Vivakor, Inc. Files Q3 2024 10-Q Report

TL;DR

Vivakor's Q3 2024 10-Q is in. Check financials.

AI Summary

Vivakor, Inc. filed its 10-Q for the period ending September 30, 2024. The company, incorporated in Nevada with its principal business in Dallas, TX, operates in the Refuse Systems industry. Key financial data points and operational details for the third quarter and year-to-date periods are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Vivakor, Inc. during the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal significant risks and opportunities, but without specific negative disclosures, the risk level is moderate.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-19 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Vivakor, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-19 (date) — Date of filing
• Dallas, TX (location) — Business and mailing address
• Refuse Systems [4953] (industry) — Standard Industrial Classification

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

Filing Documents

• vivakor_10q.htm (10-Q) — 1283KB
• vivakor_ex4-4.htm (EX-4.4) — 51KB
• vivakor_ex10-35.htm (EX-10.35) — 996KB
• vivakor_ex10-36.htm (EX-10.36) — 30KB
• vivakor_ex10-37.htm (EX-10.37) — 33KB
• vivakor_ex10-38.htm (EX-10.38) — 44KB
• vivakor_ex10-39.htm (EX-10.39) — 540KB
• vivakor_ex10-40.htm (EX-10.40) — 79KB
• vivakor_ex10-41.htm (EX-10.41) — 149KB
• vivakor_ex10-42.htm (EX-10.42) — 113KB
• vivakor_ex10-43.htm (EX-10.43) — 287KB
• vivakor_ex10-44.htm (EX-10.44) — 337KB
• vivakor_ex10-45.htm (EX-10.45) — 134KB
• vivakor_ex10-46.htm (EX-10.46) — 133KB
• vivakor_ex10-47.htm (EX-10.47) — 117KB
• vivakor_ex10-48.htm (EX-10.48) — 77KB
• vivakor_ex10-49.htm (EX-10.49) — 118KB
• vivakor_ex10-50.htm (EX-10.50) — 101KB
• vivakor_ex10-51.htm (EX-10.51) — 298KB
• vivakor_ex10-52.htm (EX-10.52) — 166KB
• vivakor_ex10-53.htm (EX-10.53) — 6KB
• vivakor_ex10-54.htm (EX-10.54) — 97KB
• vivakor_ex10-55.htm (EX-10.55) — 283KB
• vivakor_ex10-56.htm (EX-10.56) — 138KB
• vivakor_ex10-57.htm (EX-10.57) — 11KB
• vivakor_ex10-58.htm (EX-10.58) — 139KB
• vivakor_ex10-59.htm (EX-10.59) — 55KB
• vivakor_ex31-1.htm (EX-31.1) — 12KB
• vivakor_ex31-2.htm (EX-31.2) — 12KB
• vivakor_ex32-1.htm (EX-32.1) — 7KB
• vivakor_ex32-2.htm (EX-32.2) — 7KB
• ex10-39_001.jpg (GRAPHIC) — 16KB
• ex10-39_002.jpg (GRAPHIC) — 7KB
• ex10-42_001.jpg (GRAPHIC) — 9KB
• ex10-43_001.jpg (GRAPHIC) — 7KB
• ex10-43_002.jpg (GRAPHIC) — 4KB
• ex10-50_001.jpg (GRAPHIC) — 2KB
• ex10-52_001.jpg (GRAPHIC) — 8KB
• ex10-54_001.jpg (GRAPHIC) — 53KB
• ex10-54_002.jpg (GRAPHIC) — 74KB
• ex10-56_001.jpg (GRAPHIC) — 6KB
• ex10-57_001.jpg (GRAPHIC) — 4KB
• ex10-59_001.jpg (GRAPHIC) — 43KB
• 0001829126-24-007695.txt ( ) — 11305KB
• vivk-20240930.xsd (EX-101.SCH) — 43KB
• vivk-20240930_cal.xml (EX-101.CAL) — 59KB
• vivk-20240930_def.xml (EX-101.DEF) — 129KB
• vivk-20240930_lab.xml (EX-101.LAB) — 330KB
• vivk-20240930_pre.xml (EX-101.PRE) — 263KB
• vivakor_10q_htm.xml (XML) — 868KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 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 19 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 ITEM 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 37 ITEM 1.

Legal Proceedings

Legal Proceedings 37 ITEM 1A.

Risk Factors

Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 ITEM 3. Defaults Upon Senior Securities 39 ITEM 4. Mine Safety Disclosures 39 ITEM 5. Other Information 40 ITEM 6. Exhibits 45

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VIVAKOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 687,172 $ 744,307 Accounts receivable 691,895 2,458,730 Accounts receivable- related party 137,000 174,083 Prepaid expenses 81,484 74,876 Marketable securities 1,239,565 495,826 Inventories 184,882 44,632 Other assets 1,639,084 1,118,188 Total current assets 4,661,082 5,110,642 Other investments 4,000 4,000 Notes receivable 220,088 213,168 Property and equipment, net 28,348,642 24,299,317 Right of use assets- operating leases 1,283,378 1,534,870 License agreements, net 1,560,703 1,651,324 Intellectual property, net 21,481,049 23,437,654 Goodwill 14,984,768 14,984,768 Total assets $ 72,543,710 $ 71,235,743 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 19,635,178 $ 16,578,642 Accounts payable and accrued expenses- related parties 778,559 1,933,817 Accrued compensation 1,046,481 1,968,063 Operating lease liabilities, current 177,249 435,906 Finance lease liabilities, current 717,828 963,900 Loans and notes payable, current 3,236,529 2,477,970 Loans and notes payable, current- related parties 21,538,331 15,626,168 Total current liabilities 47,130,154 39,984,466 Operating lease liabilities, long term 1,199,082 1,193,915 Finance lease liabilities, long term 1,734,193 1,852,178 Loans and notes payable, long term 355,812 856,034 Loans and notes payable, long term- related parties - 5,590,008 Long-term debt (working interest royalty programs) 5,264,818 4,433,630 Deferred tax liability 120,076 88,323 Total liabilities 55,804,135 53,998,554 Stockholders' equity: Preferred stock, $ 0.001 par value; 15,000,000 shares authorized, none outsta

Business

Business Vivakor, Inc. ("Vivakor" or the "Company") is a socially responsible operator, acquirer and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, our efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. One of our facilities in Delhi, Louisiana sells crude under agreements with a large energy company. A different facility owns crude oil storage tanks near Colorado City, Texas. The storage tank is presently connected to the Lotus pipeline system and an extension to a major pipeline system is being constructed. Our soil remediation services specialize in the remediation of soil and the extraction of hydrocarbons, such as oil, from properties contaminated by or laden with heavy crude oil and other hydrocarbon-based substances utilizing our Remediation Processing Centers (RPCs). Our patented process allows us to successfully recover the hydrocarbons which we believe could then be used to produce asphaltic cement and/or other petroleum-based products. We are currently focusing our soil remediation efforts on our project in Kuwait and our upcoming project in the Houston, Texas area. Deconsolidation On September 7, 2023 we entered into an Acquisition Agreement (the "Agreement") to sell 100% of the common stock of VivaSphere, Inc. ("VivaSphere") and its assets, which were completely impaired by the Company in the fiscal year 2022, to a private buyer. The transaction closed on February 15, 2024. Under the terms of the Agreement, the purchase price of approximately $ 7.5 million consists of a promissory note payable (the "Convertible Note") to the Company payable in full four years after the closing date. In the event the buyer does not close a transaction with a public company within one year from the close of the transaction, then the Company has the right to foreclose on and repossess the ass

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View this 10-Q filing on SEC EDGAR