Annual report pursuant to Section 13 and 15(d)

NOTE PAYABLE

v3.24.0.1
NOTE PAYABLE
12 Months Ended
Dec. 31, 2023
NOTE PAYABLE  
NOTE PAYABLE

NOTE 7 - NOTE PAYABLE

 

Short Term Loans

 

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.

 

On February 21, 2022, the Company entered into a short-term, unsecured loan agreement to finance a portion of the Company’s directors’ and officers’ insurance premiums. The note in the amount of $628,600 carried a 4.15% annual percentage rate and was paid down in nine equal payments of $71,058 beginning in March 2022. The loan was fully paid off, and there was no remaining principal balance as of December 31, 2022.