Quarterly report pursuant to Section 13 or 15(d)

Prepaid expense and Other current assets

v3.22.2.2
Prepaid expense and Other current assets
 9 Months Ended
Sep. 30, 2022
Prepaid Expense And Other Current Assets  
Prepaid expense and Other current assets

Note 4. Prepaid expense and Other current assets

 

As of September 30, 2022 and December 31, 2021, prepaid expense and other current assets are as follows:

 

    September 30,     December 31,  
    2022     2021  
Prepaid insurance   $ 313,822     $ 1,520,016  
Prepaid components     1,280,231       -  
Prepaid satellite services & licenses     1,343,750       -  
Other prepaid expense     213,546       68,178  
VAT receivable     6,000       6,905  
Total   $ 3,157,349     $ 1,595,099  

 

 

During the nine months ended September 30, 2022 and 2021, the Company recorded interest expense of $18,128 and $0 related to financing of our prepaid insurance policies.

 

As of September 30, 2022 and December 31, 2021, other prepaid expense included software subscriptions of $109,000 and $23,000, down payment on new machinery of $53,000 and $0, prepaid rent of $25,000 and $25,000, property insurance of $0 and $19,000, and license fees of $23,000 and $0, respectively.