NOTE PAYABLE

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

NOTE PAYABLE

5. NOTE PAYABLE

On May 20, 2024, the Company entered into a one-year Directors and Officers Liability Insurance agreement for $102,914. Under the terms of the agreement, the Company made a down payment of $21,000, with the remaining balance financed over the following ten months at an annual percentage rate of 7.99%. Beginning June 2024, the Company will make 10 monthly payments of 8,494, with the last payment expected to be made in March 2024. At the end of June 30, 2024, the outstanding balance on the note payable was $81,217.