In January 2019, the Company paid $500,000 as a deposit under terms of a work order for work to be performed by a pipeline operator. (
During the period ended March 31, 2019, the Company amortized $100,000 of such amount as a research and development cost based on the progress of work performed as required by the contract,
and has reflected the $400,000 remaining amount as Prepaid expenses and other current assets in the accompanying consolidated balance sheet as of March 31, 2019.
“Contract” very interesting word used!
I’m biting my tongue about the second paragraph above?
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