Annual report pursuant to Section 13 and 15(d)

Short-Term Notes Payable

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Short-Term Notes Payable
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-Term Notes Payable

5. Short-Term Notes Payable

 

The Company had the following short-term notes payable as of December 31, 2022 and 2021:

 

 

    2022     2021  
Directors’ and officers’ liability insurance financing of $528,429 and $600,169 due in monthly installments of $54,366 and $61,496 including principal and interest at 6.24% and 5.34% through May 24, 2023 and May 24, 2022, respectively   $ 267,640     $ 303,416  

 

The Company also maintains a product liability insurance policy which has been renewed in subsequent periods without premium financing.