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Deferred Income and Revenue Participation Rights
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Deferred Income and Revenue Participation Rights

NOTE 12 – DEFERRED INCOME AND REVENUE PARTICIPATION RIGHTS

“Seattle” project

In a private placement that closed in September 2000, we sold “units” consisting of “Republic” Revenue Participation Certificates and Common Stock. Each $50,000 “unit” entitled the holder to 1% of the gross revenue generated by the “Seattle” project (formerly referred to as the “Republic” project), and 100,000 shares of Common Stock. The “Seattle” was permanently abandoned in June 2021. During the year ended December 31, 2021, the carrying amount of the previously recorded deferred revenue participation right of $62,500 was written off to Other income (expense) in our consolidated statements of operations.

 

Galt Resources, LLC

In February 2011, we entered into a project syndication deal with Galt Resources LLC (“Galt”) for which they invested funds representing rights to future revenues for the HMS Victory project. This project syndication agreement was mutually terminated in June 2021. Therefore, the carrying amount of the previously recorded deferred revenue participation right of $3,756,250 was written off to Other income (expense) in our consolidated statements of operations.