Property and Equipment

6 Months Ended

Jun. 30, 2024

Property and Equipment

Property and Equipment

4. Property and Equipment

Property and equipment as of June 30, 2024 and December 31, 2023 consisted of the following:

	Useful Lives (Years)	June 30, 2024			December 31, 2023
Construction in progress	-	$	11,081,094		$	9,108,923
Tools, machinery and equipment	3 - 8		6,465,952			1,458,654
Computer equipment	3 - 4		105,085			60,447
Vehicles	5		191,153			39,849
Software	5		1,651			1,639
Office furniture	7		125,145			59,588
Leasehold improvements	5		80,836			21,446
Property and equipment, at cost			18,050,916			10,750,546
Less accumulated depreciation			(276,128	)		(37,707	)
Property and equipment, net		$	17,774,788		$	10,712,839

The Company is currently building three plants in Pretoria, South Africa: a Carbon-14 plant, a multi-isotope plant and a laser isotope separation plan using quantum enrichment technology. The Carbon-14 plant was completed in June 2024 and depreciation will begin in July 2024.  Costs incurred for the other two plants are considered construction in progress because the work is not complete as of June 30, 2024.  Costs incurred for the plants as of December 31, 2023 are considered construction in progress. There was no depreciation expense as it relates to the construction in progress for the three and six months ended June 30, 2024 and 2023.  Depreciation expense for all other asset categories was $146,504 and $167 for the three months ended June 30, 2024 and 2023, respectively.  Depreciation expense for all other categories was 249,714 and $167 for the six months ended June 30, 2024 and 2023, respectively.