2023 Q2 Form 10-K Financial Statement
#000121390023028804 Filed on April 11, 2023
Income Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $495.4K | $406.2K | $1.625M |
YoY Change | -11.19% | 107.45% | 99.28% |
Cost Of Revenue | $241.1K | $202.4K | $903.6K |
YoY Change | -17.62% | 49.43% | 83.78% |
Gross Profit | $254.3K | $203.8K | $721.0K |
YoY Change | -4.09% | 237.66% | 122.82% |
Gross Profit Margin | 51.33% | 50.17% | 44.38% |
Selling, General & Admin | $315.3K | $145.3K | $994.5K |
YoY Change | -9.7% | -45.93% | -3.62% |
% of Gross Profit | 123.99% | 71.31% | 137.92% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $43.53K | $43.91K | $151.9K |
YoY Change | 6.43% | -11.38% | -6.94% |
% of Gross Profit | 17.12% | 21.55% | 21.06% |
Operating Expenses | $320.4K | $150.8K | $1.016M |
YoY Change | -9.66% | -44.94% | -3.43% |
Operating Profit | -$66.10K | $52.98K | -$295.1K |
YoY Change | -26.15% | -124.81% | -59.5% |
Interest Expense | $12.62K | -$3.200K | $27.94K |
YoY Change | 32.65% | -80.54% | -147.42% |
% of Operating Profit | -6.04% | ||
Other Income/Expense, Net | -$1.572K | $102.3K | |
YoY Change | -101.48% | -71.22% | |
Pretax Income | $17.02K | -$104.2K | -$321.5K |
YoY Change | 143.84% | -183.84% | 23.24% |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | 0.0% | ||
Net Earnings | $17.02K | -$104.2K | -$321.5K |
YoY Change | 143.99% | -183.84% | 23.24% |
Net Earnings / Revenue | 3.44% | -25.65% | -19.79% |
Basic Earnings Per Share | $0.00 | -$0.01 | |
Diluted Earnings Per Share | $0.00 | $0.00 | -$0.01 |
COMMON SHARES | |||
Basic Shares Outstanding | 28.04M shares | 28.04M shares | 28.04M shares |
Diluted Shares Outstanding | 37.09M shares | 28.04M shares |
Balance Sheet
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $72.66K | $73.64K | $73.64K |
YoY Change | 141.64% | 39.18% | 39.18% |
Cash & Equivalents | $72.66K | $73.64K | $73.64K |
Short-Term Investments | |||
Other Short-Term Assets | $33.82K | $20.52K | $20.52K |
YoY Change | -59.33% | -34.38% | -34.38% |
Inventory | $18.35K | $32.27K | $32.27K |
Prepaid Expenses | |||
Receivables | $246.2K | $163.2K | $163.2K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $371.0K | $289.6K | $289.6K |
YoY Change | -21.63% | 10.34% | 10.34% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $83.52K | $162.3K | $162.3K |
YoY Change | -65.42% | -33.25% | -33.25% |
Goodwill | $145.1K | $145.1K | |
YoY Change | 0.0% | 0.0% | |
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $316.4K | $403.8K | $403.8K |
YoY Change | -35.65% | -19.55% | -19.55% |
TOTAL ASSETS | |||
Total Short-Term Assets | $371.0K | $289.6K | $289.6K |
Total Long-Term Assets | $316.4K | $403.8K | $403.8K |
Total Assets | $687.4K | $693.4K | $693.4K |
YoY Change | -28.77% | -9.28% | -9.29% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $201.7K | $149.5K | $149.5K |
YoY Change | 41.26% | 48.39% | 48.4% |
Accrued Expenses | $91.47K | $62.83K | $62.83K |
YoY Change | -18.44% | -5.99% | -5.99% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $3.846M | $0.00 | $0.00 |
YoY Change | 1210.26% | ||
Long-Term Debt Due | $18.13K | $3.743M | $3.743M |
YoY Change | 14.68% | 42570.6% | 5.17% |
Total Short-Term Liabilities | $4.337M | $4.136M | $4.136M |
YoY Change | 4.33% | 5.86% | 5.86% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $163.2K | $261.6K | $261.6K |
YoY Change | -38.23% | 9.06% | 9.06% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $163.2K | $261.6K | $261.6K |
YoY Change | -38.23% | 9.06% | 9.06% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.337M | $4.136M | $4.136M |
Total Long-Term Liabilities | $163.2K | $261.6K | $261.6K |
Total Liabilities | $4.501M | $4.397M | $4.397M |
YoY Change | 1.79% | 6.04% | 6.04% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$99.35M | -$99.24M | |
YoY Change | 0.36% | 0.33% | |
Common Stock | $28.04K | $28.04K | |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$3.813M | -$3.704M | -$3.704M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $687.4K | $693.4K | $693.4K |
YoY Change | -28.77% | -9.28% | -9.29% |
Cashflow Statement
Concept | 2023 Q2 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $17.02K | -$104.2K | -$321.5K |
YoY Change | 143.99% | -183.84% | 23.24% |
Depreciation, Depletion And Amortization | $43.53K | $43.91K | $151.9K |
YoY Change | 6.43% | -11.38% | -6.94% |
Cash From Operating Activities | -$22.63K | -$36.04K | -$98.84K |
YoY Change | -23.65% | -74.57% | -84.98% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | $70.99K |
YoY Change | -100.0% | -315.12% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | ||
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | -$70.99K |
YoY Change | -100.0% | 115.13% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $0.00 | ||
YoY Change | |||
Cash From Financing Activities | 69.27K | 8.520K | $190.6K |
YoY Change | -28.17% | -94.57% | -65.45% |
NET CHANGE | |||
Cash From Operating Activities | -22.63K | -36.04K | -$98.84K |
Cash From Investing Activities | 0.000 | 0.000 | -$70.99K |
Cash From Financing Activities | 69.27K | 8.520K | $190.6K |
Net Change In Cash | 46.64K | -27.52K | $20.73K |
YoY Change | -1213.13% | -280.46% | -114.87% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$22.63K | -$36.04K | -$98.84K |
Capital Expenditures | $0.00 | $0.00 | $70.99K |
Free Cash Flow | -$22.63K | -$36.04K | -$169.8K |
YoY Change | -154.73% | -74.57% | -72.83% |
Facts In Submission
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VICTORY OILFIELD TECH, INC. | |
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NV | |
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3355 Bee Caves Road | |
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IncreaseDecreaseInAccountsReceivable
|
9813 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
3411 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-48560 | usd |
CY2022 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
7354 | usd |
CY2021 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
7908 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-10754 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
3387 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
48751 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-436201 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
-3999 | usd |
CY2021 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
181 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-98839 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-658026 | usd |
CY2022 | us-gaap |
Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
|
-70992 | usd |
CY2021 | us-gaap |
Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
|
-32998 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-70992 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-32998 | usd |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
152000 | usd |
CY2021 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
455600 | usd |
CY2022 | us-gaap |
Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
|
2879 | usd |
CY2022 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
10000 | usd |
CY2021 | us-gaap |
Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
|
-5000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
31438 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
|
100995 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
190559 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
551595 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
20728 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-139429 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
52908 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
192337 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
73636 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
52908 | usd |
CY2022 | us-gaap |
Interest Paid Net
InterestPaidNet
|
27937 | usd |
CY2021 | us-gaap |
Interest Paid Net
InterestPaidNet
|
58907 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3121363 | usd |
CY2021 | vyey |
Loss Attributable To Common Stockholders
LossAttributableToCommonStockholders
|
-260859 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3382222 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3382222 | usd |
CY2022 | vyey |
Loss Attributable To Common Stockholders
LossAttributableToCommonStockholders
|
-321484 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3703706 | usd |
CY2022Q4 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
145149 | usd |
CY2021Q4 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
145149 | usd |
CY2022Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-99237582 | usd |
CY2022Q4 | vyey |
Working Capital Deficit
WorkingCapitalDeficit
|
-3845929 | usd |
CY2022 | us-gaap |
Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
|
152000 | usd |
CY2022Q4 | us-gaap |
Other Borrowings
OtherBorrowings
|
230000 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation and amortization expense, various common stock, warrants and option transactions, evaluation of intangible assets, and loss contingencies.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> | |
CY2022 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
usd | |
CY2022 | us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue Recognition</i></b></span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes revenue as it satisfies contractual performance obligations by transferring promised goods or services to the customers. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for those promised goods or services A good or service is transferred to a customer when, or as, the customer obtains control of that good or service.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has one revenue stream, which relates to the provision of hardbanding services by its subsidiary Pro-Tech. All performance obligations of the Company’s contracts with customers are satisfied over the duration of the contract as customer-owned equipment is serviced and then made available for immediate use as completed during the service period. The Company has reviewed its contracts with Pro-Tech customers and determined that due to their short-term nature, with durations of several days of service at the customer’s location, it is only those contracts that occur near the end of a financial reporting period that will potentially require allocation to ensure revenue is recognized in the proper period. The Company has reviewed all such transactions and recorded revenue accordingly.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the twelve months ended December 31, 2022 and 2021, the Company recognized revenue of $1,624,635 and $815,267, respectively from contracts with oilfield operators. See Note 12 “<i>Segment and Geographic Information and Revenue Disaggregation</i>” for further information.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company’s contracts have an expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14(a) to not disclose information about its remaining performance obligations.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> | |
CY2022 | us-gaap |
Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
|
1624635 | usd |
CY2021 | us-gaap |
Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
|
815267 | usd |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk, Accounts Receivable and Allowance for Doubtful Accounts</i></b></span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents placed with high credit quality institutions and accounts receivable due from Pro-Tech’s customers. Management evaluates the collectability of accounts receivable based on a combination of factors. If management becomes aware of a customer’s inability to meet its financial obligations after a sale has occurred, the Company records an allowance to reduce the net receivable to the amount that it reasonably believes to be collectable from the customer. Accounts receivable are written off at the point they are considered uncollectible. An allowance of $0 and $5,002 has been recorded at December 31, 2022 and 2021, respectively. The Company suffered $5,002 losses in 2022 and no losses in 2021. If the financial conditions of Pro-Tech’s customers were to deteriorate or if general economic conditions were to worsen, additional allowances may be required in the future. </span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and 2021, three and three customers comprised 78.2% and 64.9% of the Company’s gross accounts receivables, respectively. For the years ended December 31, 2022 and 2021, three and four customers comprised 52.7% and 60.1%, respectively, of the Company’s total revenues.</span></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> | |
CY2022Q4 | us-gaap |
Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
|
0 | usd |
CY2021Q4 | us-gaap |
Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
|
5002 | usd |
CY2022 | vyey |
Dad Debt Losses
DadDebtLosses
|
5002 | usd |
CY2021 | us-gaap |
Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
|
usd | |
CY2022Q4 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P10Y | |
CY2022 | vyey |
Weighted Average Number Of Share Outstanding Basics And Diluted
WeightedAverageNumberOfShareOutstandingBasicsAndDiluted
|
28037713 | shares |
CY2021 | vyey |
Weighted Average Number Of Share Outstanding Basics And Diluted
WeightedAverageNumberOfShareOutstandingBasicsAndDiluted
|
28037713 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
28037713 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
28037713 | shares |
CY2022 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
2257294 | shares |
CY2021 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
2648621 | shares |
CY2022 | us-gaap |
Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
|
211186 | shares |
CY2021 | us-gaap |
Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
|
211186 | shares |
CY2022 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
2468480 | shares |
CY2021 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
2859807 | shares |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
835731 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
764739 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
|
673388 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
|
521534 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
162343 | usd |
CY2021Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
243205 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
151854 | usd |
CY2021 | us-gaap |
Depreciation
Depreciation
|
145920 | usd |
CY2022 | vyey |
Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
|
17252 | usd |
CY2021 | vyey |
Amortization Of Intangible Asset
AmortizationOfIntangibleAsset
|
17252 | usd |
CY2022Q4 | us-gaap |
Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
|
129680 | usd |
CY2021Q4 | us-gaap |
Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
|
129680 | usd |
CY2022Q4 | us-gaap |
Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
|
42840 | usd |
CY2021Q4 | us-gaap |
Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
|
42840 | usd |
CY2022Q4 | us-gaap |
Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
|
76196 | usd |
CY2021Q4 | us-gaap |
Accumulated Amortization Of Other Deferred Costs
AccumulatedAmortizationOfOtherDeferredCosts
|
58944 | usd |
CY2022Q4 | us-gaap |
Other Intangible Assets Net
OtherIntangibleAssetsNet
|
96323 | usd |
CY2021Q4 | us-gaap |
Other Intangible Assets Net
OtherIntangibleAssetsNet
|
113576 | usd |
CY2022 | us-gaap |
Income Tax Examination Description
IncomeTaxExaminationDescription
|
Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. | |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
8163000 | usd |
CY2022 | vyey |
Operating Loss Carryforwards Limitationson Use Period
OperatingLossCarryforwardsLimitationsonUsePeriod
|
P20Y | |
CY2022 | vyey |
Net Operating Loss Description
NetOperatingLossDescription
|
Combined with the Section 382 limitation, as of December 31, 2022 the Company has net operating losses available of approximately $8,954,000 which will expire in between 2028 and 2038, and $3,170,000 that will carryforward indefinitely. | |
CY2022 | vyey |
Operating Income Loss1
OperatingIncomeLoss1
|
12124000 | usd |
CY2022 | vyey |
Effective Income Tax Rate Coporate Income Tax Rate
EffectiveIncomeTaxRateCoporateIncomeTaxRate
|
0.2416 | pure |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2576000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
2543000 | usd |
CY2022 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
-12000 | usd |
CY2021 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
-45000 | usd |
CY2022 | vyey |
Equity Based Expenses
EquityBasedExpenses
|
261000 | usd |
CY2021 | vyey |
Equity Based Expenses
EquityBasedExpenses
|
278000 | usd |
CY2022 | vyey |
Other Expense
OtherExpense
|
-23000 | usd |
CY2021 | vyey |
Other Expense
OtherExpense
|
-29000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
2802000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
2747000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2802000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2747000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022 | vyey |
Noncompulsory Stock Warrantsin Shares
NoncompulsoryStockWarrantsinShares
|
0 | pure |
CY2021 | vyey |
Noncompulsory Stock Warrantsin Shares
NoncompulsoryStockWarrantsinShares
|
0.047 | pure |
CY2022 | vyey |
State Tax Other Permanent Items
StateTaxOtherPermanentItems
|
0.032 | pure |
CY2021 | vyey |
State Tax Other Permanent Items
StateTaxOtherPermanentItems
|
0.165 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
-0.084 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
|
0.13 | pure |
CY2022Q4 | vyey |
Effective Income Tax Rate Reconciliation Intangible Impairmentin Dollars
EffectiveIncomeTaxRateReconciliationIntangibleImpairmentinDollars
|
0 | pure |
CY2021Q4 | vyey |
Effective Income Tax Rate Reconciliation Intangible Impairmentin Dollars
EffectiveIncomeTaxRateReconciliationIntangibleImpairmentinDollars
|
0 | pure |
CY2022Q4 | vyey |
Change In Valuation Allowance
ChangeInValuationAllowance
|
-0.158 | pure |
CY2021Q4 | vyey |
Change In Valuation Allowance
ChangeInValuationAllowance
|
-0.552 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure |
CY2022Q4 | us-gaap |
Notes Payable
NotesPayable
|
4004657 | usd |
CY2021Q4 | us-gaap |
Notes Payable
NotesPayable
|
3798898 | usd |
CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
3743065 | usd |
CY2021Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
3559048 | usd |
CY2022Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
261592 | usd |
CY2021Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
239850 | usd |
CY2022Q4 | us-gaap |
Deferred Finance Costs Gross
DeferredFinanceCostsGross
|
15200 | usd |
CY2022 | us-gaap |
Investment Income Amortization Of Discount
InvestmentIncomeAmortizationOfDiscount
|
15200 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
|
3743065 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
|
15589 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
|
15589 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
|
15589 | usd |
CY2022Q4 | us-gaap |
Longterm Debt And Capital Lease Obligations Maturities Repayments Of Principal In Years Four And Five
LongtermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearsFourAndFive
|
15589 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal After Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFive
|
199236 | usd |
CY2022Q4 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
4004657 | usd |
CY2021Q3 | us-gaap |
Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
|
2373 | usd |
CY2021Q1 | us-gaap |
Proceeds From Loans
ProceedsFromLoans
|
98622 | usd |
CY2021Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
98622 | usd |
CY2022 | vyey |
Accrued Interest Percentage
AccruedInterestPercentage
|
0.01 | pure |
CY2022Q4 | us-gaap |
Long Term Debt Maturity Date
LongTermDebtMaturityDate
|
2050-06-11 | |
CY2022 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
5703 | usd |
CY2021 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
5703 | usd |
CY2022Q2 | us-gaap |
Securities Purchased Under Agreements To Resell Increase
SecuritiesPurchasedUnderAgreementsToResellIncrease
|
31437 | usd |
CY2022Q2 | us-gaap |
Additions To Other Assets Amount
AdditionsToOtherAssetsAmount
|
586 | usd |
CY2022Q2 | us-gaap |
Derivative Fixed Interest Rate
DerivativeFixedInterestRate
|
0.045 | pure |
CY2022Q4 | us-gaap |
Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
|
30035 | usd |
CY2021Q4 | us-gaap |
Loans Receivable With Fixed Rates Of Interest1
LoansReceivableWithFixedRatesOfInterest1
|
0 | usd |
CY2022Q3 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
30000 | usd |
CY2022Q3 | us-gaap |
Derivative Fixed Interest Rate
DerivativeFixedInterestRate
|
0.055 | pure |
CY2022Q3 | us-gaap |
Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
|
0.0075 | pure |
CY2022 | us-gaap |
Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
|
10000 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
|
0.04 | |
CY2022 | vyey |
Warrants Outstanding
WarrantsOutstanding
|
0 | usd |
CY2022 | vyey |
Exercisable
Exercisable
|
0 | usd |
CY2021 | vyey |
Warrants Outstanding
WarrantsOutstanding
|
0 | usd |
CY2021 | vyey |
Exercisable
Exercisable
|
0 | usd |
CY2021 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
usd | |
CY2022 | us-gaap |
Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
|
usd | |
CY2022 | vyey |
Rent Expenses
RentExpenses
|
4734 | usd |
CY2021 | vyey |
Rent Expenses
RentExpenses
|
4197 | usd |
CY2022 | vyey |
Commitments And Contingencies Description
CommitmentsAndContingenciesDescription
|
The Company’s office space in Austin, Texas is leased on a month-to-month basis, and the lease agreement for the Pro-Tech facility in Oklahoma County, Oklahoma is cancellable at any time by giving notice of 90 days. | |
CY2018Q2 | us-gaap |
Shares Issued
SharesIssued
|
1880267 | shares |
CY2020Q4 | vyey |
Increase Loan Amounts
IncreaseLoanAmounts
|
3000000 | usd |
CY2021Q1 | vyey |
Sale Of Stock Consideration Receivable On Transaction
SaleOfStockConsiderationReceivableOnTransaction
|
3500000 | usd |
CY2021Q3 | vyey |
Increase Loan Amounts
IncreaseLoanAmounts
|
4000000 | usd |
CY2022 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | pure |
CY2022 | vyey |
Number Of Geographical Area
NumberOfGeographicalArea
|
1 | pure |
CY2022 | vyey |
Recognized Revenue From Contract
RecognizedRevenueFromContract
|
1624635 | usd |
CY2021 | vyey |
Recognized Revenue From Contract
RecognizedRevenueFromContract
|
815267 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
usd | |
CY2022 | us-gaap |
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
|
-321484 | usd |
CY2021 | us-gaap |
Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
|
-260859 | usd |
CY2022 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
28037713 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
28037713 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
28037713 | shares |
CY2021 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
28037713 | shares |
CY2022 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.01 | |
CY2021 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.01 | |
CY2022 | us-gaap |
Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
|
2468480 | shares |
CY2021 | us-gaap |
Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
|
2859807 | shares |
CY2022 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
11917 | usd |
CY2021 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
11188 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2021 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2022 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
usd | |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
usd | |
CY2021 | us-gaap |
Dilutive Securities
DilutiveSecurities
|
usd | |
CY2022 | us-gaap |
Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
|
-0.01 | |
CY2021 | us-gaap |
Diluted Earnings Per Share Pro Forma
DilutedEarningsPerShareProForma
|
-0.01 | |
CY2022 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
CY2022 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000700764 | |
CY2022 | dei |
Trading Symbol
TradingSymbol
|
VYEY |