Property and Equipment

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and Equipment

4. Property and Equipment

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

	Useful Lives (Years)	December 31,
		2024			2023
Construction in progress	—	$	13,969,784		$	9,108,923
Tools, machinery and equipment	3 - 10		5,898,618			1,458,654
Plant	10		2,269,204			—
Computer equipment	3 - 4		145,225			60,447
Vehicles	5		292,498			39,849
Software	5		1,590			1,639
Office furniture	7 - 10		147,079			59,588
Leasehold improvements	5		115,890			21,446
Property and equipment, at cost			22,839,888			10,750,546
Less accumulated depreciation			(485,511	)		(37,707	)
Property and equipment, net		$	22,354,377		$	10,712,839

The Carbon-14 plant was completed in June 2024 and depreciation began in July 2024. The Company is currently building two other plants in Pretoria, South Africa: a multi-isotope plant and a laser isotope separation plant using quantum enrichment technology. Costs incurred for the other two plants are considered construction in progress because the work is not complete as of December 31, 2024. Costs incurred for the plants as of December 31, 2024 and 2023 are considered construction in progress. There was no depreciation expense as it relates to the construction in progress for the years ended December 31, 2024 and 2023. Depreciation expense for all other asset categories was $471,421 and $37,433 for the years ended December 31, 2024 and 2023, respectively.