6. Short-Term Notes Payable
The Company had the following short-term notes payable as of December 31, 2018 and 2017:
|
|
2018
|
|
|
2017
|
|
Product liability insurance financing of $28,915 and
$31,985, due in monthly installments of $2,696 and
$3,290 including principal and interest at 5.09%
and 6.18% through February 10, 2019 and
January 10, 2018, respectively
|
|
$
|
5,295
|
|
|
$
|
3,273
|
|
Directors’ and officers’ liability insurance financing of
$215,575 and $140,062 due in monthly installments of
$20,115 and $13,059 including principal and interest
at 5.24% and 5.09% through June 24, 2019 and June
24, 2018, respectively
|
|
|
118,918
|
|
|
|
77,205
|
|
Total short-term notes payable
|
|
$
|
124,213
|
|
|
$
|
80,478
|
|
|