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4. Property, Plant and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

4. Property, Plant and Equipment

4. Property, Plant and Equipment

Property, plant and equipment consist of the following:

		As of December 31,
		2012				2011
Land		$	2,837,780			$	667,008
Buildings			83,004,928				10,429,402
Furniture and fixtures			376,333				152,373
Machinery and equipment			2,615,140				1,025,105
Leasehold/Tenant Improvements			-				2,800,339
Construction in progress			82,627				3,186,551
Total gross property, plant & equipment			88,916,808				18,260,778
Less accumulated depreciation			(5,023,336	)			(2,729,873	)
Total net property, plant & equipment		$	83,893,472			$	15,530,905

The Company recorded depreciation for the years ended December 31, 2012 and 2011 of $ 3,041,783 and $1,141,007, respectively. As of December 31, 2011, construction in progress related to the Company’s Kakinada, India biodiesel pre-treatment and glycerin units. As of December 31, 2011, leasehold improvements/tenant improvements related to the Keyes, California ethanol plant. Upon acquisition of the underlying asset on July 7, 2012, the leasehold improvements were valued and reclassified as a component of the purchase price allocation and eliminated as part of the Cilion merger accounting entries.

Management is required to evaluate these long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Based on the evaluation, management determined no assets required impairment as of December 31, 2012 and 2011.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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