Note 9. Accrued Expenses and Other Current Liabilities

Accrued expenses as of September 30, 2021 and December 31, 2020 consisted of the following:

	September 30, 2021		December 31, 2020
Accrued professional fees	$	166,050	$	270,543
Accrued bonuses		1,400,403		1,424,878
Accrued insurance expense		873,592		164,832
Other employee related expenses		425,067		371,033
Accrued state taxes		548,705		—
Lease settlement liability		320,000		—
Other		696,026		734,416
	$	4,429,843	$	2,965,702

Finance and Security Agreements

On July 2, 2021, the Company entered into a Commercial Insurance Premium Finance and Security Agreement ("the Agreement"). The 2021 Agreement provides for a single borrowing by the Company of $1.2 million, with a ten-month term and an annual interest rate of 1.55%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. The amounts payable are secured by the Company's rights under such policies. The Company began to pay monthly installments of approximately $124,800 in July 2021. As of September 30, 2021, the remaining balance under the Agreement is $873,592 and during the three and nine months ended September 30, 2021, the Company recognized $2,646 in interest expense.

On July 1, 2020, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (“the 2020 Agreement”). The 2020 Agreement provided for a single borrowing by the Company of $1.2 million, with a seven-month term and an annual interest rate of 2.18%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company’s insurance policies. All borrowings related to the 2020 Agreement were fully repaid as of September 30, 2021.