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PREPAID EXPENSES AND OTHER CURRENT ASSETS
 9 Months Ended
Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS PREPAID EXPENSES AND OTHER CURRENT ASSETSPrepaid expenses and other current assets at September 30, 2021 and December 31, 2020 consisted of the following:
 September 30, 2021December 31, 2020
Prepaid clinical trial expenses$135,227 $— 
Prepaid insurance963,797 684,268 
Other prepaid and current assets95,231 137,782 
Total prepaid expenses and other current assets$1,194,255 $822,050 
Prepaid insurance is comprised of prepaid directors' and officers' insurance. In July 2020, the Company financed its directors' and officers' insurance premium with a short term note, the principal amount of which was approximately $0.9 million bearing interest at a rate of 2.49%. In July 2021, the Company paid the directors' and officers' insurance policy in full.