Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.21.1
Notes Payable (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consisted of the following at March 31, 2021 and December 31, 2020:

 

    March 31, 2021     December 31, 2020  
Insurance Financing Agreement with a finance company, monthly payments of $119,943 including interest of 4.54% per annum; secured by an insurance policy; paid January 2021   $     $ 119,491  
Equipment Financing Agreement with a bank, monthly payments of $720 including imputed interest at 6.95% per annum; secured by laboratory equipment; due October 2022     12,913       14,826  
Equipment Financing Agreement with a bank, monthly payments of $596 including imputed interest at 6.59% per annum; secured by manufacturing equipment; due July 2021     2.693       4,422  
      15,606       138,739  
Less current portion     (10,683 )     (131,766 )
Notes Payable, net of current portion   $ 4,923     $ 6,973  

Schedule of Future Maturities of Notes Payable

Future maturities of notes payable are as follows as of March 31, 2021:

 

Year Ending December 31,   Amount  
2021 (nine months)   $ 8,633  
2022     6,973  
Total balance   $ 15,606