Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

6. Property, Plant, and Equipment

The Company owns an expansive 22-acre modern Dutch “Venlo style” glass greenhouse situated on 70 acres in Grants, New Mexico. It is being retrofitted for growing, processing and distribution of medicinal plants, including marijuana, for medical researchers licensed by the Drug Enforcement Administration.

Property, plant, and equipment at September 30, 2024 and December 31, 2023 consisted of the following:

	September 30, 2024			December 31, 2023
Furniture and fixtures	$	88,690		$	88,690
Land		260,000			260,000
Construction in progress		10,565,740			10,635,866
Building and improvements		8,883,851			8,883,851
		19,798,281			19,868,407
Accumulated depreciation		(3,894,578	)		(3,460,992	)
Net property, plant, and equipment	$	15,903,703		$	16,407,415

The amount of interest expense capitalized and included in construction in progress was $39,179 and $223,271 during the periods ended September 30, 2024 and December 31, 2023, respectively (Notes 8 and 11).

Since 2020, the Company has had the rights to two land purchase options:

- A Real Estate Option Agreement dated October 5, 2020, and expiring on December 31, 2021, for $1,500 monthly payments up until June 30, 2021, and $1,750 monthly payments from July 1, 2021 to December 31, 2021, with a one-year extension starting on January 1, 2022 for $2,000 monthly payments, with the option to purchase 330 acres for $5,000 per acre.

- A Real Estate Option Agreement dated October 21, 2020, and expiring on December 31, 2021, for $1,000 monthly payments, with a one-year extension starting on January 1, 2022 for $1,500 monthly payments, with the option to purchase 175 acres for $5,000 per acre.

In 2022, the Company notified the two landowners of the Company’s intention to acquire the real estate despite the expiration of the options. The Company is in the process of negotiating final terms of the two acquisitions and intends on closing the acquisitions upon obtaining sufficient financing.

BRIGHT GREEN CORPORATION

Notes to the Condensed Consolidated Financial Statements (Unaudited)

For the Three Months and Nine Months Ended September 30, 2024 and 2023

(Expressed in United States Dollars)

6. Property, Plant, and Equipment (continued)

As of September 30, 2024, the acquisitions have not been completed.