Annual report pursuant to Section 13 and 15(d)

Short-Term Notes Payable

Short-Term Notes Payable

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:

Summary of Short-Term Notes payable

		2023		2022
Directors’ and officers’ liability insurance financing of $611,109 and $528,429 due in monthly installments of $54,366 and $64,316 including principal and interest at 9.55% and 6.24% through May 24, 2024 and May 24, 2023, respectively	$	312,703	$	267,640
Directors’ and officers’ liability		312,703		267,640

In 2023, the Company did not maintain product liability insurance. In the year ended 2022, the Company also maintained a product liability insurance policy which had been renewed in subsequent periods without premium financing.