General form of registration statement for all companies including face-amount certificate companies

Accrued Liabilities

v3.23.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2023
Accrued Liabilities [Abstract]  
Accrued Liabilities

6. Accrued Liabilities

 

Accrued liabilities consisted of the following:

 

    June 30,
2023		     December 31,
2022		  
Accrued compensation   $ 404,364     $ 1,501,736  
Accrued professional fees     702,944       794,021  
Accrued insurance     201,989       590,936  
Accrued sales and property taxes     1,294,305       171,660  
Accrued interest and penalties     4,320,690      
-
  
Other accrued expenses     385,759       84,624  
Total accrued expenses   $ 7,310,051     $ 3,142,977  

 

In April 2023, the Company received correspondence from the State of Texas assessing a sale and use tax liability of $1.2 million. The accrual is recorded under accrued liabilities of the condensed consolidated balance sheet.

 

Further, a total of $4,320,690 associated with liquidated damages and interest arising in connection with the RRA Amendment (defined below), is included as part of interest expense, net in the condensed consolidated statements of operations for the period ended June 30, 2023. Pursuant to the Company’s estimation as of March 31, 2023, $3,958,645 out of such total amount was previously recorded as an accrued liability and interest expense as part of interest expense, net in the restated condensed consolidated statements of operations for the first quarter of 2023. See “Note 12 – Notes Payable” for additional information.