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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 )