Annual report pursuant to Section 13 and 15(d)

Prepaid Expenses and Other Current Assets

v3.22.1
Prepaid Expenses and Other Current Assets
12 Months Ended
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets

Note 3 - Prepaid Expenses and Other Current Assets

 

Prepaid expenses consisted of the following:

 

               
    December 31, 2021   December 31, 2020
         
Insurance   $ 30,666     $ 33,569  
Legal Fees     16,180        
Deposit for equipment purchase     25,288        
Deposit for leased equipment purchase (Note 11)     153,126        
Total   $ 225,260     $ 33,569  

 

In December 2021, the Company made a deposit of $153,126 to purchase equipment (included in prepaid expenses in the accompanying balance sheet). The remainder of the purchase price was to be financed through a long-term lease. Terms and finalization of the lease has not yet occurred, and the Company may request a refund of its deposit.