Vivakor (VIVK) - 2023 Q4 - Annual Report

Financial Performance - For the fiscal year ended December 31, 2023, the company realized gross profit of $5,020,964, an increase of$2,153,703 or 75.11% compared to $2,867,261 in 2022[98]. - The company's gross margin is influenced by market prices of oil products, production volume, and capital raising capabilities[99]. - Operating expenses primarily consist of marketing, general and administrative expenses, bad debt expense, impairment loss, and amortization and depreciation expense[100]. Stock Information - As of April 4, 2024, the company had 27,710,253 shares of common stock outstanding[111]. - The aggregate market value of the 10,699,214 voting common stock held by non-affiliates was$12,090,112 based on a closing price of $1.13 per share as of June 30, 2023[110]. - The company has 200,000,000 shares of common stock and 15,000,000 shares of preferred stock authorized as of November 2023[120]. Business Operations - The company's soil remediation services focus on extracting hydrocarbons from contaminated properties, potentially producing asphaltic cement and other petroleum-based products[94]. - The company’s patented process for soil remediation is a key aspect of its operational strategy in the oil and gas industry[94]. Company Classification and Future Outlook - The company is classified as a smaller reporting company and an emerging growth company[109]. - The company’s future performance may be affected by competition, economic conditions, and the ability to attract key employees[119].