Quarterly report pursuant to Section 13 or 15(d)

Long-Term Note Payable

Long-Term Note Payable
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Note Payable



On January 11, 2019, the Company entered into a $1,000,000 revolving inventory financing facility with a lender. Use of proceeds from this facility is limited to the purchase of inventory, including raw materials, intermediates, and finished goods, unless otherwise waived by the lender. This facility accrues interest at the rate of 12% per annum, is unsecured, and matures in three years from origination. This facility also requires monthly interest payments. As of March 31, 2019, the aggregate unpaid principal amount under this facility was $1,000,000. The Company incurred interest charges of $19,973 during the three months ended March 31, 2019 and $10,192 of interest is accrued as of March 31, 2019 on this inventory financing facility.