| Schedule of Allocation of the Purchase Price |
The following summarizes this revised 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, Plant 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, plant and equipment as of December 31, 2020
and December 31, 2019 are as follows:
| |
|
December 31, 2020 |
|
December 31, 2019 |
| Land |
|
$ |
7,584,961 |
|
|
|
— |
|
| Office Equipment |
|
|
61,078 |
|
|
|
61,078 |
|
| Buildings |
|
|
2,053,570 |
|
|
|
— |
|
| Refinery Equipment |
|
|
86,019,130 |
|
|
|
— |
|
| Construction in Process |
|
|
33,212,695 |
|
|
|
2,588,441 |
|
| Construction period interest |
|
|
10,220,766 |
|
|
|
— |
|
| Total Cost |
|
$ |
139,152,200 |
|
|
|
2,649,519 |
|
| Less accumulated depreciation |
|
|
(179,525 |
) |
|
|
(61,078 |
) |
| Property, plant and equipment, net |
|
$ |
138,972,675 |
|
|
|
2,588,441 |
|
|