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Property and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 4. Property and Equipment

 

The following table sets forth the components of the Company’s property and equipment at September 30, 2023 and December 31, 2022:

 

                                               
    September 30,
2023		     December 31,
2022		  
    Gross
Carrying
Amount		     Accumulated
Depreciation		     Net Book
Value		     Gross
Carrying
Amount		     Accumulated
Depreciation		     Net Book
Value		  
Office furniture   $ 14,998     $ 7,345     $ 7,653     $ 14,998     $ 5,912     $ 9,086  
Vehicles     36,432       31,575       4,857       36,432       26,110       10,322  
Equipment     942,880       400,409       542,471       942,880       295,855       647,025  
Property     17,000       -       17,000       17,000       -       17,000  
Finance lease- Right of use assets     3,579,544       1,135,070       2,444,474       3,579,544       349,253       3,230,291  
                                                 
Construction in process:                                                
Wash Plant Facilities     2,337,477       -       2,337,477       199,800       -       199,800  
Cavitation device     72,201       -       72,201       44,603       -       44,603  
Remediation Processing Unit 1     4,483,971       -       4,483,971       4,396,753       -       4,396,753  
Remediation Processing Unit 2     8,285,744       -       8,285,744       6,285,547       -       6,285,547  
Remediation Processing Unit System A     4,209,947       -       4,209,947       3,893,051       -       3,893,051  
Remediation Processing Unit System B     4,286,177       -       4,286,177       3,845,398       -       3,845,398  
Total fixed assets   $ 28,266,371     $ 1,574,399     $ 26,691,972     $ 23,256,006     $ 677,130     $ 22,578,876  

 

 

For the nine months ended September 30, 2023 and 2022 depreciation expense was $111,452 and $500,352. For the nine months ended September 30, 2023 and 2022 capitalized interest to equipment from debt financing was $735,919 and $499,537. 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 2022, although due to these suspended activities and a shift in 2022 of the Company’s focus to the oil and gas industry, we 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 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.

 

There was no impairment loss during the nine months ended September 30, 2023.