Annual report pursuant to Section 13 and 15(d)

Prepaids and Other Current Assets

v3.20.4
Prepaids and Other Current Assets
12 Months Ended
Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]  
PREPAIDS AND OTHER CURRENT ASSETS

NOTE 4 – PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets include the following:

 

 

As of December 31,

 

 

 

2020

 

 

2019

 

Prepaid insurance

 

$

3,162

 

 

$

11,127

 

Recoverable costs from insurance

 

 

4,635

 

 

 

-

 

Income tax receivable

 

 

1,567

 

 

 

810

 

Other current assets

 

 

1,343

 

 

 

1,395

 

Total prepaid expenses and other current assets

 

$

10,707

 

 

$

13,332

 

During the third quarter of 2020, certain pieces of equipment were damaged. The Company has insurance coverage in place covering, among other things, property damage up to certain specified amounts and amounts. During the year ended December 31, 2020, the Company received $4,854 as insurance reimbursement. Recoverable costs from insurance as of December 31, 2020 was $4,635, which represents net book value of equipment damaged that we expect to recover from insurance.