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PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
Prepaid Expenses And Other Current Assets | NOTE 4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS On August 17, 2022, the Company executed a Management and Consultancy Services Agreement (the ‘Consultancy Agreement”) whereby a contractor was engaged to render professional services consisting of management and consultancy for the acquisition of surface rights and other technical services near San Guadalupe, Mexico. The parties agreed to total consideration of $1,035,025 plus associated Value Added Tax (“VAT”). The Company paid $450,000 plus VAT upon execution of the Consultancy Agreement and will pay fifty (50) monthly installments of $11,700 plus VAT. The $450,000 initial installment will be amortized over the fifty (50) month term of the agreement and recognized as expense under “Other operating expenses and exploration” in the consolidated statements of operations. Prepaid expenses and other current assets at December 31, 2022 are as follows:
|  | December 31, 2022 |
Prepaid insurance |  | $ | 12,458 |
Prepaid consulting and management fees |  |  | 405,000 |
Other current assets |  |  | 17,141 |
|  |  | 434,599 |
Less long-term portion |  |  | (297,000 | )
Prepaid and other current assets |  | $ | 137,599 |
The long-term portion of prepaid and other current assets of $297,000 is included in “IVA receivable and other assets” on the consolidated balance sheets.

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- Definition The entire disclosure for other current assets. + References No definition available. + Details
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