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Accounts receivable
12 Months Ended
Dec. 31, 2022
Credit Loss [Abstract]  
Accounts receivable

Note 5. Accounts receivable

 

Accounts receivable primarily relates to sales to trade accounts receivable of customers for crude oil. Differences between the amounts due from customers less an estimated allowance for doubtful accounts, if deemed necessary by management, and based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts, if any, by identifying troubled accounts and by using historical experience applied to an aging of accounts. As of December 31, 2022 and 2021 an allowance for doubtful accounts of none and $33,000 was deemed necessary. Trade accounts receivable are zero interest bearing. Trade accounts receivable of $948,352 are with a vendor of which our CEO is a beneficiary.