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Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments

Note 11. Segments

 

As previously disclosed in our periodic filings with the SEC, the Company historically reported two business segments: crude oil transportation and facility services for terminaling and storage. In August 2024, the Company launched supply and trading activities, and beginning with the third quarter of 2025, management determined that these activities meet the criteria for a reportable operating segment under ASC 280. As a result, the Company now reports three operating segments: transportation and logistics services, terminaling and storage services, and supply and trading.

 

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM evaluates operating performance and allocates resources using segment gross profit, which is determined on the same basis as consolidated gross profit presented in the Company’s condensed consolidated statements of operations. The CODM does not review segment asset information in assessing performance or allocating resources; therefore, segment assets are not presented.

 

Beginning in the third quarter of 2025, the Company no longer reports “Corporate and Other” as a separate category, as these activities do not constitute an operating segment and are not separately reviewed by the CODM. Corporate-level expenses, including executive and shared services personnel costs, stock-based compensation, legal and audit expenses, and other overhead items, are now allocated to operating segments or included in consolidated results, as appropriate.

 

Segment revenue, significant segment expenses, segment gross profit, other income (expense), and income (loss) before income taxes for the three and nine months ended September 30, 2025 are presented below. Revenue generated from the newly formed Supply and Trading Segment was previously reported under the Terminaling and Storage segment in the Company’s earlier periodic reporting in 2025 and Product Revenue in 2024.

 

Three Months Ended September 30, 2025

 

                               
    Transportation
and Logistics
Segment		     Terminaling
and Storage
Segment		     Supply
and Trading
Segment		    

Total
Consolidated

  
Revenues   $ 4,743,919     $ -     $ 8,853,451     $ 13,597,370  
Revenues - related party     2,460,969       923,046       -       3,384,015  
Total revenues     7,204,888       923,046       8,853,451       16,981,385  
Cost of revenues     5,852,860       345,412       6,063,614       12,261,886  
Gross profit   $ 1,352,028     $ 577,634     $ 2,789,837     $ 4,719,499  

 

Three Months Ended September 30, 2024

 

                                 
    Transportation
and Logistics
Segment		     Terminaling
and Storage
Segment		     Supply
and Trading
Segment		    
Total
Consolidated		  
Revenues   $ -     $ -     $ 4,775,771     $ 4,775,771  
Revenues - related party     -       -       11,140,652       11,140,653  
Total revenues     -       -       15,916,423       15,916,423  
Cost of revenues     -       -       14,190,073       14,190,073  
Gross profit   $ -     $ -     $ 1,726,350     $ 1,726,351  

 

Nine Ended September 30, 2025

 

                                 
    Transportation
and Logistics
Segment		     Terminaling
and Storage
Segment		     Supply
and Trading
Segment		    

Total
Consolidated

  
Revenues   $ 21,691,440     $ -     $ 47,934,619     $ 69,626,059  
Revenues - related party     8,939,637       2,633,120       2,222,306       13,795,063  
Total revenues     30,631,077       2,633,120       50,156,925       83,421,122  
Cost of revenues     20,648,037       580,781       48,134,702       69,363,520  
Gross profit   $ 9,983,040     $ 2,052,338     $ 2,022,223     $ 14,057,602  

 

Nine Ended September 30, 2024

 

                                 
    Transportation
and Logistics
Segment		     Terminaling
and Storage
Segment		     Supply
and Trading
Segment		     Total
Consolidated		  
Revenues   $ -     $ -     $ 30,999,451     $ 30,999,451  
Revenues - related party     -       -       17,119,485       17,119,486  
Total revenues     -       -       48,118,936       48,118,937  
Cost of revenues     -       -       44,213,635       44,213,635  
Gross profit   $ -     $ -     $ 3,905,301     $ 3,905,302