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Property and Equipment | 12 Months Ended
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Dec. 31, 2024
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 December 31, 2024 and 2023:
Schedule of property and equipment, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Book Value |
Office furniture |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 14,998 |  |  | $ | (7,823 | ) |  | $ | 7,175 |
Vehicles and trailers |  |  | 30,485,730 |  |  |  | (1,856,461 | ) |  |  | 28,629,269 |  |  |  | 36,432 |  |  |  | (33,396 | ) |  |  | 3,036 |
Equipment |  |  | 339,610 |  |  |  | (33,069 | ) |  |  | 306,541 |  |  |  | 12,420 |  |  |  | (4,590 | ) |  |  | 7,830 |
Land |  |  | 732,000 |  |  |  | - |  |  |  | 732,000 |  |  |  | 17,000 |  |  |  | - |  |  |  | 17,000 |
Building |  |  | 1,630,000 |  |  |  | (164,426 | ) |  |  | 1,465,574 |  |  |  |  |  |  |  |  |  |  |  |  |
Crude & NGL terminal and related equipment |  |  | 930,460 |  |  |  | (566,835 | ) |  |  | 363,625 |  |  |  | 930,460 |  |  |  | (430,670 | ) |  |  | 499,790 |
Crude Oil Transfer Stations |  |  | 6,570,080 |  |  |  | (899,133 | ) |  |  | 5,670,947 |  |  |  | - |  |  |  | - |  |  |  | - |
Pipeline and related facilities |  |  | 42,244,680 |  |  |  | (771,544 | ) |  |  | 41,473,136 |  |  |  | - |  |  |  | - |  |  |  | - |
Finance lease- Right of use assets |  |  | 12,593,359 |  |  |  | (4,367,820 | ) |  |  | 8,225,539 |  |  |  | 3,579,544 |  |  |  | (1,484,324 | ) |  |  | 2,095,220 |
Construction in process: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wash Plant Facilities |  |  | 5,997,566 |  |  |  | - |  |  |  | 5,997,566 |  |  |  | 3,344,968 |  |  |  | - |  |  |  | 3,344,968 |
Cavitation device |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 72,201 |  |  |  | - |  |  |  | 72,201 |
Remediation Processing Unit 1 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,464,513 |  |  |  | - |  |  |  | 4,464,513 |
Remediation Processing Unit 2 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,187,425 |  |  |  | - |  |  |  | 8,187,425 |
Remediation Processing Unit System A |  |  | 2,892,343 |  |  |  | - |  |  |  | 2,892,343 |  |  |  | 2,795,391 |  |  |  | - |  |  |  | 2,795,391 |
Remediation Processing Unit System B |  |  | 2,892,343 |  |  |  | - |  |  |  | 2,892,343 |  |  |  | 2,795,391 |  |  |  | - |  |  |  | 2,795,391 |
WCCC Tank Expansion |  |  | 1,390,488 |  |  |  | - |  |  |  | 1,390,488 |  |  |  | 9,377 |  |  |  | - |  |  |  | 9,377 |
Total fixed assets |  | $ | 108,698,654 |  |  | $ | (8,659,288 | ) |  | $ | 100,039,371 |  |  | $ | 26,260,120 |  |  | $ | (1,960,803 | ) |  | $ | 24,299,317 |
For the years ended December 31, 2024 and 2023, depreciation expense was $3,427,055 and $148,603. 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. During 2023, the Company entered into an agreement to move our Vernal RPC to Kuwait to commence scaled up remediation services, as the Vernal plant was not producing product toward its off-take agreement, which further delayed our anticipated operations. Furthermore, in the fourth quarter of 2023, Enshaat Al Sayer (Enshaat) (the original contractor chosen for the remediation of certain cleanup for the Kuwait Environmental Remediation Project (KERP) notified us that it terminated its subcontract with DIC, which effectively terminated DIC’s contract with the Company. For the year ended December 31, 2024, the Company continues to negotiate the terms for an agreement directly with Kuwait Oil Company for the remediation services on the KERP. The Company evaluated these events and determined that the inability to obtain an agreement with Enshaat or Kuwait Oil Company in 2024 was a trigger event requiring analysis for impairment. We analyzed the events and assessed an impairment loss of the assets related to our Kuwait RPCs of $7,047,179 for the year ended December 31, 2024. Additionally, the Company assessed the impact of the impairment loss, including the impact on our ancillary agreements. Ancillary to our prospective Kuwait RPC operations, the Company had an exclusive license agreement for the development and use of a nanosponge technology and has assessed an impairment loss of the nanosponge license of $1,530,496 for the year ended December 31, 2024.

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