Quarterly report pursuant to Section 13 or 15(d)

Prepaids and Other Current Assets

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

 

 

March 31, 2022

 

 

December 31, 2021

 

Prepaid insurance

 

$

7,382

 

 

$

5,207

 

Recoverable costs from insurance

 

 

-

 

 

 

11,109

 

Income tax receivable

 

 

757

 

 

 

757

 

Other current assets

 

 

1,584

 

 

 

1,675

 

Total prepaid expenses and other current assets

 

$

9,723

 

 

$

18,748

 

 

During the three months ended March 31, 2022 and 2021, the Company prepaid $5.1 million and $10.1 million, respectively, 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. During the three months ended March 31, 2022, the Company received $12.0 million from insurance reimbursements, of which $11.1 million was accrued for as of December 31, 2021. During the three months ended March 31, 2021, the Company received $6.4 million from insurance reimbursements.