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v3.26.1

Property and Equipment | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025
Property, Plant and Equipment [Abstract] |  |
Property and Equipment | Note 7. Property and Equipment Property and equipment consisted of the following:
Schedule of property and equipment, net |  |  |  |  |  |  |  |
|  | March 31, 2026 |  |  | December 31, 2025 |
Vehicles and trailers |  | $ | 1,655,548 |  |  | $ | 1,655,548 |
Equipment |  |  | 476,756 |  |  |  | 476,756 |
Land |  |  | 527,000 |  |  |  | 527,000 |
Crude & NGL Terminal and Related Equipment |  |  | 930,460 |  |  |  | 930,460 |
Crude Oil Transfer Stations |  |  | 5,024,220 |  |  |  | 5,024,220 |
Pipeline and Related Facilities |  |  | 43,462,544 |  |  |  | 43,462,544 |
Tank Expansion |  |  | 1,627,385 |  |  |  | - |
Construction in process |  |  | 12,368,717 |  |  |  | 13,996,104 |
Less: Accumulated amortization |  |  | (8,931,800 | ) |  |  | (7,775,432 | )
|  | $ | 57,140,830 |  |  | $ | 58,297,200 |
Depreciation expense for the three months ended March 31, 2026 and 2025 was approximately $1,156,369 and $3,527,645, respectively. The decrease in depreciation expense during the 2026 period was primarily attributable to the July 2025 divestiture of Meridian Equipment Leasing, LLC and Equipment Transport, LLC, as well as revisions to the estimated useful lives of certain property and equipment based on operational experience and expected usage. The change in estimate was accounted for prospectively and resulted in a decrease in depreciation expense of approximately $405,000 during the period. Construction in process primarily relates to the Company’s remediation processing systems, wash plant facilities, and terminal expansion projects. | Note 7. Property and Equipment The following table sets forth the components of the Company’s property and equipment at December 31, 2025 and 2024:
Schedule of property and equipment, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Book Value |  |  | Gross Carrying Amount |  |  | Accumulated Depreciation |  |  | Net Book Value |
Vehicles and trailers |  | $ | 1,655,548 |  |  | $ | (47,502 | ) |  | $ | 1,608,046 |  |  | $ | 30,485,730 |  |  | $ | (1,856,461 | ) |  | $ | 28,629,269 |
Equipment |  |  | 476,756 |  |  |  | (306,520 | ) |  |  | 170,237 |  |  |  | 339,610 |  |  |  | (33,069 | ) |  |  | 306,541 |
Land |  |  | 527,000 |  |  |  | - |  |  |  | 527,000 |  |  |  | 732,000 |  |  |  | - |  |  |  | 732,000 |
Building |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,630,000 |  |  |  | (164,426 | ) |  |  | 1,465,574 |
Crude & NGL terminal and related equipment |  |  | 930,460 |  |  |  | (703,000 | ) |  |  | 227,460 |  |  |  | 930,460 |  |  |  | (566,835 | ) |  |  | 363,625 |
Crude Oil Transfer Stations |  |  | 5,024,220 |  |  |  | (2,756,444 | ) |  |  | 2,267,776 |  |  |  | 6,570,080 |  |  |  | (899,133 | ) |  |  | 5,670,947 |
Pipeline and related facilities |  |  | 43,462,544 |  |  |  | (3,961,966 | ) |  |  | 39,500,578 |  |  |  | 42,244,680 |  |  |  | (771,544 | ) |  |  | 41,473,136 |
Finance lease - Right of use assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,593,359 |  |  |  | (4,367,820 | ) |  |  | 8,225,539 |
Construction in process: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wash Plant Facilities |  | $ | 6,584,033 |  |  | $ | - |  |  | $ | 6,584,033 |  |  | $ | 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 |  |  | 1,627,385 |  |  |  | - |  |  |  | 1,627,385 |  |  |  | 1,390,488 |  |  |  | - |  |  |  | 1,390,488 |
Total fixed assets |  | $ | 66,072,632 |  |  | $ | (7,775,432 | ) |  | $ | 58,297,200 |  |  | $ | 108,698,659 |  |  | $ | (8,659,288 | ) |  | $ | 100,039,371 |
For the years ended December 31, 2025 and 2024, depreciation expense was $12,308,798 and $3,427,055. The increase in depreciation expense for the year ended December 31, 2025 was primarily attributable to property and equipment acquired and placed into service during the year in connection with the Company’s acquisition activities, partially offset by the impact of assets divested during the period. 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.

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