PREPAID AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

A summary of prepaid and other current assets as of September 30, 2022 and December 31, 2021 is as follows (in thousands):


	September 30, 2022		December 31, 2021
	(unaudited)
Insurance receivable	$	39,000	$	39,000
Prepaid expenses	17,506		12,645
Other current assets	17,448		8,223
Total	73,954		59,868
Prepaid and other current assets - discontinued operations	(8,077)		(3,805)
Prepaid and other current assets - continuing operations	$	65,877	$	56,063

The insurance receivable relates to the receivable from our third-party insurance providers for a legal claim that is recorded in other accrued liabilities, refer to Note 10 - Other Accrued Liabilities. These receivables are covered by our third-party insurance providers for any litigation matter that has been settled, or pending settlements where the deductibles have been satisfied. The prepaid expenses primarily relate to prepaid insurance and other expenses that have been paid in advance of the coverage period. The other current assets primarily include items such as contract assets, receivables from third parties, and other non-trade related accounts receivables.

As of September 30, 2022 the other current assets include deferred financing cost amounting to $4.8 million due to all long-term debt now being classified as current. Historically these assets were presented in “other assets, net”, and comparative periods were not adjusted. Other current assets also include 1970 Group Inc. (“1970 Group”) deferred financing fees amounting to $2.9 million in connection with that certain Substitute Insurance Reimbursement Facility Agreement dated as of September 29, 2022 (the “Substitute Insurance Reimbursement Facility Agreement”), by and between us and 1970 Group (see Note 12 - Debt for additional details).