Quarterly report pursuant to Section 13 or 15(d)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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PREPAID EXPENSES AND OTHER CURRENT ASSETS
6 Months Ended
Jun. 30, 2021
Prepaid Expenses And Other Current Assets  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

    June 30, 2021     December 31, 2020  
Deposits   $ 170,000     $ 170,000  
Legal retainer     54,513       43,038  
Others     5,318       -  
Total   $ 229,831     $ 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. The Company is currently renegotiating the final terms of the debt financing related to the purchase of land before completing the purchase.