Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Note 8 – Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses at March 31, 2024 and December 31, 2023 consist of the following:

	2024		2023
Accounts payable	$	823,043	$	773,974
Accrued liabilities		505,913		499,492
Accrued interest		3,976,815		4,099,380
Total	$	5,305,771	$	5,372,846

Accounts payable consisted of approximately $659k aged outstanding balances due to two vendors over 2 years.

Accrued expenses consisted of approximately $4.1million accrued settlement to one of the previous vendors over 2 years. Refer to note 15 legal proceedings. 

	2024		2023
Accounts payable	$	845,000	$	770,000
Accrued interest		95,807		96,115
Other payables		978,938		901,595
Total	$	1,919,746	$	1,767,710

Accounts payable – related parties consisted of approximately $845k aged outstanding balances due to two related parties for business purpose over 2 years.

Accrued interest – related parties consisted of unpaid interest from related parties note payable as of March 31, 2024.

Other payables consisted of approximately $979k advanced payments from one of the related parties for business purposes.