Annual report pursuant to Section 13 and 15(d)

Property And Equipment Net

Property And Equipment Net

12 Months Ended

Dec. 31, 2023

Note 5 - Property and Equipment, Net

Property and equipment at December 31, 2023 and December 31, 2022 are as follows:

	December 31,			December 31,
	2023			2022

Equipment & installation	$	1,095,139		$	1,095,140
Leasehold improvements		101,821			101,821
Trucking equipment		845,102			845,102
Office equipment, computer equipment and software		1,874			20,295
Total equipment		2,043,936			2,062,358

Less: accumulated depreciation		(2,035,978	)		(2,041,473	)
Construction in process		1,588,000			1,807,707
Property and equipment, net	$	1,595,958		$	1,828,592

The Company uses the straight-line method of depreciation over estimated useful lives of 2 to 5 years. During the year ended December 31, 2023 and 2022 depreciation expense was $12,927, and $11,679, respectively.

At December 31, 2023, the Company concluded that Company’s plant construction in process asset had become impaired based on the existing and anticipated future economic outlook. As a result, the Company impaired the asset to reduce the carrying value to fair value. Estimated fair value of the impaired long-lived asset is based on the estimated cost to replace the asset. As a result of the uncertain cash flows related to the Company’s capitalized construction costs, the Company has recorded an impairment charge of $219,707. No impairment losses were recorded during the year ended December 31, 2022.