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Property and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 9. Property and Equipment

 

The following table sets forth the components of the Company’s property and equipment at December 31, 2021 and 2020: 

                              
   December 31, 2021   December 31, 2020 
   Gross Carrying Amount   Accumulated Depreciation   Net Book Value   Gross Carrying Amount   Accumulated Depreciation   Net Book Value 
                         
Office furniture and equipment  $14,998   $4,000   $10,998   $14,998   $2,088   $12,910 
Vehicles   48,248    26,306    21,942    48,248    16,657    31,591 
Precious metal extraction machine- 1 ton   2,280,000    228,000    2,052,000    2,280,000    228,000    2,052,000 
Precious metal extraction machine- 10 ton   5,320,000    532,000    4,788,000    5,320,000    532,000    4,788,000 
                               
Construction in process:                              
Bioreactors   1,440,000    –    1,440,000    1,440,000    –    1,440,000 
Nanosponge/Cavitation device   22,103    –    22,103    22,103    –    22,103 
Remediation Processing Unit 1   6,249,082    –    6,249,082    5,558,949    –    5,558,949 
Remediation Processing Unit 2   5,201,098    –    5,201,098    4,149,793    –    4,149,793 
Remediation Processing Unit System A   2,561,467    –    2,561,467    97,353    –    97,353 
Remediation Processing Unit System B   2,345,421    –    2,345,421    –    –    – 
Total fixed assets  $25,482,417   $790,306   $24,692,111   $18,931,444   $778,745   $18,152,699 

 

For the year ended December 31, 2021 the Company paid $64,950 with 5,413 shares of Series C-1 Preferred Stock for equipment, which has been valued based on similar cash purchases of the Series C-1 Preferred Stock at approximately $12.00 per share. For the years ended December 31, 2021 and 2020 depreciation expense was $11,561 and $11,508. For the years ended December 31, 2021 and 2020 capitalized interest to equipment from debt financing was $1,614,697 and $1,025,852. Equipment that is currently being manufactured is considered construction in process and is not depreciated until the equipment is placed into service. Equipment that is temporarily not in service is not depreciated until placed into service.