General form of registration statement for all companies including face-amount certificate companies

Prepaid Expenses and Other Current Assets

v3.22.2
Prepaid Expenses and Other Current Assets
3 Months Ended 12 Months Ended
Mar. 31, 2022
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:

 

               
   

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.

 

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.