Annual report pursuant to Section 13 and 15(d)

Short-Term Notes Payable (Tables)

v3.20.4
Short-Term Notes Payable (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Short-Term Notes Payable

The Company had the following short-term notes payable as of December 31, 2020 and 2019:

 

    2020     2019  
Product liability insurance financing of $17,688
due in monthly installments of $1,599
including principal and interest at 5.69%
with the final payment being made on
February 14, 2020, respectively
  $     $ 3,177  
Directors’ and officers’ liability insurance financing of
$413,784 and $254,889 due in monthly installments of
$38,638 and $23,842 including principal and interest
at 5.39% and 5.74% through June 24, 2021 and June
24, 2020, respectively
    228,227       140,687  
Total short-term notes payable   $ 228,227     $ 143,864