Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2026 | |
| Accounting Policies [Abstract] | |
| Use of Estimates | 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.
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| Change in Estimated Useful Lives | Change in Estimated Useful Lives
During the six months ended June 30, 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 $0 and $405,000 for the three and six months ended June 30, 2026, respectively.
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| Revenue Recognition | 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.
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| Segment Reporting | Segment Reporting
The Company operates through three reportable business segments: (i) Transportation and Logistics, (ii) Terminaling and Storage, and (iii) Supply and Trading.
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| Related Party Revenues | Related Party Revenues
Revenue from related parties was $5,603,053 and $10,967,779 for the three and six months ended June 30, 2026, respectively. Revenue from related parties was $8,101,023 and $12,652,798 for the three and six months ended June 30, 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.
The Company evaluates collectability of related party receivables in a manner consistent with other customers.
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| Major Customers and Concentration of Credit Risk | Major Customers and Concentration of Credit Risk
During the three and six months ended June 30, 2026, three customers, including one related party, accounted for approximately 94.8 and 92.4%, respectively, of the Company’s revenues. As of June 30, 2026, no significant accounts receivable balances were outstanding from these customers.
During the three and six months ended June 30, 2025, one customer, a related party, accounted for approximately 17% and 6%, respectively, of the Company’s revenues. As of June 30, 2025, this customer represented approximately 15% of the Company’s accounts receivable balance.
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| 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 splits effected in March 2026 and July 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.
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