Notes Payable

6 Months Ended

Jun. 30, 2022

Notes Payable [Abstract]

Notes Payable

(8) Notes Payable

AFCO Credit Corporation (AFCO)

In June 2022, the Company executed a promissory note with AFCO to finance certain insurance premiums totaling $465,380, requiring the Company to pay $47,539 in a down payment and make monthly installment payments. The annual interest rate is 5.71% and the monthly installment is $47,539, which represents principal and interest.

As of June 30, 2022 and December 31, 2021, the principal balance on the AFCO notes was $417,841 and $181,123, respectively and is included in Notes payable – current portion in the accompanying balance sheets. Interest expense in connection with the AFCO promissory notes was $86 and $946 for the three months ended June 30, 2022 and 2021, respectively; and interest expense was $1,882 and $1,324 for the six months ended June 30, 2022 and 2021