Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2021
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2021

    

2022

2023

    

2024

    

2025

Operating lease payments (1)

$

749,909

$

382,727

$

382,841

$

376,855

$

384,719

Financing lease payments (2)

222,916

122,672

(1) The weighted average discount rate as of March 31, 2021 for operating leases was 4.5%.  Based on this rate, the future lease payments above include imputed interest of $198,394.
(2) The weighted average discount rate as of March 31, 2021 for financing leases was 5.3%.  Based on this rate, the future lease payments above include imputed interest of $15,850.
Schedule of lease cost

2021

    

2020

 

Operating lease costs

$

271,517

$

309,195

Short term lease costs (1)

892,489

851,949

Financing lease costs:

Amortization of financing lease assets (2)

35,839

71,853

Interest on lease liabilities (3)

4,928

8,822

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