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

Note 3 – Property and Equipment

 

Property and equipment consisted of the following:

  

           Estimated Useful 
   June 30, 2026   December 31, 2025   Lives (Years) 
Vehicles  $11,566,840*  $11,812,831    5 
Equipment   304,194    304,192    5 
Office furniture   129,474    129,475    5 
Office equipment   19,802    15,934    5 
Property and equipment, gross   12,020,310    12,262,432      
Accumulated depreciation   (6,613,454)   (5,428,514)     
Total property and equipment - net  $5,406,856   $6,833,918      

 

Asset Purchase – Vehicles - Shell

 

* In 2024, the Company executed an asset purchase agreement with Shell Retail and Convenience Operations, d/b/a Shell TapUp and d/b/a Instafuel (“Shell”) to purchase 73 vehicles ($5,139,877) and above ground storage tanks ($80,000) as part of a growth and expansion plan, for a total purchase price of $5,219,877. The Company began its Shell related operations in January 2025, and at that time placed these assets into service. These vehicles have a useful life of five years.

 

Deposit on Future Asset Purchase - Yoshi

 

In 2024, the Company executed an asset purchase agreement with Yoshi, Inc. In connection with this transaction, in February 2025 the Company acquired various vehicles as part of a growth and expansion plan. The Company has access to and utilizes these vehicles for mobile fueling as part of its ongoing operations. Since the transaction did not close until February 2025, the payments made/due as of December 31, 2024, have been classified as a component of deposit on future asset purchase totaling $2,035,283. In 2025, $1,229,000 of this amount was reclassified to vehicles, and the remaining value was expensed.

 

Depreciation and amortization expense for the six months ended June 30, 2026 and 2025, was $1,406,455 and $1,289,088, respectively, which was reported on the condensed consolidated statement of operations under depreciation and amortization.

 

During the three months ended June 30, 2026, the Company sold a vehicle for proceeds of $57,875. The Company recognized a gain of $37,169 on the sale, calculated as proceeds of $57,875 less the vehicle’s net book value of $20,706.