XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.25.1

Segments | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Segments | Note 19. Segments The Company has two reportable operating segments, which consist of trucking logistics services and terminaling and storage product and services, and uses segment income/(loss) from operations to assess performance against forecasted results and allocate resources to its segments. Segment income/(loss) from operations is determined on the same basis as consolidated income/(loss) from operations presented in the Company’s consolidated statements of operations. The trucking logistics services segment generates revenue from trucking crude oil and produced water and transportation and terminaling services of crude oil via the Omega Gathering Pipeline. Transportation and terminaling of crude oil is also conducted utilizing our Omega Gathering Pipeline, which is an approximately forty-five (45) mile integrated crude oil gathering and pipeline in Blaine County, Oklahoma, in the heart of the STACK play. The line is tied into the Cushing, Oklahoma storage hub via the Plains STACK Pipeline. We also own and operate fifteen (15) crude oil pipeline injection truck stations, primarily centered in the Permian Basin. The terminaling and storage segment generates revenue from two operational major crude oil terminaling facilities for crude oil and natural gas liquid gathering and storage. One facility is located in Colorado City, Texas, and the other facility is located in Delhi, Louisiana. Both facilities are located at the junction of several major interstate pipelines, receive various grades of crude oil from our customers. These crude oil terminals are industrial facilities that serve as hubs for the storage, handling and distribution of crude oil and petroleum products. For information purposes, we have reported separately “Corporate and Other”, which is not determined to be an operating segment, but allows for analysis of non-operating entities and shared services and personnel that support both of the operating segments. Corporate and Other contains expenses for the corporate entity and non-operating entities, such as corporate overhead payroll expenses, stock-based compensation, corporate legal and audit expenses, impairment expense not related to operating segments, interest expense from loans at the corporate level, and amortization of intangible assets held at corporate and non-operating entities. Our chief operating decision maker (CODM) is our Chief Executive Officer, James Ballengee. The CODM uses segment income/(loss) from operations before income taxes for purposes of allocating resources and evaluating financial performance predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis using the segment income/(loss) before taxes measure when making decisions about allocating capital and personnel to the segments. The CODM does not review assets in evaluating the results of the operating segments, and therefore, such information is not presented. Segment revenue, significant segment expenses, income/(loss) from operations, other income/(expense) and income/(loss) before income tax for the years ended December 31, 2024 and 2023 are as follows : Year ended December 31, 2024
|  | Transportation Logistics Segment |  |  | Terminaling and Storage Segment |  |  | Corporate and other |  |  | Total Consolidated |
Revenues |  | $ | 18,782,745 |  |  | $ | 39,829,406 |  |  | $ | - |  |  | $ | 58,612,151 |
Revenues- related party |  |  | - |  |  |  | 31,199,089 |  |  |  | - |  |  |  | 31,199,089 |
Total revenues |  |  | 18,782,745 |  |  |  | 71,028,495 |  |  |  | - |  |  |  | 89,811,240 |
Cost of revenues |  |  | 13,804,019 |  |  |  | 65,788,017 |  |  |  | - |  |  |  | 79,592,036 |
Gross profit |  |  | 4,978,726 |  |  |  | 5,240,478 |  |  |  | - |  |  |  | 10,219,204 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | - |  |  |  | - |  |  |  | 15,268 |  |  |  | 15,268 |
General and administrative |  |  | 2,194,857 |  |  |  | 598,465 |  |  |  | 9,412,709 |  |  |  | 12,206,031 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | 8,632,773 |  |  |  | 8,632,773 |
Amortization and depreciation |  |  | 5,187,972 |  |  |  | 4,997,297 |  |  |  | 1,175,156 |  |  |  | 11,360,425 |
Total operating expenses |  |  | 7,382,829 |  |  |  | 5,595,762 |  |  |  | 19,235,906 |  |  |  | 32,214,497 |
Loss from operations |  |  | (2,404,103 | ) |  |  | (355,284 | ) |  |  | (19,235,906 | ) |  |  | (21,995,293 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on marketable securities |  |  | - |  |  |  | - |  |  |  | 165,275 |  |  |  | 165,275 |
Gain on disposition of asset |  |  | 57,200 |  |  |  | - |  |  |  | - |  |  |  | 57,200 |
Gain on deconsolidation of subsidiary |  |  | - |  |  |  | - |  |  |  | 177,550 |  |  |  | 177,550 |
Interest income |  |  | 30,818 |  |  |  | - |  |  |  | 29,546 |  |  |  | 60,364 |
Interest expense |  |  | (1,511,056 | ) |  |  | (1,248,138 | ) |  |  | (1,936,040 | ) |  |  | (4,695,234 | )
Interest expense- related parties |  |  |  |  |  |  |  |  |  |  | (121,458 | ) |  |  | (121,458 | )
Other income |  |  | 12,540 |  |  |  | - |  |  |  | 115,000 |  |  |  | 127,540 |
Total other income (expense) |  |  | (1,410,498 | ) |  |  | (1,248,138 | ) |  |  | (1,570,127 | ) |  |  | (4,228,763 | )
Loss before provision for income taxes |  |  | (3,814,601 | ) |  |  | (1,603,422 | ) |  |  | (20,806,033 | ) |  |  | (26,224,056 | )
Provision for income taxes |  |  | - |  |  |  | - |  |  |  | (126,869 | ) |  |  | (126,869 | )
Consolidated net loss |  |  | (3,814,601 | ) |  |  | (1,603,422 | ) |  |  | (20,932,902 | ) |  |  | (26,350,925 | )
Less: Net loss attributable to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | (4,161,105 | ) |  |  | (4,161,105 | )
Net loss attributable to Vivakor, Inc. |  | $ | (3,814,601 | ) |  | $ | (1,603,422 | ) |  | $ | (16,771,797 | ) |  | $ | (22,189,820 | )
Year ended December 31, 2023
|  | Transportation Logistics Segment |  |  | Terminaling and Storage Segment |  |  | Corporate and other |  |  | Total Consolidated |
Revenues |  | $ | - |  |  | $ | 46,202,141 |  |  | $ | 50,000 |  |  | $ | 46,252,141 |
Revenues- related party |  |  |  |  |  |  | 13,069,611 |  |  |  | - |  |  |  | 13,069,611 |
Total revenues |  |  | - |  |  |  | 59,271,752 |  |  |  | 50,000 |  |  |  | 59,321,752 |
Cost of revenues |  |  | - |  |  |  | 54,300,788 |  |  |  | - |  |  |  | 54,300,788 |
Gross profit |  |  | - |  |  |  | 4,970,964 |  |  |  | 50,000 |  |  |  | 5,020,964 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | - |  |  |  | - |  |  |  | 3,070 |  |  |  | 3,070 |
General and administrative |  |  | - |  |  |  | 718,548 |  |  |  | 6,698,262 |  |  |  | 7,416,810 |
Amortization and depreciation |  |  | - |  |  |  | 2,961,902 |  |  |  | 970,842 |  |  |  | 3,932,744 |
Total operating expenses |  |  | - |  |  |  | 3,680,450 |  |  |  | 7,672,174 |  |  |  | 11,352,624 |
Loss from operations |  |  | - |  |  |  | 1,290,514 |  |  |  | (7,622,174 | ) |  |  | (6,331,660 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on marketable securities |  |  | - |  |  |  | - |  |  |  | (1,156,928 | ) |  |  | (1,156,928 | )
Gain on deconsolidation of variable interest entity |  |  | - |  |  |  | - |  |  |  | 438,099 |  |  |  | 438,099 |
Interest income |  |  | - |  |  |  | - |  |  |  | 14,953 |  |  |  | 14,953 |
Interest expense |  |  |  |  |  |  | (548,500 | ) |  |  | (417,637 | ) |  |  | (966,137 | )
Interest expense- related parties |  |  |  |  |  |  |  |  |  |  | (3,058,940 | ) |  |  | (3,058,940 | )
Other income |  |  | - |  |  |  | - |  |  |  | 318,041 |  |  |  | 318,041 |
Total other income (expense) |  |  | - |  |  |  | (548,500 | ) |  |  | (3,862,412 | ) |  |  | (4,410,912 | )
Loss before provision for income taxes |  |  | - |  |  |  | 742,014 |  |  |  | (11,484,586 | ) |  |  | (10,742,572 | )
Provision for income taxes |  |  | - |  |  |  | - |  |  |  | (92,703 | ) |  |  | (92,703 | )
Consolidated net loss |  |  | - |  |  |  | 742,014 |  |  |  | (11,577,289 | ) |  |  | (10,835,275 | )
Less: Net loss attributable to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | (96,650 | ) |  |  | (96,650 | )
Net loss attributable to Vivakor, Inc. |  | $ | - |  |  | $ | 742,014 |  |  | $ | (11,480,639 | ) |  | $ | (10,738,625 | )

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration