PROPERTY & EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

NOTE 4 — PROPERTY & EQUIPMENT

Property and equipment are recorded at cost. The Company capitalizes purchases of property and equipment over $5,000. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of assets as follows between three and ten years.

Long lived assets, including property and equipment, to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income.

Clean-Seas has purchased a pyrolysis unit for piloting and demonstration purposes which has been commissioned in Hyderabad, India as of May 2022. The unit will be used to showcase the Company’s technology and services, turning waste plastic into environmentally friendly commodities, to potential customers.

Property, plant, and equipment at our Clean-Seas Morocco facility comprise equipment, buildings and fixtures, automobiles, furniture, and land. Upon acquisition, buildings and land were recorded at their estimated fair value, determined through a valuation conducted in 2018. Subsequently, these assets have been adjusted annually to reflect an approximate 5% increase in fair value, consistent with local real estate market trends. Depreciation for equipment, buildings, automobiles, and furniture is computed using the straight-line method over estimated useful lives of 5 to 10 years.

Property and equipment stated at cost, less accumulated depreciation consisted of the following:


	June 30, 2025			December 31, 2024
Pyrolysis unit	$	151,672		$	151,672
Equipment		2,961,615			596,631
Buildings and fixtures		555,713			496,382
Land		3,917,477			3,865,315
Office furniture		1,818			1,484
Leasehold improvements		255,460			—
Less: accumulated depreciation		(508,934	)		(316,838	)
Property and equipment, net	$	7,334,821		$	4,794,646

Depreciation expense

For the six months ended June 30, 2025 and 2024, depreciation expense was $98,273 and $95,447, respectively.

Clean Vision Corp 10-Q