Annual report pursuant to Section 13 and 15(d)

Short Term Notes Payable

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Short Term Notes Payable
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Short Term Notes Payable

7. Short Term Notes Payable

The Company had the following short-term notes payable as of December 31, 2013 and 2012:

 

     2013      2012  

Product liability insurance financing of $50,037 and $50,037, due in monthly installments of $5,155 and $5,146 including principal and interest at 6.57% and 6.17% through January 10, 2014 and January 10, 2013, respectively.

   $ 5,127       $ 5,120   

Directors’ and officers’ liability insurance financing of $106,994 and $84,876, due in monthly installments of $9,954 and $8,674 including principal and interest at 4.64% and 4.75% through June 24, 2014 and May 24, 2013.

     58,924         42,857   
  

 

 

    

 

 

 

Total short-term notes payable

   $ 64,051       $ 47,977