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License Agreements	12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, the accumulated amortization of the license was $765,248and $644,419. For the years ended December 31, 2023 and 2022, amortization expense of the license was $120,829. Amortization expense for the years 2024 through 2028 is $120,829 in each respective year. As of December 31, 2023 and 2022, the net value of the license is $1,651,324 and $1,772,153, 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 was 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. 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. In 2023 we agreed with TBT Group, Inc. to cancel the license agreement and both parties agreed to fully release and discharge any and all known and unknown claims they may have against the other party, with neither party owing the other party any money and TBT retaining the ownership of the piezo electric and energy harvesting technology that was the subject of the license agreement.

License Agreements

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, the accumulated amortization of the license was $765,248and $644,419. For the years ended December 31, 2023 and 2022, amortization expense of the license was $120,829. Amortization expense for the years 2024 through 2028 is $120,829 in each respective year. As of December 31, 2023 and 2022, the net value of the license is $1,651,324 and $1,772,153, 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 was 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. 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. In 2023 we agreed with TBT Group, Inc. to cancel the license agreement and both parties agreed to fully release and discharge any and all known and unknown claims they may have against the other party, with neither party owing the other party any money and TBT retaining the ownership of the piezo electric and energy harvesting technology that was the subject of the license agreement.