|
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 |
|
|