Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 9—ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses at December 31, 2022 and 2021 consisted of the following:

	December 31, 2022		December 31, 2021
Trade accounts payable	$	4,129,393	$	3,117,825
Credit cards payable		357,964		52,300
Accrued payroll liabilities		824,369		263,590
Accrued interest		1,179,875		711,258
Accrued dividends		136,052		242,160
Other accrued liabilities		114,116		431,539
Total accounts payable and accrued expenses	$	6,741,769	$	4,818,672

On July 26, 2022, the Company entered into a conversion agreement with Bevilacqua PLLC, pursuant to which it agreed to convert $1,197,280 of the accounts payable owed to it into 285,067 common shares of the Company at a conversion price of $4.20 per share. As a result, the Company recognized a loss on extinguishment of debt of $456,109.