Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.20.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Allocation of the Purchase Price

The following summarizes this allocation of the purchase price and also the reclassification of the pre-acquisition costs:

 

Asset Category   Capitalized Costs Based on Acquisition Valuation   Allocated Pre-Acquisition Costs   Total Capitalized Costs on Acquisition
Property and Equipment                        
  Land   $ 13,506,000       —       $ 13,506,000  
  Buildings     3,656,600       —         3,656,600  
  Refinery     99,614,100       3,222,449       102,836,549  
  Intangible Assets     3,420,700       —         3,420,700  
Total   $ 120,197,400     $ 3,222,449     $ 123,419,849  
Schedule of Property, Plant and Equipment

Property and equipment as of June 30, 2020 and December 31, 2019 are as follows:

 

    June 30, 2020   December 31, 2019
Land   $ 13,506,000       —    
Office Equipment     61,078       61,078  
Buildings     3,656,600       —    
Refinery Equipment     102,836,549       —    
Construction in Process     4,946,792       —    
Total Cost   $ 125,007,019       61,078  
Less accumulated depreciation     (88,109 )     (61,078 )
Property and equipment, net   $ 124,918,910       —