Annual report pursuant to Section 13 and 15(d)

Short Term Notes Payable

v3.3.1.900
Short Term Notes Payable
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Short Term Notes Payable

7. Short Term Notes Payable

The Company had the following short-term notes payable as of December 31, 2015 and 2014:

 

     2015      2014  

Product liability insurance financing of $49,395 and $50,694, due in monthly installments of $5,087 and $5,223 including principal and interest at 5.68% and 6.57% through January 16, 2016 and January 10, 2015, respectively

   $ 4,882       $ 5,195   

Directors’ and officers’ liability insurance financing of $109,067 and $108,306 due in monthly installments of $10,147 and $10,076 including principal and interest at 4.64% and 4.64% through June 24, 2016 and June 24, 2015

     58,470         59,645   
  

 

 

    

 

 

 

Total short-term notes payable

   $ 63,352       $ 64,840