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, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of minimum required payments of the EPC deferred payments

The following table summarizes the minimum required payments of the EPC deferred payments as of March 31, 2023 assuming substantial completion is achieved by October 2023:

	EPC deferred payments
2023	$	14,299,815
2024		85,798,891
2025		28,599,630
Total	$	128,698,336

Lease-Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the balance sheet at March 31, 2023 and December 31, 2022:

Leases	Classification		As of March 31, 2023		As of December 31, 2022
Assets
Operating lease assets		Operating lease right-of-use assets	$	4,961,051	$	5,332,110
Total lease assets			$	4,961,051	$	5,332,110

Liabilities
Current
Operating		Current portion of operating lease obligations	$	2,262,617	$	1,897,303
Non-current
Operating		Operating lease obligations, net of current portion		2,442,600		3,090,002
Total lease liabilities			$	4,705,217	$	4,987,305

Lease Cost

The table below presents the components of lease costs for the three ended March 31, 2023 and 2022:

Leases	Classification		Three months ended March 31, 2023		Three months ended March 31, 2022
Operating Expenses
Operating lease cost		General and administrative expense	$	436,356	$	54,318
Finance lease cost
Amortization of leased assets		Depreciation expense		-		177,778
Interest on lease liabilities		Interest expense, net		-		47,222
Total lease costs			$	436,356	$	279,318

The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company's leases as of March 31, 2023 and December 31, 2022:

	As of March 31, 2023			As of December 31, 2022
Weighted average remaining lease term (in years)
Operating leases		2.4			2.6

Weighted average discount rate
Operating leases		4.69	%		4.61	%

Lessee, Operating Lease, Liability, Maturity

The table below presents the maturity of the lease liabilities as of March 31, 2023:

	Operating leases
2023	$	1,497,481
2024		1,871,371
2025		1,298,420
2026		253,947
2027		32,949
Thereafter		1,432
Total lease payments:		4,955,600
Less: present value discount		(250,383	)
Total lease liabilities	$	4,705,217