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Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 11. Property and Equipment

 

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

 

                               
   December 31, 2022   December 31, 2021 
   Gross Carrying Amount   Accumulated Depreciation/Amortization   Net Book Value   Gross Carrying Amount   Accumulated Depreciation   Net Book Value 
Office furniture  $14,998   $5,912   $9,086   $14,998   $4,000   $10,998 
Vehicles   36,432    26,110    10,322    48,248    26,306    21,942 
Equipment   763,852    277,288    486,564    -    -    - 
Property   140,000    -    140,000    -    -    - 
Finance lease- Right of use assets   3,579,544    349,253    3,230,291    -    -    - 
Precious metal extraction machine- 1 ton   -    -    -    2,280,000    228,000    2,052,000 
Precious metal extraction machine- 10 ton   -    -    -    5,320,000    532,000    4,788,000 
                               
Construction in process:                              
Bioreactors   -    -    -    1,440,000    -    1,440,000 
Wash Plant Facilities   199,800    -    199,800                
Nanosponge/Cavitation device   44,603    -    44,603    22,103    -    22,103 
Remediation Processing Unit 1   4,396,753    -    4,396,753    6,249,082    -    6,249,082 
Remediation Processing Unit 2   6,285,547    -    6,285,547    5,201,098    -    5,201,098 
Remediation Processing Unit System A   3,893,051    -    3,893,051    2,561,467    -    2,561,467 
Remediation Processing Unit System B   3,845,398    -    3,845,398    2,345,421    -    2,345,421 
Total fixed assets  $23,256,006   $677,130   $22,578,876   $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 years ended December 31, 2022 and 2021 depreciation expense was $638,073 and $11,561. For the years ended December 31, 2022 and 2021 capitalized interest to equipment from debt financing was none and $1,614,697. 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.

 

The operations surrounding our precious metals extraction services were temporarily suspended until recently, although due to these suspended activities and a shift in 2022 of the Company’s focus to the oil and gas industry, we have realized an impairment loss of $6,269,998 surrounding the extraction machinery for the year ended December 31, 2022.

 

As of December 31, 2022 we continued to pursue a test facility or third party reactor for our nano catalyst technology that facilitates chemical manufacturing, with a focus on the production of ammonia, which includes our bioreactor equipment. The Company received recent quotes for testing or building our own test facilities with new partners for this venture. After taking into consideration this new information, we noted that the newly requested capital expenditure to test and scale the business triggered an impairment loss of assets related to our ammonia synthesis assets, including our bioreactors. The impairment loss related to our bioreactors was $1,440,000 for the year ended December 31, 2022.