Annual report pursuant to Section 13 and 15(d)

Short Term Notes Payable

v3.6.0.2
Short Term Notes Payable
12 Months Ended
Dec. 31, 2016
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, 2016 and 2015:

 

     2016      2015  

Product liability insurance financing of $49,395 and $49,395, due in monthly installments of $5,093 and $5,087 including principal and interest at 5.93% and 5.68% through January 10, 2017 and January 16, 2016, respectively

   $ 4,884      $ 4,882  

Directors’ and officers’ liability insurance financing of $111,730 and $109,067 due in monthly installments of $10,407 and $10,147 including principal and interest at 4.89% and 4.64% through June 24, 2017 and June 24, 2016

     61,493        58,470  
  

 

 

    

 

 

 

Total short-term notes payable

   $ 66,377      $ 63,352