Annual report pursuant to Section 13 and 15(d)

Prepaids and Other Current Assets

v3.22.1
Prepaids and Other Current Assets
12 Months Ended
Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]  
PREPAIDS AND OTHER CURRENT ASSETS

NOTE 4 – PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets consisted of the following:

 

 

December 31,

 

 

 

2021

 

 

2020

 

Prepaid insurance

 

$

5,207

 

 

$

3,162

 

Recoverable costs from insurance

 

 

11,109

 

 

 

4,635

 

Income tax receivable

 

 

757

 

 

 

1,567

 

Other current assets

 

 

1,675

 

 

 

1,343

 

Total prepaid expenses and other current assets

 

$

18,748

 

 

$

10,707

 

During the year ended December 31, 2021, the Company prepaid $13,241 in insurance premiums related to renewals of various insurance policies.

The Company has insurance coverage in place covering, among other things, property damage up to certain specified amounts. Recoverable costs from insurance as of December 31, 2021, was $11,109, which represents net book value of equipment damaged that we expect to recover from insurance, which was collected in full during the first quarter of 2022. The $4,635 of recoverable costs from insurance, recorded as of December 31, 2020, was collected in full during the first quarter of 2021. During the years ended December 31, 2021 and 2020, the Company received $9,053 and $4,854, respectively, as insurance reimbursement.