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Other Current Assets
 12 Months Ended
Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

NOTE D – OTHER CURRENT ASSETS

Our other current assets consist of the following:

 

     December 31, 2017      December 31, 2016  

Prepaid expenses

    $ 471,686      $ 582,616  

Deposits

      23,841        26,846  
  

 

 

     

 

 

  

Total other current assets

    $ 495,527      $ 609,462  
  

 

 

     

 

 

  

For the period ended December 31, 2017, prepaid expenses consisted of $316,795 for directors and officers insurance, $67,447 marine insurance, $75,784 of professional services and $11,660 of other insurances. The deposit balance is comprised of deposits for office space and professional services. For the period ended December 31, 2016, prepaid expenses consisted of $260,321 for directors and officers insurance, $132,316 marine insurance, $166,389 of professional services and $23,590 of other insurances. The deposit balance is comprised of deposits for office space and professional services. All prepaid expenses are amortized on a straight-line basis over the term of the underlying agreements. Deposits are held by various entities for equipment, services, and in accordance with agreements in the normal course of business.