Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT (Details)

v3.23.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, plant and equipment, 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
Finance lease, right-of-use asset, amortization 368,007 134,128
Land [Member]    
Property, plant and equipment, cost 7,855,872 7,855,872
Office equipment [Member]    
Property, plant and equipment, cost 2,047,549 1,980,160
Buildings [Member]    
Property, plant and equipment, cost [1] 2,684,402 5,486,575
Gross assets under finance lease   3,400,000
Finance lease right of asset accumulated depreciation and amortization   0
Refinery and industrial equipment    
Property, plant and equipment, cost 88,057,913 87,072,163
Transportation Equipment [Member]    
Property, plant and equipment, cost 468,587 421,302
Construction in progress [Member]    
Property, plant and equipment, cost 452,735,198 211,152,337
Construction period interest [Member]    
Property, plant and equipment, cost $ 95,795,804 $ 40,245,159
[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.