Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 9 - Leases

The Company leases its corporate office headquarters in Tulsa, Oklahoma and three field offices whose terms expire between 2024 and 2027. The corporate office has an option to renew for an additional five-year term; however, 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 approximately $122,000 for the six months ended June 30, 2022.

Supplemental balance sheet information related to the right of use leases is as follows as of June 30, 2022:

Net operating lease asset (included in Other Property and Equipment)	$	770,371
Current portion of lease liability	$	209,320
Long-term lease liability		591,412
Total right of use lease liabilities	$	800,732

The weighted average remaining term for the Company’s right-of-use leases is 3.6 years.

Maturities of lease liabilities are as follows as of June 30, 2022:

2023	$	264,047
2024		267,025
2025		237,663
2026		115,430
2027		31,000
Total lease payments		915,165
Less imputed interest		(114,433	)
Total lease obligation	$	800,732