Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2021
LEASES  
Schedule of future lease payments of operating lease and finance lease

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2021

    

2022

    

2023

    

2024

    

2025

Operating lease payments (1)

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$

68,132

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$

349,127

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$

356,991

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$

376,855

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$

384,719

Financing lease payments (2)

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126,889

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336,206

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215,530

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142,354

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(1) The weighted average discount rate as of September 30, 2021 for operating leases was 4.5%. Based on this rate, the future lease payments above include imputed interest of $165,167.
(2) The weighted average discount rate as of September 30, 2021 for financing leases was 4.3%. Based on this rate, the future lease payments above include imputed interest of $39,771.
Schedule of lease cost

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Three months ended

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Nine months ended

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September 30,

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September 30,

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2021

    

2020

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2021

    

2020

Operating lease costs

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$

83,589

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$

295,631

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$

439,896

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$

876,889

Short term lease costs (1)

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964,873

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1,205,407

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2,903,387

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3,347,484

Financing lease costs:

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Amortization of financing lease assets (2)

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85,367

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71,854

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189,831

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215,560

Interest on lease liabilities (3)

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5,160

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7,172

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14,166

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24,022

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