| Property and Equipment |
Note 3. Property and Equipment
Property, plant and equipment consisted of the following:
| Schedule of property and equipment, net |
|
|
|
|
|
|
|
|
|
| |
|
June 30,
2025 |
|
|
December 31,
2024
|
|
| Vehicles and trailers |
|
$ |
27,405,817 |
|
|
$ |
30,485,730 |
|
| Equipment |
|
|
339,610 |
|
|
|
339,610 |
|
| Land |
|
|
732,000 |
|
|
|
732,000 |
|
| Building |
|
|
1,630,000 |
|
|
|
1,630,000 |
|
| Crude & NGL terminal and related equipment |
|
|
930,460 |
|
|
|
930,460 |
|
| Crude Oil Transfer Stations |
|
|
6,570,080 |
|
|
|
6,570,080 |
|
| Pipeline and related facilities |
|
|
42,244,680 |
|
|
|
42,244,680 |
|
| Equipment under finance lease |
|
|
12,654,359 |
|
|
|
12,593,359 |
|
| |
|
|
|
|
|
|
|
|
| Construction in process: |
|
|
|
|
|
|
|
|
| Wash plant facilities |
|
|
6,541,628 |
|
|
|
5,997,566 |
|
| Remediation Processing Unit System A |
|
|
2,892,343 |
|
|
|
2,892,343 |
|
| Remediation Processing Unit System B |
|
|
2,892,343 |
|
|
|
2,892,343 |
|
| WCCC tank expansion |
|
|
1,526,443 |
|
|
|
1,390,488 |
|
| |
|
|
106,359,763 |
|
|
|
108,698,659 |
|
| Accumulated Depreciation |
|
|
(17,835,716 |
) |
|
|
(8,659,288 |
) |
| Property, plant and equipment, net |
|
$ |
88,524,047 |
|
|
$ |
100,039,371 |
|
For the six months ended June 30, 2025 and 2024, the Company recorded depreciation $4,322,728
and $73,694.
respectively. Equipment currently being manufactured is considered construction in process and is not depreciated until the equipment
is placed into service. Equipment that is temporarily not in service is not depreciated until placed into service.
|