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:
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.