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Write-Off of Deposit
3 Months Ended
Mar. 31, 2019
Banking and Thrift [Abstract]  
Write-Off of Deposit

7. WRITE-OFF OF DEPOSIT

 

In December 2017, the Company entered into a letter of intent with Clean Energy Technology Association, Inc. (“CETA”) to purchase an option to acquire 50 shares of CETA, or lease certain oil and natural gas properties inside an area of mutual interest. The Company made a $250 thousand option payment, which was refundable in the event that the Company and CETA were unable to complete the transaction by August 1, 2018. In February 2018, the Company paid an additional $124 thousand to CETA. In September 2019, the Company issued CETA a demand letter requesting return of the amounts deposited, at which time CETA made a partial payment of $50 thousand. While the Company is pursuing collection of the deposit, the Company has established an allowance for the remaining amount due from CETA of $324 thousand at March 31, 2019 due to the uncertainty of collection of the deposit. See Note 8-Commitments, Contingencies and Related-Party Transactions.