Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.23.1
PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE D – PROPERTY, PLANT AND EQUIPMENT
 
Property, plant, and equipment as of March 31, 2023 and December 31, 2022 are as follows:
 
 
 
March 31, 2023
 
 
December 31, 2022
 
Land
 
$
7,855,872
 
 
$
7,855,872
 
Office equipment
 
 
2,072,259
 
 
 
2,047,549
 
Buildings(1)
 
 
2,684,402
 
 
 
2,684,402
 
Refinery and industrial equipment
 
 
88,105,029
 
 
 
88,057,913
 
Transportation equipment
 
 
468,587
 
 
 
468,587
 
Construction in process
 
 
462,311,453
 
 
 
452,735,198
 
Construction period interest
 
 
117,460,847
 
 
 
95,795,804
 
Total cost
 
$
680,958,449
 
 
$
649,645,325
 
Less accumulated depreciation
 
 
(1,531,718
)
 
 
(1,112,498
)
Property, plant and equipment, net
 
$
679,426,731
 
 
$
648,532,827
 
 
(1)
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 and equipment was approximately $270,000 and $207,000 for the three months ended March 31, 2023 and March 31, 2022, respectively.