XML 26 R14.htm IDEA: XBRL DOCUMENT

Prepaid expenses and other current assets

12 Months Ended

Dec. 31, 2021

Prepaid expenses and other current assets [Abstract]

Prepaid expenses and other current assets

7. Prepaid expenses and other current assets

Prepaid expenses are analyzed as follows:

	December 31, 2021		December 31, 2020
Prepaid insurance expenses	$	354,978	$	383
Prepaid research expenses		494,813		-
Prepaid rent expenses		98,520		-
Other prepaid expenses		191,783		1,341
Total	$	1,140,094	$	1,724

Prepaid insurance expenses as of December 31, 2021 mainly include prepayments to insurers for directors’ and officers’ insurance services for liabilities that may arise in their capacity as directors and officers of a public entity.

Prepaid research expenses as of December 31, 2021 mainly relate to prepayments for expenses under the Cooperative Research and Development Agreement as discussed in Note 18.

Other current assets are analyzed as follows:

	December 31, 2021		December 31, 2020
VAT receivable	$	980,518	$	259,831
Withholding tax		108,350		-
Grant receivable		509,399		95,064
Purchases under receipt		274,330		24,488
Guarantees		24,234		-
Other receivables		2,835,833		115,638
	$	4,732,664	$	495,021

On March 8, 2021, the Company entered into a lease agreement for 21,401 square feet for use as a product development and manufacturing center at Hood Park in Charlestown, MA. Under the terms of the lease, the Company will be reimbursed by the lessor for up to $7.7 million of expenses related to the design and construction of the Company’s workspace. As of December 31, 2021, other receivables include an amount of $2.6 million relating to the expenses reimbursable by the lessor.