Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT (Tables)

v3.21.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Allocation of the Purchase Price

The following summarizes this allocation of the purchase price and also the reclassification of the pre-acquisition costs: 

 

Asset Category   Capitalized Costs Based on Acquisition Valuation   Allocated Pre-Acquisition Costs   Total Capitalized Costs on Acquisition
Property and Equipment                        
  Land   $ 7,584,961       —       $ 7,584,961  
  Buildings     2,053,570       —         2,053,570  
  Refinery     77,845,201       3,222,449       81,067,650  
Intangible Assets     1,921,082       —         1,921,082  
   Total   $ 89,404,814     $ 3,222,449     $ 92,627,263  
Schedule of Property, Plant and Equipment

Property and equipment as of March 31, 2021 and December 31, 2020 are as follows:

 

    March 31, 2021   December 31, 2020
Land   $ 7,584,961       7,584,961  
Office Equipment     61,078       61,078  
Buildings     2,053,570       2,053,570  
Refinery Equipment     103,635,160       86,019,130  
Construction in Process     41,684,071       33,212,695  
Construction period interest     15,215,073       10,220,766  
Total Cost   $ 170,233,913       139,152,200  
Less accumulated depreciation     (205,195 )     (179,525 )
Property and equipment, net   $ 170,028,718       138,972,675