Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

v3.22.2.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
6 Months Ended
Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

   

June 30,

2022

   

December 31,

2021

 
Deposits   $ 32,000     $ 32,000  
Legal retainer     15,643       33,692  
Prepaid expenses     37,440       214,445  
Others     26,719       28,903  
Total   $ 111,802     $ 309,040  

 

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 was 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. The Company wrote off the non-refundable portion of the deposit amounting to $150,000 on December 31, 2021, as the close of escrow period has lapsed; however, the Company is currently renegotiating the terms of the agreement.