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

Note 7. Property and Equipment

 

Property and equipment consisted of the following:

 

               
    June 30,
2026		     December 31,
2025		  
Vehicles and trailers   $ 1,655,550     $ 1,655,548  
Equipment     476,756       476,756  
Land     527,000       527,000  
Crude & NGL Terminal and Related Equipment     930,460       930,460  
Crude Oil Transfer Stations     5,024,220       5,024,220  
Pipeline and Related Facilities     43,462,544       43,462,544  
Tank Expansion     1,627,385       -  
Construction in process     12,368,718       13,996,104  
Less: Accumulated depreciation     (10,087,899 )     (7,775,432 )
    $ 55,984,734     $ 58,297,200  

 

Depreciation expense for the three and six months ended June 30, 2026 was $1,156,098 and $2,312,467, respectively. Depreciation expense for the three and six months ended June 30, 2025 was $795,083 and $4,322,728, respectively.

 

The decrease in depreciation expense during the six-month 2026 period was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as revisions to the estimated useful lives of certain property and equipment based on operational experience and expected usage. The change in estimate was accounted for prospectively and resulted in a decrease in depreciation expense of approximately $405,000 during the 2026 period.

 

Construction in process primarily relates to the Company’s remediation processing systems, wash plant facilities, and terminal expansion projects.