Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2020
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2020

    

2021

    

2022

Operating lease payments (1)

$

927,584

$

708,392

$

Financing lease payments (2)

233,405

311,206

132,499

(1) The weighted average discount rate as of March 31, 2020 for operating leases was 4.49%.  Based on this rate, the future lease payments above include imputed interest of $57,982.
(2) The weighted average discount rate as of March 31, 2020 for financing leases was 5.26%.  Based on this rate, the future lease payments above include imputed interest of $38,159.
Schedule of lease cost

    

2020

    

2019

Operating lease costs

$

309,195

$

128,175

Short term lease costs (1)

851,949

153,759

Financing lease costs:

Amortization of financing lease assets (2)

71,853

Interest on lease liabilities (3)

8,822

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