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Derivatives | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivatives | 6. DERIVATIVES The Company’s objective in using an interest rate derivative is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses an interest rate cap to manage interest rate risk. The Company carries the premium paid for the interest rate cap as an asset on the balance sheet at fair value. The change in the unrealized gain or loss of the premium is recorded as an increase or decrease to interest expense. The following table summarizes the terms of the Company’s derivative financial instrument as of December 31, 2020:
|  | Notional Amount |  |  |  |  | Effective |  | Maturity
Product |  | December 31, 2020 |  |  | December 31, 2019 |  |  | Strike |  | Date |  | Date
Cap Agreement |  | $ | 7,500,000 |  |  | $ | 7,500,000 |  |  | 3.50 % - 4.00% |  | 12/24/2018 |  | 12/20/2021

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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