XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.24.3

Note 4 - Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 4. LEASES The Company’s operating lease right-of-use asset and lease liability are recognized at their discounted present value under the following captions in the Condensed Consolidated Balance Sheets on September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Right-of-use asset |  | $ | 570 |  |  | $ | 693 |
Lease liability |  |  |  |  |  |  |  |
Current lease obligation |  | $ | 193 |  |  | $ | 182 |
Long-term lease obligation |  |  | 466 |  |  |  | 611 |
Total lease liabilities |  | $ | 659 |  |  | $ | 793 |
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 cost represents payments for oilfield equipment with original lease terms less than one year. Following are the amounts recognized as components of lease cost for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Operating lease cost |  | $ | 49 |  |  | $ | 49 |  |  | $ | 146 |  |  | $ | 162 |
Short-term lease cost |  |  | 27 |  |  |  | 312 |  |  |  | 377 |  |  |  | 731 |
Total lease costs |  | $ | 76 |  |  | $ | 361 |  |  | $ | 523 |  |  | $ | 893 |
The Company’s Houston office operating lease does 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.
|  | As of September 30, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 3.2 |  |  |  | 4.2 |
Weighted average discount rate |  |  | 4.25 | % |  |  | 4.25 | %
Maturity of operating lease liabilities with terms of one year or more as of September 30, 2024 are presented in the following table:
|  | September 30, 2024 |
|  | (in thousands) |
2024 |  | $ | 54 |
2025 |  |  | 218 |
2026 |  |  | 224 |
2027 |  |  | 210 |
Total lease payments |  | $ | 706 |
Less: imputed interest |  |  | (47 | )
Total lease liability |  | $ | 659 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration