Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.4.0.3
Property and Equipment
 3 Months Ended
Mar. 31, 2016
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT
Property and equipment consists of the following:
Property and Equipment
 
 
March 31, 2016
 
December 31, 2015
Land
 
$
580,000

 
$
580,000

Natural gas pipeline
 
124,446,821

 
124,386,349

Vehicles and trailers
 
687,526

 
524,921

Office equipment and computers
 
97,670

 
87,696

Gross property and equipment
 
125,812,017

 
125,578,966

Less: accumulated depreciation
 
(6,840,717
)
 
(5,948,988
)
Net property and equipment
 
$
118,971,300

 
$
119,629,978



The amounts of depreciation of property and equipment recognized for the three months ended March 31, 2016 and 2015, were $835 thousand and $832 thousand, respectively.
Assets and Liabilities Held for Sale
Effective February 29, 2016, the Company foreclosed on 100 percent of the equity of BB Intermediate, the holding company of Black Bison Water Services, LLC, the borrower of the Black Bison financing notes. The Company expects to dispose of these assets within the next year. As a result of the foreclosure, the following assets are included in our Consolidated Balance Sheet, less estimated costs to sell, as Assets Held for Sale at March 31, 2016:
Assets Held for Sale
 
 
March 31, 2016
Disposal wells and related equipment
 
$
1,839,007

Assets held for sale
 
$
1,839,007

 
 
 
Note payable
 
$
439,007

Liabilities held for sale
 
$
439,007


There were no assets or liabilities held for sale at December 31, 2015. See Note 5, Financing Notes Receivable, for further information regarding the Black Bison financing notes.