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Short-term Debt
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
SHORT-TERM DEBT

NOTE 5 – SHORT-TERM DEBT

 

Financing Agreement

 

On February 19, 2020, the Company entered into a nine month financing agreement with AFCO Credit Corporation for its directors and officers ("D&O") liability insurance in the amount of $2,224,760. The Company made a down payment of $556,190, leaving a principal balance of $1,668,570. The financing bears interest at a rate of 4.25% per annum, and will be repaid in monthly installments of $189,161, which includes both principal and interest. As of September 30, 2020, the balance under this debt was $370,793.