Property and Equipment

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 3 – Property and Equipment

Property and equipment consisted of the following:

										Estimated Useful
		June 30, 2025				December 31, 2024				Lives (Years)
Vehicles		$	10,455,715	*		$	10,427,658			5
Equipment			304,192				304,192			5
Office furniture			129,475				129,475			5
Office equipment			9,471				9,471			5
Property and equipment, gross			10,898,853				10,870,796
Accumulated depreciation			(4,398,558	)			(3,331,289	)
Total property and equipment - net		$	6,500,295			$	7,539,507

Asset Purchase – Vehicles - Shell

*

In 2024, the Company executed an asset purchase agreement with Shell Retail and Convenience Operations, d/b/a Shell TapUp and d/b/a Instafuel (“Shell”) to purchase 73 vehicles ($5,139,877) and above ground storage tanks ($80,000) as part of a growth and expansion plan, for a total purchase price of $5,219,877. The Company began its Shell related operations in January 2025, and at that time placed these assets into service. These vehicles have a useful life of five years.

See Note 7 regarding related ROU operating leases which the Company also had access to office space and parking lots in January 2025.

Deposit on Future Asset Purchase - Yoshi

In 2024, the Company executed an asset purchase agreement with Yoshi, Inc. In connection with this transaction, in February 2025 the Company acquired various vehicles as part of a growth and expansion plan. The Company has access to and utilizes these vehicles for mobile fueling as part of its ongoing operations. Since the transaction did not close until February 2025, the payments made/due as of December 31, 2024, have been classified as a component of deposit on future asset purchase totaling $2,035,283. In 2025, $1,229,000 of this amount was reclassified to vehicles, and the remaining value was expensed. See Note 9.

Depreciation and amortization expense for the six months ended June 30, 2025 and 2024, was $1,289,088 and $773,821, respectively, which was reported on the consolidated statement of operations under depreciation and amortization.

Depreciation and amortization are included as a component of general and administrative expenses in the accompanying unaudited consolidated statements of operations.

Impairment losses of property and equipment are included as a component of general and administrative expenses in the accompanying unaudited consolidated statements of operations.

During the six months ended June 30, 2025, the Company sold 34 trucks with a value of $1,199,620 for proceeds of $899,640. These trucks were then leased back from the purchaser for a lease period of 36 months. See Note 7. Of the proceeds, $250,000 was disbursed directly to a lender and used to partially pay down a note payable balance, $117,790 was allocated to general and administrative expenses related to the sale and subsequent leaseback, and $531,850 was received as cash proceeds. The remaining $299,980 in book value of the disposed vehicles was recorded as a loss on settlement.