Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT (Tables)

v3.21.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020 are as follows:
 
 
 
June 30, 2021
 
 
December 31, 2020
 
Land
 
$
7,584,961
 
 
$
7,584,961
 
Office Equipment
 
 
62,506
 
 
 
61,078
 
Buildings
 
 
2,053,570
 
 
 
2,053,570
 
Refinery and Industrial Equipment
 
 
122,353,287
 
 
 
86,019,130
 
Transportation Equipment
 
 
136,237
 
 
 
-
 
Construction in Process
 
 
67,566,616
 
 
 
33,212,695
 
Construction
P
eriod
I
nterest
 
 
22,099,706
 
 
 
10,220,766
 
Total Cost
 
$
221,856,883
 
 
$
139,152,200
 
Less
A
ccumulated
D
epreciation
 
 
(233,241
)
 
 
(179,525
)
Property and equipment, net
 
$
221,623,642
 
 
$
138,972,675