Vivakor, Inc. Files Q1 2024 10-Q Report

TL;DR

Vivakor dropped its Q1 2024 10-Q. Check financials.

AI Summary

Vivakor, Inc. filed its quarterly report for the period ending March 31, 2024. The company, incorporated in Nevada and operating in refuse systems, reported its financial results for the first quarter of 2024. Key financial data points and balance sheet information as of December 31, 2023, and March 31, 2024, were disclosed.

Why It Matters

This filing provides investors with an update on Vivakor's financial performance and position for the first quarter of 2024, crucial for assessing the company's ongoing operations and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with its financial performance and market position.

Key Numbers

• Q1 2024 — Reporting Period (The first quarter of 2024 financial results are detailed.)
• 2024-03-31 — Balance Sheet Date (Financial position as of the end of Q1 2024.)
• 2023-12-31 — Previous Balance Sheet Date (Financial position as of the end of the previous fiscal year.)

Key Players & Entities

• Vivakor, Inc. (company) — Filer of the 10-Q report
• 20240331 (date) — End of the reporting period
• 20240520 (date) — Filing date of the report
• NV (location) — State of incorporation
• Dallas, TX (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value VIVK The Nasdaq Stock Mar
• $0.75 — n Price" shall equal the greater of (a) $0.75 per share or (b) the lesser of (i) 90%
• $2.25 — onvert all or part of this Note or (ii) $2.25 per share. Due to uncertainty of the co
• $67.8 million — deficit of approximately ( 67,790,641 ) $67.8 million. As of March 31, 2024 and 2023, we had
• $20.4 million — urrent obligations to pay approximately $20.4 million of debt. Of the $20.4 million, $15.3 mi
• $20.4 m — oximately $20.4 million of debt. Of the $20.4 million, $15.3 million can be satisfied t
• $15.3 million — million of debt. Of the $20.4 million, $15.3 million can be satisfied through the issuance o
• $3 million — iscal year 2023 we raised approximately $3 million through debt financings with individual
• $2.2 million — t financings with individual investors, $2.2 million through a sale lease back agreement, an

Filing Documents

• vivakor_10q.htm (10-Q) — 891KB
• vivakor_ex31-1.htm (EX-31.1) — 8KB
• vivakor_ex31-2.htm (EX-31.2) — 8KB
• vivakor_ex32-1.htm (EX-32.1) — 5KB
• vivakor_ex32-2.htm (EX-32.2) — 5KB
• 0001829126-24-003562.txt ( ) — 4493KB
• vivk-20240331.xsd (EX-101.SCH) — 43KB
• vivk-20240331_cal.xml (EX-101.CAL) — 59KB
• vivk-20240331_def.xml (EX-101.DEF) — 117KB
• vivk-20240331_lab.xml (EX-101.LAB) — 272KB
• vivk-20240331_pre.xml (EX-101.PRE) — 217KB
• vivakor_10q_htm.xml (XML) — 662KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION 28 ITEM 1.

Legal Proceedings

Legal Proceedings 28 ITEM 1A.

Risk Factors

Risk Factors 28 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 ITEM 3. Defaults Upon Senior Securities 29 ITEM 4. Mine Safety Disclosures 29 ITEM 5. Other Information 29 ITEM 6. Exhibits 30

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VIVAKOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 767,273 $ 744,307 Accounts receivable 4,026,076 2,458,730 Accounts receivable- related party 158,227 174,083 Prepaid expenses 166,269 74,876 Marketable securities 413,188 495,826 Inventories 57,780 44,632 Other assets 1,233,930 1,118,188 Total current assets 6,822,743 5,110,642 Other investments 4,000 4,000 Notes receivable 215,475 213,168 Property and equipment, net 26,555,136 24,299,317 Right of use assets- operating leases 1,444,994 1,534,870 License agreements, net 1,621,117 1,651,324 Intellectual property, net 22,785,452 23,437,654 Goodwill 14,984,768 14,984,768 Total assets $ 74,433,685 $ 71,235,743 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 16,957,365 $ 16,578,642 Accounts payable and accrued expenses- related parties 3,686,483 1,933,817 Accrued compensation 1,741,854 1,968,063 Operating lease liabilities, current 308,036 435,906 Finance lease liabilities, current 722,925 963,900 Loans and notes payable, current 4,725,703 2,477,970 Loans and notes payable, current- related parties 15,629,061 15,626,168 Total current liabilities 43,771,427 39,984,466 Operating lease liabilities, long term 1,230,622 1,193,915 Finance lease liabilities, long term 1,977,177 1,852,178 Loans and notes payable, long term 1,163,898 856,034 Loans and notes payable, long term- related parties 5,590,007 5,590,008 Long-term debt (working interest royalty programs) 4,672,300 4,433,630 Deferred tax liability 88,323 88,323 Total liabilities 58,493,754 53,998,554 Stockholders' equity: Preferred stock, $ 0.001 par value; 15,000,000 shares authorized, none outstanding Common stock, $ 0.001 par value; 200,000,000 shares a

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View this 10-Q filing on SEC EDGAR