LEASED PROPERTIES AND LEASES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Leases [Abstract] |
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| Schedule of Depreciation, Amortization and Accretion |
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:
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For the Years Ended December 31, |
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2021 |
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2020 |
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2019 |
| Depreciation Expense |
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GIGS(1)
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$ |
140,860 |
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$ |
6,013,322 |
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$ |
9,763,163 |
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Pinedale (2)
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— |
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3,695,599 |
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|
8,869,440 |
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| United Property Systems |
41,256 |
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|
39,737 |
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|
39,117 |
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| Total Depreciation Expense |
$ |
182,116 |
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|
$ |
9,748,658 |
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$ |
18,671,720 |
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| Amortization Expense - Deferred Lease Costs |
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GIGS(1)
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$ |
2,547 |
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$ |
30,564 |
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$ |
30,564 |
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Pinedale (2)
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— |
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30,684 |
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|
61,368 |
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| Total Amortization Expense - Deferred Lease Costs |
$ |
2,547 |
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$ |
61,248 |
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$ |
91,932 |
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| ARO Accretion Expense |
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GIGS(1)
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$ |
40,545 |
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$ |
461,713 |
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$ |
443,969 |
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| Total ARO Accretion Expense |
$ |
40,545 |
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$ |
461,713 |
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$ |
443,969 |
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| (1) In February 4, 2021, the Grand Isle Gathering System was sold as partial consideration for Crimson Midstream Holdings. |
| (2) On June 30, 2020, the Pinedale LGS was sold to Ultra Wyoming, terminating the Pinedale Lease Agreement. |
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| Schedule of Deferred Lease Costs |
The following table reflects the deferred costs that are included in the accompanying Consolidated Balance Sheets associated with the Company's leased properties:
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December 31, 2021 |
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December 31, 2020 |
| Net Deferred Lease Costs |
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| GIGS |
$ |
— |
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$ |
168,191 |
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| Total Deferred Lease Costs, net |
$ |
— |
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$ |
168,191 |
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| Information Regarding Operating Leases |
The Company noted the following information regarding its operating leases for the years ended December 31, 2021 and 2020:
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For the Year Ended |
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December 31, 2021 |
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December 31, 2020 |
| Lease cost: |
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| Operating lease cost |
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$ |
1,462,133 |
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$ |
41,426 |
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| Short term lease cost |
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229,166 |
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— |
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| Other Information: |
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| Cash paid for amounts included in the measurement of lease liabilities |
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| Operating cash flows from operating leases |
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$ |
1,691,894 |
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$ |
41,426 |
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The following table reflects the weighted average lease term and discount rate for leases in which the Company is a lessee:
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December 31, 2021 |
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December 31, 2020 |
| Weighted-average remaining lease term - operating leases (in years) |
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10.0 |
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1.8 |
| Weighted-average discount rate - operating leases |
|
7.04 |
% |
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7.45 |
% |
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| 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 December 31, 2021:
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| For the Years Ending December 31, |
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Operating Leases |
| 2022 |
|
1,774,495 |
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| 2023 |
|
1,179,989 |
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| 2024 |
|
446,459 |
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| 2025 |
|
419,068 |
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| 2026 |
|
464,849 |
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| Thereafter |
|
4,437,549 |
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| Total |
|
8,722,409 |
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| Less: Present Value Discount |
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2,675,752 |
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| Operating Lease Liabilities |
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$ |
6,046,657 |
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