Quarterly report pursuant to Section 13 or 15(d)

Prepaid Expenses and Other Current Assets

v3.22.1
Prepaid Expenses and Other Current Assets
3 Months Ended
Mar. 31, 2022
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:

  

             
 

March 31,

2022

  December 31, 2021
       
Insurance $ 26,071     $ 30,666  
Legal Fees   4,480       16,180  
Deposit for equipment purchase   25,288       25,288  
Operating ROU asset – short term portion   177,453        
Deposit for leased equipment purchase (Note 11)   153,126       153,126  
Total $ 386,418     $ 225,260  

  

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 has requested a refund of its deposit from the initial lessor who did not follow through with lease financing based on their original lease proposal.