Annual report pursuant to Section 13 and 15(d)

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2019

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Note 3 - Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following at December 31, 2019 and 2018:

	December 31,		December 31,
	2019		2018
Prepaid insurance	$	479,783	$	339,336
Prepaid clinical trial expenses		236,096		171,128
Other prepaid expenses and other current assets		69,836		105,758
Total prepaid expenses and other current assets	$	785,715	$	616,222

In December 2019, the Company renewed an insurance policy for $422,828, which is being financed through a third party premium financing company with a down payment of $42,283 recorded in accounts payable and accrued expenses on the consolidated balance sheets and a note payable of $380,545 issued for the remaining balance, payments are scheduled during 2020. In December 2018, the Company issued a note payable for $249,239 for insurance premiums, this note was repaid in 2019.