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Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

Note 14. Accounts Payable and Accrued Expenses

 

Accounts payable and accrued expenses consist of the following:

 

          
   December 31, 
   2022   2021 
Accounts payable  $5,022,302   $1,450,531 
Office access deposits   235    340 
Accrued compensation   1,302,890    175,000 
Unearned revenue   20,936    - 
Accrued interest (various notes and loans payable   380,175    - 
Accrued interest (working interest royalty programs)   1,437,711    - 
Accrued tax penalties and interest   524,286    398,114 
Accounts payable and accrued expenses  $8,688,535   $2,023,985 

 

As of December 31, 2022, our accounts payable are primarily made up of trade payable for the purchase of for crude oil. Trade accounts payables in the amount of $4,000,681 is with a vendor who our CEO is a beneficiary of. $37,685 of accounts payable related to services rendered, which are not trade payables, are with a vendor who our CEO is a beneficiary of. $43,934 of accounts payable related to services rendered, which are not trade payables, are with a vendor where our Chief Financial Officer sits on the board of the directors and is an officer.

 

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.

 

In March 2023, the Compensation Committee reviewed the Company’s 2022 results, including, but not limited to, the progress of the Company’s historic business and certain acquisitions completed by the Company, and approved discretionary bonuses, which have been accrued as of December 31, 2022, for the Chief Financial Officer, and an acquisition consultant, in the amounts of $505,467 (included in accrued compensation) and $421,222 (included in accounts payable), respectively.