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Inventories
12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventories

Note 6. Inventories

 

As of December 31, 2020, inventories consist primarily of raw materials (including tar-sand stockpiles) and finished goods (which includes Fenix iron). The tar-sand stockpiles consist of 400,000 tons of tar sand stockpile and are anticipated to be used as test material for our extraction remediation units. The stockpiles were acquired at a cost of approximately $0.83 per ton or $333,744. As of December 31, 2021, the parties agreed to have the $333,744 paid for the tar-sand stockpile returned to the Company, and the amount has been reclassed to notes receivable (see Note 8). The nano Fenix Iron are finished goods that have a 20-year shelf life and were acquired at cost for $192,000. As of December 31, 2021, inventories consist primarily of the Fenix Iron. Inventories are valued at the lower of cost or market (net realizable value).