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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
LEASES | 10.LEASES As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma and three field offices. The leases expire between 2024 and 2027. The corporate office has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances. The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance. Right of use lease expense was $135,061 for the nine months ended September 30, 2021. Cash paid for right of use lease was $123,973 for the period. Supplemental balance sheet information related to the right of use leases as of September 30, 2021:
Operating lease asset (included in Other Property and Equipment) |  | $ | 820,755 |
Current portion of lease liability |  | $ | 166,453 |
Long term lease liability |  |  | 680,784 |
Total right of use lease liabilities |  | $ | 847,237 |
The weighted average remaining term for the Company’s right of use leases is 3.8 years. Maturities of lease liabilities as of September 30, 2021:
2021 |  |  | $ | 53,912 |
2022 |  |  |  | 235,983 |
2023 |  |  |  | 238,931 |
2024 |  |  |  | 239,644 |
2025 |  |  |  | 193,660 |
Thereafter |  |  |  | 49,600 |
Total lease payments |  |  |  | 1,011,730 |
Less imputed interest |  |  |  | (164,493 | )
Total lease obligation |  |  | $ | 847,237 |

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- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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