Annual report pursuant to Section 13 and 15(d)

Short-Term Notes Payable

v3.22.2
Short-Term Notes Payable
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Short-Term Notes Payable

6. Short-Term Notes Payable

 

The Company had the following short-term notes payable as of December 31, 2021 and 2020:

 

    2021     2020  
Directors’ and officers’ liability insurance financing of
$600,169 and $413,784 due in monthly installments of
$61,496 and $38,638 including principal and interest
at 5.34% and 5.39% through May 24, 2022 and June 28, 2021, respectively		   $ 303,416     $ 228,227  

 

The Company also maintains a product liability insurance policy which has been renewed in subsequent periods without premium financing.