PREMIUM FINANCE |
6 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||
| PREMIUM FINANCE | ||||||||||||||||||||||||||||||||||||
| PREMIUM FINANCE | NOTE 9 — PREMIUM FINANCE On August 1, 2024, the Company entered into a premium finance agreement (the “Premium Finance Agreement”) with ETI Financial Corporation to finance the purchase of its directors and officers’ insurance. Pursuant to the Premium Finance Agreement, the Company borrowed $205,774.80 at an annual interest rate of 8.51%. The loan is structured to be repaid in 10 monthly installments, starting with the first payment on September 1, 2024. The loan was paid off on June 2, 2025. Premium finance consisted of the following:
Interest expenses incurred related to the Premium Finance Agreement were $3,004 and $996 for the six months ended June 30, 2025 and 2024, respectively. |
|||||||||||||||||||||||||||||||||||