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Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2023

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	March 31,		December 31,
	2023		2022
Accounts payable	$	2,972,461	$	910,002
Office access deposits		235		235
Unearned revenue		-		20,936
Accrued interest (various notes and loans payable		99,587		349,497
Accrued interest (working interest royalty programs)		959,766		1,437,711
Accrued tax penalties and interest		525,086		524,286
Accounts payable and accrued expenses	$	4,557,135	$	3,242,667

	March 31,		December 31,
	2023		2022
Accounts payable- related parties	$	1,039,829	$	4,112,300
Accrued interest (notes payable)- related parties		239,153		30,678
Accounts payable and accrued expenses- related parties	$	1,278,982	$	4,142,978
Accrued compensation	$	1,846,072	$	1,302,890

As of March 31, 2023 and December 31, 2022, our accounts payable are primarily made up of trade payables for the purchase of for crude oil. Trade accounts payables in the amount of $923,028 and $4,000,681 is with a vendor who our CEO is a beneficiary of. As of March 31, 2023 and December 31, 2022, $96,388 and $37,685 of accounts payable related to services rendered, which are not trade payables, with a vendor of which our CEO is a beneficiary. $20,413 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.

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 during 2022, 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.