Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
6 Months Ended
Jun. 30, 2024
DEBT  
DEBT

NOTE 3 - DEBT

 

On March 5, 2024, the Company entered into a short-term unsecured loan agreement to finance a portion of the Company's directors' and officers', and employment practices liability insurance premiums. The note in the amount of $517,560 carries an 8.5% annual percentage rate and will be paid down in nine equal monthly payments of $59,562 beginning on March 10, 2024.  As of June 30, 2024, a principal balance of $287,533 remains outstanding.

 

On February 14, 2023, the Company entered into a short-term unsecured loan agreement to finance a portion of the Company's directors' and officers', and employment practices liability insurance premiums. The note in the amount of $605,600 carried an 8.4% annual percentage rate and was paid down in nine equal monthly payments of $69,666 beginning on March 10, 2023.  As of November 9, 2023, the loan was fully paid.