Quarterly report pursuant to Section 13 or 15(d)

Prepaids

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Prepaids
9 Months Ended
Sep. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaids

4 – Prepaids

 

Prepaids by category were as follows:

 

    September 30, 2018     December 31, 2017  
Prepaid insurance   $ 747,496     $ 142,531  
VAT and other taxes     1,282,419       2,935,351  
Vehicle registration     133,428       606,218  
Prepaid other     240,355       678,964  
Total prepaids   $ 2,563,698     $ 4,363,064  

 

A majority of the decrease in Prepaids is attributable to VAT and other taxes being reduced attributable to reductions in purchases over time in turn attributable to the unbundling of third party services provided to our customer in Argentina. The decrease was also attributable to a write-off of an equipment purchase deposit that the Company never utilized. The decrease was offset by insurance premium payments being recorded at the first of the year for annual coverage that have been subsequently amortized during the year.