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Vivakor, Inc. (NASDAQ:VIVK), a company specializing in refuse systems, announced a significant change in its financial oversight structure. The firm's Audit Committee has concluded a competitive review process, resulting in the replacement of its previous independent registered public accounting firm.
Effective June 28, 2024, Marcum LLP, which had endorsed the company's financial statements without any adverse opinions for the fiscal years ending December 31, 2023, and December 31, 2022, was dismissed. Marcum's reports did not contain any qualifications regarding uncertainties, audit scope, or accounting principles during these periods.
Replacing Marcum, the Dallas-based company has appointed Urish Popeck & Co, LLC as the new independent registered public accounting firm for the fiscal year ending December 31, 2024. The changeover took place with no reported disagreements or reportable events between Vivakor and Marcum that would have impacted Marcum's reports on the company's consolidated financial statements.
Furthermore, during the fiscal years in question and the interim period leading up to the transition, Vivakor had no consultations with Urish Popeck & Co, LLC regarding the application of accounting principles or auditing matters that would be considered significant to its financial reporting.
Vivakor has stated that it will file an amendment to this report, including a letter from Marcum LLP to the U.S. Securities and Exchange Commission (SEC), should there be any disagreements with the disclosures made herein.
This strategic move comes as Vivakor continues to position itself within the refuse systems industry, with the company's leadership likely aiming for enhanced financial scrutiny and reporting accuracy as it navigates the market.
The information regarding this change in certifying accountant is based on a press release statement filed with the SEC.
In other recent news, Vivakor Inc. has made several significant developments. The company extended the contract of its Chief Financial Officer, Tyler Nelson, until June 13, 2024. The specifics of the agreement, including changes to compensation or responsibilities, remain undisclosed.
In a strategic collaboration with Empire Diversified Energy, Inc., Vivakor announced a hydrogen project slated to commence in Q3 2025. The initiative aims to convert food waste into renewable hydrogen and carbon using Heartland's HelioStorm™ technology.
In a separate development, Vivakor has regained compliance with Nasdaq's minimum bid price requirement, resolving a previous compliance issue. Furthermore, the company has entered into an agreement to acquire Endeavor Crude, LLC and its related entities for $120 million, a deal expected to close by the end of the fiscal quarter ending June 30, 2024.
These entities operate in oil logistics, gathering, storage, and transportation services. These recent developments highlight Vivakor's ongoing efforts to strengthen its operations and expand its presence in the energy and waste management sectors.
InvestingPro Insights
Vivakor, Inc. (NASDAQ:VIVK) has made a notable shift in its financial oversight, which could be a strategic step towards improving its position in the refuse systems industry. To provide additional context, InvestingPro data indicates that Vivakor operates with a significant debt burden and has been non-profitable over the last twelve months.
Despite these challenges, the company has experienced a strong return over the last month, three months, and even the last year, with price total returns of 36.69%, 185.47%, and 113.89% respectively. These figures underscore the dynamic nature of Vivakor's stock performance, despite its weak gross profit margins, which currently stand at 7.65%.
Investors considering Vivakor as part of their portfolio may want to note that the company's stock generally trades with high price volatility, which can present both risks and opportunities. Furthermore, with the recent appointment of a new independent registered public accounting firm, stakeholders may anticipate more stringent financial scrutiny in the upcoming fiscal year.
For those seeking deeper insights and additional InvestingPro Tips, there are 11 more tips available, which can be explored through the dedicated InvestingPro page for Vivakor. To benefit from these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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