PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets at December 31, 2019 and December 31, 2018 consisted of the following: | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | Prepaid clinical trial expenses | $ | 202,743 | | | $ | 210,333 | | Prepaid insurance | 617,096 | | | 16,484 | | | | | | Other prepaid and current assets | 136,060 | | | 22,269 | | Total prepaid expenses and other current assets | $ | 955,899 | | | $ | 249,086 | |
Prepaid insurance is comprised of prepaid directors' and officers' insurance. In July 2019, the Company financed their directors' and officers' insurance premium with a short term note, the principal amount of which is approximately $0.9 million, bearing interest at a rate of of 4.61%. The note payable balance was $502,332 as of December 31, 2019 and is included within Current Liabilities on the Consolidated Balance Sheet.
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