Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES

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PREPAID EXPENSES
3 Months Ended
Mar. 31, 2022
PREPAID EXPENSES  
PREPAID EXPENSES

NOTE 5. PREPAID EXPENSES

 

Prepaid expenses consist of the following:

 

 

 

March 31,

2022

 

 

December 31,

2021

 

Insurance

 

$ 4,286

 

 

$ 4,286

 

Consulting services

 

 

25,000

 

 

 

8,267

 

Prepaid expenses   

 

$ 29,286

 

 

$ 12,553

 

 

On February 26, 2021, the Company entered into a new lease agreement for its office facility for a 12-month term beginning March 1, 2021.  In addition to monthly base rent of $6,000, the agreement required the issuance of 5,333 shares of its common stock valued at $49,600. Stock-based compensation expense related to this agreement for the three-month periods ending March 31, 2022 and 2021 are $8,267 and $4,133, respectively.