NOTE 7 - NOTE PAYABLE

Short Term Loans

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 equal monthly payments of $59,563, which payment began March 10, 2024.  The loan was fully paid off, and there was no remaining principal balance as of December 31, 2024.

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 carries an 8.4% annual percentage rate and will be paid down equal monthly payments of $69,666, which payment began March 10, 2023.  The loan was fully paid off, and there was no remaining principal balance as of December 31, 2023.