They are initially recorded on the balance sheet as current assets, and are later charged to expense. Prepaid Expenses and Deposits Prepaid expenses consist of the following at November 30, 2022, and August 31, 2022: November 30, 2022Aug$$Advertising & conferences74,656359,863Legal fees25,00025,000License, filing fees, dues3,75015,000Office & insurance60,90180,863Capital financing 96,035 96,035 260,342 576,76111. Prepaid expenses are expenditures that have not yet been consumed, and so are capitalized for a short period of time. The Purchase Price will be increased or decreased (as the case may be) by the difference between the Estimated Prepaid Expenses and Deposits amount and the Verified Prepaid Expenses and Deposits amount on the Closing Date.
Prepaid Expenses and Deposits$ 84,051- Consists primarily of Prepaid Insurance Premiums.Total Other Current Assets$ 737,953 Total Current Assets Fixed Assets$ 5,281,655 9. A prepaid expense is an amount paid in advance for the goods or benefits that are to be received in the upcoming period. They include payments for rent, insurance, supplies, equipment, and so on. Inventory$ 653,902- Major Components are Targets, Ammo, & Guns.8. Prepaid expenses are advance payments for assets that will be consumed over a period of time. The balance of $525,000 is being held in escrow and is included in Prepaid Expenses and Deposits in the accompanying balance sheet (Form OPR-1).įor the purposes of this Agreement, including the calculation of the Working Capital Adjustment, the value of the Inventories and Prepaid Expenses and Deposits shall be the lower of cost or net realizable value thereof as set out in the Books and Records provided that the Inventories shall exclude any impaired or obsolete Inventories. Examples of Prepaid Expenses and Deposits in a sentence
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