Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.20.4
Notes Payable
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

NOTE 8 – NOTES PAYABLE

 

In 2020 and 2019, the Company entered 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. For the years ended December 31, 2020 and 2019, the aggregate amount of the premiums financed was $1,121 and $9,928, respectively, payable in equal monthly installments at an interest rate of 5.3% and 4.8%, respectively. These premium finance agreements had a total balance of $998 and $8,068 as of December 31, 2020 and 2019, respectively.