Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.23.1
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D – PROPERTY, PLANT AND EQUIPMENT
 
Property, plant, and equipment as of December 31, 2022 and December 31, 2021 are as follows:
 
 
 
December 31, 2022
 
 
December 31, 2021
 
Land
 
$
7,855,872
 
 
$
7,855,872
 
Office equipment
 
 
2,047,549
 
 
 
1,980,160
 
Buildings(1)
 
 
2,684,402
 
 
 
5,486,575
 
Refinery and industrial equipment
 
 
88,057,913
 
 
 
87,072,163
 
Transportation equipment
 
 
468,587
 
 
 
421,302
 
Construction in process
 
 
452,735,198
 
 
 
211,152,337
 
Construction period interest
 
 
95,795,804
 
 
 
40,245,159
 
Total cost
 
$
649,645,325
 
 
$
354,213,568
 
Less accumulated depreciation
 
 
(1,112,498
)
 
 
(360,637
)
Property, plant and equipment, net
 
$
648,532,827
 
 
$
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 of $0.4 million for the year ended December 31, 2022 is included in depreciation on our consolidated statements of operations. The lease was reassessed in September 2022 which resulted in reclassification of the finance lease as an operating lease.  See Note K
 - Commitments and Contingencies
.
 
Depreciation expense for property, plant, and equipment was approximately $908,000 and $181,000 for the years ended December 31, 2022 and December 31, 2021, respectively.