XML 73 R24.htm IDEA: XBRL DOCUMENT
v3.24.3

Loans and Notes Payable (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of loans and notes payable |
Schedule of loans and notes payable |  |  |  |  |  |  |  |
|  | September 30, 2024 |  |  | December 31, 2023 |
Various promissory notes and convertible notes |  | $ | 50,960 |  |  | $ | 50,960 |
Novus Capital Group LLC Note |  |  | - |  |  |  | 171,554 |
National Buick GMC |  |  | 13,556 |  |  |  | 13,556 |
Blue Ridge Bank |  |  | 410,200 |  |  |  | 410,200 |
Small Business Administration |  |  | 349,579 |  |  |  | 299,900 |
Al Dali International for Gen. Trading & Cont. Co. (a) |  |  | 173,167 |  |  |  | 974,594 |
RSF, LLC |  |  | 500,000 |  |  |  | 500,000 |
Keke Mingo |  |  | - |  |  |  | 913,240 |
Justin Ellis (b) |  |  | 322,000 |  |  |  | - |
Cedarview Opportunities Master Fund LP |  |  | 1,772,879 |  |  |  | - |
Total notes payable |  | $ | 3,592,341 |  |  | $ | 3,334,004 |
Loans and notes payable, current |  | $ | 3,236,529 |  |  | $ | 2,477,970 |
Loans and notes payable, long term |  | $ | 355,812 |  |  | $ | 856,034 |
Schedule of loans and notes payable related parties |
Schedule of loans and notes payable related parties |  |  |  |  |  |  |  |
|  | September 30, 2024 |  |  | December 31, 2023 |
Jorgan Development, LLC |  | $ | 18,763,296 |  |  |  | 20,841,052 |
Ballengee Holdings, LLC (c) |  |  | 1,264,150 |  |  |  | - |
Tyler Nelson |  |  | 1,115,849 |  |  |  | - |
Triple T Trading Company LLC |  |  | 395,036 |  |  |  | 375,124 |
Total notes payable- related parties |  | $ | 21,538,331 |  |  | $ | 21,216,176 |
Loans and notes payable, current- related parties |  | $ | 21,538,331 |  |  | $ | 15,626,168 |
Loans and notes payable, long term- related parties |  | $ | - |  |  | $ | 5,590,008 |
Schedule of maturities of loans and notes payable |
Schedule of maturities of loans and notes payable |  |  |  |
2024 |  | $ | 17,313,784 |
2025 |  |  | 7,519,146 |
2026 |  |  | 35,552 |
2027 |  |  | 17,232 |
2028 |  |  | 17,232 |
Thereafter |  |  | 227,726 |
Total |  | $ | 25,130,672 |
| (a) | On September 9, 2024, Al Dali International for Gen. Trading & Cont. Co. (DIC) submitted a Notice of Exercise directly to our transfer agent to exercise its non-qualified stock option to purchase 1,000,000 shares of our common stock at an exercise price of $1.179 per share, which was originally issued as security to secure repayment of the note payable. We are currently analyzing the exercise of the stock option and related issuance of the shares to ensure they complied with the terms of our agreement with DIC. If we determine the issuance is in line with our agreement with DIC, then the remaining portion of note payable is anticipated to be paid out of operations of the RPC per the terms of the note agreement as previously disclosed.
| (b) | On July 8, 2024, we received a loan from a non-affiliated individual lender in the principal amount $350,000, and in connection therewith, the Company agreed to issue 15,982 ($35,000) restricted shares of the Company’s common stock. As of September 30, 2024, these shares have not been issued and are accrued for in accounts payable until issued. The loan bears interest at the rate of 10% per annum. The loan originally matured on December 31, 2024 and was amended on July 19, 2024 to mature on September 30, 2025. The note allows the holder to convert the outstanding principal and interest due under the note into shares of our common stock at price equal to 90% of the average closing price of our common stock for the previous five (5) trading days prior to the conversion date, with a floor conversion price of $1.00 per share. The lender may not convert amounts owed under the note if such conversion would cause him to own more than 4.99% of our common stock after giving effect to the issuance, which limitation may be raised to 9.99% upon from the lender.
| (c) | As previously disclosed, on May 23, 2024, we issued a promissory note to Ballengee Holdings, LLC, in the principal amount of up to $1,500,000, for which loan advances of $804,150 have been made to the Company. Additionally, on July 5, 2024, the Company received a loan from Ballengee Holdings, LLC, in the principal amount of $500,000, and in connection therewith, we agreed to issue 21,552 ($50,000) restricted shares of the Company’s common stock, which is currently accrued in related party accounts payable in stock until the shares are issued. The loan bears interest at the rate of 10% per annum. The loan originally matured on December 31, 2024 and was amended on July 19, 2024 to mature on September 30, 2025. The note allows the holder to convert the outstanding principal and interest due under the note into shares of our common stock at price equal to 90% of the average closing price of our common stock for the previous five (5) trading days prior to the conversion date, with a floor conversion price of $1.00 per share. The lender may not convert amounts owed under the note if such conversion would cause him to own more than 4.99% of our common stock after giving effect to the issuance, which limitation may be raised to 9.99% upon from the lender.
| (c) | As previously disclosed, on May 23, 2024, we issued a promissory note (the “Note”), to Ballengee Holdings, LLC, in the principal amount of up to $1,500,000, for which loan advances of $804,150 have been made to the Company. Additionally, on July 5, 2024, the Company received a loan from Ballengee Holdings, LLC, in the principal amount of $500,000, and in connection therewith, we agreed to issue 21,552 ($50,000) restricted shares of the Company’s common stock, which is currently accrued in related party accounts payable in stock until the shares are issued. The loan bears interest at the rate of 10% per annum. The loan originally matured on December 31, 2024 and was amended on July 19, 2024 to mature on September 30, 2025. The note allows the holder to convert the outstanding principal and interest due under the note into shares of our common stock at price equal to 90% of the average closing price of our common stock for the previous five (5) trading days prior to the conversion date, with a floor conversion price of $1.00 per share. The lender may not convert amounts owed under the note if such conversion would cause him to own more than 4.99% of our common stock after giving effect to the issuance, which limitation may be raised to 9.99% upon from the lender.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | vivk_ScheduleOfLoansAndNotesPayableRelatedPartiesTableTextBlock
Namespace Prefix: | vivk_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration