|
7. Short Term Notes Payable
The Company had the following short-term notes payable as of December 31, 2012 and 2011:
| |
|
|
|
|
|
|
|
|
| |
|
2012 |
|
|
2011 |
|
|
Product liability insurance financing of $50,037 and $48,988, due in monthly installments of $5,146 and $5,024 including
principal and interest at 6.17% and 5.48% through January 10, 2013 and January 10, 2012, respectively.
|
|
$ |
5,120 |
|
|
$ |
5,000 |
|
| |
|
|
|
Directors’ and officers’ liability insurance financing of $84,876, due in monthly installments of $8,674 including
principal and interest at 4.75% through May 24, 2013.
|
|
|
42,857 |
|
|
|
42,828 |
|
| |
|
|
|
New enterprise resource planning system financing of $85,185 due in monthly installments of principal and interest at 7.5%
through December 31, 2011.
|
|
|
— |
|
|
|
5,264 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Total short-term notes payable
|
|
$ |
47,977 |
|
|
$ |
53,092 |
|
| |
|
|
|
|
|
|
|
|
|