Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D – PROPERTY, PLANT AND EQUIPMENT
 
Property, plant, and equipment as of September 30, 2022 and December 31, 2021 are as follows:
 
 
 
September 30, 2022
 
 
December 31, 2021
 
Land
 
$ 
7,855,872
 
 
$ 
7,855,872
 
Office equipment
 
 
2,000,240
 
 
 
1,980,160
 
Buildings(1)
 
 
2,053,570
 
 
 
5,486,575
 
Refinery and industrial equipment
 
 
87,464,149
 
 
 
87,072,163
 
Transportation equipment
 
 
468,587
 
 
 
421,302
 
Construction in process
 
 
431,012,157
 
 
 
209,775,838
 
Construction period interest
 
 
78,256,904
 
 
 
41,621,658
 
Total cost
 
$
609,111,479
 
 
$
354,213,568
 
Less accumulated depreciation
 
 
(1,281,022
)
 
 
(360,637
)
Property, plant and equipment, net
 
$
607,830,457
 
 
$
353,852,931
 
 
(1)
Includes assets under finance lease of $3.4 million, less accumulated depreciation of $
0.0
million as of December 31, 2021. The related amortization expense for assets under finance lease is included in depreciation on our consolidated statement of operations. The lease was reassessed in September 2022 which resulted in reclassification of the finance lease as an operating lease. See Note K.
 
Depreciation expense for property and equipment was approximately $225,000 and $35,000 for the three months ended September 30, 2022 and September 30, 2021, respectively and $1,019,000 and $89,000 for the nine months ended September 30, 2022 and September 30, 2021, respectively.