Short-Term Notes Payable

3 Months Ended

Mar. 31, 2023

6. Short-Term Notes Payable

The Company had the following short-term notes payable as of March 31, 2023 and December 31, 2022:

Summary of Short-Term Notes payable

	March 31, 2023		December 31, 2022
Directors’ and officers’ liability insurance financing of $528,429 and $600,169 due in monthly installments of $54,366 and $61,496 including principal and interest at 6.24% and 5.34% through May 24, 2023 and May 24, 2022, respectively	$	107,890	$	267,640
Directors’ and officers’ liability	$	107,890	$	267,640

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