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Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepaid Expenses And Other Current Assets

Prepaid Expenses and Other Current Assets

6. Prepaid Expenses and Other Current Assets

At December 31, 2022 and 2021, prepaid expenses and other current assets consisted of the following:

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​	​	​	​	​	​	​
​	​	As of		​	As of
​	​	December 31,		​	December 31,
​	​	2022		​	2021
​	​	(in thousands)
Advances to suppliers	​	$	867	​	$	188
Prepaid insurance	​	​	1,298	​	​	1,222
Prepaid income tax	​	​	432	​	​	-
Other current assets	​	​	1,242	​	​	875
Total	​	$	3,839	​	$	2,285

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IVA taxes receivable, net is a value added (“IVA”) tax in Mexico assessed on purchases of materials and services and sales of products. Likewise, businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. Businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or credit to IVA tax payable. Amounts recorded as IVA taxes in the consolidated financial statements represent the net estimated IVA tax receivable or payable, since there is a legal right of offset of IVA taxes. As of December 31, 2022, this resulted in an asset balance of $0.8 million, which is included in other current assets above.

In the past, the Company sponsored a physical dividend program which was concluded in 2021, and most of the gold and silver rounds the Company held were sold in the first quarter of 2022. The remaining gold and silver rounds are carried at quoted market prices based on the daily London P.M. fix as of the balance sheet date and are included in other current assets above.

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

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