XML 35 R12.htm IDEA: XBRL DOCUMENT
v3.22.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases |
LEASES | 5. LEASES During the year ended December 31, 2021, the Company acquired right-of-use assets and operating lease liability of $82 thousand associated with entering into a non-cancellable, long-term lease agreement for office space in Houston, Texas. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the consolidated balance sheets at December 31, 2021 and 2020: SCHEDULE OF CONSOLIDATED BALANCE SHEET
|  | 2021 |  |  | 2020 |
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Right of use asset balance |  |  |  |  |  |
Operating lease |  | $ | 120 |  |  | $ | 127 |
Lease liability |  |  |  |  |  |  |  |
Short-term operating lease |  |  | 114 |  |  |  | 65 |
Long-term operating lease |  |  | 19 |  |  |  | 78 |
Total operating leases |  | $ | 133 |  |  | $ | 143 |
The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments, which are recognized as incurred. Short-term lease costs represent payments for our Houston, Texas office lease, prior to February 2021, when the Company entered into a new 25-month lease for its Houston office. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognizes sublease income as a reduction of rent expense. Following are the amounts recognized as components of rental expense for the years ended December 31, 2021 and 2020: SCHEDULE OF LEASE COSTS
|  | 2021 |  |  | 2020 |
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Operating lease cost |  | $ | 125 |  |  |  | 74 |
Short-term lease cost |  |  | 9 |  |  |  | 22 |
Sublease income |  |  | (64 | ) |  |  | (41 | )
Total lease costs |  | $ | 70 |  |  | $ | 55 |
The Company’s Denver and Houston office operating leases do not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases. SCHEDULE OF WEIGHTED AVERAGE LEASE
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Weighted average lease term (years) |  |  | 1.1 |  |  |  | 2.1 |
Weighted average discount rate |  |  | 9.26 | % |  |  | 8.75 | %
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS
|  | December 31, 2021 |
|  | (in thousands) |
2022 |  |  | 122 |
2023 |  |  | 18 |
Total lease payments |  | $ | 140 |
Less: imputed interest |  |  | (7 | )
Total lease liability |  | $ | 133 |
As discussed in Note 3- Real Estate Held for Sale, the Company owned a 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building, which was sold in August 2021. During the year ended December 31, 2021, the Company recognized a $151 thousand loss on the sale of the building and land. The Company recognized a loss during the year ended December 31, 2020 of $651 thousand related to the building and land subject to the operating leases. The building was not depreciated while held for sale. The Company recognized, as a component of rental property income (loss), the following operating lease income and expenses related to its Riverton, Wyoming office building for the years ended December 31, 2021 and 2020: SCHEDULE OF LOSS ON RENTAL PROPERTY
|  | 2021 |  |  | 2020 |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Operating lease income |  | $ | 131 |  |  | $ | 213 |
Operating lease expense |  |  | (123 | ) |  |  | (181 | )
Depreciation |  |  | - |  |  |  | (59 | )
Rental property income (loss), net |  | $ | 8 |  |  | $ | (27 | )

X
- References No definition available. + Details
Name: | USEG_DisclosureLeasesAbstract
Namespace Prefix: | USEG_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration