Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2017

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid Expenses and Other Current Assets

6.  Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

(in thousands)	March 31,		December 31,
	2017		2016
Inventory	$	2,158	$	-
Income taxes receivable		380		446
Prepaid expenses		583		422
Other current assets		903		1,184
Total prepaid expenses and other current assets	$	4,024	$	2,052

At March 31, 2017, prepaid expenses and other current assets are comprised primarily of inventory that is being purchased to support the construction of three major nuclear simulation projects related to a significant contract that was executed during the first quarter of 2016. Inventory is recorded at the lower of cost or market value in accordance with ASC 330, Inventory.  At December 31, 2016, inventory related to the simulation projects was classified as a long-term asset within other assets on the consolidated balance sheet. The earliest completion date of these projects is expected to occur in the first quarter of 2018.