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Vivakor, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $15,916,423, a slight decrease from $16,313,406 in the same quarter the previous year. The decrease is attributed to a reduction in product revenue from third parties.
Cost of revenues for the quarter was $14,190,073, representing a decrease from $14,766,494 in the same quarter of the previous year. This decrease is due to a reduction in the cost of crude oil purchases.
The company reported a gross profit of $1,726,350 for the quarter, compared to $1,546,912 in the previous year, with the increase attributed to improved cost management.
Operating expenses increased to $3,684,987 from $2,292,026, primarily due to new executive employment agreements and increased professional services related to corporate governance.
Net loss for the quarter was $1,688,152, compared to $2,517,374 in the previous year. The reduction in net loss is attributed to a decrease in interest expense and an unrealized gain on marketable securities.
Cash provided by operating activities was $165,359, while cash used in investing and financing activities was $2,362,898 and $2,140,404, respectively.
Vivakor had a working capital deficit of approximately $42.5 million as of September 30, 2024, with cash and cash equivalents of $687,172.
The filing also details various financial agreements, including a new loan and security agreement with Cedarview Opportunities Master Fund LP and a finance lease agreement with Maxus Capital Group, LLC.
Vivakor completed the acquisition of the Endeavor Entities on October 1, 2024, which includes a fleet of commercial tractors and trailers for hauling crude oil and produced water.
The company continues to focus on operating crude oil gathering, storage, and transportation facilities, as well as contaminated soil remediation services, with ongoing projects in Kuwait and Houston, Texas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vivakor Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.