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PREPAID EXPENSES - RELATED PARTY
12 Months Ended
Dec. 31, 2022
PREPAID EXPENSES - RELATED PARTY  
PREPAID EXPENSES - RELATED PARTY

NOTE 8 – PREPAID EXPENSES - RELATED PARTY

During the year ended December 31, 2022 the Company prepaid $5,000,000 for exclusive license rights to ARK 2 to a related party. No such payments were made in the year ended December 31, 2021. Prepaid expenses — related party consisted of the following as of December 31, 2022 and 2021:

    

2022

    

2021

Prepaid royalties

$

582,500

$

3,145,000

Prepaid licenses

 

5,000,000

 

Prepaid expenses - related party, ending balance

 

5,582,500

 

3,145,000

Less: short-term portion

 

 

(3,145,000)

Total prepaid expenses – related party, long-term

$

5,582,500

$