Note 2 - Current Liabilities

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 2. Current Liabilities

The Company's accounts payable and accrued expenses consist of the following at December 31:

	2021		2020
Accounts Payable:
Production and related other	$	1,833,366	$	1,638,704
Other		309,728		300,440
Joint venture partner deposits		62,642		62,642
Property and equipment disposal		-		468,934
Total accounts payable	$	2,205,736	$	2,470,720
Accrued Expenses:
Payroll and retirement plan contributions	$	671,031	$	652,530
Current portion of asset retirement obligations		122,000		431,000
Other		151,860		129,319
Federal, state and local taxes		35,990		36,154
Paycheck Protection Program loan		-		326,932
Total accrued expenses	$	980,881	$	1,575,935

In March 2020, the Coronavirus Aid, Relief and Economic Security Act was enacted into law. The Paycheck Protection Program Flexibility Act (the “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 allowed EEI to apply for forgiveness of the PPP Loan provided the proceeds were used for covered expenditures and certain other requirements were satisfied. 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.