Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT (Details)

v3.23.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Property, plant and equipment, cost $ 680,958,449 $ 649,645,325
Less accumulated depreciation (1,531,718) (1,112,498)
Property, plant and equipment, net 679,426,731 648,532,827
Land [Member]    
Property, plant and equipment, cost 7,855,872 7,855,872
Office equipment [Member]    
Property, plant and equipment, cost 2,072,259 2,047,549
Buildings [Member]    
Property, plant and equipment, cost [1] 2,684,402 2,684,402
Gross assets under finance lease   400,000
Refinery and industrial equipment    
Property, plant and equipment, cost 88,105,029 88,057,913
Transportation Equipment [Member]    
Property, plant and equipment, cost 468,587 468,587
Construction in progress [Member]    
Property, plant and equipment, cost 462,311,453 452,735,198
Construction period interest [Member]    
Property, plant and equipment, cost $ 117,460,847 $ 95,795,804
[1] The related amortization expense for assets under finance lease of $0.4 million for the year ended December 31, 2022 is included in depreciation on our consolidated statements of operations. The lease was reassessed in September 2022 which resulted in reclassification of the finance lease as an operating lease. See Note K - Commitments and Contingencies.