XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Property and Equipment
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 5. Property and Equipment

 

The following table sets forth the components of the Company’s property and equipment at March 31, 2022 and December 31, 2021: 

                              
   March 31, 2022   December 31, 2021 
   Gross Carrying Amount   Accumulated Depreciation   Net Book Value   Gross Carrying Amount   Accumulated Depreciation   Net Book Value 
                         
Office furniture and equipment  $14,998   $4,478   $10,520   $14,998   $4,000   $10,998 
Vehicles   48,248    28,719    19,529    48,248    26,306    21,942 
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   6,513,497    –    6,513,497    6,249,082    –    6,249,082 
Remediation Processing Unit 2   5,364,075    –    5,364,075    5,201,098    –    5,201,098 
Remediation Processing Unit System A   2,682,972    –    2,682,972    2,561,467    –    2,561,467 
Remediation Processing Unit System B   2,490,837    –    2,490,837    2,345,421    –    2,345,421 
Total fixed assets  $26,176,730   $793,197   $25,383,533   $25,482,417   $790,306   $24,692,111 

 

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 three months ended March 31, 2022 and 2021 depreciation expense was $2,890. For the three months ended March 31, 2022 and 2021 capitalized interest to equipment from debt financing was $488,014 and $393,869. 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.