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, 2017
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, 2017 and 2016:

 

     2017      2016  

Product liability insurance financing of $31,985 and $49,395, due in monthly installments of $3,290 and $5,093 including principal and interest at 6.18% and 5.93% through January 10, 2018 and January 10, 2017, respectively

   $ 3,273      $ 4,884  

Directors’ and officers’ liability insurance financing of $140,062 and $111,730 due in monthly installments of $13,059 and $10,407 including principal and interest at 5.09% and 4.89% through June 24, 2018 and June 24, 2017, respectively

     77,205        61,493  
  

 

 

    

 

 

 

Total short-term notes payable

   $ 80,478      $ 66,377