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Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property and Equipment  
Property and Equipment

3. Property and Equipment

 

Property and equipment consist of the following:

 

 

 

June 30,

2023

 

 

December 31,

2022

 

Construction in progress

 

$7,728,182

 

 

$8,200,595

 

Office equipment

 

 

7,151

 

 

 

-

 

Total cost

 

 

7,735,333

 

 

 

8,200,595

 

Accumulated deprecation

 

 

(167)

 

 

-

 

Net book value

 

$7,735,166

 

 

$8,200,595

 

 

The Company is currently building out and qualifying the plant and office space in South Africa. All costs incurred are considered construction in progress because the work is not complete as of June 30, 2023 and December 31, 2022.

 

Depreciation expense for the three and six months ended June 30, 2023 was $167. There was no depreciation expense for the three and six months ended June 30, 2022.