Annual report pursuant to Section 13 and 15(d)

NOTE 10: DUE TO FIRST INSURANCE FUNDING

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NOTE 10: DUE TO FIRST INSURANCE FUNDING
12 Months Ended
Dec. 31, 2018
Notes  
NOTE 10: DUE TO FIRST INSURANCE FUNDING

NOTE 10: 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.

 

The total outstanding due to First Insurance Funding as of December 31, 2018 and 2017 is $23,280 and $22,807; respectively.