Annual report pursuant to Section 13 and 15(d)

Short Term Notes Payable

v2.4.0.6
Short Term Notes Payable
 12 Months Ended
Dec. 31, 2011
Short Term Notes Payable [Abstract]  
Short Term Notes Payable

7. Short Term Notes Payable

The Company had the following short-term notes payable as of December 31, 2011 and 2010:

 

     2011      2010  

Product liability insurance financing of $48,988 and $63,835, due in monthly installments of $5,024 and $6,552 including principal and interest at 5.48% and 5.75% through January 10, 2012 and May 24, 2011, respectively.

    $ 5,000       $ 32,299   

Directors' and officers' liability insurance financing of $77,751, due in monthly installments of $7,237 including principal and interest at 4.75% through June 24, 2012.

      42,828         —     

New enterprise resource planning system financing of $85,185 due in monthly installments of principal and interest at 7.5% through December 31, 2011.

      5,264         61,060   

New enterprise resource planning system financing of $22,188, due in quarterly installments of $5,547, non-interest bearing through April 1, 2011.

      —           5,547   
  

 

 

     

 

 

  

Total short-term notes payable

    $ 53,092       $ 98,906