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LEASES | 6 Months Ended
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Jun. 30, 2022
Leases |
LEASES | 4. LEASES During the six months ended June 30, 2022, the Company acquired right-of-use assets and operating lease liabilities of $953 thousand associated with entering into a 67-month 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 June 30, 2022 and December 31, 2021: SCHEDULE OF CONSOLIDATED BALANCE SHEET
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | (in thousands) |
Right of use asset balance |  |  |  |  |  |  |  |
Operating lease |  | $ | 997 |  |  | $ | 120 |
Lease liability balance |  |  |  |  |  |  |  |
Short-term operating lease |  | $ | 157 |  |  | $ | 114 |
Long-term operating lease |  |  | 880 |  |  |  | 19 |
Total operating leases |  | $ | 1,037 |  |  | $ | 133 |
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 office space in Golden, Colorado and our Houston, Texas office lease, prior to February 2021. In May 2022, the Company entered into a new 67-month lease for additional office space in Houston, Texas. The Company subleases its former 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 three and six months ended June 30, 2022 and 2021: SCHEDULE OF LEASE COSTS
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Operating lease cost |  | $ | 69 |  |  | $ | 27 |  |  | $ | 100 |  |  | $ | 51 |
Short-term lease cost |  |  | 2 |  |  |  | 12 |  |  |  | 4 |  |  |  | 18 |
Sublease income |  |  | (17 | ) |  |  | (16 | ) |  |  | (33 | ) |  |  | (32 | )
Total lease costs |  | $ | 54 |  |  | $ | 23 |  |  | $ | 71 |  |  | $ | 37 |
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 June 30, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 5.1 |  |  |  | 1.7 |
Weighted average discount rate |  |  | 4.6 | % |  |  | 9.26 | %
The future minimum lease commitments as of June 30, 2022 are presented in the table below in thousands. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS
|  | Amount |
Remainder of 2022 |  | $ | 78 |
2023 |  |  | 225 |
2024 |  |  | 213 |
2025 |  |  | 218 |
2026 |  |  | 224 |
2027 |  |  | 210 |
Total lease payments |  |  | 1,168 |
Less: imputed interest |  |  | (131 | )
Total lease liability |  | $ | 1,037 |
In August 2021, the Company sold its 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building. The Company recognized, rental property income, net of rental operating expenses of $6 thousand and $23 thousand related to its Riverton, Wyoming office building for the three and six months ended June 30, 2021, respectively.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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