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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 7. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:

Schedule of accounts payable and accrued expenses
		June 30,				December 31,
		2022				2021
Accounts payable		$	851,495			$	1,450,531
Office access deposits			340				340
Accrued compensation			400,798				175,000
Unearned revenue			69,784				–
Accrued interest (working interest royalty programs)			1,341,079				–
Accrued tax penalties and interest			398,114				398,114
Accounts payable and accrued expenses		$	3,061,610			$	2,023,985

As of December 31, 2021 the Company accrued $225,000 for a milestone payment to be paid to TBT Group, Inc. (of which an independent Vivakor Board member is a 7% shareholder) related to our worldwide, exclusive license agreement for the license of piezo electric and energy harvesting technologies for creating self-powered sensors for making smart roadways. This milestone payment was paid in March 2022.

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- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- References

No definition available.

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