Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2020
LEASES  
Schedule of future lease payments of operating lease and finance lease

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​

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​

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2020

    

2021

    

2022

Operating lease payments (1)

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$

309,195

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$

708,392

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$

—

Financing lease payments (2)

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​

77,802

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​

311,206

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​

132,499

(1) The weighted average discount rate as of September 30, 2020 for operating leases was 4.49%.  Based on this rate, the future lease payments above include imputed interest of $27,432.
(2) The weighted average discount rate as of September 30, 2020 for financing leases was 5.26%.  Based on this rate, the future lease payments above include imputed interest of $27,752.
Schedule of lease cost

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2020

    

2019

Operating lease costs

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$

876,889

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$

384,525

Short term lease costs (1)

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3,347,484

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​

461,277

Financing lease costs:

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​

​

​

​

​

Amortization of financing lease assets (2)

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​

215,560

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​

98,868

Interest on lease liabilities (3)

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​

24,022

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​

15,019

(1) Amount included in Oil and gas production costs
(2) Amount included in Depreciation, depletion and amortization
(3) Amount included in Interest expense