Quarterly report pursuant to Section 13 or 15(d)

Short-Term Notes Payable

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Short-Term Notes Payable
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Short-Term Notes Payable

6. Short-Term Notes Payable

 

The Company had the following short-term notes payable as of June 30, 2023 and December 31, 2022:

 

    June 30, 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, 2024 and May 24, 2023, respectively   $ -     $ 267,640  

 

 

The Company’s policy renewals will be completed in subsequent periods and the Company will evaluate if premium financing is necessary at that time. The Company also maintains a product liability insurance policy which has been renewed in subsequent periods without premium financing.