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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | Note 8 – Leases As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma and one field office. The leases expire between 2024 and 2028. 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 also leases vehicles primarily for use by our field operations. These vehicle leases typically have a three-year life. 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 $424,000 and $267,000 for the years ended December 31, 2023 and 2022, respectively. Cash paid for right of use lease was approximately $404,000 and $268,000 for the same period. Supplemental balance sheet information related to the right of use leases is as follows: Schedule of right of use leases
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Net operating lease asset (included in Other Property and Equipment) |  | $ | 1,077,031 |  |  | $ | 776,219 |
Current portion of lease liability |  | $ | 432,822 |  |  | $ | 256,975 |
Long-term lease liability |  |  | 544,382 |  |  |  | 547,692 |
Total right of use lease liabilities |  | $ | 977,204 |  |  | $ | 804,667 |
The weighted average remaining term for the Company’s right of use leases is 2.28 years. The weighted average discount rate was 8.56% in 2023. Maturities of lease liabilities as of December 31, 2023 are as follows:
2024 |  |  | $ | 498,654 |
2025 |  |  |  | 430,631 |
2026 |  |  |  | 136,545 |
2027 |  |  |  | 12,400 |
2028 |  |  |  | — |
Thereafter |  |  |  | — |
Total lease payments |  |  |  | 1,078,230 |
Less imputed interest |  |  |  | (101,026 | )
Total lease obligation |  |  | $ | 977,204 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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