LEASES

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

LEASES

12.     LEASES

As a lessee, the Company leases its corporate office headquarters in Tulsa, Oklahoma and three field offices. The leases expire between 2024 and 2027. The corporate office has an option to renew for an additional five-year term. The option to renew the lease is generally not considered reasonably certain to be exercised. Therefore, the period covered by such optional period is not included in the determination of the term of the lease and the lease payments during these periods are similarly excluded from the calculation of right-of-use lease asset and lease liability balances.

The Company recognizes right-of use lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable right-of-use lease payments typically include charges for property taxes, insurance, and variable payments related to non-lease components, including common area maintenance.

Right of use lease expense was $78,712 for the six months ended June 30, 2021. Cash paid for right of use lease was $72,045 for the period.

Supplemental balance sheet information related to the right of use leases as of June 30, 2021:

Operating lease asset (included in Other Property and Equipment	$	796,940
Current portion of lease liability	$	145,433
Long term lease liability		684,426
Total right of use lease liabilities	$	829,859

The weighted average remaining term for the Company’s right of use leases is 4.7 years.

Maturities of lease liabilities as of June 30, 2021:

2021	$	95,920
2022		212,175
2023		215,124
2024		215,837
2025		243,260
Total lease payments		982,316
Less imputed interest		(153,748	)
Total lease obligation	$	828,568