Prepaid Expenses and Other Current Assets and Short Term Note Payable

3 Months Ended

Mar. 31, 2020

Prepaid Expenses and Other Current Assets and Short Term Note Payable

Prepaid Expenses and Other Current Assets and Short Term Note Payable

Note 3 – Prepaid Expenses and Other Current Assets and Short Term Note Payable

On February 24, 2020, the Company issued a note payable for the purchase of a directors and officers liability insurance policy. The note payable is payable in 9 monthly payments of $53,750 for an aggregate principal amount of $475,216. The note accrues interest at a rate of 4.29% per year and matures on November 24, 2020.

As of March 31, 2020 and December 31, 2019, prepaid expenses and other current assets consisted of the following:

	March 31,			December 31,
	2020		2019
	(unaudited)
Prepaid insurance expenses	$	581,765	$	33,923
Payroll tax receivable		85,932		95,233
Prepaid research and development expenses		46,526		17,978
Prepaid Nasdaq annual fees		42,375		-
Prepaid patent expenses		24,662		12,404
Prepaid conference expenses		25,000		10,600
Prepaid rent and security deposit		26,576		2,463
Other		28,081		24,079
Total prepaid expenses and other current assets	$	860,917	$	196,680