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Leases | 9 Months Ended
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Sep. 30, 2024
Leases |
Leases | Note 9 - Leases As a lessee, Empire leases its corporate office headquarters in Tulsa, Oklahoma, and one field office in North Dakota. 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. Empire also leases vehicles primarily used in our field operations. These vehicle leases typically have a three-year life. Empire 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 $407,000 and $288,000 for the periods ended September 30, 2024 and 2023, respectively. Cash paid for right-of-use leases was approximately $376,000 and $279,000 for the same periods. Supplemental balance sheet information related to the right-of-use leases is as follows: Schedule of right of use leases
|  | September 30, 2024 |  |  | December 31, 2023 |
Net operating lease asset (included in Other Property and Equipment) |  | $ | 716,956 |  |  | $ | 1,077,031 |
Current portion of lease liability |  | $ | 415,850 |  |  | $ | 432,822 |
Long-term lease liability |  |  | 238,674 |  |  |  | 544,382 |
Total right-of-use lease liabilities |  | $ | 654,524 |  |  | $ | 977,204 |
The weighted-average remaining term for Empire’s right-of-use leases is 1.6 years. The weighted-average discount rate was 8.35% for the third quarter of 2024. Maturities of lease liabilities are as follows as of September 30, 2024:
Year 1 |  |  | $ | 454,117 |
Year 2 |  |  |  | 226,702 |
Year 3 |  |  |  | 21,700 |
Year 4 |  |  |  | — |
Year 5 |  |  |  | — |
Total lease payments |  |  |  | 702,519 |
Less imputed interest |  |  |  | (47,995 | )
Total lease obligation |  |  | $ | 654,524 |

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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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