Quarterly report pursuant to Section 13 or 15(d)

NOTE 9: DUE TO FIRST INSURANCE FUNDING

v3.10.0.1
NOTE 9: DUE TO FIRST INSURANCE FUNDING
9 Months Ended
Sep. 30, 2018
Notes  
NOTE 9: DUE TO FIRST INSURANCE FUNDING

NOTE 9: DUE TO FIRST INSURANCE FUNDING

 

On June 25, 2018, the Company renewed its D&O insurance policy with total premiums, taxes, and fees for $85,000. A cash down payment of $17,000 was paid on June 25, 2018. Under the terms of the insurance financing, payments of $7,760, which include interest at the rate of 6.45% per annum, are due each month for nine months commencing on July 25, 2018.

 

For the nine months ended September 30, 2018, the Company recognized insurance expense of $42,151.