Short-Term Notes Payable

9 Months Ended

Sep. 30, 2023

6. Short-Term Notes Payable

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

Summary of Short-Term Notes Payable

	September 30, 2023		December 31, 2022
Directors’ and officers’ liability insurance financing of $611,109 and $528,429 due in monthly installments of $64,316 and $54,366 including principal and interest at 9.55% and 5.34% through May 24, 2024 and May 24, 2023, respectively	$	493,420	$	267,640
Directors’ and officers’ liability		493,420		267,640

The Company’s policy renewals were completed in July of 2023.