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Note 4 - Leases | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 4. LEASES The Company’s operating lease right-of-use asset and lease obligation are recognized at their discounted present value under the following captions in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | (in thousands) |
Right-of-use asset |  | $ | 486 |  |  | $ | 528 |
Lease liability |  |  |  |  |  |  |  |
Current lease obligation |  | $ | 199 |  |  | $ | 196 |
Long-term lease obligation |  |  | 365 |  |  |  | 415 |
Total lease liabilities |  | $ | 564 |  |  | $ | 611 |
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. The following are the amounts recognized as components of lease cost for the three months ended March 31, 2025 and 2024:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Operating lease cost |  | $ | 49 |  |  | $ | 49 |
Short-term lease cost |  |  | 25 |  |  |  | 212 |
Total lease costs |  | $ | 74 |  |  | $ | 261 |
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 March 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Weighted average lease term (years) |  |  | 2.7 |  |  |  | 3.7 |
Weighted average discount rate |  |  | 4.25 | % |  |  | 4.25 | %
Maturity of operating lease liabilities with terms of one year or more as of March 31, 2025 are presented in the following table:
|  | March 31, 2025 |
|  | (in thousands) |
2025 |  | $ | 165 |
2026 |  |  | 224 |
2027 |  |  | 210 |
2028 |  |  | - |
Total lease payments |  | $ | 599 |
Less: imputed interest |  |  | (35 | )
Total lease liability |  | $ | 564 |

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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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