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Leases

12 Months Ended

Dec. 31, 2022

Note 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 approximately $267,000 for the year ended December 31, 2022. Cash paid for right of use lease was approximately $268,000 for the same period.

Supplemental balance sheet information related to the right of use leases is as follows:


	As of December 31,
	2022		2021

Operating lease asset (included in Other Property and Equipment)	$	978,548	$	779,183

Current portion of lease liability	$	256,975	$	180,105
Long-term lease liability		547,692		646,311
Total right of use lease liabilities	$	804,667	$	826,416

The weighted average remaining term for the Company’s right of use leases is 3.04 years.

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


2023	$	309,095
2024		309,808
2025		231,573
2026		37,200
2027		12,400
Thereafter		—
Total lease payments		900,076
Less imputed interest		(95,409	)
Total lease obligation	$	804,667