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PREPAID EXPENSES - RELATED PARTY

9 Months Ended

Sep. 30, 2022

NOTE 8 – PREPAID EXPENSES - RELATED PARTY

During the nine month period ended September 30, 2022 the Company prepaid $5,000,000 for exclusive license rights to ARK 2 to a related party. Prepaid expenses — related party consisted of the following as of September 30, 2022 and December 31, 2021:


	2022		2021
Prepaid royalties	$	1,520,000	$	3,145,000
Prepaid licenses		6,500,000		—
Prepaid expenses - related party, ending balance		8,020,000		3,145,000
Less: short-term portion		(1,500,000)		(3,145,000)
Total prepaid expenses - related party, long-term	$	6,520,000	$	—