Quarterly report pursuant to Section 13 or 15(d)

PREPAYMENTS AND OTHER ASSETS

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PREPAYMENTS AND OTHER ASSETS
 3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAYMENTS AND OTHER ASSETS

NOTE 4 – PREPAYMENTS AND OTHER ASSETS

 

Prepayments and other assets are comprised of prepayments paid to vendors to initiate orders and prepaid services and fees. The prepaid balances are summarized as follows:

 

    March 31, 2022     December 31, 2021  
Vendor prepayments   $ 9,586,885     $ 10,652,962  
Prepaid services and fees     486,752       587,505  
Other assets     7,799       7,799  
Prepayments and other assets   $ 10,081,436     $ 11,248,266