v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property and Equipment [Abstract]  
Property and Equipment
3 Property and Equipment

 

Property and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At June 30, 2026 and December 31, 2025 the Company’s property and equipment, net consisted of the following:

 

    2026     2025     Estimated
Life
Computer equipment and software   $ 7,293     $ 7,293     5 years
Equipment     8,333,595       6,835,836     5-10 years
Reserves     3,636,379       3,636,379     *
Furniture and fixtures     1,567,871       1,529,412     4-7 years
Land improvements     321,922       321,922     7-20 years
Vehicles and trailer     5,824,464       5,824,464     5 years
Less: accumulated depreciation     (7,356,982 )     (6,353,058 )    
Property, plant and equipment, net   $ 12,334,542     $ 11,802,248      

 

* Based upon units-of-production

 

Included in property and equipment is $2,110,471 and $2,110,471 of finance lease right of use assets as of June 30, 2026 and December 31, 2025, respectively.

 

Depreciation expense for the three months ended June 30, 2026 and 2025 amounted to $555,399 and $143,210, respectively, of which $51,914 and $19,423 related to finance leases, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 amounted to $1,109,213 and $144,685, respectively, of which $105,947 and $19,423 related to finance leases, respectively.