Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2022 |
|---|
| Summary of Significant Accounting Policies |
|
| Summary of financial Assets and liabilities measured at fair value |
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
Units and work in process |
|
$ |
4,635,907 |
|
|
$ |
4,125,451 |
|
Parts |
|
|
2,891,563 |
|
|
|
2,920,045 |
|
|
|
|
7,527,470 |
|
|
|
7,045,496 |
|
Reserve for obsolescence |
|
|
(1,576,612 |
) |
|
|
(1,555,061 |
) |
|
|
$ |
5,950,858 |
|
|
$ |
5,490,435 |
|
|
| Summary of company commodity derivatives |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Oil |
|
$ |
740,281 |
|
|
$ |
10,143,640 |
|
Natural gas and natural gas liquids |
|
|
438,152 |
|
|
|
1,217,657 |
|
Settlement on Hedge Contracts |
|
|
- |
|
|
|
(960,880 |
) |
Well operations |
|
|
500,384 |
|
|
|
93,662 |
|
|
|
$ |
1,678,817 |
|
|
$ |
10,494,079 |
|
|
| Summary of investment in unconsolidated entities |
Power Generation Units |
|
$ |
972,093 |
|
Parts |
|
|
1,165,508 |
|
Total Units and Parts |
|
|
2,137,601 |
|
Service and repairs |
|
|
2,103,699 |
|
|
|
$ |
4,241,300 |
|
|
| Summary of stock warrant activity |
|
|
Number
of Shares
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual Life
|
|
|
Aggregate
Intrinsic
Value
|
|
Warrants Outstanding – December 31, 2021 |
|
|
7,306,854 |
|
|
|
0.99 |
|
|
5.22 years |
|
|
|
- |
|
Granted |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited/expired/cancelled |
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding – March 31, 2022 |
|
|
7,306,854 |
|
|
$ |
0.81 |
|
|
4.90 years |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Exercisable – March 31, 2022 |
|
|
7,306,854 |
|
|
$ |
0.81 |
|
|
4.90 years |
|
|
$ |
- |
|
|
| Summary of changes in the company's asset retirement obligations |
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2022 |
|
|
2021 |
|
Asset retirement obligation – beginning |
|
$ |
2,111,650 |
|
|
$ |
6,164,231 |
|
Oil and gas purchases |
|
|
- |
|
|
|
- |
|
Disposals and settlements |
|
|
- |
|
|
|
1,800 |
|
Accretion expense |
|
|
35,066 |
|
|
|
142,366 |
|
Asset retirement obligation – ending |
|
$ |
2,146,716 |
|
|
$ |
6,308,397 |
|
|