XML 34 R16.htm IDEA: XBRL DOCUMENT
v3.20.4

Commitments and Contingencies | 12 Months Ended
--- | ---
Dec. 31, 2020
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | 10. Commitments and contingencies The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company is subject to legal proceedings and claims arising in the normal course of business. Management believes that final disposition of any such matters existing at December 31, 2020, will not have a material adverse effect on the Company’s financial position or results of operations. Lease commitments Lease expense for the year ended December 31, 2020, amounted to $86 thousand. The weighted average remaining lease term of the Company’s operating leases was 23.3 years as of December 31, 2020. Lease payments included in operating cash flows totaled $85 thousand for the year ended December 31, 2020. The table below summarizes the Company’s lease obligations and remaining payments at December 31, 2020:
|  |  |  | December 31, 2020 |  | December 31, 2019
| Lease ‎Type | End ‎Date | Remaining ‎Years | Remaining ‎Payments |  | Lease ‎Liability |  | Remaining ‎Payments |  | Lease ‎Liability
Maynard Office Lease | Operating | Mar 2023 | 2.3 | $ | 150,918 |  | $ | 134,099 |  | $ | 215,556 |  | $ | 186,323
Indiana Auto Lease | Operating | Feb 2021 | 0.2 |  | 1,157 |  |  | 821 |  |  | 5,999 |  |  | 5,533
Indiana Well Lease | Operating | Dec 2048 | 28.0 |  | 686,809 |  |  | 217,890 |  |  | 702,341 |  |  | 223,238
Total leases |  |  |  | $ | 838,884 |  | $ | 352,810 |  | $ | 923,896 |  | $ | 415,094
Less: current portion |  |  |  |  | (83,571) |  |  | (62,483) |  |  | (85,011) |  |  | (62,286)
Long-term leases |  |  |  | $ | 755,313 |  | $ | 290,327 |  | $ | 838,885 |  | $ | 352,808
The current portion of the lease liability is included as a component of other current liabilities in the consolidated balance sheets. Remaining payments under leases are as follows at December 31, 2020:
Year | Office |  | Auto |  | Well |  | Amount
2021 | $ | 66,416 |  | $ | 1,157 |  | $ | 15,998 |  | $ | 83,571
2022 |  | 67,602 |  |  | — |  |  | 16,478 |  |  | 84,080
2023 |  | 16,901 |  |  | — |  |  | 16,972 |  |  | 33,873
2024 |  | — |  |  | — |  |  | 17,481 |  |  | 17,481
2025 |  | — |  |  | — |  |  | 18,006 |  |  | 18,006
Thereafter |  | — |  |  | — |  |  | 601,873 |  |  | 601,873
Total Lease Payments | $ | 150,919 |  | $ | 1,157 |  | $ | 686,808 |  | $ | 838,884

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration