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Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 8. Property and Equipment

 

The following table sets forth the components of the Company’s property and equipment at September 30, 2022 and December 31, 2021: 

                              
   September 30, 2022   December 31, 2021 
   Gross Carrying Amount   Accumulated Depreciation   Net Book Value   Gross Carrying Amount   Accumulated Depreciation   Net Book Value 
                         
Office furniture and equipment  $27,998   $5,434   $22,564   $14,998   $4,000   $10,998 
Vehicles   36,432    24,288    12,144    48,248    26,306    21,942 
Finance lease right-of-use assets    5,810,339    1,471,848    4,338,551    –    –    – 
Precious metal extraction machine- 1 ton   2,280,000    342,000    1,938,000    2,280,000    228,000    2,052,000 
Precious metal extraction machine- 10 ton   5,320,000    798,000    4,522,000    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   44,603    –    44,603    22,103    –    22,103 
Remediation Processing Unit 1   6,116,013    –    6,116,013    6,249,082    –    6,249,082 
Remediation Processing Unit 2   5,714,894    –    5,714,894    5,201,098    –    5,201,098 
Remediation Processing Unit System A   3,739,637    –    3,739,637    2,561,467    –    2,561,467 
Remediation Processing Unit System B   3,657,420    –    3,657,420    2,345,421    –    2,345,421 
Total fixed assets  $34,187,396   $2,641,570   $31,545,826   $25,482,417   $790,306   $24,692,111 

 

For the year ended December 31, 2021 the Company issued 5,413 shares of Series C-1 Preferred Stock value at $64,950 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 nine months ended September 30, 2022 and 2021 depreciation expense was $500,352 and $8,671. For the nine months ended September 30, 2022 and 2021 capitalized interest to equipment from debt financing was $499,537 and $1,234,801. Equipment that is currently being manufactured is considered construction in process and is not depreciated until the equipment is placed into service. The Company has been in discussions for the potential sale of the precious metal extraction business and ammonia synthesis business, or certain assets of those businesses, including its precious metal extraction machines and bioreactors. The Company is exploring all options including operating the business, creating a joint venture to operate the business, or appraising the businesses or their assets for the potential sale for at least the carrying value.