Line of Credit |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Line of Credit | |
| Note 6. Line of Credit |
Note 6 – Line of Credit
On November 8, 2010, the Company entered into a financing arrangement with Gemini Pharmaceuticals, Inc., a product development and manufacturing partner of the Company, pursuant to which Gemini Pharmaceuticals made a $250,000 strategic equity investment in the Company and agreed to make a $750,000 purchase order line of credit facility available to the Company. The outstanding principal of all advances under the line of credit will bear interest at the rate of interest of prime plus 2% per annum.
As of September 30, 2021 and December 31, 2020, the outstanding balance of this credit line amounted to $31,000 respectively. |