:

		Notional						Fair Value of
		Amount as of						Liability as of
		September 30,		Interest				September 30,
	Balance Sheet Location	2020		Rate(1)		Effective Date	Maturity Date	2020(2)
	Accounts payable, accrued
Interest rate swap	expenses and other, net	$	15,092,000	5.30	%	8/15/2018	8/15/2021	$	(388,766)

1) The interest rate consists of the underlying index swapped to a fixed rate rather than floating rate LIBOR, plus a premium. The Company notes that the maturity date of the interest rate swap is prior to the LIBOR phase-out deadline and therefore does not expect any impact to the terms or value of the swap.

2) Changes in fair value are recorded as unrealized gain (loss) in the condensed consolidated statements of operations as the Company did not designate this interest rate swap as a hedge. The Company valued the interest rate swap using Level 2 inputs.