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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 8 – PROPERTY AND EQUIPMENT

 

   Estimated Useful Life  March 31, 2026   December 31, 2025 
            
Cost             
Land  Indefinite  $8,576,854   $8,576,854 
Oil and gas properties  Based on units of production   

930,350

    1,362,250 
Impairment      -    (431,900)
Oil and gas properties net of impairment  Based on units of production   930,350    930,350 
Construction in progress  N/A   3,309,491    630,830 
Computer equipment  3 years   3,603    3,603 
              
Total cost     $12,820,298   $10,141,637 
              
Accumulated depreciation and depletion      (260,665)   (195,916)
              
Property and equipment, net     $12,559,633   $9,945,721 

 

 

Land

 

On July 11, 2025, the Company completed the purchase of a 25-acre site at the Cedar Port Industrial Park (“The Cedar Port Property”) located in Baytown, Texas from TGS Cedar Port Partners (“TGS”), a Texas limited partnership, for a total purchase price of $8,576,854.

 

The Company plans to construct its first plastics recycling plant at the location, transforming plastic waste into pyrolysis oil. The strategically located site will be the foundation for a U.S. innovation hub dedicated to developing recycling, renewable and circular technologies supported by the industrial park’s robust infrastructure.

 

As land is considered to have an indefinite life, no depreciation has been recognized in respect of this asset

 

Oil and gas properties

 

Substantially, all of the Company’s oil and gas properties are located in Texas.

 

During the three months ended March 31, 2026 and 2025, the Company recorded a depletion expense in the O & G segment of $64,749 and $nil, respectively

 

Construction in Progress

 

The Company has commenced the construction of its first plastics recycling plant on its property in Baytown, Texas, transforming plastic waste into pyrolysis oil. Construction in progress of $3,309,491 and $630,830 was recorded as of March 31, 2026 and December 31, 2025, respectively. The first phase of the construction in progress is scheduled to be completed by June 30, 2026.

 

No depreciation is recognized while assets are under construction.

 

Computer equipment

 

During the three months ended March 31, 2026, and 2025, the Company recorded depreciation expense on the Renewables segment of $nil and $296, respectively, in respect of its computer equipment.