Annual report pursuant to Section 13 and 15(d)

Short-Term Notes Payable

v3.19.3.a.u2
Short-Term Notes Payable
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Short-Term Notes Payable

5. Short-Term Notes Payable

 

The Company had the following short-term notes payable as of December 31, 2019 and 2018:

 

    2019     2018  
Product liability insurance financing of $17,688 and
   $28,915, due in monthly installments of $1,599 and
   $2,696 including principal and interest at 5.69%
   and 5.09% through February 10, 2020 and
   February 12, 2019, respectively
  $ 3,177     $ 5,295  
Directors’ and officers’ liability insurance financing of
   $254,889 and $215,575 due in monthly installments of
   $23,842 and $20,115 including principal and interest
   at 5.74% and 5.24% through June 24, 2020 and June
   24, 2019, respectively
    140,687       118,918  
Total short-term notes payable   $ 143,864     $ 124,213