Global Clean Energy Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

The table below presents the lease-related assets and liabilities recorded on the balance sheet at March 31, 2022 and December 31, 2021 (in thousands):

Leases	Classification		As of March 31, 2022		As of December 31, 2021
Assets
Operating lease assets		Operating lease right-of-use assets	$	428,385	$	481,027
Finance lease assets		Buildings, net of depreciation		3,085,819		3,433,005
Total lease assets			$	3,514,204	$	3,914,032

Liabilities
Current
Operating		Current portion of operating lease obligations	$	145,537	$	198,440
Finance		Notes payable including current portion of long-term debt		536,881		714,659
Non-current
Operating		Operating lease obligations, net of current portion		283,197		283,197
Finance		Long-term debt, net		2,831,284		2,831,284
Total lease liabilities			$	3,796,899	$	4,027,580

Lease Cost

The table below presents the components of lease costs for the three months ended March 31,

2022 and 2021:

	Three months ended March 31, 2022		Three months ended March 31, 2021
Operating lease cost	$	54,318	$	13,400
Finance lease cost
Amortization of leased assets		177,778		-
Interest on lease liabilities		47,222		-
Total lease costs	$	279,318	$	13,400

The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company's leases as of March 31, 2022 and December 31, 2021:

	As of March 31, 2022			As of December 31, 2021
Weighted average remaining lease term (in years)
Operating leases		1.9			2.2
Financing leases		4.5			4.8

Weighted average discount rate
Operating leases		0.88	%		1.00	%
Financing leases		4.25	%		4.25	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The table below presents the maturity of the lease liabilities as of March 31, 2022:

	Operating leases			Finance Leases
2022	$	147,482		$	167,891
2023		162,616			230,188
2024		121,962			237,094
2025		-			244,207
2026		-			3,527,965
Thereafter		-			-
Total lease payments:		432,060			4,407,345
Less: present value discount		(3,325	)		(1,039,181	)
Total lease liabilities	$	428,735		$	3,368,164

Finance Leases

The table below presents the maturity of the lease liabilities as of March 31, 2022:

	Operating leases			Finance Leases
2022	$	147,482		$	167,891
2023		162,616			230,188
2024		121,962			237,094
2025		-			244,207
2026		-			3,527,965
Thereafter		-			-
Total lease payments:		432,060			4,407,345
Less: present value discount		(3,325	)		(1,039,181	)
Total lease liabilities	$	428,735		$	3,368,164