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Notes Receivable
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Notes Receivable

Note 10. Notes Receivable

 

Notes receivable are carried at the receivable amount less an estimated reserve for troubled accounts. Management determines the reserve for troubled accounts by analyzing notes receivable for non-performance, including the payment history of the notes receivable.

 

Notes receivable consist of the following:

 

          
   December 31, 
   2022   2021 
PLC International Investments, Inc.(a)   -    860,491 
TMC Capital, LLC(b)   -    333,744 
Total Notes Receivable  $-   $1,194,235 

 

 
(a) In December 2021 we sold such 3,309,578 shares of Odyssey common stock in a private transaction for a purchase price of $860,491, reflecting the market price as of such time. Such purchase price was paid in the form of $10,000 cash delivered at signing and a note issued in favor of Vivakor in the amount of $850,491 accruing interest at 3% per annum, with payments due quarterly over a five year term. As of December 31, 2022 we have reserved against the note in the amount of $828,263.
(b) The Company has a $333,744 note receivable with TMC Capital, LLC, an affiliate of MCW Energy Group Limited. The parties amended the agreement in December 2021 to have the note paid on or before October 1, 2022. As of December 31, 2022 we have reserved against the note in the amount of $333,744.