v3.26.1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 – PROPERTY AND EQUIPMENT

 

   Estimated Useful Life  June 30, 2026   December 31, 2025 
            
Cost             
Land  Indefinite  $8,576,854   $8,576,854 
Oil and gas properties  Based on units of production   930,350    930,350 
Machinery and Equipment  3-17 years   1,426,365    1,436,875 
Construction in progress  N/A   8,020,460    630,830 
              
Total cost     $18,954,029   $11,574,909 
              
Accumulated depreciation and depletion      (469,649)   (302,332)
              
Property and equipment, net     $18,484,380   $11,272,577 

 

 

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

 

The Company’s oil and gas properties are located in Texas.

 

During the three months ended June 30, 2026 and 2025, the Company recorded a depletion expense of $5,478 and $nil respectively. During the six months ended June 30, 2026 and 2025, the Company recorded depletion expense of $70,227 and $nil, respectively.

 

Machinery and Equipment

 

The company’s machinery and equipment is comprised primarily of assets utilized for engineering and process development services located on its site in Baytown, Texas. During the three months ended June 30, 2026, and 2025, the Company recorded depreciation expense of $36,535 and $56,299 respectively. During the six months ended June 30, 2026 and 2025 the Company recorded depreciation expense of $104,133 and $56,299 respectively.

 

Construction in Progress

 

The Company has commenced the construction on its Cedar Port Property in Baytown, Texas, related to its RPD Technologies Facility and the Corporate Headquarters. The first phase of the construction in progress is scheduled to be completed by the fourth quarter of 2026.