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Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

Note 9 - 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 approximately $60,000 for the three months ended March 31, 2022.

 

Supplemental balance sheet information related to the right of use leases is as follows as of March 31, 2022:

 

      
Operating lease asset (included in Other Property and Equipment)  $744,013 
      
Current portion of lease liability  $181,029 
Long-term lease liability   602,554 
Total right of use lease liabilities  $783,583 

 

 

The weighted average remaining term for the Company’s right of use leases is 3.7 years.

 

Maturities of lease liabilities are as follows as of March 31, 2022:

 

       
2023   $236,720 
2024    239,683 
2025    227,574 
2026    154,545 
2027    37,200 
Thereafter    3,100 
Total lease payments    898,822 
Less imputed interest    (115,239)
Total lease obligation    $783,583