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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

 

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- References

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- 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

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