Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES

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PREPAID EXPENSES
3 Months Ended
Mar. 31, 2024
PREPAID EXPENSES  
PREPAID EXPENSES

NOTE 4. PREPAID EXPENSES

 

Prepaid expenses consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Insurance

 

$ 63,887

 

 

$ 156,724

 

Deposit

 

 

15,736

 

 

 

15,736

 

Rent

 

 

-

 

 

 

16,714

 

Other

 

 

81,181

 

 

 

24,087

 

Prepaid expenses

 

$ 160,804

 

 

$ 213,261

 

 

On May 18, 2023, the Company purchased Directors & Officers insurance prepaying annual premiums of $367,352 through an eight-month financing arrangement (see Note 8). The Company recorded $266 of insurance expense related to the prepaid Directors & Officers insurance during the three-month period ended March 31, 2024.