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Other Current Assets
 12 Months Ended
Dec. 31, 2018
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,
2018		      December 31,
2017		  

Prepaid expenses

    $ 478,560      $ 471,686  

Project deposit

      532,500        —    

Deposits

      5,076        23,841  
  

 

 

     

 

 

  

Total other current assets

    $ 1,016,136      $ 495,527  
  

 

 

     

 

 

  

 

For the period ended December 31, 2018, prepaid expenses consisted of $388,137 for directors and officer’s insurance, $40,119 for marine insurance, $38,674 of professional services and $11,630 of other insurances. The Project deposit pertains to the HMS Sussex project, see NOTE F for details. The deposit balance is on account for professional services. For the period ended December 31, 2017, prepaid expenses consisted of $316,795 for directors and officer’s insurance, $67,447 for marine insurance, $75,784 of professional services and $11,660 of other insurances. The deposit balance is on account for professional services. All prepaid expenses are amortized on a straight-line basis over the term of the underlying agreements. Deposits may held by various entities for equipment, services, and in accordance with agreements in the normal course of business.