Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Summary of Significant Accounting Policies |
|
| Summary of financial Assets and liabilities measured at fair value |
|
|
June 30,
2022
|
|
|
December 31,
2021
|
|
Units and work in process |
|
$ |
6,466,338 |
|
|
$ |
4,125,451 |
|
Parts |
|
|
3,208,764 |
|
|
|
2,920,045 |
|
|
|
|
9,675,102 |
|
|
|
7,045,496 |
|
Reserve for obsolescence |
|
|
(1,528,991 |
) |
|
|
(1,555,061 |
) |
|
|
$ |
8,146,111 |
|
|
$ |
5,490,435 |
|
|
| Summary of company commodity derivatives |
|
|
Three months ended |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
878,515 |
|
|
$ |
8,104,816 |
|
|
$ |
1,618,796 |
|
|
$ |
14,942,504 |
|
Natural gas and natural gas liquids |
|
|
776,298 |
|
|
|
4,199,274 |
|
|
|
1,214,450 |
|
|
|
8,722,887 |
|
Settlement on Hedge Contracts |
|
|
- |
|
|
|
(2,116,873 |
) |
|
|
- |
|
|
|
(3,077,753 |
) |
Well operations |
|
|
215,242 |
|
|
|
509,416 |
|
|
|
715,626 |
|
|
|
603,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,870,055 |
|
|
$ |
10,696,633 |
|
|
$ |
3,548,872 |
|
|
$ |
21,190,712 |
|
|
| Summary of investment in unconsolidated entities |
|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
June 30, 2022 |
|
|
June 30, 2022 |
|
Power Generation Units |
|
$ |
537,054 |
|
|
$ |
1,509,147 |
|
Parts |
|
|
959,472 |
|
|
|
2,124,980 |
|
Total Units and Parts |
|
|
1,496,526 |
|
|
|
3,634,127 |
|
Service and repairs |
|
|
3,218,864 |
|
|
|
5,322,563 |
|
|
|
$ |
4,715,390 |
|
|
$ |
8,956,690 |
|
|
| 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 |
|
|
|
0.81 |
|
|
4.90 years |
|
|
|
- |
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited/expired/cancelled |
|
|
174,445 |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding – June 30, 2022 |
|
|
7,132,409 |
|
|
$ |
0.82 |
|
|
4.27 years |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Exercisable – June 30, 2022 |
|
|
7,132,409 |
|
|
$ |
0.82 |
|
|
4.27 years |
|
|
$ |
- |
|
|
| Summary of changes in the company's asset retirement obligations |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
Asset retirement obligation – beginning |
|
$ |
2,111,650 |
|
|
$ |
6,164,231 |
|
Oil and gas purchases |
|
|
- |
|
|
|
- |
|
Revisions |
|
|
- |
|
|
|
1,800 |
|
Accretion expense |
|
|
81,631 |
|
|
|
289,674 |
|
Asset retirement obligation – ending |
|
$ |
2,193,281 |
|
|
$ |
6,455,705 |
|
|