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Property and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 3. Property and Equipment

 

The following table sets forth the components of the Company’s property and equipment at March 31, 2025 and December 31, 2024:

 

                                               
    March 31,
2025		    

December 31,

2024

  
    Gross
Carrying
Amount		     Accumulated
Depreciation		     Net
Book
Value		     Gross
Carrying
Amount		     Accumulated
Depreciation		     Net
Book
Value		  
Vehicles and trailers   $ 27,405,817     $ (3,640,058 )   $ 23,765,759     $ 30,485,730     $ (1,856,461 )   $ 28,629,269  
Equipment     339,610       (64,518 )     275,092       339,610       (33,069 )     306,541  
Land     732,000       -       732,000       732,000       -       732,000  
Building     1,630,000       (328,852 )     1,301,148       1,630,000       (164,426 )     1,465,574  
Crude & NGL terminal and related equipment     930,460       (600,876 )     329,584       930,460       (566,835 )     363,625  
Crude Oil Transfer Stations     6,570,080       (1,798,266 )     4,771,814       6,570,080       (899,133 )     5,670,947  
Pipeline and related facilities     42,244,680       (1,543,088 )     40,701,592       42,244,680       (771,544 )     41,473,136  
Finance lease- Right of use assets     12,593,359       (5,391,175 )     7,202,184       12,593,359       (4,367,820 )     8,225,539  
                                                 
Construction in process:                                                
Wash Plant Facilities     6,271,259       -       6,271,259       5,997,566       -       5,997,566  
Remediation Processing Unit System A     2,892,343       -       2,892,343       2,892,343       -       2,892,343  
Remediation Processing Unit System B     2,892,343       -       2,892,343       2,892,343       -       2,892,343  
WCCC Tank Expansion     1,526,443       -       1,526,443       1,390,488       -       1,390,488  
Total fixed assets   $ 106,028,394     $ (13,366,833 )   $ 92,661,561     $ 108,698,659     $ (8,659,288 )   $ 100,039,371  

 

For the three months ending March 31, 2025 and 2024, depreciation expense was $3,527,645 and $37,151. During the three months ended March 31, 2025, we sold vehicles and trailers which cost $4,319,000 and had a net book value of $3,079,913 at a loss of $1,597,913. The proceeds of $1,482,000 from these sales was used to pay down our notes payable Note 5). 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.