Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.1
PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D
– PROPERTY, PLANT AND EQUIPMENT
 
Property, plant, and equipment as of March 31, 2022 and December 31, 2021 are as follows:
 
 
 
March 31, 2022
 
 
December 31, 2021
 
Land
 
$
7,855,872
 
 
$
7,855,872
 
Office equipment
 
 
1,980,590
 
 
 
1,980,160
 
Buildings
 
 
5,139,389
 
 
 
5,486,575
 
Refinery and industrial equipment
 
 
87,695,096
 
 
 
87,072,163
 
Transportation equipment
 
 
432,805
 
 
 
421,302
 
Construction in process
 
 
266,844,058
 
 
 
211,152,337
 
Construction period interest
 
 
51,040,724
 
 
 
40,245,159
 
Total cost
 
$
420,988,534
 
 
$
354,213,568
 
Less accumulated depreciation
 
 
(567,858
)
 
 
(360,637
)
Property, plant and equipment, net
 
$
420,420,676
 
 
$
353,852,931
 
 
Depreciation expense for property and equipment was approximately $207,000 and $26,000 for the three months ended March 31, 2022 and March 31, 2021, respectively.