| PROPERTY, PLANT AND EQUIPMENT |
NOTE 5. PROPERTY, PLANT AND EQUIPMENT The Company will record depreciation expense for the processing plant over its estimated useful life. Depreciation for the processing plant will commence once the processing plant is placed into service. The Company records depreciation expense for computer equipment and furniture and fixtures over a useful life of five years. The Company records depreciation expense for leasehold improvement over the lesser of their estimated useful lives or the underlying terms of the associated leases. | | | | | | | | | March 31, | | December 31, | | | 2025 | | 2024 | Processing plant under construction – cost | | $ | 4,341,736 | | $ | 3,791,736 | Computer equipment – cost | | | 30,020 | | | 9,820 | Field equipment – cost | | | 107,347 | | | — | Furniture and fixtures – cost | | | 22,101 | | | 22,101 | Leasehold improvements – cost | | | 23,006 | | | 23,006 | Total – cost | | | 4,524,210 | | | 3,846,663 | | | | | | | | Processing plant under construction – accumulated depreciation | | | — | | | — | Computer equipment – accumulated depreciation | | | (7,365) | | | (6,874) | Field equipment – accumulated depreciation | | | (2,933) | | | — | Furniture and fixtures – accumulated depreciation | | | (17,376) | | | (16,271) | Leasehold improvements – accumulated depreciation | | | (14,927) | | | (13,776) | Total – accumulated depreciation | | | (42,601) | | | (36,921) | | | | | | | | Processing plant under construction – net | | | 4,341,736 | | | 3,791,736 | Computer equipment – net | | | 22,655 | | | 2,946 | Field equipment – net | | | 104,414 | | | — | Furniture and fixtures – net | | | 4,725 | | | 5,830 | Leasehold improvements – net | | | 8,079 | | | 9,230 | Total Property, plant and equipment, net | | $ | 4,481,609 | | $ | 3,809,742 |
The Company recorded depreciation expense in the amounts of $5,680 and $2,746 during the three months ended March 31, 2025, and 2024, respectively.
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