MEC Resources (ASX:MMR) Long-Term Capital Lease Obligation : A$0.00 Mil (As of Dec. 2023)

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What is MEC Resources Long-Term Capital Lease Obligation?

MEC Resources's Long-Term Capital Lease Obligation for the quarter that ended in Dec. 2023 was A$0.00 Mil.

MEC Resources Long-Term Capital Lease Obligation Historical Data

The historical data trend for MEC Resources's Long-Term Capital Lease Obligation can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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MEC Resources Long-Term Capital Lease Obligation Chart

MEC Resources Annual Data

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Long-Term Capital Lease Obligation

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MEC Resources Semi-Annual Data
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MEC Resources (ASX:MMR) Long-Term Capital Lease Obligation Explanation

Long-Term Capital Lease Obligation are the amount due for long-term asset lease agreements that are nearly equivalent to asset purchases. Capital lease obligations are installment payments that constitute a payment of principal plus interest for the capital lease. The Short-Term Capital Lease Obligation is the portion of a Long-Term Capital Lease Obligation that is due over the next year.

Under US Generally Accepted Accounting Principles (GAAP), a capital lease is essentially equivalent to a purchase by the lessee if it meets the following criteria:

1. Ownership of the asset is transferred to the lessee at the end of the lease term;
2. The lease contains a bargain purchase option to buy the equipment at less than fair market value;
3. The lease term equals or exceeds 75% of the asset's estimated useful life;
4. The present value of the lease payments equals or exceeds 90% of the total original cost of the equipment.

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MEC Resources (ASX:MMR) Business Description

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Address

114 Cedric Street, Unit 12, Level 1, Stirling, WA, AUS, 6151

Website

https://www.mecresources.com.au

MEC Resources Ltd through its subsidiaries is engaged in the exploration and development of oil and gas properties in Australia. The company holds interests in the EP386 and RL1 assets located in the onshore Bonaparte Basin in the north of Western Australia and Northern Territory; and PEP11 asset located in the offshore Sydney Basin.

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