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Intellectual Property, Net and Goodwill | 3 Months Ended
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Mar. 31, 2023
Intellectual Property Net And Goodwill |
Intellectual Property, Net and Goodwill | Note 8. Intellectual Property, Net and Goodwill The following table sets forth the components of the Company’s intellectual property at March 31, 2023 and December 31, 2022:
Schedule of components of intellectual property |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Extraction Technology patents |  | $ | 113,430 |  |  | $ | 13,901 |  |  | $ | 99,529 |  |  | $ | 113,430 |  |  | $ | 12,233 |  |  | $ | 101,197 |
Extraction Technology |  |  | 16,385,157 |  |  |  | 6,690,606 |  |  |  | 9,694,551 |  |  |  | 16,385,157 |  |  |  | 6,485,791 |  |  |  | 9,899,366 |
Acquired crude oil contracts |  |  | 19,095,420 |  |  |  | 1,351,888 |  |  |  | 17,743,532 |  |  |  | 19,095,420 |  |  |  | 844,930 |  |  |  | 18,250,490 |
Total Intellectual property |  | $ | 35,594,007 |  |  | $ | 8,056,395 |  |  | $ | 27,537,612 |  |  | $ | 35,594,007 |  |  | $ | 7,342,954 |  |  | $ | 28,251,053 |
The changes in the carrying amount of goodwill are as follows:
Schedule of goodwill |  |  |  |
|  | Goodwill |
January 1, 2021 |  | $ | - |
Acquisition |  |  | 12,678,108 |
December 31, 2022 |  | $ | 12,678,108 |
There were no changes in goodwill for the three months ended March 31, 2023. On August 1, 2022, the Company closed a Membership Interest Purchase Agreement, (the “MIPA”), with Jorgan Development, LLC, and JBAH Holdings, LLC, as the equity holders of Silver Fuels Delhi, LLC, a Louisiana limited liability company (“SFD”) and White Claw Colorado City, LLC, a Texas limited liability company (“WCCC”) whereby, the Company acquired all of the issued and outstanding membership interests in each of SFD and WCCC making SFD and WCCC wholly owned subsidiaries of the Company. The purchase price for the Membership Interests is approximately $32.9 million, after post-closing adjustments. Management hired a valuation expert who performed a valuation study to calculate the fair value of the acquired assets, assumed liabilities and goodwill. Based on the valuation study, the fair values of goodwill and the acquired contracts were $12,678,108 and $19,095,420 on August 1, 2022. Amortization expense for the three months ended March 31, 2023 and 2022 was $747,369 and $372,328.

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