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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.