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License Agreements | 12 Months Ended
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Dec. 31, 2021
License Agreements |
License Agreements | Note 10. License Agreements On August 17, 2017, the Company purchased rights to an exclusive license for the applications and implementations involving the Nanosponge Technology and to use and develop the Nanosponge as we see fit at our sole discretion. The Nanosponge contribution in the Company’s processes is to facilitate a cracking process whereby remediated or extracted oil may be further refined from a crude product to a diesel fuel. The license was valued at $2,416,572 and is amortized over its useful life of 20 years. As of December 31, 2021 and 2020 the accumulated amortization of the license was $523,591 and $402,762. For the years ended December 31, 2021 and 2020 amortization expense of the license was $120,829. Amortization expense for the years 2022 through 2026 is $120,829 in each respective year. As of December 31, 2021 and 2020 the net value of the license is $1,892,981 and $2,013,810. On January 20, 2021, the Company entered into a worldwide, exclusive license agreement with TBT Group, Inc. (of which an independent Vivakor Board member is a 7% shareholder) to license piezo electric and energy harvesting technologies for creating self-powered sensors for making smart roadways. The Company is required to pay $25,000 and 16,667 shares of restricted common stock upon signing. No later than March 4, 2022, the Company will pay licensor an additional $225,000. When the licensor delivers to the Company data showing that the sensor performs based on mutually defined specifications and all designs for the sensor are completed, Company shall pay an additional $250,000 and 16,667 shares of restricted common stock. Upon the delivery of a mutually agreed working prototype, Company will pay licensor $250,000 and 16,667 shares of restricted common stock. Upon commercialization of the product, the Company will pay licensor $250,000 and 33,333 shares of restricted common stock. TBT shall have the option, at its sole discretion, to convert the license to a non-exclusive license if the Company fails to pay $500,000 to TBT for sensor inventory per year, which will commence after the second anniversary of product commercialization. The Company shall share in the development costs of the sensor technology to the time of commercialization. Total costs attributed to the Company are estimated to be $125,000. The Company amended the agreement multiple times in 2021 to extend the terms of the first milestone payment of $225,000 payment to the licensor, and further amended the agreement in March 2022 to finally extend the payment to be no later than March 4, 2022. The Company paid consideration of $15,000 for these amended extensions. As of December 31, 2021, the license is valued at $490,000 (or each of the initial required payments in milestone one and a $15,000 additional payment) and is amortized over its useful life of 20 years. As of December 31, 2021 the Company believes that the remaining milestones timelines are undetermined. As of December 31, 2021, the accumulated amortization of the license was $12,146. For the year ended December 31, 2021 amortization expense of the license was $12,146. Amortization expense for the years 2022 through 2026 is $13,250 in each respective year. As of December 31, 2021 the net value of the license is $477,854.

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