Item 1. Legal Proceedings
ITEM 1. LEGAL PROCEEDINGS
SRAX, Inc. v. Vivakor, Inc., et al., Case No. 2023CUB014131 (Sup. Ct. Ventura Cty., Cal.—Sept. 18, 2023)— Plaintiff asserts claims for breach of contract for Defendant’s failure to pay Plaintiff for financial technology services. Plaintiff seeks $28,000 in damages, and 173,972 shares of the Company’s common stock for liquidated damages through the date of the Complaint, with further liquidated damages continuing to accrue. Defendant disputes Plaintiff’s claims on grounds that the services were not rendered in accordance with the contract, and that Plaintiff terminated the contract. The Defendant did not timely file an Answer and the Plaintiff moved for a default judgment. Defendant intends to vigorously defend Plaintiff’s claims. Defendant has not reserved anything for this dispute.
Julie Ridenhour Tonroy, as the Personal Representative of the Estate of John Ridenhour, Deceased, v. Endeavor Crude, LLC, et al., Case No. CJ-2024-40, Blaine Cty. Dist. Ct., Okla.—Sept. 24, 2024)— Plaintiff asserts claims of negligence, respondent superior, and wrongful death of decedent related to a motor vehicle accident involving a driver for Endeavor Crude, LLC while operating motor vehicle equipment owned or leased by Meridian Equipment Leasing, LLC, both subsidiaries of the Company, and presently seeks damages in excess of $1,000,000. The case is set for trial in September 2025. Defendants have not reserved anything for this dispute.
Miguel Angel Munoz, et al., v. Endeavor Crude, LLC, et al. , No. D-101-CV-2023-02491 (1st Dist. Ct., Santa Fe Cty., New Mex.—Oct. 11, 2023)—Plaintiff suffered injuries in connection with a motor vehicle accident involving Plaintiff and an Endeavor Crude, LLC (“ EC ”) driver and tractor-trailer. Plaintiff alleges negligence, respondent superior , negligent entrustment, hiring, retention, supervision and training, and is presently seeking damages in excess of $2,000,000. Defendant is vigorously contesting the case and has not reserved anything for this dispute. Defendant believes certain costs for the defense and prospective liability are covered by applicable insurance policies.
Misty Kitson, Blaine County Assessor v. Meridian Equipment Leasing, LLC , Case No. EQ-2023-57 (Ct. of Tax Review, Okla.—Aug. 2, 2023)—Plaintiff governmental taxing authority seeks appeal of Defendant’s fair cash value valuation of certain personal property in Blaine County, Oklahoma. Plaintiff seeks a property tax valuation far in excess of Defendant’s valuation, and seeks overdue taxes in excess of $1,126,005.22, plus statutory interest, penalties, and fees. The case is in discovery. Defendant is vigorously contesting the case based on the property’s sale valuation as established by written agreement.
Novella Strmiska v. Endeavor Crude, LLC, et al ., Case No. 25-01-00013-CVK (81st Dist. Ct., Karnes Cty., Tex.—Jan. 27, 2025)—Plaintiff alleges breach of contract, trespass to land, trespass to chattels, negligence, and unjust enrichment, seeking damages, interest, attorneys’ fees, and costs of court, in relation to a commercial truck yard lease. Defendants intend to vigorously contest the case based on false invoices.
Mikasa McKnight v. Endeavor Crude, LLC, et al. , Case No. 202422195 (190th Dist. Ct., Harris Cty., Tex.—Jul. 2, 2024)—Plaintiff alleges negligence, negligent hiring, negligent entrustment, and respondent superior relating to a motor vehicle accident involving a tractor-trailer operated under the motor carrier authority of Defendant EC, and seeks damages in excess of $1,000,000. Defendant EC is contesting the case. The case is set for trial on August 4, 2025. Defendant is vigorously contesting the case, and Defendant’s defense and prospective liability are covered by applicable insurance policies.
Echo Contracting, LLC v. CPE Gathering Midcon, LLC, et al. , Case No. CJ-2025-73 (Dist. Ct., Blaine Cty., Okla.—Feb. 14, 2025)—Plaintiff Echo Contracting asserted claims of breach of contract, quantum meriut, and foreclosure of mechanics and materialmen’s lien filed in Blaine County against properties of Defendants. Defendants CPE Gathering Midcon, LLC and Vivakor, Inc. settled such claims pursuant to confidential agreement March 28, 2025, and such claims are pending dismissal and such liens are pending release. Co-Defendant Validus Energy II Midcon, LLC prevailed upon a motion to consolidate Case No. CJ-2025-73 with the proceeding. Defendant Validus Energy II Midcon, LLC has levied claims for declaratory judgment, indemnification, contribution, and unjust enrichment against Defendants CPE Gathering Midcon, LLC and Vivakor, Inc. and seeks damages of $431,652.42, plus attorney’s fees.
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Gudeil Gonzales, et al. v. Equipment Transport, LLC, et al. , Case No. 202508937 (165th Dist. Ct., Harris Cty., Tex.—Feb. 7, 2025)—Lead Plaintiff, a former field employee of ET EmployeeCo, LLC f/k/a PWS EmployeeCo, LLC, asserts claims for negligence, gross negligence, and premises liability in connection with a jobsite injury, and seek damages in excess of $1,000,000, plus interest, fees, and costs. Defendant intends to vigorously contest the suit. Defendant ET has not reserved anything for the dispute.
Viva Wealth Fund I, LLC,
v. Vivakor, Inc., et al. , Case No. 30-2025-04169418-CU-FR-WJC, County of Orange, Superior Ct. of CA—Apr. 1,
2021)—Plaintiff asserts claims of fraud, conversion, unfair competition, intentional interference with contractual relations,
breach of contract, breach of covenant of good faith and fair dealing, accounting, declaratory relief, etc. The Complaint alleges
that the Plaintiff raised approximately $14 million for Vivakor, Inc. to manufacture and deploy two remediation processing centers
and that the defendants allegedly misrepresented the process for Vivakor, Inc. to manufacture and deploy its remediation processing
centers. The Complaint seeks unspecified general, special and punitive damages to be awarded according to proof at trial, as well as
certain equitable relief. Vivakor, Inc. was served with the Complaint on April 24, 2025. Vivakor, Inc. plans to timely file a
responsive pleading and vigorously defend itself against this lawsuit. Vivakor, Inc. has not reserved anything for this dispute.
Vivakor, Inc. v. Al-Dali International General Trading and Contracting Company, et al. , Case No. JDFC603 251052410 (Kuwait Court of First Instance, Mar. 25, 2025)—Plaintiff has asserted claims for breach of contract, unjust enrichment, and injunctive relief against Defendants Al-Dali Global Trading and Contracting Company, Al-Sayer Construction General Trading and Contracting Company, and Kuwait Oil Company relating to the placement and operation of oilfield remediation processing equipment in Kuwait.
From time to time, we may become involved in various legal actions that arise in the normal course of business. We intend to defend vigorously against any future claims and litigation. We are not currently involved in any material disputes and do not have any material litigation matters pending.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.