Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2022
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2022

    

2023

    

2024

    

2025

    

2026

Operating lease payments(1)

$

261,845

$

356,991

$

376,855

$

384,719

$

110,096

Financing lease payments(2)

210,916

213,530

142,354

(1) The weighted average discount rate as of March 31, 2022 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $132,892. The weighted average remaining term of operating leases was 4.05 years.
(2) The weighted average discount rate as of March 31, 2022 for financing leases was 4.11%. Based on this rate, the future lease payments above include imputed interest of $25,337. The weighted average remaining term of financing leases was 2.18 years.
Schedule of lease cost

Three months ended

March 31,

    

2022

    

2021

Operating lease costs

$

83,590

$

271,517

Short term lease costs (1)

715,803

892,489

Financing lease costs:

Amortization of financing lease assets (2)

116,615

35,839

Interest on lease liabilities (3)

6,513

4,928

(1) Amount included in Lease operating expenses
(2) Amount included in Depreciation, depletion and amortization
(3) Amount included in Interest expense