| Property and Equipment |
Note 7. Property and Equipment
The following table sets forth the components of the Company’s property and equipment at December 31, 2025 and 2024:
| Schedule of property and equipment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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| |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated
Depreciation |
|
|
Net Book
Value |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Depreciation |
|
|
Net Book
Value |
|
| Vehicles and trailers |
|
$ |
1,655,548 |
|
|
$ |
(47,502 |
) |
|
$ |
1,608,046 |
|
|
$ |
30,485,730 |
|
|
$ |
(1,856,461 |
) |
|
$ |
28,629,269 |
|
| Equipment |
|
|
476,756 |
|
|
|
(306,520 |
) |
|
|
170,237 |
|
|
|
339,610 |
|
|
|
(33,069 |
) |
|
|
306,541 |
|
| Land |
|
|
527,000 |
|
|
|
- |
|
|
|
527,000 |
|
|
|
732,000 |
|
|
|
- |
|
|
|
732,000 |
|
| Building |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,630,000 |
|
|
|
(164,426 |
) |
|
|
1,465,574 |
|
| Crude & NGL terminal and related equipment |
|
|
930,460 |
|
|
|
(703,000 |
) |
|
|
227,460 |
|
|
|
930,460 |
|
|
|
(566,835 |
) |
|
|
363,625 |
|
| Crude Oil Transfer Stations |
|
|
5,024,220 |
|
|
|
(2,756,444 |
) |
|
|
2,267,776 |
|
|
|
6,570,080 |
|
|
|
(899,133 |
) |
|
|
5,670,947 |
|
| Pipeline and related facilities |
|
|
43,462,544 |
|
|
|
(3,961,966 |
) |
|
|
39,500,578 |
|
|
|
42,244,680 |
|
|
|
(771,544 |
) |
|
|
41,473,136 |
|
| Finance
lease - Right of use assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,593,359 |
|
|
|
(4,367,820 |
) |
|
|
8,225,539 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Construction in process: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wash Plant Facilities |
|
$ |
6,584,033 |
|
|
$ |
- |
|
|
$ |
6,584,033 |
|
|
$ |
5,997,566 |
|
|
$ |
- |
|
|
$ |
5,997,566 |
|
| Remediation Processing Unit System A |
|
|
2,892,343 |
|
|
|
- |
|
|
|
2,892,343 |
|
|
|
2,892,343 |
|
|
|
- |
|
|
|
2,892,343 |
|
| Remediation Processing Unit System B |
|
|
2,892,343 |
|
|
|
- |
|
|
|
2,892,343 |
|
|
|
2,892,343 |
|
|
|
- |
|
|
|
2,892,343 |
|
| WCCC Tank Expansion |
|
|
1,627,385 |
|
|
|
- |
|
|
|
1,627,385 |
|
|
|
1,390,488 |
|
|
|
- |
|
|
|
1,390,488 |
|
| Total fixed assets |
|
$ |
66,072,632 |
|
|
$ |
(7,775,432 |
) |
|
$ |
58,297,200 |
|
|
$ |
108,698,659 |
|
|
$ |
(8,659,288 |
) |
|
$ |
100,039,371 |
|
For the years ended December 31, 2025 and 2024, depreciation expense was $12,308,798 and $3,427,055. The increase in depreciation expense for the year ended December 31, 2025 was primarily attributable to property and equipment acquired and placed into service during the year in connection with the Company’s acquisition activities, partially offset by the impact of assets divested during the period. Equipment that is 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.
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