Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Summary of Significant Accounting Policies |
|
| Schedule of Inventory |
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
Units and work in process |
|
$ |
8,796,600 |
|
|
$ |
8,749,903 |
|
Parts |
|
|
2,883,172 |
|
|
|
2,791,626 |
|
|
|
|
11,679,772 |
|
|
|
11,541,529 |
|
Reserve for obsolescence |
|
|
(1,266,106 |
) |
|
|
(1,264,867 |
) |
|
|
$ |
10,413,666 |
|
|
$ |
10,276,662 |
|
|
| Schedule of Company's oil and gas revenue by source |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Oil |
|
$ |
182,120 |
|
|
$ |
740,281 |
|
Natural gas and natural gas liquids |
|
|
- |
|
|
|
438,152 |
|
Well operations |
|
|
63,077 |
|
|
|
500,384 |
|
|
|
$ |
245,197 |
|
|
$ |
1,678,817 |
|
|
| Schedule of disaggregates Simson-Maxwell's revenue |
|
|
Three Months
Ended March 31,
|
|
|
|
2023 |
|
|
2022 |
|
Power generation units |
|
$ |
1,150,343 |
|
|
$ |
972,093 |
|
Parts |
|
|
1,307,952 |
|
|
|
1,165,508 |
|
Total units and parts |
|
|
2,458,295 |
|
|
|
2,137,601 |
|
Service and repairs |
|
|
4,540,697 |
|
|
|
2,103,699 |
|
|
|
$ |
6,998,992 |
|
|
$ |
4,241,300 |
|
|
| Schedule of stock warrant activity |
|
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual Life
|
|
Aggregate
Intrinsic
Value
|
|
Warrants Outstanding – December 31, 2022 |
|
|
9,259,261 |
|
|
|
0.62 |
|
|
4.03 years |
|
|
- |
|
Granted |
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
Forfeited/expired/cancelled |
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding – March 31, 2023 |
|
|
9,259,261 |
|
|
$ |
0.62 |
|
|
3.79 years |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Exercisable – March 31, 2023 |
|
|
9,259,261 |
|
|
$ |
0.62 |
|
|
3.79 years |
|
$ |
- |
|
|
| Schedule of changes in the company's asset retirement obligations |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Asset retirement obligation – beginning |
|
$ |
1,927,196 |
|
|
$ |
2,111,650 |
|
Accretion expense |
|
|
31,382 |
|
|
|
35,066 |
|
Asset retirement obligation – ending |
|
$ |
1,958,578 |
|
|
$ |
2,146,716 |
|
|