Certain Balance Sheet Items |
Certain Balance Sheet Items Prepaid and other current assets consisted of the following: | | | | | | | | | | | | | March 31, 2023 | | December 31, 2022 | Insurance recovery (a) | $ | — | | | $ | 30,000,000 | | Prepaid manufacturing expenses | 565,072 | | | 1,401,028 | | Other prepaid expenses | 4,349,241 | | | 18,729,453 | | | $ | 4,914,313 | | | $ | 50,130,481 | |
Accounts payable and accrued expenses consisted of the following: | | | | | | | | | | | | | March 31, 2023 | | December 31, 2022 | Trade accounts payable | $ | 11,194,396 | | | $ | 19,862,487 | | Accrued compensation | 7,607,673 | | | 12,574,921 | | Accrued litigation settlement (a) | — | | | 44,000,000 | | | | | | Other accrued expenses | 5,950,102 | | | 3,249,477 | | | $ | 24,752,171 | | | $ | 79,686,885 | |
(a) In July 2022, the Company entered into a memorandum of understanding for the proposed settlement of the class action securities litigation described in this report under “Legal Proceedings.” The final judicial order for the settlement was issued in January 2023. The settlement consisted of $30.0 million in cash and $14.0 million in shares of the Company's common stock to settle all outstanding claims. As of December 31, 2022, the Company's insurance carriers had paid the cash component of the proposed settlement, which amounts were being held in escrow. The Company's insurance carriers paid $252,000 of other expenses on behalf of the Company, which amounts are being offset against the insurers' cash commitment as part of the settlement. During the three months ended March 31, 2023, the cash component of the settlement was released from escrow and the Company issued 9,121,000 shares of common stock pursuant to the securities class action settlement.
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