XML 37 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT CUSTOMERS
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT CUSTOMERS CONCENTRATIONS OF CREDIT RISK AND SIGNIFICANT CUSTOMERS
The Company has concentrated credit risk for cash by maintaining deposits in one bank.  These balances are insured by the Federal Deposit Insurance Corporation up to $250,000.  From time to time during the years ended December 31, 2023 and 2022, the Company’s cash balances exceeded the federally insured limits. No losses have been incurred relating to this concentration.
At December 31, 2023, 2022, and 2021 and for the years then ended, the Company’s revenues and receivables were comprised of the following customer concentrations:
202320222021
% of
Revenues		% of Receivables% of
Revenues		% of Receivables% of
Revenues		% of Receivables
Customer 135%2%39%11%—%—%
Customer 232%26%28%23%—%—%
Customer 32%3%9%28%39%26%
For the years ended December 31, 2023, 2022 and 2021, the Company's segment revenues were comprised of the following customer concentrations:
% of Revenue by Segment 2023% of Revenue by Segment 2022 % of Revenue by Segment 2021
Refining and MarketingBlack Oil and RecoveryRefining and MarketingBlack Oil and RecoveryRefining and MarketingBlack Oil and Recovery
Customer 136%—%42%—%—%—%
Customer 233%11%30%—%—%—%
Customer 31%27%4%85%—%71%
As of and for the year ended December 31, 2023 and 2022, substantially all of the Company's crude oil, which is used in our Refining and Marketing segment, is purchased from a single vendor. For the year ended December 31, 2021, the Company had one vendor which accounted for 35% of total purchases.

The Company’s revenue, profitability and future rate of growth are substantially dependent on prevailing prices for petroleum-based products. Historically, the energy markets have been very volatile, and there can be no assurance that these prices will not be subject to wide fluctuations in the future. A substantial or extended decline in such prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, and access to capital and on the quantities of petroleum-based products that the Company can economically produce.