Leased Properties and Leases (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Leases [Abstract] |
|
| Schedule of Depreciation and Amortization |
The following table reflects the depreciation and amortization included in the accompanying Consolidated Statements of Operations associated with the Company's leases and leased properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
| Depreciation Expense |
|
|
|
|
|
|
|
| GIGS |
$ |
— |
|
|
$ |
1,190,911 |
|
|
$ |
140,860 |
|
|
$ |
3,631,499 |
|
| Pinedale |
— |
|
|
1,478,239 |
|
|
— |
|
|
3,695,599 |
|
|
|
|
|
|
|
|
|
| United Property Systems |
10,314 |
|
|
9,831 |
|
|
20,628 |
|
|
19,662 |
|
| Total Depreciation Expense |
$ |
10,314 |
|
|
$ |
2,678,981 |
|
|
$ |
161,488 |
|
|
$ |
7,346,760 |
|
| Amortization Expense - Deferred Lease Costs |
|
|
|
|
|
|
|
| GIGS |
$ |
— |
|
|
$ |
7,641 |
|
|
$ |
2,547 |
|
|
$ |
15,282 |
|
| Pinedale |
— |
|
|
15,342 |
|
|
— |
|
|
30,684 |
|
| Total Amortization Expense - Deferred Lease Costs |
$ |
— |
|
|
$ |
22,983 |
|
|
$ |
2,547 |
|
|
$ |
45,966 |
|
| ARO Accretion Expense |
|
|
|
|
|
|
|
| GIGS |
$ |
— |
|
|
$ |
116,514 |
|
|
$ |
40,546 |
|
|
$ |
228,685 |
|
| Total ARO Accretion Expense |
$ |
— |
|
|
$ |
116,514 |
|
|
$ |
40,546 |
|
|
$ |
228,685 |
|
|
|
| Schedule of Deferred Costs |
The following table reflects the deferred costs that are included in the accompanying Consolidated Balance Sheets associated with the Company's leased properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
| Net Deferred Lease Costs |
|
|
|
| GIGS |
$ |
— |
|
|
$ |
168,191 |
|
|
|
|
|
|
|
|
|
| Total Deferred Lease Costs, net |
$ |
— |
|
|
$ |
168,191 |
|
|
| Information Regarding Operating Leases |
The Company noted the following information regarding its operating leases for the three and six months ended June 30, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
| Lease cost: |
|
|
|
|
|
|
|
|
| Operating lease cost |
|
$ |
357,461 |
|
|
$ |
12,088 |
|
|
$ |
598,643 |
|
|
$ |
24,176 |
|
| Short term lease cost |
|
101,771 |
|
|
— |
|
|
203,785 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Other Information: |
|
|
|
|
|
|
|
|
| Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
| Operating cash flows from operating leases |
|
$ |
246,807 |
|
|
$ |
12,088 |
|
|
$ |
833,288 |
|
|
$ |
24,176 |
|
The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
| Weighted-average remaining lease term - operating leases (in years) |
|
10.6 |
|
1.8 |
|
|
7.11 |
% |
|
7.45 |
% |
|
| Future Minimum Lease Receipts |
The following table reflects the undiscounted cash flows for future minimum lease payments under noncancellable operating leases reconciled to the Company's lease liabilities on our Consolidated Balance Sheet as of June 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
Operating |
| For the Years Ending December 31, |
|
Leases |
| 2021 |
|
$ |
495,032 |
|
| 2022 |
|
1,416,102 |
|
| 2023 |
|
830,216 |
|
| 2024 |
|
419,068 |
|
| 2025 |
|
419,068 |
|
| Thereafter |
|
4,902,398 |
|
| Total |
|
8,481,884 |
|
| Less: Present Value Discount |
|
2,830,882 |
|
| Operating Lease Liabilities |
|
$ |
5,651,002 |
|
|