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Oil and Gas Properties and Property, plant and equipment
 6 Months Ended
Jun. 30, 2025
Oil and Gas Properties and Property, Plant and Equipment [Abstract]  
Oil and Gas Properties and Property, plant and equipment
7. Oil and Gas Properties and Property, plant and equipment

 

Oil and gas properties include the cost of properties, equipment and facilities for oil and natural-gas producing activities, excluding any asset retirement obligations. At June 30, 2025, the Company’s oil and gas properties, net consisted of the following: 

 

   2025 
Oil and gas properties  $3,806,824 
Less: accumulated depreciation   (265,376)
   $3,541,448 

 

Property, plant and equipment are stated at cost less accumulated depreciation and amortization and depreciated using the straight-line method over their useful lives. At June 30, 2025 and December 31, 2024, the Company’s property, plant and equipment, net consisted of the following: 

 

   2025   2024 
Computer equipment and software  $194,216   $100,370 
Furniture and other equipment   24,737    16,251 
Models   400      
Leasehold improvements   11,991    11,991 
Equipment and machinery   834,934    770,939 
Automobiles   362,122    4,638 
Building   4,437,663    3,447,763 
Property, plant and equipment   5,866,063    4,351,952 
Less: accumulated depreciation   (1,651,760)   (386,526)
   $4,214,303   $3,965,426 

 

Depreciation expense for the six months ended June 30, 2025 and 2024 amounted to $191,732 and $84,678, respectively. Depreciation expense for the three months ended June 30, 2025 and 2024 amounted to $398,843 and $84,678, respectively.