Quarterly report pursuant to sections 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

9 Months Ended

Sep. 30, 2011

PROPERTY, PIPELINE AND EQUIPMENT [Abstract]

5. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment at September 30, 2011, and December 31, 2010 consisted of the following:

	September 30, 2011			December 31, 2010
Platinum catalyst	$	1,497,285		$	1,497,285
Land		843,879			727,363
Plant, pipeline and equipment		54,325,103			52,469,062
Construction in progress		1,649,527			10,000
Total plant, pipeline and equipment		58,315,794			54,703,710
Less accumulated depreciation and amortization		(23,323,167	)		(20,839,442	)
Net plant, pipeline and equipment	$	34,992,627		$	33,864,268

Plant, pipeline, and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 7).

Construction in progress during the first nine months of 2011 included construction of a toll processing pilot plant, installation of tankage, reworking an existing tank, and upgrading an existing unit.

Amortization relating to the platinum catalyst which is included in cost of sales was $3,280 and $3,280 for the three months ended September 30, 2011, and 2010, respectively and $9,842 and $9,842 for the nine months ended September 30, 2011, and 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details