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PREPAID INSURANCE
3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID INSURANCE PREPAID INSURANCE
As of March 31, 2022 and 2021, the Company had an unamortized prepaid insurance balance of $4,449,106 and zero, respectively. The March 31, 2022 unamortized balance consists of $3,797,189 to cover directors and officers including corporate reimbursement (the "D&O Policy"); and various commercial property and risk coverages totaling $651,917.

The D&O Policy was a financed premium (refer to Note 29 – Premium Financing Agreement) in the amount of $6,890,509 less a $1,378,102 down payment. The term of the policy is 12 months and expires October 19, 2022. The monthly amortization to insurance expense is $574,209 per month. The commercial property and risk coverages vary in policy term expirations and are renewable on an annual basis.