| Schedule of Allocation of the Purchase Price |
The following summarizes this allocation of the purchase price and also the reclassification of the pre-acquisition
costs:
| Asset Category |
|
Capitalized Costs Based on Acquisition Valuation |
|
Allocated Pre-Acquisition Costs |
|
Total Capitalized Costs on Acquisition |
| Property and Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
| Land |
|
$ |
7,584,961 |
|
|
|
— |
|
|
$ |
7,584,961 |
|
| Buildings |
|
|
2,053,570 |
|
|
|
— |
|
|
|
2,053,570 |
|
| Refinery |
|
|
77,845,201 |
|
|
|
3,222,449 |
|
|
|
81,067,650 |
|
| Intangible Assets |
|
|
1,921,082 |
|
|
|
— |
|
|
|
1,921,082 |
|
| Total |
|
$ |
89,404,814 |
|
|
$ |
3,222,449 |
|
|
$ |
92,627,263 |
|
|
| Schedule of Property, Plant and Equipment |
Property and equipment as of March 31, 2021 and December
31, 2020 are as follows:
| |
|
March 31, 2021 |
|
December 31, 2020 |
| Land |
|
$ |
7,584,961 |
|
|
|
7,584,961 |
|
| Office Equipment |
|
|
61,078 |
|
|
|
61,078 |
|
| Buildings |
|
|
2,053,570 |
|
|
|
2,053,570 |
|
| Refinery Equipment |
|
|
103,635,160 |
|
|
|
86,019,130 |
|
| Construction in Process |
|
|
41,684,071 |
|
|
|
33,212,695 |
|
| Construction period interest |
|
|
15,215,073 |
|
|
|
10,220,766 |
|
| Total Cost |
|
$ |
170,233,913 |
|
|
|
139,152,200 |
|
| Less accumulated depreciation |
|
|
(205,195 |
) |
|
|
(179,525 |
) |
| Property and equipment, net |
|
$ |
170,028,718 |
|
|
|
138,972,675 |
|
|