XML 23 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Leases

3 Months Ended

Mar. 31, 2025

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