XML 26 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Accounts receivable
12 Months Ended
Dec. 31, 2023
Credit Loss [Abstract]  
Accounts receivable

Note 5. Accounts receivable

 

Accounts receivable primarily relates to sales to trade accounts receivable of customers for crude oil. Differences between the amounts due from customers less an estimated allowance for doubtful accounts, if deemed necessary by management, and based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts, if any, by identifying troubled accounts and by using historical experience applied to an aging of accounts. As of December 31, 2023 and 2022, an allowance for doubtful accounts of none was deemed necessary. Trade accounts receivable are zero interest bearing. As of December 31, 2023, trade accounts receivable of $152,083 and $948,352 are with a vendor of which our CEO is a beneficiary. In 2023 we began subleasing office space to a tenant where the officers of WealthSpace, LLC, Fund Manager of Viva Wealth Fund I, LLC, also manage the tenant of our sublease. The tenant owes rent of $22,000 to the Company as of December 31, 2023.