Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company and its subsidiaries currently lease land, corporate office space, single-use office space, and equipment. During 2022, Crimson entered into a new corporate office lease that will commence upon possession of the property, which is anticipated during the second quarter of 2023. No lease payments are due for the first year. No right-of-use asset or operating lease liability has been recorded as of March 31, 2023 because the lease has not yet commenced. The Company's leases are classified as operating leases and presented as operating right-of-use asset (assets held for sale for MoGas and Omega) and operating lease liability (liabilities held for sale for MoGas and Omega) on the Consolidated Balance Sheets as of March 31, 2023. The Company's leases are presented as operating right-of-use asset and operating lease liability on the Consolidated Balance Sheets as of December 31, 2022. No right-of-use assets were added to the Company's Consolidated Balance Sheet for the periods ended March 31, 2023 and March 31, 2022. The Company recognizes lease expense in the Consolidated Statements of Operations on a straight-line basis over the remaining lease term. The Company noted the following information regarding its operating leases for the three months ended March 31, 2023 and 2022:
For the Three Months Ended
March 31, 2023 March 31, 2022
Lease cost:
   Operating lease cost $ 446,601  $ 446,601 
Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 765,210  $ 758,849 

Variable lease costs were immaterial for the three months ended March 31, 2023 and 2022.
The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee:
March 31, 2023 December 31, 2022
Weighted average remaining lease term - operating leases (in years) 11.5 11.0
Weighted average discount rate - operating leases 7.58  % 7.45  %
LEASES LEASES
The Company and its subsidiaries currently lease land, corporate office space, single-use office space, and equipment. During 2022, Crimson entered into a new corporate office lease that will commence upon possession of the property, which is anticipated during the second quarter of 2023. No lease payments are due for the first year. No right-of-use asset or operating lease liability has been recorded as of March 31, 2023 because the lease has not yet commenced. The Company's leases are classified as operating leases and presented as operating right-of-use asset (assets held for sale for MoGas and Omega) and operating lease liability (liabilities held for sale for MoGas and Omega) on the Consolidated Balance Sheets as of March 31, 2023. The Company's leases are presented as operating right-of-use asset and operating lease liability on the Consolidated Balance Sheets as of December 31, 2022. No right-of-use assets were added to the Company's Consolidated Balance Sheet for the periods ended March 31, 2023 and March 31, 2022. The Company recognizes lease expense in the Consolidated Statements of Operations on a straight-line basis over the remaining lease term. The Company noted the following information regarding its operating leases for the three months ended March 31, 2023 and 2022:
For the Three Months Ended
March 31, 2023 March 31, 2022
Lease cost:
   Operating lease cost $ 446,601  $ 446,601 
Other Information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 765,210  $ 758,849 

Variable lease costs were immaterial for the three months ended March 31, 2023 and 2022.
The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee:
March 31, 2023 December 31, 2022
Weighted average remaining lease term - operating leases (in years) 11.5 11.0
Weighted average discount rate - operating leases 7.58  % 7.45  %