Annual report pursuant to Section 13 and 15(d)

PREPAID EXPENSES

v3.24.1
PREPAID EXPENSES
 12 Months Ended
Dec. 31, 2023
PREPAID EXPENSES  
PREPAID EXPENSES

NOTE 4. PREPAID EXPENSES

 

Prepaid expenses at December 31, 2023 and December 31, 2022 consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Insurance

 

 $ 156,724

 

 

 $ 150,344

 

Deposit

 

 

 15,736

 

 

 

 15,736

 

Rent

 

 

 16,714

 

 

 

 -

 

Other

 

 

 24,087

 

 

 

 34,825

 

Prepaid expenses

 

 $ 213,261

 

 

 $ 200,905

 

 

On May 18, 2023, the Company purchased Directors & Officers insurance prepaying annual premiums of $367,352 through a eight-month financing arrangement (see Note 9). The Company recorded $9,167 of insurance expense related to the prepaid Directors & Officers insurance during the year ended December 31, 2023.