Property and Equipment

3 Months Ended

Mar. 31, 2025

Property and Equipment

Property and Equipment

4. Property and Equipment

Property and equipment as of March 31, 2025 and December 31, 2024 consisted of the following:

	Useful Lives (Years)	March 31, 2025			December 31, 2024
Construction in progress	-	$	740,364		$	13,969,784
Tools, machinery and equipment	3 - 10		6,021,572			5,898,618
Plant	10		18,004,077			2,269,204
Computer equipment	3 - 4		175,219			145,225
Vehicles	5		351,553			292,498
Software	5		466,134			1,590
Office furniture	5 - 10		152,821			147,079
Leasehold improvements	5		119,332			115,890
Property and equipment, at cost			26,031,072			22,839,888
Less accumulated depreciation			(650,292	)		(485,511	)
Property and equipment, net		$	25,380,780		$	22,354,377

The Company has 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 began in July 2024. The multi-isotope plant and the laser isotope separation plant were completed in March 2025 and depreciation will begin in April 2025. As of December 31, 2024, costs incurred for the multi-isotope plant and the laser isotope separation plant were considered construction in progress because the work was not complete. There was no depreciation expense as it relates to the construction in progress for the three months ended March 31, 2025 and 2024. Depreciation expense was $149,003 and $103,210 for the three months ended March 31, 2025 and 2024, respectively.