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