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Customer Relationships, Net and Goodwill (Tables) | 12 Months Ended
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Dec. 31, 2024
Customer Relationships Net And Goodwill |
Schedule of customer relationships |
Schedule of customer relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Book Value |
Oil Storage Agreement |  | $ | 7,387,054 |  |  | $ | (1,895,793 | ) |  | $ | 5,491,261 |  |  | $ | 7,387,054 |  |  | $ | (1,111,327 | ) |  | $ | 6,275,727 |
Crude Petroleum Supply Agreement |  |  | 9,401,706 |  |  |  | (2,412,823 | ) |  |  | 6,988,883 |  |  |  | 9,401,706 |  |  |  | (1,414,412 | ) |  |  | 7,987,294 |
Customer relationships |  |  | 31,304,400 |  |  |  | (763,522 | ) |  |  | 30,540,878 |  |  |  | - |  |  |  | - |  |  |  | - |
Total customer relationships |  | $ | 48,093,160 |  |  | $ | (5,072,138 | ) |  | $ | 43,021,022 |  |  | $ | 16,788,760 |  |  | $ | (2,525,739 | ) |  | $ | 14,263,021 |
Schedule of goodwill |
Schedule of goodwill |  |  |  |
|  | Goodwill |
January 1, 2023 |  | $ | 12,678,108 |
Business combination(1) |  |  | 2,306,660 |
December 31, 2023 |  | $ | 14,984,768 |
Business combination(2) |  |  | 53,901,085 |
December 31, 2024 |  | $ | 68,885,853 |
| (1) | The measurement of assets acquired and liabilities assumed in the business combination is based on preliminary estimates made by management and subject to adjustment within twelve months. Management hired a valuation expert who performed a valuation study to calculate the fair value of the acquired assets, assumed liabilities and goodwill within twelve months. Based on the valuation study, we increased the fair value of goodwill and decreased the value of the acquired contracts by $2.3 million in 2024.
| (2) | See Note 4 for a description of the goodwill associated with the business combination that closed on October 1, 2024.

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