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License Agreements | 12 Months Ended
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Dec. 31, 2022
License Agreements |
License Agreements | Note 12. 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, 2022 and 2021 the accumulated amortization of the license was $644,419 and $523,591. For the years ended December 31, 2022 and 2021 amortization expense of the license was $120,829. Amortization expense for the years 2023 through 2027 is $120,829 in each respective year. As of December 31, 2022 and 2021 the net value of the license is $1,772,153 and $1,892,981, respectively. 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 paid $25,000 and 16,667 shares of restricted common stock upon signing. On March 4, 2022, the Company paid 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. 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. Currently the operations at our Vernal plant are limited due to recent, temporary supply and personnel limitations. We are not currently producing product toward the off-take agreement due to these recent developments. Ancillary to our Vernal, Utah operations, is our exclusive license agreement with TBT Group, Inc., For the year ended December 31, 2022 we realized an impairment loss of $447,124 on this license agreement due to the current disruptions at the Vernal, Utah facility. The Company is in the process of analyzing data received for this product.

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