the firewall also appears to have spared material damage to much of the key front-end process equipment , such as the battery breaker/separation system , concentrate production area , kettles and ingot casting , water treatment and recovery and other important areas of the plant . the administrative office area also remained intact . as of december 31 , 2020 , we have received approximately $ 23.4 million of insurance proceeds from our insurance carriers . based on our estimates , as of the date of this report , we believe that the replacement value of the equipment and plant lost or damaged in the fire will likely be higher . we have also submitted a significant claim on our business interruption cost recovery . we intend to vigorously pursue receipt of insurance proceeds to satisfy in full all of our property , casualty and business interruption losses , subject to the coverage limits . assets on our balance sheet as of december 31 , 2020 that were not affected by the fire total approximately $ 24.9 million in book value , including the battery breaker , melting kettles , kiln , filter presses , mixing and storage tanks , water recovery system and the building infrastructure plus the land . our policy in place at the time of the fire includes up to $ 50 million in combined property , equipment and business interruption insurance . during the first half of 2020 , we successfully performed test runs on the first and second iterations of our aqualyzer as part of our v1.25l program . the program consists of three iterations that are classified as v1.25a , v1.25b and the final iteration , v1.25l , the latter of which will be used to create the aquarefining aqualyzer package for our equipment supply and licensing offerings . during the fourth quarter of 2020 , we completed our v1.25l aqualyzer program on time and under budget , achieving lead production that is 100 % greater compared to the v1.0 aqualyzer deployed at the aquarefinery during commercial production in 2018 and 2019. the company previously guided a 20 % increase of throughput , yet the v.125l aqualyzer surpassed that guidance by 500 % . the v1.25l program concluded with a multi-day 24/7 endurance run that ended on december 24 , 2020. these results should positively impact capital and operating expenses for our future equipment supply and licensee customers . the doubling of throughput results in a 50 % reduction in the number of aqualyzers needed for equivalent lead production . v1.25l also has a lower build cost and reduced assembly time compared to the v1.0 aqualyzer , which correlates to a 50 % decrease in capital expenditures for aqua metals equipment installations . in addition , aqualyzer operating expenses have been reduced by greater than 60 % compared to the v1.0 aqualyzer , with the combined impact of improvements in automation and increased throughput . the current design has a single button start and stop functionality with no manual interaction required during operation , along with automated maintenance capability . the 60 % reduction in operating expenses and 50 % reduction in capital expenditures greatly exceeds the targets that were set in early 2020. our business model focus is on global licensing opportunities to incorporate aquarefining in the recycling industry . we have been engaged in the pursuit of a capital light strategy that is based on the pursuit of licensing opportunities within the lead battery recycling marketplace without maintaining and operating a capital-intensive lead recycling facility . our capital light business strategy is designed to optimize shareholder value by focusing on equipment supply and licensing opportunities , which have always been a core part of our business plans . we believe this path has the potential to maximize shareholder value in that it could be far less capital intensive than a plant rebuild . during the year ended december 31 , 2020 , we issued 3,217,426 shares of common stock pursuant to an at the market issuance sales agreement ( `` atm `` ) for net proceeds of $ 3.7 million . 23 results of operations for the fiscal year ended december 31 , 2020 compared to the fiscal year ended december 31 , 2019 our lead recycling facility was not in production during 2020 due to the fire that occurred in november of 2019 and the acceleration of our licensing strategy . during the year ended december 31 , 2020 , revenue resulted from the sale of inventory consisting of lead compounds that were generated during pre-fire operations . during the year ended december 31 , 2019 , product sales consisted of lead bullion , lead compounds and plastics that were generated through the aquarefining process . the following table summarizes results of operations with respect to the items set forth below for the twelve months ended december 31 , 2020 together with the percentage change from the twelve months ended december 31 , 2019 for those items ( in thousands ) . replace_table_token_2_th except for nominal sales of inventory , we did not generate revenue during the twelve months ended december 31 , 2020 as there has been not significant production subsequent to the year ended december 31 , 2019. the plant was not in production during 2020 except for the operation and testing of our improved aqualyzers as part of the v1.25 program . cost of product sales includes raw materials , supplies and related costs , salaries and benefits , consulting and outside services costs , depreciation and amortization costs , insurance , travel and overhead costs . story_separator_special_tag when the estimated undiscounted future cash flows are less than their carrying amount , an impairment loss is recognized equal to the difference between the assets ' fair value and their carrying value . in addition to the recoverability assessment , we routinely review the remaining estimated lives of our long-lived assets . any reduction in the useful life assumption will result in increased depreciation and amortization expense in the period when such determination is made , as well as in subsequent periods . we evaluate the need to record impairment during each reporting period . no impairment has been recorded . we determined that the estimated life of the intellectual property properly reflected the current remaining economic life of the asset . asset retirement obligations we have historically recorded the fair value of estimated asset retirement obligations associated with tangible long-lived assets in the period incurred . retirement obligations associated with long-lived assets are those for which there is an obligation for closures and or site remediation at the end of the assets ' useful lives . these obligations were initially estimated based on discounted cash flow estimates and are accreted to full value over time through charges to operating expense . in addition , asset retirement costs were capitalized as part of the related asset 's carrying value and are depreciated on a straight-line basis over the assets ' respective useful lives . due to the change in the primary use of the company 's mccarran , nevada facility , the written determination issued to the company requiring the facility closure trust deposit was terminated by the ndep on december 9 , 2020. as a result of this termination , the trust account was closed and the trustee reimbursed the company the entire balance of the trust account . as a result of the elimination of the trust obligation and the refund of the balance , the original amount of the estimated closure cost that was capitalized and the accumulated accretion were written off . 26 revenue recognition the company records revenue recognition in accordance with asc 606 , revenue from contracts with customers . asc 606 provides a single comprehensive model for the recognition of revenue arising from contracts with customers and supersedes most current revenue recognition guidance , including industry-specific guidance . it requires an entity to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asc 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract ( s ) , which includes ( 1 ) identifying the contract ( s ) with the customer , ( 2 ) identifying the separate performance obligations in the contract , ( 3 ) determining the transaction price , ( 4 ) allocating the transaction price to the separate performance obligations , and ( 5 ) recognizing revenue as each performance obligation is satisfied . asc 606 requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts , including qualitative and quantitative information about contracts with customers , significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract . insurance proceeds on november 29 , 2019 , there was a fire in the aqua refining area of the tric facility . the company recorded an insurance proceeds receivable balance of $ 19.9 during the fourth quarter of 2019 , which was limited by gaap accounting standards to the net book value of assets written off as a result of the fire . the insurance proceeds receivable balance has been reduced to zero as insurance payments have exceeded the total established insurance proceeds receivable amount . any amounts received in excess of that total are reported as other income . as of december 31 , 2020 , the company has received $ 23.4 million in insurance payments as a result of the fire damage . subsequent to year end , the company received an additional $ 0.1 million of insurance proceeds . the company has also determined that it is probable to receive additional insurance payments . research and development research and development expenditures are expensed as incurred . income taxes we account for income taxes in accordance with the liability method of accounting for income taxes . under the liability method , deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases . the provision for income taxes is comprised of the current tax liability and the changes in deferred tax assets and liabilities . we established a valuation allowance to the extent that it is more likely than not that deferred tax assets will not be recoverable against future taxable income . we recognize the effect of uncertain income tax positions only if those positions are more likely than not of being sustained . recognized income tax positions are measured at the largest amount that is greater than 50 % likely of being realized . changes in recognition or measurement are reflected in the period in which the change in judgment occurs . stock-based compensation we recognize compensation expense for stock-based compensation in accordance with asc 718 “ compensation – stock compensation . ” for employee stock-based awards , we calculate the fair value of the award on the date of grant using the black-scholes-merton method for stock options ; the expense is recognized over the service period for awards to vest . the estimation of stock-based awards that will ultimately vest requires judgment and to the extent actual results or updated estimates differ from the original estimates , such amounts are recorded as a cumulative adjustment in the period estimates are revised . the company considers

liquidity and capital resources as of december 31 , 2020 , we had total assets of $ 35.1 million and working capital of $ 4.9 million . 24 the following table summarizes our cash provided by ( used in ) operating , investing and financing activities ( in thousands ) : replace_table_token_4_th net cash used in operating activities net cash used in operating activities for the years ended december 31 , 2020 and december 31 , 2019 was $ 11.0 million and $ 25.2 million , respectively . net cash used in operating activities during each of these periods consisted primarily of our net loss adjusted for noncash items such as depreciation , amortization , and stock-based compensation charges as well as net changes in working capital . during the year ended december 31 , 2020 , we recognized an $ 11.7 million expense for impairment on fixed assets and $ 0.5 million for the elimination of our asset retirement obligation . during the year ended december 31 , 2019 , we recognized non-cash payments to veolia of approximately $ 9.0 million for shares issued and warrant expense . net cash provided by ( used in ) investing activities net cash provided by investing activities for the year ended december 31 , 2020 was $ 6.6 million compared to net cash used in investing activities of $ 10.6 million for the year ended december 31 , 2019. net cash used in investing activities during each of these periods consists primarily of purchases of fixed assets and insurance proceeds received .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we had total assets of $ 35.1 million and working capital of $ 4.9 million . 24 the following table summarizes our cash provided by ( used in ) operating , investing and financing activities ( in thousands ) : replace_table_token_4_th net cash used in operating activities net cash used in operating activities for the years ended december 31 , 2020 and december 31 , 2019 was $ 11.0 million and $ 25.2 million , respectively . net cash used in operating activities during each of these periods consisted primarily of our net loss adjusted for noncash items such as depreciation , amortization , and stock-based compensation charges as well as net changes in working capital . during the year ended december 31 , 2020 , we recognized an $ 11.7 million expense for impairment on fixed assets and $ 0.5 million for the elimination of our asset retirement obligation . during the year ended december 31 , 2019 , we recognized non-cash payments to veolia of approximately $ 9.0 million for shares issued and warrant expense . net cash provided by ( used in ) investing activities net cash provided by investing activities for the year ended december 31 , 2020 was $ 6.6 million compared to net cash used in investing activities of $ 10.6 million for the year ended december 31 , 2019. net cash used in investing activities during each of these periods consists primarily of purchases of fixed assets and insurance proceeds received .
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 Suspicious Activity Report : the firewall also appears to have spared material damage to much of the key front-end process equipment , such as the battery breaker/separation system , concentrate production area , kettles and ingot casting , water treatment and recovery and other important areas of the plant . the administrative office area also remained intact . as of december 31 , 2020 , we have received approximately $ 23.4 million of insurance proceeds from our insurance carriers . based on our estimates , as of the date of this report , we believe that the replacement value of the equipment and plant lost or damaged in the fire will likely be higher . we have also submitted a significant claim on our business interruption cost recovery . we intend to vigorously pursue receipt of insurance proceeds to satisfy in full all of our property , casualty and business interruption losses , subject to the coverage limits . assets on our balance sheet as of december 31 , 2020 that were not affected by the fire total approximately $ 24.9 million in book value , including the battery breaker , melting kettles , kiln , filter presses , mixing and storage tanks , water recovery system and the building infrastructure plus the land . our policy in place at the time of the fire includes up to $ 50 million in combined property , equipment and business interruption insurance . during the first half of 2020 , we successfully performed test runs on the first and second iterations of our aqualyzer as part of our v1.25l program . the program consists of three iterations that are classified as v1.25a , v1.25b and the final iteration , v1.25l , the latter of which will be used to create the aquarefining aqualyzer package for our equipment supply and licensing offerings . during the fourth quarter of 2020 , we completed our v1.25l aqualyzer program on time and under budget , achieving lead production that is 100 % greater compared to the v1.0 aqualyzer deployed at the aquarefinery during commercial production in 2018 and 2019. the company previously guided a 20 % increase of throughput , yet the v.125l aqualyzer surpassed that guidance by 500 % . the v1.25l program concluded with a multi-day 24/7 endurance run that ended on december 24 , 2020. these results should positively impact capital and operating expenses for our future equipment supply and licensee customers . the doubling of throughput results in a 50 % reduction in the number of aqualyzers needed for equivalent lead production . v1.25l also has a lower build cost and reduced assembly time compared to the v1.0 aqualyzer , which correlates to a 50 % decrease in capital expenditures for aqua metals equipment installations . in addition , aqualyzer operating expenses have been reduced by greater than 60 % compared to the v1.0 aqualyzer , with the combined impact of improvements in automation and increased throughput . the current design has a single button start and stop functionality with no manual interaction required during operation , along with automated maintenance capability . the 60 % reduction in operating expenses and 50 % reduction in capital expenditures greatly exceeds the targets that were set in early 2020. our business model focus is on global licensing opportunities to incorporate aquarefining in the recycling industry . we have been engaged in the pursuit of a capital light strategy that is based on the pursuit of licensing opportunities within the lead battery recycling marketplace without maintaining and operating a capital-intensive lead recycling facility . our capital light business strategy is designed to optimize shareholder value by focusing on equipment supply and licensing opportunities , which have always been a core part of our business plans . we believe this path has the potential to maximize shareholder value in that it could be far less capital intensive than a plant rebuild . during the year ended december 31 , 2020 , we issued 3,217,426 shares of common stock pursuant to an at the market issuance sales agreement ( `` atm `` ) for net proceeds of $ 3.7 million . 23 results of operations for the fiscal year ended december 31 , 2020 compared to the fiscal year ended december 31 , 2019 our lead recycling facility was not in production during 2020 due to the fire that occurred in november of 2019 and the acceleration of our licensing strategy . during the year ended december 31 , 2020 , revenue resulted from the sale of inventory consisting of lead compounds that were generated during pre-fire operations . during the year ended december 31 , 2019 , product sales consisted of lead bullion , lead compounds and plastics that were generated through the aquarefining process . the following table summarizes results of operations with respect to the items set forth below for the twelve months ended december 31 , 2020 together with the percentage change from the twelve months ended december 31 , 2019 for those items ( in thousands ) . replace_table_token_2_th except for nominal sales of inventory , we did not generate revenue during the twelve months ended december 31 , 2020 as there has been not significant production subsequent to the year ended december 31 , 2019. the plant was not in production during 2020 except for the operation and testing of our improved aqualyzers as part of the v1.25 program . cost of product sales includes raw materials , supplies and related costs , salaries and benefits , consulting and outside services costs , depreciation and amortization costs , insurance , travel and overhead costs . story_separator_special_tag when the estimated undiscounted future cash flows are less than their carrying amount , an impairment loss is recognized equal to the difference between the assets ' fair value and their carrying value . in addition to the recoverability assessment , we routinely review the remaining estimated lives of our long-lived assets . any reduction in the useful life assumption will result in increased depreciation and amortization expense in the period when such determination is made , as well as in subsequent periods . we evaluate the need to record impairment during each reporting period . no impairment has been recorded . we determined that the estimated life of the intellectual property properly reflected the current remaining economic life of the asset . asset retirement obligations we have historically recorded the fair value of estimated asset retirement obligations associated with tangible long-lived assets in the period incurred . retirement obligations associated with long-lived assets are those for which there is an obligation for closures and or site remediation at the end of the assets ' useful lives . these obligations were initially estimated based on discounted cash flow estimates and are accreted to full value over time through charges to operating expense . in addition , asset retirement costs were capitalized as part of the related asset 's carrying value and are depreciated on a straight-line basis over the assets ' respective useful lives . due to the change in the primary use of the company 's mccarran , nevada facility , the written determination issued to the company requiring the facility closure trust deposit was terminated by the ndep on december 9 , 2020. as a result of this termination , the trust account was closed and the trustee reimbursed the company the entire balance of the trust account . as a result of the elimination of the trust obligation and the refund of the balance , the original amount of the estimated closure cost that was capitalized and the accumulated accretion were written off . 26 revenue recognition the company records revenue recognition in accordance with asc 606 , revenue from contracts with customers . asc 606 provides a single comprehensive model for the recognition of revenue arising from contracts with customers and supersedes most current revenue recognition guidance , including industry-specific guidance . it requires an entity to recognize revenue when the entity transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asc 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contract ( s ) , which includes ( 1 ) identifying the contract ( s ) with the customer , ( 2 ) identifying the separate performance obligations in the contract , ( 3 ) determining the transaction price , ( 4 ) allocating the transaction price to the separate performance obligations , and ( 5 ) recognizing revenue as each performance obligation is satisfied . asc 606 requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts , including qualitative and quantitative information about contracts with customers , significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract . insurance proceeds on november 29 , 2019 , there was a fire in the aqua refining area of the tric facility . the company recorded an insurance proceeds receivable balance of $ 19.9 during the fourth quarter of 2019 , which was limited by gaap accounting standards to the net book value of assets written off as a result of the fire . the insurance proceeds receivable balance has been reduced to zero as insurance payments have exceeded the total established insurance proceeds receivable amount . any amounts received in excess of that total are reported as other income . as of december 31 , 2020 , the company has received $ 23.4 million in insurance payments as a result of the fire damage . subsequent to year end , the company received an additional $ 0.1 million of insurance proceeds . the company has also determined that it is probable to receive additional insurance payments . research and development research and development expenditures are expensed as incurred . income taxes we account for income taxes in accordance with the liability method of accounting for income taxes . under the liability method , deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases . the provision for income taxes is comprised of the current tax liability and the changes in deferred tax assets and liabilities . we established a valuation allowance to the extent that it is more likely than not that deferred tax assets will not be recoverable against future taxable income . we recognize the effect of uncertain income tax positions only if those positions are more likely than not of being sustained . recognized income tax positions are measured at the largest amount that is greater than 50 % likely of being realized . changes in recognition or measurement are reflected in the period in which the change in judgment occurs . stock-based compensation we recognize compensation expense for stock-based compensation in accordance with asc 718 “ compensation – stock compensation . ” for employee stock-based awards , we calculate the fair value of the award on the date of grant using the black-scholes-merton method for stock options ; the expense is recognized over the service period for awards to vest . the estimation of stock-based awards that will ultimately vest requires judgment and to the extent actual results or updated estimates differ from the original estimates , such amounts are recorded as a cumulative adjustment in the period estimates are revised . the company considers

