Quarterly report pursuant to Section 13 or 15(d)

Leased Properties and Leases (Tables)

v3.21.2
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