Quarterly report pursuant to Section 13 or 15(d)

NOTE 12: DUE TO FIRST INSURANCE FUNDING

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NOTE 12: DUE TO FIRST INSURANCE FUNDING
6 Months Ended
Jun. 30, 2019
Notes  
NOTE 12: DUE TO FIRST INSURANCE FUNDING

NOTE 12: DUE TO FIRST INSURANCE FUNDING

 

On June 25, 2019, the Company renewed its D&O and EPL insurance policy with total premiums, taxes and fees for $97,000 and $6,849 respectively. A cash down payment of $20,850 was paid on July 16, 2019. Under the terms of the insurance financing, payments of $9,501, which include interest at the rate of 7.2% per annum, are due each month for nine months commencing on July 25, 2019. For the six months ended June 30, 2019 and 2018 the Company recognized insurance expense of $50,818 and $42,151 respectively.