Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

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Notes Payable
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Notes Payable

NOTE 8 – NOTES PAYABLE

The Company enters into various premium finance agreements with a credit finance institution to pay the premiums on insurance policies for its directors’ and officers’ liability, general liability, workers’ compensation, umbrella, auto and pollution coverage needs. During the three months ended March 31, 2022 and 2021, the aggregate amount of the premiums financed was $3.8 million and $9.1 million, respectively, payable in equal monthly installments at a weighted average interest rate of 4.0% and 5.4%, respectively. These premium finance agreements are due within one year and are recorded as notes payable under current liabilities in the condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the Company had a remaining balance of $4.3 million and $2.3 million, respectively, related to notes payable.