Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D – PROPERTY, PLANT AND EQUIPMENT
 
Property, plant, and equipment as of June 30, 2022 and December 31, 2021 are as follows:
 
 
 
June 30, 2022
 
 
December 31, 2021
 
Land
 
$
7,855,872
 
 
$
7,855,872
 
Office equipment
 
 
1,998,592
 
 
 
1,980,160
 
Buildings
 
 
5,610,972
 
 
 
5,486,575
 
Refinery and industrial equipment
 
 
87,359,963
 
 
 
87,072,163
 
Transportation equipment
 
 
468,587
 
 
 
421,302
 
Construction in process
 
 
332,482,936
 
 
 
211,152,337
 
Construction period interest
 
 
62,051,750
 
 
 
40,245,159
 
Total cost
 
$
497,828,672
 
 
$
354,213,568
 
Less accumulated depreciation
 
 
(1,154,169
)
 
 
(360,637
)
Property, plant and equipment, net
 
$
496,674,503
 
 
$
353,852,931
 
 
Depreciation expense for property and equipment was approximately $586,000 and $28,000 for the three months ended June 30, 2022 and June 30, 2021, respectively and $794,000 and $54,000 for the six months ended June 30, 2022 and June 30, 2021, respectively.