Note Payable |
12 Months Ended |
---|---|
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Note Payable |
Note 12. Note Payable
On July 1, 2019, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (“the Agreement”). The Agreement provides for a single borrowing by the Company of $807,347, with a seven-month term, and an annual interest rate of 2.99%. The proceeds from this transaction were used to partially fund the premiums due under some of the Company’s insurance policies. The amounts payable are secured by the Company’s rights under such policies. At December 31, 2019, the remaining balance is $111,878 and during the year ended December 31, 2019, the Company recognized $3,457 in interest expense. The balance was fully paid as of January 2020. |