General form of registration statement for all companies including face-amount certificate companies

Prepaid Expenses and Other Current Assets

v3.21.1
Prepaid Expenses and Other Current Assets
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Prepaid Expenses And Other Current Assets    
Prepaid Expenses and Other Current Assets
3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

    March 31, 2021     December 31, 2020  
Deposits   $ 170,000     $ 170,000  
Legal retainer     51,342       43,038  
Others     3,651       -  
    $ 224,993     $ 213,038  

 

During the year-ended December 31, 2020, the Company entered into a land purchase agreement in relation to construction of a facility in Coachella, California. A deposit of $170,000 has been paid and the balance of the purchase price is subject to financing. On April 6, 2021, the scheduled close of escrow was extended to April 30, 2021 and the purchase price was increased to $4.4 million. . As of June 3, 2021, the scheduled close of escrow was being re-negotiated by the Company for further extension.

6. PREPAID EXPENSES AND DEPOSITS

 

    December 31, 2020     December 31, 2019  
Deposits   $ 170,000     $ 4,443  
Legal retainer     43,038       88,369  
Prepaid expenses     -       5,005  
    $ 213,038     $ 97,817  

 

During the year-ended December 31, 2020, the Company entered into a land purchase agreement in relation to construction of a facility in Coachella, California. A deposit of $170,000 has been paid and the balance of the purchase price is subject to financing (see Note 15).