Quarterly report pursuant to Section 13 or 15(d)

NOTE 10: DUE TO FIRST INSURANCE FUNDING

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NOTE 10: DUE TO FIRST INSURANCE FUNDING
3 Months Ended
Mar. 31, 2019
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 balance was paid off as of March 31, 2019. It is expected that this policy will be renewed in June 2019.