Other Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Other Current Assets

Other current assets are comprised of the following:

	September 30,		December 31,
		2023		2022
Prepaid Directors & Officers insurance	$	816,405	$	1,292,317
Advances to suppliers		510,805		-
Advances to employees		209,749		74,064
Income tax advance payments ^(a)		-		34,642
Other assets		49,434		24,484
Total	$	1,586,393	$	1,425,507

(a) Includes federal withholding taxes and recoverable income taxes.

Property Plant and Equipment

Property, plant and equipment consisted of the following:

	September 30,			December 31,
		2023			2022
Development mockup	$	418,721		$	418,721
Leasehold improvement		166,740			-
Construction in progress ("CIP")		-			44,375
Computer hardware		14,684			13,368
Total property, plant and equipment	$	600,145		$	476,465
Less: Accumulated depreciation		(122,217	)		(24,879	)
Total property, plant and equipment, net	$	477,928		$	451,586

Depreciation expense for the three months ended September 30, 2023 and 2022 was $37,220 and $0, respectively. Depreciation expense for the nine months ended September 30, 2023 and 2022 was $95,979 and $0, respectively. During the nine months ended September 30, 2023, the Company disposed of CIP assets associated with the site where the lease was terminated as described in Note 5. The expense is recognized in the "Selling, general and administrative" line of the condensed consolidated statement of operations.

Other Current Payables

Other current payables are comprised of the following items:

	September 30,		December 31,
	2023			2022
Payroll accruals	$	5,514,622	$	4,033,516
Accrued expenses		4,314,525		2,491,847
Income tax payable		692,448		-
Other payables		143,016		122,808
Total	$	10,664,611	$	6,648,171

Other Non-Current Payables

Other non-current payables are comprised of the following items:

	September 30,		December 31,
	2023			2022
Advances from customers ^(a)	$	1,075,000	$	800,000
Payroll accruals		546,998		42,144
Other payable		405,788		177,930
Total	$	2,027,786	$	1,020,074

(a) Advances from customers relate to customers who have signed non-binding Letters of Intent to purchase eVTOLs.