Note 2 - Current Liabilities

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 2. Current Liabilities

The Company’s current liabilities consist of the following at June 30, 2021 and December 31, 2020:

	June 30,		December 31,
	2021		2020
Accounts Payable:
Production and related other	$	1,744,521	$	1,638,704
Other		306,075		300,440
Joint venture partner deposits		62,642		62,642
Property and equipment disposal		-		468,934
Total accounts payable	$	2,113,238	$	2,470,720
Accrued Expenses:
Payroll and retirement plan contributions	$	280,068	$	652,530
Current portion of asset retirement obligations		167,000		431,000
Drilling		96,419		96,419
Repurchase of Units		49,484		-
Federal, state and local taxes		17,995		36,154
Other		10,900		32,900
Paycheck Protection Program loan		-		326,932
Total accrued expenses	$	621,866	$	1,575,935

In March 2020, the Coronavirus Aid, Relief and Economic Security Act was enacted into law. The Paycheck Protection Program Flexibility Act was enacted into law in June 2020. Among several other economic stimulus benefits, these laws established the United States Small Business Administration’s Paycheck Protection Program (the “PPP”). In April 2020, EEI received a $326,932 unsecured PPP loan through a commercial bank (the “PPP Loan”). Provisions of the PPP allow EEI to apply for forgiveness of the PPP Loan provided the proceeds are used for covered expenditures and certain other requirements are satisfied. EEI applied for full forgiveness of the PPP Loan in January 2021. In February 2021, the United States Small Business Administration authorized full forgiveness of EEI’s PPP Loan.

Disposals of property and equipment reflect changes to accounts payable.