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| PROPERTY AND EQUIPMENT | NOTE 8 – PROPERTY AND EQUIPMENT
Land
On July 11, 2025, the Company completed the purchase of a 25-acre site at the Cedar Port Industrial Park (“The Cedar Port Property”) located in Baytown, Texas from TGS Cedar Port Partners (“TGS”), a Texas limited partnership, for a total purchase price of $8,576,854.
The Company plans to construct its first plastics recycling plant at the location, transforming plastic waste into pyrolysis oil. The strategically located site will be the foundation for a U.S. innovation hub dedicated to developing recycling, renewable and circular technologies supported by the industrial park’s robust infrastructure.
As land is considered to have an indefinite life, no depreciation has been recognized in respect of this asset
Oil and gas properties
Substantially, all of the Company’s oil and gas properties are located in Texas.
During the years ended December 31, 2025, and 2024, the Company recorded depletion expense of $192,311 and $0, respectively.
During the years ended December 31, 2025, and 2024, the Company recorded impairment expense of $431,900 and $, respectively which related to the Company’s O&G segment.
Construction in Progress
During the year ended December 31, 2025, the Company commenced the construction of its first plastics recycling plant on its property in Baytown, Texas, transforming plastic waste into pyrolysis oil. CIP of $630,830 and $
depreciation is recognized while assets are under construction.
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