PREPAID FOREIGN TAXES	12 Months Ended
Dec. 31, 2021
Prepaid Foreign Taxes
PREPAID FOREIGN TAXES	5. PREPAID FOREIGN TAXES Prepaid foreign taxes, net, of $804,265 and $519,499 at December 31, 2021 and 2020, respectively, consists primarily of prepaid VAT credits. VAT credits are recovered through VAT collections on subsequent sales of products by the Company. Prepaid VAT tax credits do not expire. Prepaid foreign taxes also include Argentine minimum presumed income tax (“MPIT”) credits, which are deemed unrealizable and are fully reserved. MPIT credits expire after ten years. In assessing the realization of the prepaid foreign taxes, management considers whether it is more likely than not that some portion or all of the prepaid foreign taxes will not be realized. Management considers the historical and projected revenues, expenses and capital expenditures in making this assessment. Based on this assessment, management has recorded a valuation allowance related to MPIT credits of $270,776 and $193,798 as of December 31, 2021 and 2020, respectively.

PREPAID FOREIGN TAXES

12 Months Ended

Dec. 31, 2021

5. PREPAID FOREIGN TAXES

Prepaid foreign taxes, net, of $804,265 and $519,499 at December 31, 2021 and 2020, respectively, consists primarily of prepaid VAT credits. VAT credits are recovered through VAT collections on subsequent sales of products by the Company. Prepaid VAT tax credits do not expire. Prepaid foreign taxes also include Argentine minimum presumed income tax (“MPIT”) credits, which are deemed unrealizable and are fully reserved. MPIT credits expire after ten years.

In assessing the realization of the prepaid foreign taxes, management considers whether it is more likely than not that some portion or all of the prepaid foreign taxes will not be realized. Management considers the historical and projected revenues, expenses and capital expenditures in making this assessment. Based on this assessment, management has recorded a valuation allowance related to MPIT credits of $270,776 and $193,798 as of December 31, 2021 and 2020, respectively.