季報
季度報告
10-Q
2026-05-20
財政季度：2026 財年第一季（截至 2026 年 3 月 31 日）
AI 繁中摘要
申報類型：10-Q 季度報告
公司：Vivakor, Inc.（股票代號：VIVK）
財政季度：2026 財年第一季（截至 2026 年 3 月 31 日）
📊 **業績重點**
- 總收入 1,945.8 萬美元，較去年同期 3,734 萬美元下跌 47.9%，主要因 2025 年 7 月剝離非核心業務（Meridian Equipment Leasing 及 Equipment Transport）。
- 毛利 572.3 萬美元，反而增長 20.3%（去年同期 475.8 萬美元），反映業務組合改善及成本控制。
- 歸屬 Vivakor 淨虧損 457.7 萬美元，較去年同期 752.7 萬美元虧損收窄。
- 普通股股東每股虧損 2.32 美元（已反映 2026 年 3 月 24 日生效的 1-for-200 反向股份合併）；去年同期每股虧損 42.32 美元。
💰 **財務狀況**
- 現金及現金等價物（含受限現金）僅 7.5 萬美元，遠低於去年底 209.6 萬美元，流動性極度緊張。
- 營運資金赤字約 5,400 萬美元；累計虧損達 2.11 億美元。
- 總負
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2026-05-11 0001450704 vivk:SecuritiesPurchaseAgreementMember vivk:InstitutionalInvestorsMember vivk:PromissoryNotesMember 2026-05-01 2026-05-08 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number: 000-41286 VIVAKOR, INC. (Exact name of registrant as specified in its charter) Nevada 26-2178141 (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5220 Spring Valley Road, Suite 500 Dallas, TX 75242 (Address of Principal Executive Offices) (Zip Code) (469) 480-7175 (Registrant’s telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of exchange on which registered Common Stock, $0.001 par value VIVK The Nasdaq Stock Market LLC (Nasdaq Capital Market) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” a “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act: ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 20, 2026, there were 4,295,647 shares of the registrant’s common stock outstanding. EXPLANATORY NOTE In this Quarterly Report on Form 10-Q, unless the context otherwise requires, all references to “the Company,” “we,” “our”, “us” and “Vivakor” refer to Vivakor, Inc., a Nevada corporation. At the commencement of trading on March 24, 2026, we completed a 1-for-200 reverse split of our outstanding shares of common stock (the “Reverse Stock Split”) of our quoted common stock. No fractional shares of the Company’s common stock were issued as a result of the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. Unless otherwise noted, the share and per share information in this Quarterly Report on Form 10-Q has been adjusted to reflect the Reverse Stock Split, including the financial statements and notes thereto. VIVAKOR, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION 1 ITEM 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited) 2 Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited) 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 24 ITEM 4. Controls and Procedures 24 PART II. OTHER INFORMATION 25 ITEM 1. Legal Proceedings 25 ITEM 1A. Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 29 ITEM 4. Mine Safety Disclosures 29 ITEM 5. Other Information 30 ITEM 6. Exhibits 34 SIGNATURES 39 i PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS VIVAKOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2026 December 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,455 $ 265,019 Cash - restricted 70,596 1,830,877 Accounts receivable, net of allowance for credit losses of $1,507,983 and $0 at March 31, 2026 and December 31, 2025, respectively 2,204,857 3,525,138 Accounts receivable - related party 5,951,509 1,439,228 Prepaid expenses 656,923 832,766 Marketable securities 236,535 247,913 Inventories 82,425 82,425 Total current assets 9,207,300 8,223,366 Other assets 446,263 491,221 Notes receivable 278,230 279,560 Property and equipment, net 57,140,830 58,297,200 Right of use assets - operating leases 406,308 494,755 Intellectual property, net 7,316,290 7,522,772 Customer relationships, net 36,995,452 38,184,057 Total assets $ 111,790,673 $ 113,492,931 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $ 15,654,500 $ 13,976,431 Accounts payable and accrued expenses - related parties 3,414,046 1,832,625 Accrued compensation 237 41 Unearned revenue 9,107,297 9,107,297 Operating lease liabilities, current 247,868 272,469 Finance lease liabilities, current 9,363,205 9,101,852 Loans and notes payable, current 8,293,922 7,443,434 Loans and notes payable, current - related parties 2,544,797 3,616,401 Derivative liabilities 9,062,320 9,062,320 Other liabilities 5,272,272 7,103,109 Total current liabilities 62,960,464 61,515,979 Operating lease liabilities, long term 158,440 222,285 Loans and notes payable, long term 8,698,880 7,864,226 Loans and notes payable, long term - related parties 6,329,560 6,701,887 Total liabilities 78,147,344 76,304,377 Stockholders’ equity (deficit): Preferred stock, $0.001 par value; 15,000,000 shares authorized, 96,731 outstanding as of March 31, 2026 and December 31, 2025 97 97 Common stock, $0.001 par value; 500,000,000 shares authorized; 3,850,101 and 2,013,107 were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 3,850 2,013 Additional paid-in capital 248,828,991 245,600,342 Treasury stock, at cost (20,000 ) (20,000 ) Accumulated deficit (211,045,231 ) (204,269,519 ) Total Vivakor, Inc. stockholders’ equity (deficit) 37,767,707 41,312,933 Noncontrolling interest (4,124,379 ) (4,124,379 ) Total stockholders’ equity (deficit) 33,643,328 37,188,554 Total liabilities and stockholders’ equity (deficit) $ 111,790,673 $ 113,492,931 See accompanying notes to condensed consolidated financial statements 1 VIVAKOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2026 2025 Revenues Revenues $ 14,093,384 $ 32,788,516 Revenues - related party 5,364,726 4,551,775 Total revenues 19,458,110 37,340,291 Cost of revenues 13,734,880 32,581,857 Gross profit 5,723,230 4,758,434 Operating expenses: General and administrative 5,597,039 5,369,313 Amortization and depreciation 2,551,457 5,831,602 Total operating expenses 8,148,496 11,200,915 Loss from operations (2,425,266 ) (6,442,481 ) Other income (expense): Unrealized gain (loss) on marketable securities (11,378 ) 1,652,754 Gain (loss) on disposition of assets - (1,597,913 ) Loss on conversion of debt (185,855 ) - Interest income 7,973 25,482 Interest expense (1,870,250 ) (1,131,077 ) Interest expense - related parties (143,161 ) (53,121 ) Other income (loss) 50,500 12,540 Total other income (expense) (2,152,171 ) (1,091,335 ) Loss before provision for income taxes (4,577,437 ) (7,533,816 ) Provision for income taxes - - Consolidated net loss (4,577,437 ) (7,533,816 ) Less: Net loss attributable to noncontrolling interests - (6,518 ) Net loss attributable to Vivakor, Inc. $ (4,577,437 ) $ (7,527,298 ) Series A Preferred Stockholder Dividends 2,198,275 1,588,581 Net loss to common shareholders $ (6,775,712 ) $ (9,115,879 ) Basic and diluted net loss per share $ (2.32 ) $ (42.32 ) Basic weighted average common shares outstanding 2,919,188 215,384 See accompanying notes to condensed consolidated financial statements 2 VIVAKOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) Series A Preferred Stock Common Stock Additional Paid-in Treasury Accumulated Non-controlling Total Shares Amount Shares Amount Capital Stock Deficit Interest Stockholders’ January 1, 2025 107,789 $ 108 208,546 $ 209 $ 208,209,037 $ (20,000 ) $ (88,951,426 ) $ (4,119,284 ) $ 115,118,644 Issuance of common stock for cash, net of offering - - 266,329 266 9,656,719 - - - 9,656,985 Issuance of common stock for a reduction of liabilities 2,999 3 719,639 - 719,642 Issuance of common stock for legal settlement 57,057 57 1,987,004 1,987,061 Stock based compensation 11,728 12 1,509,993 - 1,510,005 Stock based compensation - consultant 49,115 49 1,907,952 - 1,908,001 Common stock issued - Series A Preferred Stock Dividends 30,179 30 4,866,220 (4,866,250 ) - Common stock distributable - Series A Preferred Stock Dividends - - 157,143 157 219,843 - (220,000 ) - - Shares issued with debt - - 8,750 9 1,449,215 - - - 1,449,224 Shares issued with debt conversion 1,221,261 1,221 16,562,428 - 16,563,649 Consideration received for divestiture (11,058 ) (11 ) - - (10,814,449 ) - - (10,814,460 ) Excess of consideration for divestiture over net assets transferred - - - - 9,326,741 - - 9,326,741 Net loss - - - - - - (110,231,843 ) (5,095 ) (110,236,938 ) January 1, 2026 96,731 $ 97 2,013,107 $ 2,013 $ 245,600,342 $ (20,000 ) $ (204,269,519 ) $ (4,124,379 ) $ 37,188,554 Impact of stock split including issuances for fractional shares - - 17,023 (17 ) 17 - - - - Stock based compensation 36,515 37 337,464 - - - 337,501 Common stock distributable - Series A Preferred Stock Dividends - - 1,309,175 1,309 2,196,966 - (2,198,275 ) - - Shares issued with debt forbearance agreement - - 278,449 278 322,722 - - - 323,000 Shares issued with debt conversion - - 195,832 196 371,514 - - - 371,710 Net loss - - - - - - (4,577,437 ) - (4,577,437 ) March 31, 2026 96,731 $ 97 3,850,101 $ 3,850 $ 248,828,991 $ (20,000 ) $ (211,045,231 ) $ (4,124,379 ) $ 33,643,328 See accompanying notes to condensed consolidated financial statements 3 VIVAKOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) March 31, 2026 March 31, 2025 OPERATING ACTIVITIES: Consolidated net loss $ (4,577,437 ) $ (7,533,816 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization and depreciation 2,551,457 5,831,602 Stock-based compensation 337,501 501,423 Stock-based compensation - consultant - 300,000 Unrealized (gain) loss on marketable securities 11,378 (1,652,754 ) Loss on disposition of assets - 1,597,913 Loss on conversion of debt 185,855 - Noncash interest charges 1,434,161 1,184,198 Interest on notes receivable (7,386 ) (2,306 ) Changes in operating assets and liabilities: Accounts receivable (4,701,890 ) (11,215,920 ) Prepaid expenses 175,843 (2,654,689 ) Inventories - 73,205 Other assets 44,958 767,099 Other liabilities (1,760,281 ) - Right of use assets - operating leases 88,447 471,182 Accounts payable and accrued expenses 2,990,538 12,983,336 Operating lease liabilities (88,446 ) (650,508 ) Net cash provided by (used in) operating activities (3,315,302 ) (35 ) INVESTING ACTIVITIES: Proceeds from sale of property and equipment - 1,482,000 Net cash provided by (used in) investing activities - 1,482,000 FINANCING ACTIVITIES: Payment on financing lease liabilities - (979,673 ) Proceeds from loans and notes payable 1,207,020 4,599,111 Proceeds from loans and notes payable - related party 87,437 1,664,150 Payment of notes payable - (4,489,161 ) Payment of notes payable - related party - (1,164,601 ) Net cash provided by (used in) financing activities 1,294,457 (370,174 ) Net increase (decrease) in cash and cash equivalents (2,020,845 ) 1,111,791 CASH AND CASH EQUIVALENTS, and CASH RESTRICTED, BEGINNING OF PERIOD 2,095,896 3,676,992 CASH AND CASH EQUIVALENTS, and CASH RESTRICTED, END OF PERIOD $ 75,051 $ 4,788,783 SUPPLEMENTAL CASHFLOW INFORMATION: Cash paid during the period for: Interest $ - $ 218,014 Noncash transactions: Accounts payable on purchase of equipment - 414,459 Notes payable settled against working capital items for netting arrangement 1,137,563 - Series A preferred shareholder stock dividends 2,198,275 1,588,581 Common stock issued with debt 323,000 250 Common stock issued for a reduction in liabilities - 381,000 Common stock issued on conversion of debt 371,710 - See accompanying notes to condensed consolidated financial statements 4 VIVAKOR, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1. Description of Business Vivakor, Inc. (collectively “we”, “us,” “our,” “Vivakor,” or the “Company”) is an integrated provider of midstream services and environmental solutions within the oil and gas industry. The Company owns and operates a diversified portfolio of midstream infrastructure assets located in several of the nation’s oil-producing basins, complemented by related environmental service offerings. The Company conducts its operations through three primary business segments: transportation and logistics, terminaling and storage services, and supply and trading. The transportation and logistics segment includes crude oil gathering and transportation assets, including pipeline and trucking operations in the Permian and Anadarko Basins. The terminaling and storage services segment consists of crude oil terminal facilities located in Colorado City, Texas and Delhi, Louisiana. The supply and trading segment purchases and markets crude oil, condensate, and related hydrocarbon products. The Company is also developing an environmental services business through the planned deployment of Remediation Processing Centers (“RPCs”), which are designed to recover hydrocarbons from contaminated soils and related waste streams. The RPC is under construction in Harris County, Texas. On October 1, 2024, the Company acquired certain entities (the “Endeavor Entities”), expanding its midstream operations. During 2025, the Company completed the sale of certain non-core assets acquired in this transaction as part of a strategic review. On July 30, 2025, the Company sold certain non-core business units of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, both subsidiaries included with the Endeavor Entities, in order to streamline operations and focus on core midstream transportation, terminaling, and environmental processing activities. See Note 4 – Business Combination and Divestiture of Wholly Owned Subsidiaries for additional information. Note 2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. 5 Change in Estimated Useful Lives During the three months ended March 31, 2026, the Company reassessed the estimated useful lives of certain property and equipment based on operational experience, expected usage, and updated maintenance and replacement assumptions. As a result, the Company revised the estimated useful lives of certain assets on a prospective basis effective January 1, 2026. The change in estimate was accounted for prospectively in accordance with ASC 250, Accounting Changes and Error Corrections. The effect of the change was to decrease depreciation expense by approximately $405,000 for the three months ended March 31, 2026. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue from the sale of crude oil and related petroleum products is recognized at a point in time when control transfers to the customer, generally upon delivery. Revenue from terminaling, storage, pipeline throughput, and transportation services is recognized over time as services are performed. Segment Reporting The Company operates through three reportable business segments: (i) Transportation and Logistics, (ii) Terminaling and Storage, and (iii) Supply and Trading. Related Party Revenues Revenue from related parties was $5,364,726 and $4,551,775 for the quarters ended March 2026 and 2025, respectively. The Company generates revenue from related parties through the sale of crude oil and related products, as well as the provision of terminaling, storage, pipeline throughput, and transportation logistics services under long-term contracts. These contracts were acquired as part of the Company’s acquisitions of Silver Fuels Delhi, LLC and White Claw Colorado City, LLC in August 2022, and Endeavor Crude, LLC in October 2024, and were entered into in the ordinary course of business. The Company evaluates collectability of related party receivables in a manner consistent with other customers. Major Customers and Concentration of Credit Risk During the three months ended March 31, 2026, two customers, including one related party, accounted for approximately 90% of the Company’s revenues. As of March 31, 2026, no significant accounts receivable balances were outstanding from these customers. During the three months ended March 31, 2025, two customers, including one related party, accounted for approximately 15% of the Company’s revenues. As of March 31, 2025, these customers represented approximately 31% of the Company’s accounts receivable balance. 6 Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. All share and per share amounts have been retroactively adjusted to reflect the reverse stock split effected in March 2026. Potentially dilutive securities are excluded from the computation of diluted net income (loss) per share when their effect would be antidilutive. Potentially dilutive securities include convertible notes, warrants, and stock options. Note 3. Going Concern & Liquidity The Company has historically incurred net losses and experienced negative cash flows from operations and, as of March 31, 2026, had an accumulated deficit of approximately $211 (211,045,231) million. As of March 31, 2026, the Company had a working capital deficit of approximately $54 million and cash and cash equivalents of approximately $75,051, of which approximately $70,596 was restricted. In addition, the Company had approximately $10.8 million of debt obligations due within one year of the issuance of these condensed consolidated financial statements. The Company is further obligated under finance lease liabilities of approximately $9.3 9,363,205 million and has current derivative liabilities of approximately $9.1 million, which may require settlement in cash or equity and could place additional demands on liquidity. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. During the three months ended March 31, 2026, the Company continued executing its strategic plan focused on optimizing its midstream transportation, terminaling, and environmental processing operations, including the integration and operation of the Endeavor Entities acquired in the fourth quarter of 2024. The Company has historically financed its operations through a combination of operating cash flows, debt financings, and private and public equity offerings. During the second quarter 2026, the Company also entered into a financing arrangement with two institutional investors, with RBW Capital Partners LLC acting as placement agent, intended to support working capital and ongoing operations. Based on the above, we believe there is substantial doubt about the Company’s ability to continue as a going concern. The Company has prepared the consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity. Management cannot provide any assurance that the Company will be able to execute its plans to raise additional capital, close its merger and acquisitions, or that its operations or business plan will be profitable. Note 4. Business Combination and Divestiture of Wholly Owned Subsidiaries On October 1, 2024, the Company acquired all of the issued and outstanding membership interests of Endeavor Crude, LLC, Equipment Transport, LLC, Meridian Equipment Leasing, LLC, and Silver Fuels Processing, LLC (collectively, the “Endeavor Entities”). On July 30, 2025, the Company completed the divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC (together, the “Divested Entities”), two indirectly wholly owned subsidiaries acquired as part of the Endeavor Entities, pursuant to a Membership Interest Purchase Agreement entered into with Jorgan Development, LLC, an entity controlled by James Ballengee, the Company’s Chief Executive Officer and Chairman. 7 Note 5. Accounts Receivable Accounts receivable primarily consist of trade receivables related to crude oil sales and transportation services and are recorded net of an allowance for expected credit losses. The Company evaluates the collectability of accounts receivable on an ongoing basis based on historical experience, customer creditworthiness, and current economic conditions. The allowance for expected credit losses is reviewed on a periodic basis, and balances are written off when deemed uncollectible. During the three months ended March 31, 2026, the Company recorded an allowance for expected credit losses related to certain customer receivable balances based on management’s assessment of collectability and current economic conditions. Accounts receivable consisted of the following: Schedule of accounts receivable March 31, 2026 December 31, 2025 Trade accounts receivable $ 3,712,840 $ 3,525,138 Less: allowance for credit losses (1,507,983 ) - Accounts receivable, net $ 2,204,857 $ 3,525,138 Related party receivables $ 5,951,509 $ 1,439,228 The balance of the related party receivable are due from entities affiliated with the Company’s Chief Executive Officer. During the three months ended March 31, 2026, amounts due under related-party commercial agreements were offset against a related party note of approximately $1.1 million outstanding from Jorgan Development, LLC pursuant to existing offset arrangements between the parties. Note 6. Marketable Securities The Company holds 200,000 shares of common stock of Adapti, Inc. (“Adapti”), an entity affiliated with the Company’s Chief Executive Officer. The investment is classified as a marketable equity security and is measured at fair value using quoted market prices, with changes in fair value recognized in earnings. The carrying value of marketable securities consisted of the following: Schedule of marketable securities March 31, 2026 December 31, 2025 Investment in Adapti $ 968,812 $ 968,812 Unrealized loss (732,277 ) (720,899 ) Marketable Securities, net $ 236,535 $ 247,913 The Company recognized unrealized gains (losses) related to marketable securities of approximately $(11,378) and $1,652,754 during the three months ended March 31, 2026 and 2025, respectively. 8 Note 7. Property and Equipment Property and equipment consisted of the following: Schedule of property and equipment, net March 31, 2026 December 31, 2025 Vehicles and trailers $ 1,655,548 $ 1,655,548 Equipment 476,756 476,756 Land 527,000 527,000 Crude & NGL Terminal and Related Equipment 930,460 930,460 Crude Oil Transfer Stations 5,024,220 5,024,220 Pipeline and Related Facilities 43,462,544 43,462,544 Tank Expansion 1,627,385 - Construction in process 12,368,717 13,996,104 Less: Accumulated amortization (8,931,800 ) (7,775,432 ) $ 57,140,830 $ 58,297,200 Depreciation expense for the three months ended March 31, 2026 and 2025 was approximately $1,156,369 and $3,527,645, respectively. The decrease in depreciation expense during the 2026 period was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as revisions to the estimated useful lives of certain property and equipment based on operational experience and expected usage. The change in estimate was accounted for prospectively and resulted in a decrease in depreciation expense of approximately $405,000 during the period. Construction in process primarily relates to the Company’s remediation processing systems, wash plant facilities, and terminal expansion projects. Note 8. Intangible Assets Intangible assets consisted of the following: Schedule of intangible assets March 31, 2026 December 31, 2025 Intangible assets, gross $ 16,498,587 $ 16,498,587 Accumulated amortization (9,182,297 ) (8,975,815 ) Intangible assets, net $ 7,316,290 $ 7,522,772 Customer relationship intangible assets consisted of the following: Customer relationships, gross $ 48,093,160 $ 48,093,160 Accumulated amortization (11,097,708 ) (9,909,103 ) Customer relationships, net $ 36,995,452 $ 38,184,057 Amortization expense was approximately $1,395,088 and $2,303,957 for the three months ended March 31, 2026 and 2025, respectively. 9 The Company evaluates long-lived assets and intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairment charges related to intangible assets were recorded during the three months ended March 31, 2026. Goodwill was fully impaired during the year ended December 31, 2025. Accordingly, the Company had no goodwill recorded as of March 31, 2026 or December 31, 2025. Note 9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: Schedule of accounts payable and accrued expenses March 31, 2026 December 31, 2025 Accounts payable $ 13,425,321 $ 12,425,200 Accrued interest (various notes and loans payable) 1,199,333 713,754 Accrued tax penalties and interest 1,029,846 837,477 Accounts payable and accrued expenses $ 15,654,500 $ 13,976,431 Related-party accounts payable and accrued expenses consisted of the following: Schedule of accounts payable and accrued expenses related parties March 31, 2026 December 31, 2025 Accounts payable - related parties $ 2,048 $ 1,593,994 Accrued interest (notes payable) - related parties 3,411,998 238,632 Accounts payable a